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Author: Adam Button

The Fed blackout period starts June 3

The FOMC decision is June 14 and the Fed is running out of time to offer hints about what's coming beforehand.

Here is the rundown:

Today:

  • Brainard 2330 GMT

May 23

  • Kashkari
  • Harker

May 24

  • FOMC Minutes
  • Kaplan
  • Kashkari

May 25

  • Brainard on a panel

May 28

  • Williams

May 31

  • Kaplan
  • Beige Book

June 1

  • Williams

Aside from Brainard's talk tonight, there isn't anything in the way of heavyweights or anyone we haven't heard from before.

That said, the last time the Fed hiked it was tipped by Dudley in a hastily-scheduled appearance on CNBC. It's very easy for officials to grab some headlines if they feel the need.

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Author: Adam Button
7

Fed's Kaplan more cautious than portrayed; oil comments also telling

Kaplan publishes essay - While I believe that these recent readings on inflation are likely not indicative of a weakening trend, I intend to be patient and open minded in assessing upcoming data releases in this regard. The newswire headlines on Kaplan's speech are hawkish but the actual text shows that he's worried about low inflation and not as confident as he was before.

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Author: Adam Button
3

Watch the Fed's Kashkari live

Kashkari to deliver the welcoming address at the Opportunity and Inclusive Growth Institute conference

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Author: Adam Button

Read Harker's speech on the Healing Power of Hope

Harker delivered a commencement speech in Philadelphia for a class of pharmacists Nothing on the outlook or monetary policy: - What strikes me is that the areas of the country that are struck low by the intersection of poor health and dim economic prospects, the areas that are most affected by these crises, are caught in a spiral of hopelessness. Feel free to cop the speech if you're planning a speech to healthcare grads. If not, move on.

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Author: Eamonn Sheridan

BOJ purchases ETFs, J-REITs today

Bank of Japan, 1.2bn yen of both assets purchased today Getting involved in the landlord business! The Bank have been buyers of real estate investment trusts as part of their QE program.

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Author: Mike Paterson
2

SNB total sight deposits w-e 19 May CHF 575.51bln vs 574.992 bln prev

Swiss National Bank  sight deposits w-e 19 May - domestic CHF 487.48 bln vs 484.54 bln prev SNB still not too far away from the action. Total sight depos inc other depos on sight in CHF. Sight depos are the accounts of commercial banks with the SNB and make up a large part of the banking system's liquidity. The SNB increase sight deposits by FX swaps and repos of its own debt.

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Author: Eamonn Sheridan

BOJ JGB buying operation in same amounts as before

Bank of Japan buying Japanese Government Bonds today: - Buying 1 to 3 year maturities and 3 to 5 year. - Amounts the same as the previous operation At the end of April the BOJ announced they'd be buying less in the  3 - 5 year range for May (250-350bn vs 300-400bn prior)

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Author: Eamonn Sheridan
2

More Weidmann: "indisputable that an expansive monetary policy is appropriate"

Adam posted earlier on Germany already pushing for Weidmann to take over ECB after Draghi Weidmann has been elsewhere, chatting with Austrian newspaper Der Standard. ON inflation and monetary policy W said if the impact of higher energy costs was taken from the inflation figures, upward pressure on prices was still subdued, 

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Author: Adam Button
4

Bullard: Fed should shrink balance sheet to gain policy space

Sounds good in theory But the Fed is talking about shrinking its balance sheet at a glacial pace. They're not talking about selling bonds, or even letting expiring bonds run off. They're talking about slowing the pace of reinvestment. So instead of buying new bonds with 100% of the expiring ones, they're talking about only reinvesting perhaps 90%. That isn't going to open up any significant space for future stimulus.

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Author: Adam Button
10

Fed's Bullard: Data since March FOMC has been relatively weak

About time someone at the Fed acknowledged it - Fed's contemplated rate path may be overly aggressive - Sees limited inflation effect if unemployment falls more Bullard is a dove but he's not necessarily out alone in the wilderness. This is hurting the US dollar at the moment and helping the euro to fresh highs.

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Author: Mike Paterson
1

ECB says Eurozone financial integration stalled in 2016

Press release just out from the European Central Bank 19 May - Mixed developments underline importance of ambitious capital markets union and completion of the banking union Not price moving but decent background reading.

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Author: Eamonn Sheridan
7

BOJ appears to be buying ETFs - Nikkei higher

Bank of Japan said to be buyers of Japan stocks (ETFs) The Nikkei is back near session highs: yen a little lower (USD/JPY popping a few points) more to come

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Author: Eamonn Sheridan
4

PBOC sets USD/CNY central rate at 6.8786 (vs. yesterday at 6.8612)

In today's open market operations - People's Bank of China to skip for today - Says liquidity appropriate - Thus a net drain of 20bn yuan as 20bn reverse repo matures today For the week as a whole the Bank injected 160bn yuan net (was a net drain of 120bn yuan the previous week).

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Author: Eamonn Sheridan
1

Is the PBOC using stronger yuan fixings to prevent panic from spreading?

This from a Bloomberg piece on the CNY - Chinese stocks and bonds in retreat - Anxiety over Beijing's deleveraging campaign - But officials have been guiding the yuan higher against the dollar The article is worth reading if you are interested in the goings on in China. it doesn't mention political pressure from the US for a higher yuan though, which seems a curious omission to me at least.

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Author: Eamonn Sheridan

Central Bank of Chile cuts benchmark rate

From 2.75% to 2.5% Probably not gunna move EUR/USD too much, but there you go ... The Bank cut the benchmark rate at it s previous meeting also, from 3% to 2.75% on April 13

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