6

Fed's Bullard speaking on FOXBusiness

  • main impact from coronavirus to US economy will be in the 2nd quarter
  • US economy past initial shock from coronavirus pandemic
  • sees unemployment rate under double digits by end of the year
  • 2nd quarter growth could be -40%
  • sees unemployment rate under double digits by end of year
  • says that J.P. Morgan will have a substantial increase in credit reserves in Q2 but not in Q3 and Q4
  • if negative economic impact from Covid 19 last the end of 2022, banks will pull back on lending
See here for global coronavirus case data

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Tue 26 May 2020 15:33:22 GMT

3

ECB's De Guindos: ECB committed to addressing bond-market fragmentation

De Guindos on Bloomberg TV 'Fragmentation' is a fancy way of saying that Italy has to pay more to borrow than Germany. The idea that borrowing rates for a deficit-ridden, black-hole-of-growth like Italy should be the same as Germany -- or even close -- is utterly ridiculous, but not as ridiculous as the idea that a central bank should close it.

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ECB's De Guindos: ECB committed to addressing bond-market fragmentation


Adam Button
Tue 26 May 2020 15:33:22 GMT
Author: Adam Button
Category: Central Banks
3


De Guindos on Bloomberg TV 'Fragmentation' is a fancy way of saying that Italy has to pay more to borrow than Germany. The idea that borrowing rates for a deficit-ridden, black-hole-of-growth like Italy should be the same as Germany -- or even close -- is utterly ridiculous, but not as ridiculous as the idea that a central bank should close it.

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Tue 26 May 2020 12:51:57 GMT

ECB's Lane: Even a lot of recovery in recent months would leave econ in expected range

Comments from Lane Lane is speaking at a virtual conference. I'll keep an eye out for more. See here for global coronavirus case data

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ECB's Lane: Even a lot of recovery in recent months would leave econ in expected range


Adam Button
Tue 26 May 2020 12:51:57 GMT
Author: Adam Button
Category: Central Banks
0
Comments from Lane Lane is speaking at a virtual conference. I'll keep an eye out for more. See here for global coronavirus case data

Asset 24 View More
Tue 26 May 2020 11:53:43 GMT

11

ECB reportedly drafting contingency plan to carry out QE without the Bundesbank

Reuters reports, citing four sources on the matter In the worst-case scenario, the ECB would likely launch infringement procedures against the Bundesbank if it stops buying bonds under the QE program.

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ECB reportedly drafting contingency plan to carry out QE without the Bundesbank


//az705044.vo.msecnd.net/20170519/ecb.jpg Justin Low
Tue 26 May 2020 11:53:43 GMT
Author: Justin Low
Category: Central Banks
11
Reuters reports, citing four sources on the matter In the worst-case scenario, the ECB would likely launch infringement procedures against the Bundesbank if it stops buying bonds under the QE program.

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Tue 26 May 2020 09:19:19 GMT

5

BOE's Haldane: Data coming just a shade better than central bank scenario

Comments by BOE chief economist, Andy Haldane - UK economy probably shrank by more than 20% in Q2 - Surveys show some stabilisation; modest recovery in spending, business sentiment See here for global coronavirus case data

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BOE's Haldane: Data coming just a shade better than central bank scenario


//az705044.vo.msecnd.net/20190207/boe.png Justin Low
Tue 26 May 2020 09:19:19 GMT
Author: Justin Low
Category: Central Banks
5
Comments by BOE chief economist, Andy Haldane - UK economy probably shrank by more than 20% in Q2 - Surveys show some stabilisation; modest recovery in spending, business sentiment See here for global coronavirus case data

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Tue 26 May 2020 08:24:38 GMT

1

Heads up: BOE chief economist Haldane due to speak later at 0900 GMT

Haldane will be participating in a webinar discussion hosted by the CBI See here for global coronavirus case data It is expected to run through from 0900 GMT to 0945 GMT. For those interested, you can register to listen to the commentary .

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Heads up: BOE chief economist Haldane due to speak later at 0900 GMT


Justin Low
Tue 26 May 2020 08:24:38 GMT
Author: Justin Low
Category: Central Banks
1
Haldane will be participating in a webinar discussion hosted by the CBI See here for global coronavirus case data It is expected to run through from 0900 GMT to 0945 GMT. For those interested, you can register to listen to the commentary .

