Comments from the KC Fed President

  • Return to normal should allow continued growth and moderating inflation but some changes from pandemic may persist
  • Fed will face a complicated discussion about the size of the balance sheet after taper
George is a voter next year and is taking a more hawkish stance. You can see confidence in the 'transitory' inflation narrative waning.

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Fri 24 Sep 2021 13:54:09 GMT

ECB reschedules its January meeting for two weeks later

Changes to the ECB calendar The ECB that its January 20 meeting has been pushed to Feb 3. announced today The schedule is now: That puts more pressure on the ECB to taper in December, though that was already baked in.

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ECB reschedules its January meeting for two weeks later


Adam Button
Fri 24 Sep 2021 13:54:09 GMT
Author: Adam Button
Category: Central Banks
0


Changes to the ECB calendar The ECB that its January 20 meeting has been pushed to Feb 3. announced today The schedule is now: That puts more pressure on the ECB to taper in December, though that was already baked in.

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Fri 24 Sep 2021 13:27:24 GMT

More from Mester: Asset purchases are not doing as much as the used to


//az705044.vo.msecnd.net/20160713/federal-reserve-mester.png Adam Button
Fri 24 Sep 2021 13:27:24 GMT
Author: Adam Button
Category: Central Banks
0
Comments from Mester

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Fri 24 Sep 2021 12:45:52 GMT

Fed's Mester: Sees conditions for rate liftoff met by the end of 2022

We know know where Mester's dot is Mester is a vote next year and said she sees the conditions for a hike in 2022. Of course that could certainly change but we know she's one of those dots now.

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Fed's Mester: Sees conditions for rate liftoff met by the end of 2022


//az705044.vo.msecnd.net/20210922/2021-09-22_11-02-47.jpg Adam Button
Fri 24 Sep 2021 12:45:52 GMT
Author: Adam Button
Category: Central Banks
0
We know know where Mester's dot is Mester is a vote next year and said she sees the conditions for a hike in 2022. Of course that could certainly change but we know she's one of those dots now.

Asset 24 View More
Fri 24 Sep 2021 05:20:34 GMT

ECB's Lagarde: Many of the causes of higher prices are temporary

ECB president, Christine Lagarde, spoke to CNBC in an interview yesterday with the transcript just released today

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ECB's Lagarde: Many of the causes of higher prices are temporary


//az705044.vo.msecnd.net/20200123/lagarde-jan-23-2020.png Justin Low
Fri 24 Sep 2021 05:20:34 GMT
Author: Justin Low
Category: Central Banks
0
ECB president, Christine Lagarde, spoke to CNBC in an interview yesterday with the transcript just released today

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Fri 24 Sep 2021 02:15:26 GMT

There is a busy agenda of Federal Reserve speakers on Friday - Powell, Clarida

Federal Reserve speakers on the agenda for Friday 24 September 2021  1245 GMT  0845 US ET Cleveland Fed President Loretta is scheduled to speak virtually before the Ohio Bankers League "Bouncing Back in the Post-Pandemic Economy" 2021 CEO Symposium

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There is a busy agenda of Federal Reserve speakers on Friday - Powell, Clarida


https://az705044.vo.msecnd.net/20210922/federal-reserve-press-release.png Eamonn Sheridan
Fri 24 Sep 2021 02:15:26 GMT
Category: Central Banks
0
Federal Reserve speakers on the agenda for Friday 24 September 2021  1245 GMT  0845 US ET Cleveland Fed President Loretta is scheduled to speak virtually before the Ohio Bankers League "Bouncing Back in the Post-Pandemic Economy" 2021 CEO Symposium

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Fri 24 Sep 2021 01:15:23 GMT

PBOC sets USD/ CNY mid-point today at 6.4599 (vs. estimate at 6.4595)

People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.     - USD/CNY is permitted to trade plus or minus 2% from this daily reference rate.

