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Author: Justin Low

San Fransisco Fed head John Williams spoke to El Pais newspaper


  • Significant trade war could have very negative economic effects
  • Removal of extraordinary measures should be very gradual, no quick changes
On Friday, he mentioned that he sees continued rate increases by the Fed and in an interview with Spain's ABC newspaper he also mentioned that it makes sense for the Fed to keep raising rates.

Right now, they seem to be putting the trade rhetoric in the background as they continue their path to hike rates.

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Author: Eamonn Sheridan

Japan press: Bank of Japan shows signs of

This via Nikkei over the weekend, on the bojjBank of Japan ETF buys  Article is here for more

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Japan press: Bank of Japan shows signs of


Author: Eamonn Sheridan
Category: Central Banks
0


This via Nikkei over the weekend, on the bojjBank of Japan ETF buys  Article is here for more

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The Democratic party decides to sue everyone for election loss
Asset 41

Author: Eamonn Sheridan
1

More on the MXN intervention story from earlier

Headline comments from Banco de México (Banxico) Governor Alejandro Diaz de Leon earlier are here: - Mexican central bank head says MXN sell-off does not warrant intervention More detail following now via Bloomberg:

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More on the MXN intervention story from earlier


Author: Eamonn Sheridan
Category: Central Banks
1
Headline comments from Banco de México (Banxico) Governor Alejandro Diaz de Leon earlier are here: - Mexican central bank head says MXN sell-off does not warrant intervention More detail following now via Bloomberg:

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Author: Eamonn Sheridan
1

Heads up for CAD traders - BoC Gov. Poloz speaking Monday

Coming up at 1930GMT on Monday 23 April 2018, Bank of Canada Governor Poloz along with deputy Wilkins testify - At the House Standing committee on Finance On the weekend Poloz had a chat with journalists while in Washington:

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Heads up for CAD traders - BoC Gov. Poloz speaking Monday


Author: Eamonn Sheridan
Category: Central Banks
1
Coming up at 1930GMT on Monday 23 April 2018, Bank of Canada Governor Poloz along with deputy Wilkins testify - At the House Standing committee on Finance On the weekend Poloz had a chat with journalists while in Washington:

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Author: Eamonn Sheridan

Survey of UK households show expectations for a BoE May rate hike falling

ArticleBody This is the  IHS Markit Household Finance Index, report rtrsReuters :: - 28 percent of Britons expected the BoE to raise rates over the next three months, down from 33 percent in March 

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Survey of UK households show expectations for a BoE May rate hike falling


Author: Eamonn Sheridan
Category: Central Banks
0
ArticleBody This is the  IHS Markit Household Finance Index, report rtrsReuters :: - 28 percent of Britons expected the BoE to raise rates over the next three months, down from 33 percent in March 

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Author: Eamonn Sheridan

PBOC sets USD/ CNY reference rate for today at 6.3034 (vs. Friday at 6.2897)

CNY set a little weaker against the USD today by the People's Bank of China  - PBOC inject 80bn yuan through 7-day reverse repos in open market operations (OMOs) today

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PBOC sets USD/ CNY reference rate for today at 6.3034 (vs. Friday at 6.2897)


Author: Eamonn Sheridan
Category: Central Banks
0
CNY set a little weaker against the USD today by the People's Bank of China  - PBOC inject 80bn yuan through 7-day reverse repos in open market operations (OMOs) today

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Author: Eamonn Sheridan
1

Weekend comments from BOJ's Kuroda on continuing with accommodative policy

Bank of Japan Governor Haruhiko Kuroda gave an interview to CNBC over the weekend And, there you go - no surprises from Kuroda .... there rarely is , and more up if you are interested

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Weekend comments from BOJ's Kuroda on continuing with accommodative policy


Author: Eamonn Sheridan
Category: Central Banks
1
Bank of Japan Governor Haruhiko Kuroda gave an interview to CNBC over the weekend And, there you go - no surprises from Kuroda .... there rarely is , and more up if you are interested