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Tue 26 May 2020 06:47:02 GMT

1

ECB's Villeroy: PEPP is a 'masterpiece'

Comments by ECB governing council member, Francois Villeroy de Galhau - PEPP is a 'masterpiece' of strong ECB reaction - ECB can be even more open in PEPP flexibility See here for global coronavirus case data

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ECB's Villeroy: PEPP is a 'masterpiece'


//az705044.vo.msecnd.net/20190308/ecb-villeroy.png Justin Low
Tue 26 May 2020 06:47:02 GMT
Author: Justin Low
Category: Central Banks
1
Comments by ECB governing council member, Francois Villeroy de Galhau - PEPP is a 'masterpiece' of strong ECB reaction - ECB can be even more open in PEPP flexibility See here for global coronavirus case data

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Tue 26 May 2020 03:41:29 GMT

CAD traders - heads up for Bank of Canada Governor Poloz & senior deputy Wilkins speaking on Tuesday

Both will appear to deliver testimony in parliament's Standing Senate Committee on National Finance - at 5pm ET, which is 2100GMT - opening statement  On Wednesday the BoC enters its 'blackout period' ahead of the policy meeting on June 3 (ps. this will Poloz' last, new governor Macklem will be in the big chair for the next meeting on July 15).

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CAD traders - heads up for Bank of Canada Governor Poloz & senior deputy Wilkins speaking on Tuesday


https://az705044.vo.msecnd.net/20180418/poloz-and-wilkins.png Eamonn Sheridan
Tue 26 May 2020 03:41:29 GMT
Category: Central Banks
0
Both will appear to deliver testimony in parliament's Standing Senate Committee on National Finance - at 5pm ET, which is 2100GMT - opening statement  On Wednesday the BoC enters its 'blackout period' ahead of the policy meeting on June 3 (ps. this will Poloz' last, new governor Macklem will be in the big chair for the next meeting on July 15).

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Tue 26 May 2020 02:31:42 GMT

More from Bank of Japan Governor Kuroda - BOJ will do whatever it can

You might recall ECB head (at the time) Draghi saying the Bank would do 'whatever it takes' 'Doing 'whatever it can' dos not have the same ring to it though. Kuroda:

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More from Bank of Japan Governor Kuroda - BOJ will do whatever it can


https://az705044.vo.msecnd.net/20190618/confused-kuroda-boj.png Eamonn Sheridan
Tue 26 May 2020 02:31:42 GMT
Category: Central Banks
0
You might recall ECB head (at the time) Draghi saying the Bank would do 'whatever it takes' 'Doing 'whatever it can' dos not have the same ring to it though. Kuroda:

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Tue 26 May 2020 01:15:26 GMT

PBOC sets USD/ CNY reference rate for today at 7.1293 (vs. yesterday at 7.1209)

Onshore yuan central parity rate setting from the People's Bank of China  PBOC to inject 10bn yuan via OMOs today.  - in 7 day RRs - first time in 37 days the PBOC have used OMOs 

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PBOC sets USD/ CNY reference rate for today at 7.1293 (vs. yesterday at 7.1209)


Eamonn Sheridan
Tue 26 May 2020 01:15:26 GMT
Category: Central Banks
0
Onshore yuan central parity rate setting from the People's Bank of China  PBOC to inject 10bn yuan via OMOs today.  - in 7 day RRs - first time in 37 days the PBOC have used OMOs 

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Tue 26 May 2020 01:04:36 GMT

1

Bank of Japan Governor Kuroda says economy to remain in a severe situation

Kuroda speaking in parliament  - Japan's economy likely to remain in severe state, prices to remain on weak note due to pandemic impact, falling oil costs Full text of Kuroda's

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Bank of Japan Governor Kuroda says economy to remain in a severe situation


Eamonn Sheridan
Tue 26 May 2020 01:04:36 GMT
Category: Central Banks
1
Kuroda speaking in parliament  - Japan's economy likely to remain in severe state, prices to remain on weak note due to pandemic impact, falling oil costs Full text of Kuroda's

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Tue 26 May 2020 01:02:05 GMT

PBOC Gov Yi says China's positive economic fundamentals will not change

People's Bank of China Governor says: - will strengthen macroeconomic policy  more to come   See here for global coronavirus case data

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PBOC Gov Yi says China's positive economic fundamentals will not change


Eamonn Sheridan
Tue 26 May 2020 01:02:05 GMT
Category: Central Banks
0
People's Bank of China Governor says: - will strengthen macroeconomic policy  more to come   See here for global coronavirus case data

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Tue 26 May 2020 00:22:30 GMT

Singapore's central bank says monetary policy remains unchanged, appropriate

Monetary Authority of Singapore  comments following the data release earlier  Monetary policy settings, stance remains unchanged - are appropriate - sees jobs market worsening later in the year ---