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PBOC sets USD/ CNY mid-point today at 6.4599 (vs. estimate at 6.4595)


Eamonn Sheridan
Fri 24 Sep 2021 01:15:23 GMT
Category: Central Banks
0
People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.     - USD/CNY is permitted to trade plus or minus 2% from this daily reference rate.

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Thu 23 Sep 2021 22:15:22 GMT

1

Yellen and Powell to appear before US Congress (Senate) on Tuesday 28 September

US Treasury Secretary Yellen and Federal Reserve Chair Powell 'Cares' is the Coronavirus Aid, Relief, and Economic Security Act

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Yellen and Powell to appear before US Congress (Senate) on Tuesday 28 September


https://az705044.vo.msecnd.net/20210126/yellen-powell.png Eamonn Sheridan
Thu 23 Sep 2021 22:15:22 GMT
Category: Central Banks
1
US Treasury Secretary Yellen and Federal Reserve Chair Powell 'Cares' is the Coronavirus Aid, Relief, and Economic Security Act

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Thu 23 Sep 2021 22:04:43 GMT

1

ICYMI - Norway's central bank rate hike Thursday

Norges Bank Norway's central bank raised its benchmark interest rate on Thursday, raised the sight deposit rate to 0.25%    The Bank said it expect to do the same again in December, another hike

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ICYMI - Norway's central bank rate hike Thursday


Eamonn Sheridan
Thu 23 Sep 2021 22:04:43 GMT
Category: Central Banks
1
Norges Bank Norway's central bank raised its benchmark interest rate on Thursday, raised the sight deposit rate to 0.25%    The Bank said it expect to do the same again in December, another hike

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Thu 23 Sep 2021 21:37:46 GMT

ICYMI - The Bank of England considers rate hike before ending QE

You all probably did not miss this but just in case ... significant remarks in the Bank of England statement Thursday.  n his post following the meeting:

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ICYMI - The Bank of England considers rate hike before ending QE


https://az705044.vo.msecnd.net/20190207/boe.png Eamonn Sheridan
Thu 23 Sep 2021 21:37:46 GMT
Category: Central Banks
0
You all probably did not miss this but just in case ... significant remarks in the Bank of England statement Thursday.  n his post following the meeting:

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Thu 23 Sep 2021 16:03:51 GMT

6

US household net worth rose to $141.7T in Q2 vs $118.5T a year earlier

That's a big jump US household net worth rose nearly 20% in the prior year through Q2, according to the latest Fed data. Easy money policies at the fiscal and monetary level have led to enormous booms in home prices and financial assets.

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US household net worth rose to $141.7T in Q2 vs $118.5T a year earlier


Adam Button
Thu 23 Sep 2021 16:03:51 GMT
Author: Adam Button
Category: Central Banks
6
That's a big jump US household net worth rose nearly 20% in the prior year through Q2, according to the latest Fed data. Easy money policies at the fiscal and monetary level have led to enormous booms in home prices and financial assets.

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Thu 23 Sep 2021 11:23:31 GMT

1

Key things to note from the BOE decision today

Some slight hawkish undertones as the BOE prepares itself for the possibility of a rate hike, if need be The pound is getting a lift after the BOE decision today as they stuck with the status quo for the most part but also offered up some hawkish elements for the bulls to chew at.

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Key things to note from the BOE decision today


//az705044.vo.msecnd.net/20190207/boe.png Justin Low
Thu 23 Sep 2021 11:23:31 GMT
Author: Justin Low
Category: Central Banks
1
Some slight hawkish undertones as the BOE prepares itself for the possibility of a rate hike, if need be The pound is getting a lift after the BOE decision today as they stuck with the status quo for the most part but also offered up some hawkish elements for the bulls to chew at.

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Thu 23 Sep 2021 11:00:06 GMT

1

BOE leaves bank rate unchanged at 0.10% as expected

BOE announces its September monetary policy decision - 23 September 2021 - UK Q3 GDP expectations revised down by around 1% since August - Downward revision reflects emergence of supply constraints on output In terms of overall key messaging, I don't see much change in the language - if any at all. The BOE remains cautious about the labour market outlook until the expiry of the furlough scheme at the end of this month while they are also continuing to suggest that inflation is 'transitory' - even if it is expected to rise to above 4%.They are also less bullish on the economy, with supply bottlenecks and capacity constraints starting to weigh on the outlook for the most part.