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Author: Eamonn Sheridan
1

Weekend CAD comments - BOC Gov Poloz says not worried about above target inflation

Bank of Canada Governor Stephen Poloz speaking on Saturday in Washington to reporters Said BoC has a 1 to 3% range for inflation and does not mechanically raise interest rates when inflation goes above 2% target

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Weekend CAD comments - BOC Gov Poloz says not worried about above target inflation


Author: Eamonn Sheridan
Category: Central Banks
1
Bank of Canada Governor Stephen Poloz speaking on Saturday in Washington to reporters Said BoC has a 1 to 3% range for inflation and does not mechanically raise interest rates when inflation goes above 2% target

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Author: Eamonn Sheridan

ECB's Villeroy on trade protectionism - biggest risk ahead in medium term

François Villeroy de Galhau is Governor of the Banque de France Speaking with local media (Le Figaro newspaper) Says trade protectionism is a big risk in medium term

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ECB's Villeroy on trade protectionism - biggest risk ahead in medium term


Author: Eamonn Sheridan
Category: Central Banks
0
François Villeroy de Galhau is Governor of the Banque de France Speaking with local media (Le Figaro newspaper) Says trade protectionism is a big risk in medium term

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Author: Eamonn Sheridan

Mexican central bank head says MXN sell-off does not warrant intervention

Banco de México (Banxico) Governor Alejandro Diaz de Leon speaking at the IMF in an interview. Diaz de Leon has been in the role since December of 2017 Yeah, not looking like intervention needed:

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Mexican central bank head says MXN sell-off does not warrant intervention


Author: Eamonn Sheridan
Category: Central Banks
0
Banco de México (Banxico) Governor Alejandro Diaz de Leon speaking at the IMF in an interview. Diaz de Leon has been in the role since December of 2017 Yeah, not looking like intervention needed:

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Author: Adam Button
1

Fed's Kashkari: I'm more concerned about the flattening of the yield curve

Kashkari on CNBC - The flat yield curve shows us that we're close to the neutral rate - Inflation and wages are slowly climbing, they're not accelerating - We should be at neutral, but where is neutral? This is all stuff we've heard before from Kashkari. Give him and Bullard credit for making everyone talk about the yield curve.

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Fed's Kashkari: I'm more concerned about the flattening of the yield curve


Author: Adam Button
Category: Central Banks
1
Kashkari on CNBC - The flat yield curve shows us that we're close to the neutral rate - Inflation and wages are slowly climbing, they're not accelerating - We should be at neutral, but where is neutral? This is all stuff we've heard before from Kashkari. Give him and Bullard credit for making everyone talk about the yield curve.

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Author: Adam Button
13

Fed's Brainard: Outlook is consistent with gradual hikes

Brainard comments on CNBC - Economic outlook is quite solid - Inflation moving towards target is encouraging - US job market continues to tighten - There are risks on the horizon, we need to be on guard There's one little caveat on growth but she's largely upbeat. The US dollar hasn't really reacted but if anything, this is another sign that a hike in June is coming and more are expected later.

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Fed's Brainard: Outlook is consistent with gradual hikes


Author: Adam Button
Category: Central Banks
13
Brainard comments on CNBC - Economic outlook is quite solid - Inflation moving towards target is encouraging - US job market continues to tighten - There are risks on the horizon, we need to be on guard There's one little caveat on growth but she's largely upbeat. The US dollar hasn't really reacted but if anything, this is another sign that a hike in June is coming and more are expected later.

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Author: Adam Button
1

Fed's Williams says he sees continued rate increases

Williams sure is talking a lot lately - In the context of strong labor market, wage growth and stable inflation he sees continued rate increases - Expects new normal for the Fed's balance sheet to be around $3 trillion Williams is the second Fed member within an hour to talk about higher deficits and debt steepening the yield curve. Should someone tell them that Japan has enormous deficits and debt?

