Author: Greg Michalowski
2

Feds Williams speaks at an event in Los Angeles

The SF Fed President Williams is speaking at an event in Los Angeles.  He is more of a hawk.

He says:
  • US economy improving broadly across sectors
  • Global economy very good and improving
  • Financial conditions still overall are supportive of growth
  • Despite tailwinds the use US economic outlook is no different than prior years
  • To keep the economy going we mustn't let the economy overheat
  • the US labor market looks very strong and we are seeing some pickup in wage growth
  • Sees inflation picking as transitory factors begin to fade.
  • The Feds guidances calls for gradual rate hikes and he expects that too
  • Would have to reassess policy if inflation came out stronger.
  • Tax cuts will have a moderate economic growth impact over the next several years
  • Aim to keep economy in balance to avoid overheating
  • Bitcoin doesn't meet litmus test of national currency
  • Fed is not looking into developing a digital currency
  • Financial System Now Looks Good, well-capitalized
  • A challenge for China to manage debt buildup
  • Fed needs to prepare to have tools for next recession
The USDJPY is getting a bit of a boost off comments. It trades back above the 50% of the range since Feb 16 and looks to test trend line resistance and the 200 hour MA at 106.90.

  
In addition, with less than 30 minutes left until the stock market close, the major indices are on fire.

  • S&P index is up 1.43%
  • NASDAQ composite index is up 1.60%
  • Dow industrial average is up 1.15%

Happy days are here again as the major indices continue the recovery from the February 9th low.  

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Author: Greg Michalowski

ECB Cœuré: Not eager to engage in early normalization of rates

Speaking on panel in NY He adds: Fed's Mester adds:

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ECB Cœuré: Not eager to engage in early normalization of rates


Author: Greg Michalowski
Category: Central Banks
0


Speaking on panel in NY He adds: Fed's Mester adds:

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Trading ideas for the European session 22 Feb
Asset 41

Author: Greg Michalowski

Fed's Mester: Labor market strong, inflation expected to rise to 2%

Does not comment on interest rate rises in prepared remarks - Backs beginning assessment of said framework later in 2018 - smooth transition to new Fed leadership underway

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Fed's Mester: Labor market strong, inflation expected to rise to 2%


Author: Greg Michalowski
Category: Central Banks
0
Does not comment on interest rate rises in prepared remarks - Backs beginning assessment of said framework later in 2018 - smooth transition to new Fed leadership underway

Asset 24 View More

Author: Greg Michalowski

Even more Rosengren and Dudley: We should not care about treasury yields alone

Speaking on panel - Not a big fan of negative interest rates - The balance sheet likely returning to 2 trillion or more.  

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Even more Rosengren and Dudley: We should not care about treasury yields alone


Author: Greg Michalowski
Category: Central Banks
0
Speaking on panel - Not a big fan of negative interest rates - The balance sheet likely returning to 2 trillion or more.  

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Author: Greg Michalowski
1

Fed Mon. Policy Report: Economic strength will warrant further gradual hikes

Details of the Fed Monetary Policy Report The comments are sending stocks back toward the highs as some fear abates.   Yields are steady but still down on the day.   The 10 year is down -4 bpsThe USDJPY is trading higher and looks toward the 50% at 106.718.

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Fed Mon. Policy Report: Economic strength will warrant further gradual hikes


Author: Greg Michalowski
Category: Central Banks
1
Details of the Fed Monetary Policy Report The comments are sending stocks back toward the highs as some fear abates.   Yields are steady but still down on the day.   The 10 year is down -4 bpsThe USDJPY is trading higher and looks toward the 50% at 106.718.

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Author: Greg Michalowski

Rosengren: Likely to have low real rates for some time

And their off. Dudley and Rosengren speak on a panel. Dudley:Rosengren:

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Rosengren: Likely to have low real rates for some time


Author: Greg Michalowski
Category: Central Banks
0
And their off. Dudley and Rosengren speak on a panel. Dudley:Rosengren:

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Author: Greg Michalowski

Feds Rosengren and Dudley speak on panel shortly.

Talking about the Fed Balance Sheet (and unwind).  A snapshot of the US yields are showing lower yields on the day. A big question going forward is how the yields hold up with the continuation of the balance sheet unwind increasing auctions.  A series of auctions of late (inclusive of this week) have shown less demand (small bid to cover).  All things being equal, less demand and/or too much supply, should lead to higher yields.  

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Feds Rosengren and Dudley speak on panel shortly.


Author: Greg Michalowski
Category: Central Banks
0
Talking about the Fed Balance Sheet (and unwind).  A snapshot of the US yields are showing lower yields on the day. A big question going forward is how the yields hold up with the continuation of the balance sheet unwind increasing auctions.  A series of auctions of late (inclusive of this week) have shown less demand (small bid to cover).  All things being equal, less demand and/or too much supply, should lead to higher yields.  