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Singapore's central bank says monetary policy remains unchanged, appropriate


https://az705044.vo.msecnd.net/20200526/monetary-authority-of-singapore-mas.jpg Eamonn Sheridan
Tue 26 May 2020 00:22:30 GMT
Category: Central Banks
0
Monetary Authority of Singapore  comments following the data release earlier  Monetary policy settings, stance remains unchanged - are appropriate - sees jobs market worsening later in the year ---

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Mon 25 May 2020 23:22:08 GMT

Add this to Tuesday's Asia agenda: BOJ Gov Kuroda and Australian PM Morrison both speaking

Bank of Japan Governor Kuroda will appear in the Japanese parliament from 10am Tokyo time  - which is 0100GMT Australian Prime Minister Morrison is speaking from 12.30pm Sydney time 

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Add this to Tuesday's Asia agenda: BOJ Gov Kuroda and Australian PM Morrison both speaking


https://az705044.vo.msecnd.net/20200525/kuroda-mask.png Eamonn Sheridan
Mon 25 May 2020 23:22:08 GMT
Category: Central Banks
0
Bank of Japan Governor Kuroda will appear in the Japanese parliament from 10am Tokyo time  - which is 0100GMT Australian Prime Minister Morrison is speaking from 12.30pm Sydney time 

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Mon 25 May 2020 21:54:17 GMT

ECB's Villeroy spoke Monday (ICYMI) - another sign of more ECB QE bond buys

Comments from Bank of France Governor Villeroy de Galhau overnight can be found here: In a nutshell: - he is signalling that more ECB policy stimulus is on its way (the ECB meets next week) At next week's meeting expect:

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ECB's Villeroy spoke Monday (ICYMI) - another sign of more ECB QE bond buys


https://az705044.vo.msecnd.net/20160209/ecb-villeroy-10-february-2016.png Eamonn Sheridan
Mon 25 May 2020 21:54:17 GMT
Category: Central Banks
0
Comments from Bank of France Governor Villeroy de Galhau overnight can be found here: In a nutshell: - he is signalling that more ECB policy stimulus is on its way (the ECB meets next week) At next week's meeting expect:

Asset 24 View More
Mon 25 May 2020 18:19:02 GMT

1

Poloz Q&A: Doesn't see inflation risks as important now

Poloz takes audience questions: I'll monitor for other comments. USD/CAD dipped to 1.3969 at the London fix but is back to 1.3985, little changed on the day. See here for global coronavirus case data

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Poloz Q&A: Doesn't see inflation risks as important now


Adam Button
Mon 25 May 2020 18:19:02 GMT
Author: Adam Button
Category: Central Banks
1
Poloz takes audience questions: I'll monitor for other comments. USD/CAD dipped to 1.3969 at the London fix but is back to 1.3985, little changed on the day. See here for global coronavirus case data

Asset 24 View More
Mon 25 May 2020 17:35:08 GMT

5

BOC's Poloz: Significant monetary stimulus needed in economic rebuilt

Highlights from Poloz's final speech at the BOC That's all she wrote for Poloz. He's a relentless optimist but he's not shaking the boat in his final speech. Happy trails.

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BOC's Poloz: Significant monetary stimulus needed in economic rebuilt


Adam Button
Mon 25 May 2020 17:35:08 GMT
Author: Adam Button
Category: Central Banks
5
Highlights from Poloz's final speech at the BOC That's all she wrote for Poloz. He's a relentless optimist but he's not shaking the boat in his final speech. Happy trails.

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Mon 25 May 2020 17:32:31 GMT

ECB's Villeroy: We will probably need to go even further

Comments from Villeroy: See here for global coronavirus case data

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ECB's Villeroy: We will probably need to go even further


Adam Button
Mon 25 May 2020 17:32:31 GMT
Author: Adam Button
Category: Central Banks
0
Comments from Villeroy: See here for global coronavirus case data

Asset 24 View More
Mon 25 May 2020 13:06:44 GMT

Bank of Israel holds rates at 0.10%

The latest from Israel's central bank The central bank said it would expand the use of existing tools, including interest rates (negative?) and operate additional ones if crisis lengthens.

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Bank of Israel holds rates at 0.10%


Adam Button
Mon 25 May 2020 13:06:44 GMT
Author: Adam Button
Category: Central Banks
0
The latest from Israel's central bank The central bank said it would expand the use of existing tools, including interest rates (negative?) and operate additional ones if crisis lengthens.

Asset 24 View More
Mon 25 May 2020 01:15:51 GMT

3

PBOC sets USD/ CNY reference rate for today at 7.1209 (vs. Friday at 7.0939)

People's Bank of China substantially weakening the yuan at the mid rate setting  Weakest CNY mid rate since 2008 (this chart doesn't go back that far) No open market operations from the PBOC today.