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Fed's Williams says he sees continued rate increases


Author: Adam Button
Category: Central Banks
1
Williams sure is talking a lot lately - In the context of strong labor market, wage growth and stable inflation he sees continued rate increases - Expects new normal for the Fed's balance sheet to be around $3 trillion Williams is the second Fed member within an hour to talk about higher deficits and debt steepening the yield curve. Should someone tell them that Japan has enormous deficits and debt?

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Author: Adam Button
1

Fed's Evans: Yield curve less of a concern than a couple months ago

Evans speaks with reporters - If inflation rises faster than expected, it's a sign of a stronger economy that can withstand more hikes - Says he will be reviewing his estimate of the neutral rate We hear so often from Evans that he's rarely a market mover but he's a good guy to listen to and get a sense of what the Fed's thinking about. I'm not so sure that hoping deficits will steepen the yield curve is a very good strategy.

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Fed's Evans: Yield curve less of a concern than a couple months ago


Author: Adam Button
Category: Central Banks
1
Evans speaks with reporters - If inflation rises faster than expected, it's a sign of a stronger economy that can withstand more hikes - Says he will be reviewing his estimate of the neutral rate We hear so often from Evans that he's rarely a market mover but he's a good guy to listen to and get a sense of what the Fed's thinking about. I'm not so sure that hoping deficits will steepen the yield curve is a very good strategy.

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Author: Adam Button
4

ECB's Draghi: Confidence in the inflation outlook has increased

Draghi out with some comments in an IMFC statement - Growth momentum is expected to continue - Ample degree of monetary stimulus remains needed - Patience, persistence and prudence needed There's a bit of everything here but it reads dovish to me.

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ECB's Draghi: Confidence in the inflation outlook has increased


Author: Adam Button
Category: Central Banks
4
Draghi out with some comments in an IMFC statement - Growth momentum is expected to continue - Ample degree of monetary stimulus remains needed - Patience, persistence and prudence needed There's a bit of everything here but it reads dovish to me.

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Author: Adam Button
13

ECB said to see scope to wait for July meeting to signal end of QE

BBG report - The officials want more time to assess the recent slowdown - Said to have no talks on interest rate path after QE The euro quickly fell to a session low of 1.2250 on the headlines but has bounced back to 1.2267.

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ECB said to see scope to wait for July meeting to signal end of QE


Author: Adam Button
Category: Central Banks
13
BBG report - The officials want more time to assess the recent slowdown - Said to have no talks on interest rate path after QE The euro quickly fell to a session low of 1.2250 on the headlines but has bounced back to 1.2267.

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Author: Adam Button

Fed's Evans says some cyclical upturn in inflation would be welcome

Evans in Chicago Similar comments from a speech Evans made on Tuesday, where he said he sees no risk of breakaway inflation. He will answer questions from the audience and media later.

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Fed's Evans says some cyclical upturn in inflation would be welcome


Author: Adam Button
Category: Central Banks
0
Evans in Chicago Similar comments from a speech Evans made on Tuesday, where he said he sees no risk of breakaway inflation. He will answer questions from the audience and media later.

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Author: Eamonn Sheridan

UBS changes its call on the RBNZ - to hike in May '19 (from Nov. '18)

UBS had been forecasting an rate hike by the Reserve Bank of New Zealand in November of 2018 - Now pushed that back to May of 2019 - Citing underlying inflation pressures  - middle of 2019 before they are a credible threat to the target mid-point RBNZ will want to see proof inflation is rising due to their new mandate and governor

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UBS changes its call on the RBNZ - to hike in May '19 (from Nov. '18)


Author: Eamonn Sheridan
Category: Central Banks
0
UBS had been forecasting an rate hike by the Reserve Bank of New Zealand in November of 2018 - Now pushed that back to May of 2019 - Citing underlying inflation pressures  - middle of 2019 before they are a credible threat to the target mid-point RBNZ will want to see proof inflation is rising due to their new mandate and governor