Asset 24 View More

Author: Mike Paterson

BOE's Ramsden says weak productivity remains a key consideration of monetary policy

BOE MPC's Ramsden out with scheduled speech 23 Feb Nothing directly on interest rate hikes but maybe a Q&A to come so will stand poised. Productivity rose in latest UK labour report fyi.

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BOE's Ramsden says weak productivity remains a key consideration of monetary policy


Author: Mike Paterson
Category: Central Banks
0
BOE MPC's Ramsden out with scheduled speech 23 Feb Nothing directly on interest rate hikes but maybe a Q&A to come so will stand poised. Productivity rose in latest UK labour report fyi.

Asset 24 View More

Author: Mike Paterson

Riksbank's Jansson says probability of raising repo rate is "very low"

Sweden's central bank out with latest Minutes 23 Feb - important to proceed with caution - several members expressed concern over inflation and emphasised downside risks

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Riksbank's Jansson says probability of raising repo rate is "very low"


Author: Mike Paterson
Category: Central Banks
0
Sweden's central bank out with latest Minutes 23 Feb - important to proceed with caution - several members expressed concern over inflation and emphasised downside risks

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Author: Eamonn Sheridan
2

Heads up for Fed chair Powell coming up later (well, sort of)

On Friday (US time) the Federal Reserve release their Monetary Policy Report - This is a twice yearly report - Sent to the Senate Committee on Banking, Housing, and Urban Affairs and to the House Committee on Financial Services The report is a good guide to Powell's testimony, so just a heads up

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Heads up for Fed chair Powell coming up later (well, sort of)


Author: Eamonn Sheridan
Category: Central Banks
2
On Friday (US time) the Federal Reserve release their Monetary Policy Report - This is a twice yearly report - Sent to the Senate Committee on Banking, Housing, and Urban Affairs and to the House Committee on Financial Services The report is a good guide to Powell's testimony, so just a heads up

Asset 24 View More

Author: Eamonn Sheridan

Japan finance minister Aso says its important the BOJ maintains current policy

Japan finance minister Aso - Important for the Bank of Japan to maintain their current policy framework  Probably more to come, the guy can't help himself

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Japan finance minister Aso says its important the BOJ maintains current policy


Author: Eamonn Sheridan
Category: Central Banks
0
Japan finance minister Aso - Important for the Bank of Japan to maintain their current policy framework  Probably more to come, the guy can't help himself

Asset 24 View More

Author: Eamonn Sheridan
4

PBOC sets USD/ CNY reference rate for today at 6.3482 (vs. yesterday at 6.3530)

A wee bit stronger for the onshore yuan mid rate this session  In Open Market operations, the Bank: - injects 110 bn yuan via 7-day reverse repos - injects 80 bn yuan via 28-day reverse repos Net 230 bn yuan injection 

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PBOC sets USD/ CNY reference rate for today at 6.3482 (vs. yesterday at 6.3530)


Author: Eamonn Sheridan
Category: Central Banks
4
A wee bit stronger for the onshore yuan mid rate this session  In Open Market operations, the Bank: - injects 110 bn yuan via 7-day reverse repos - injects 80 bn yuan via 28-day reverse repos Net 230 bn yuan injection 

Asset 24 View More

Author: Eamonn Sheridan

A bunch of economists just said USD/JPY around 110-114 is best for Japan economy

Reuters poll showed more than half the economists said 110-114 yen to the dollar was the optimal exchange rate for Japan's export-dependent economy Also: - most analysts predict the BOJ will keep the long-term JGB yield target at zero percent for all this year (22 out of 34 economists polled)

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A bunch of economists just said USD/JPY around 110-114 is best for Japan economy


Author: Eamonn Sheridan
Category: Central Banks
0
Reuters poll showed more than half the economists said 110-114 yen to the dollar was the optimal exchange rate for Japan's export-dependent economy Also: - most analysts predict the BOJ will keep the long-term JGB yield target at zero percent for all this year (22 out of 34 economists polled)

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Author: Eamonn Sheridan

More from ECB's Smets: strong euro is a "point of attention" for ECB

I posted earlier remarks from Smets here:  This now via Reuters:

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More from ECB's Smets: strong euro is a "point of attention" for ECB


Author: Eamonn Sheridan
Category: Central Banks
0
I posted earlier remarks from Smets here:  This now via Reuters:

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Author: Eamonn Sheridan
1

ECB's Smets: Euro strength and volatility are not yet a concern

ECB governing council member and Belgian central bank governor Jan Smets Speaking with media in Brussels, report via Bloomberg ... direct quotes from Smets hisself (bolding mine)

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ECB's Smets: Euro strength and volatility are not yet a concern


Author: Eamonn Sheridan
Category: Central Banks
1
ECB governing council member and Belgian central bank governor Jan Smets Speaking with media in Brussels, report via Bloomberg ... direct quotes from Smets hisself (bolding mine)

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Author: Eamonn Sheridan

Fed's Kaplan (again): View of 3 2018 rate hikes as appropriate could change if ...