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PBOC sets USD/ CNY reference rate for today at 7.1209 (vs. Friday at 7.0939)


https://az705044.vo.msecnd.net/20200525/cny-weak.png Eamonn Sheridan
Mon 25 May 2020 01:15:51 GMT
Category: Central Banks
3
People's Bank of China substantially weakening the yuan at the mid rate setting  Weakest CNY mid rate since 2008 (this chart doesn't go back that far) No open market operations from the PBOC today.

Asset 24 View More
Mon 25 May 2020 00:17:43 GMT

1

CAD traders - heads up for Bank of Canada Governor Poloz speaking Monday

BOC Governor Poloz speaks on 'Monetary Policy in Unknowable Times' on Monday - Poloz speaks at 1:30pm ET, which is 1730GMT - event will take place by videoconference As a heads up a little further out Poloz will also be speaking on Tuesday alongside Senior Deputy Governor Wilkins

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CAD traders - heads up for Bank of Canada Governor Poloz speaking Monday


https://az705044.vo.msecnd.net/20200415/boc-poloz-april-15.png Eamonn Sheridan
Mon 25 May 2020 00:17:43 GMT
Category: Central Banks
1
BOC Governor Poloz speaks on 'Monetary Policy in Unknowable Times' on Monday - Poloz speaks at 1:30pm ET, which is 1730GMT - event will take place by videoconference As a heads up a little further out Poloz will also be speaking on Tuesday alongside Senior Deputy Governor Wilkins

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Sat 23 May 2020 19:47:41 GMT

3

The PBOC is expected to cut interest rates, RRR in H2 to support the economy

What's ahead from the People's Bank of China, China's Global Times with the heads up:  - highly likely to announce interest rate cuts or reserve requirement ratio (RRR) cuts in the second half of the year  --

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The PBOC is expected to cut interest rates, RRR in H2 to support the economy


https://az705044.vo.msecnd.net/20151024/pboc-(2).jpg Eamonn Sheridan
Sat 23 May 2020 19:47:41 GMT
Category: Central Banks
3
What's ahead from the People's Bank of China, China's Global Times with the heads up:  - highly likely to announce interest rate cuts or reserve requirement ratio (RRR) cuts in the second half of the year  --

Asset 24 View More
Fri 22 May 2020 16:06:04 GMT

2

Fed slows pace of bond buying to $5B per day from $6B per day

Fed slows buying The Fed has slowed the pace every week since it began. Because of Monday's holiday, the Treasury said it will buy approximately $20B next week, so the effective cut is more than announced.

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Fed slows pace of bond buying to $5B per day from $6B per day


Adam Button
Fri 22 May 2020 16:06:04 GMT
Author: Adam Button
Category: Central Banks
2
Fed slows buying The Fed has slowed the pace every week since it began. Because of Monday's holiday, the Treasury said it will buy approximately $20B next week, so the effective cut is more than announced.

Asset 24 View More
Fri 22 May 2020 14:35:12 GMT

ECB's Lane: Negative shocks on inflation could be more persistent

Lane speaks at a virtual conference His speech is on how and why inflation has moved in sync in developed global economies. He points to common shocks and commodity prices as some factors.

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ECB's Lane: Negative shocks on inflation could be more persistent


Adam Button
Fri 22 May 2020 14:35:12 GMT
Author: Adam Button
Category: Central Banks
0
Lane speaks at a virtual conference His speech is on how and why inflation has moved in sync in developed global economies. He points to common shocks and commodity prices as some factors.

Asset 24 View More
Fri 22 May 2020 11:31:51 GMT

ECB: PEPP had established itself as an important anchor of stability for euro area bond markets

ECB releases the account of its April monetary policy meeting - 22 May 2020 - Monetary policy measures had provided forceful monetary accommodation - Fiscal policy also needed to play an essential role to address problems The full account can be found . But it isn't saying much that we don't already know at this stage. Interestingly, the ECB is thinking that their latest forecast is probably 'too optimistic'. That once again reaffirms the changing view that any quick recovery may not materialise.

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ECB: PEPP had established itself as an important anchor of stability for euro area bond markets


//az705044.vo.msecnd.net/20170519/ecb.jpg Justin Low
Fri 22 May 2020 11:31:51 GMT
Author: Justin Low
Category: Central Banks
0
ECB releases the account of its April monetary policy meeting - 22 May 2020 - Monetary policy measures had provided forceful monetary accommodation - Fiscal policy also needed to play an essential role to address problems The full account can be found . But it isn't saying much that we don't already know at this stage. Interestingly, the ECB is thinking that their latest forecast is probably 'too optimistic'. That once again reaffirms the changing view that any quick recovery may not materialise.

Asset 24 View More

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