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Author: Eamonn Sheridan

PBOC sets USD/ CNY central rate at 6.2897 (vs. yesterday at 6.2832)

Not a lot of change in the onshore yuan reference rate on the day People's Bank of China skips open market operations (OMOs) today - No maturing RRs today - neutral impact

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PBOC sets USD/ CNY central rate at 6.2897 (vs. yesterday at 6.2832)


Author: Eamonn Sheridan
Category: Central Banks
0
Not a lot of change in the onshore yuan reference rate on the day People's Bank of China skips open market operations (OMOs) today - No maturing RRs today - neutral impact

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Author: Eamonn Sheridan
5

More on the CHF comments from Swiss National Bank President Thomas Jordan

Chairman of the governing board of the SNB Jordan comments on the franc are here earlier Bloomberg have more/recap up now:  here at the link - "There's no need to do anything regarding monetary policy at this moment," he said in an interview with Bloomberg Television on Thursday

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More on the CHF comments from Swiss National Bank President Thomas Jordan


Author: Eamonn Sheridan
Category: Central Banks
5
Chairman of the governing board of the SNB Jordan comments on the franc are here earlier Bloomberg have more/recap up now:  here at the link - "There's no need to do anything regarding monetary policy at this moment," he said in an interview with Bloomberg Television on Thursday

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Author: Eamonn Sheridan

Japan inflation way off target (again): BOJ expected to maintain unrealistic forecast

The Bank of Japan monetary policy meeting is on April 26 and 27 (preview!) In addition to the policy announcement Friday the BOJ will release the results of its quarterly review of its growth and price forecasts. While growth has picked up, inflation is still missing target. We just got the March inflation data:

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Japan inflation way off target (again): BOJ expected to maintain unrealistic forecast


Author: Eamonn Sheridan
Category: Central Banks
0
The Bank of Japan monetary policy meeting is on April 26 and 27 (preview!) In addition to the policy announcement Friday the BOJ will release the results of its quarterly review of its growth and price forecasts. While growth has picked up, inflation is still missing target. We just got the March inflation data:

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Author: Eamonn Sheridan
2

Fed's Mester: Further rate hikes appropriate this year and next

Loretta Mester is President of the Cleveland Federal Reserve branch Speaking on her outlook for the US economy and monetary policy: - further rate hikes appropriate this year and next Reuters  with the quick headlines from text of Mester's speech.  There will be a Q&A to follow 

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Fed's Mester: Further rate hikes appropriate this year and next


Author: Eamonn Sheridan
Category: Central Banks
2
Loretta Mester is President of the Cleveland Federal Reserve branch Speaking on her outlook for the US economy and monetary policy: - further rate hikes appropriate this year and next Reuters  with the quick headlines from text of Mester's speech.  There will be a Q&A to follow 

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Author: Eamonn Sheridan
12

SNB's Jordan: CHF below 1.2 (against euro) a move in right direction

Thomas Jordan is chairman of the governing board of the Swiss National Bank (the central bank) - CHF fall under 1.20 per euro goes in the right direction - Situation is still relatively fragile TJ speaking in a Bloomberg TV interview 

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SNB's Jordan: CHF below 1.2 (against euro) a move in right direction


Author: Eamonn Sheridan
Category: Central Banks
12
Thomas Jordan is chairman of the governing board of the Swiss National Bank (the central bank) - CHF fall under 1.20 per euro goes in the right direction - Situation is still relatively fragile TJ speaking in a Bloomberg TV interview 

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Author: Eamonn Sheridan

Australia - Reserve Bank might fund mortgages during the next recession

This in the press here in Australia this morning - described as  "personal thoughts" from Dr. Leon Berkelmans,  who works at the Bank (i.e. this is not RBA policy)

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Australia - Reserve Bank might fund mortgages during the next recession


Author: Eamonn Sheridan
Category: Central Banks
0
This in the press here in Australia this morning - described as  "personal thoughts" from Dr. Leon Berkelmans,  who works at the Bank (i.e. this is not RBA policy)

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