 Dallas Federal Reserve Bank President Robert Kaplan Yep, he is still going, these from earlier: Not many people know this, but in tryouts for receiver with the Dallas Cowboys Kaplan didn't make it. Too many incompletes. And he kept sitting down in a big chair. 

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Fed's Kaplan (again): View of 3 2018 rate hikes as appropriate could change if ...


Author: Eamonn Sheridan
Category: Central Banks
0
 Dallas Federal Reserve Bank President Robert Kaplan Yep, he is still going, these from earlier: Not many people know this, but in tryouts for receiver with the Dallas Cowboys Kaplan didn't make it. Too many incompletes. And he kept sitting down in a big chair. 

Asset 24 View More

Author: Eamonn Sheridan
2

Even MOAR Kaplan: Watching for fin mkt volatility spillover into tightening conditions

 Dallas Federal Reserve Bank President Robert Kaplan Having a good old natter he is ....  - Is watching whether financial market volatility will spill over into tightening of conditions  

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Even MOAR Kaplan: Watching for fin mkt volatility spillover into tightening conditions


Author: Eamonn Sheridan
Category: Central Banks
2
 Dallas Federal Reserve Bank President Robert Kaplan Having a good old natter he is ....  - Is watching whether financial market volatility will spill over into tightening of conditions  

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Author: Greg Michalowski
2

More Kaplan: Fed should gradually, patiently remove accommodation

Speaking on a Vancouver panel He adds:

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More Kaplan: Fed should gradually, patiently remove accommodation


Author: Greg Michalowski
Category: Central Banks
2
Speaking on a Vancouver panel He adds:

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Author: Greg Michalowski

Fed's Kaplan: sees US GDP growth around 2.5%-2.75% in 2018

Fed's Kaplan Speaks at Board of Trade Event in Vancouver - He would give the US economy a B+ or A-, with a weaker grade after this year - The labor market is getting very tight

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Fed's Kaplan: sees US GDP growth around 2.5%-2.75% in 2018


Author: Greg Michalowski
Category: Central Banks
0
Fed's Kaplan Speaks at Board of Trade Event in Vancouver - He would give the US economy a B+ or A-, with a weaker grade after this year - The labor market is getting very tight

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Author: Greg Michalowski
1

Fed's Bostic: Fed carefully calibrating return to more normal policy

Speaking in Atlanta at a banking conference - The Fed is carefully calibrating return to more normal policy - Things continue to look up, citing the Atlanta GDP tracker

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Fed's Bostic: Fed carefully calibrating return to more normal policy


Author: Greg Michalowski
Category: Central Banks
1
Speaking in Atlanta at a banking conference - The Fed is carefully calibrating return to more normal policy - Things continue to look up, citing the Atlanta GDP tracker

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Author: Greg Michalowski

Feds Bostic speaks shortly

Atlanta Fed president Bostic is speaking at the 2018 banking Outlook conference hosted at the Federal Reserve Bank of Atlanta.  Will be on the lookout for the headlines. 

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Feds Bostic speaks shortly


Author: Greg Michalowski
Category: Central Banks
0
Atlanta Fed president Bostic is speaking at the 2018 banking Outlook conference hosted at the Federal Reserve Bank of Atlanta.  Will be on the lookout for the headlines. 

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Author: Greg Michalowski
2

Fed's Dudley: Skeptical US has much need for crypto currencies

Speaking to reporters (who may be long bitcoin ; )  ) He adds:

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Fed's Dudley: Skeptical US has much need for crypto currencies


Author: Greg Michalowski
Category: Central Banks
2
Speaking to reporters (who may be long bitcoin ; )  ) He adds:

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Author: Mike Paterson
1

US Fed's Dudley offers no comment on monetary policy in Puerto Rico speech

US Fed Reserve's Dudley with scheduled speech 22 Feb Nothing in the just-released speech text in which he presents latest research on PR. There may be a Q&A later so we'll stand poised but I can't see it shaking it up anywhere (famous last words of course).

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US Fed's Dudley offers no comment on monetary policy in Puerto Rico speech


Author: Mike Paterson
Category: Central Banks
1
US Fed Reserve's Dudley with scheduled speech 22 Feb Nothing in the just-released speech text in which he presents latest research on PR. There may be a Q&A later so we'll stand poised but I can't see it shaking it up anywhere (famous last words of course).

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Author: Mike Paterson
1

ECB's Rimsevics says he rules out stepping down temporarily

The under-pressure Latvian CB head talking to Bloomberg TV 22 Feb - repeats denials of all charge against him - never been offered a bribe - did not report hint of bribe What, just the wrong man in the wrong place?

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ECB's Rimsevics says he rules out stepping down temporarily


Author: Mike Paterson
Category: Central Banks
1
The under-pressure Latvian CB head talking to Bloomberg TV 22 Feb - repeats denials of all charge against him - never been offered a bribe - did not report hint of bribe What, just the wrong man in the wrong place?

Asset 24 View More

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