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BOE leaves bank rate unchanged at 0.10% as expected


Justin Low
Thu 23 Sep 2021 11:00:06 GMT
Author: Justin Low
Category: Central Banks
1
BOE announces its September monetary policy decision - 23 September 2021 - UK Q3 GDP expectations revised down by around 1% since August - Downward revision reflects emergence of supply constraints on output In terms of overall key messaging, I don't see much change in the language - if any at all. The BOE remains cautious about the labour market outlook until the expiry of the furlough scheme at the end of this month while they are also continuing to suggest that inflation is 'transitory' - even if it is expected to rise to above 4%.They are also less bullish on the economy, with supply bottlenecks and capacity constraints starting to weigh on the outlook for the most part.

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Thu 23 Sep 2021 10:52:18 GMT

1

BOE's Woods: Cautiously optimistic that China will be able to avoid Evergrande becoming a major global issue

Remarks by BOE deputy governor, Sam Woods This adds to the list of central bankers who are seemingly less worried about how things with Evergrande are going to play out at the end of the day. Adam provided some colour on that in his post yesterday .

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BOE's Woods: Cautiously optimistic that China will be able to avoid Evergrande becoming a major global issue


Justin Low
Thu 23 Sep 2021 10:52:18 GMT
Author: Justin Low
Category: Central Banks
1
Remarks by BOE deputy governor, Sam Woods This adds to the list of central bankers who are seemingly less worried about how things with Evergrande are going to play out at the end of the day. Adam provided some colour on that in his post yesterday .

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Thu 23 Sep 2021 10:49:09 GMT

Many ECB policymakers reportedly open to increase APP purchases to avoid cliff effect

Reuters reports, citing sources familiar with the matter The report says that policymakers at the ECB are seeing the risk of inflation being more "sticky" and exceeding projections, with some anticipating inflation to be at 2% or above next year - which should pave the way for an end of PEPP purchases in March.

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Many ECB policymakers reportedly open to increase APP purchases to avoid cliff effect


//az705044.vo.msecnd.net/20170519/ecb.jpg Justin Low
Thu 23 Sep 2021 10:49:09 GMT
Author: Justin Low
Category: Central Banks
0
Reuters reports, citing sources familiar with the matter The report says that policymakers at the ECB are seeing the risk of inflation being more "sticky" and exceeding projections, with some anticipating inflation to be at 2% or above next year - which should pave the way for an end of PEPP purchases in March.

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Thu 23 Sep 2021 07:30:07 GMT

SNB leaves policy rate unchanged at -0.75%, as expected

SNB announces its latest monetary policy decision - 23 September 2021

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SNB leaves policy rate unchanged at -0.75%, as expected


//az705044.vo.msecnd.net/20171127/snb.png Justin Low
Thu 23 Sep 2021 07:30:07 GMT
Author: Justin Low
Category: Central Banks
0
SNB announces its latest monetary policy decision - 23 September 2021

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Thu 23 Sep 2021 01:16:42 GMT

1

PBOC sets USD/ CNY central rate at 6.4749 (vs. estimate at 6.4755)

People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.     - USD/CNY is permitted to trade plus or minus 2% from this daily reference rate.

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PBOC sets USD/ CNY central rate at 6.4749 (vs. estimate at 6.4755)


Eamonn Sheridan
Thu 23 Sep 2021 01:16:42 GMT
Category: Central Banks
1
People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.     - USD/CNY is permitted to trade plus or minus 2% from this daily reference rate.

Asset 24 View More
Thu 23 Sep 2021 01:02:29 GMT

China Securities Journal says loan rates are more likely to fall in Q4

Are they teasing us with this or what? There is often chatter like this about and more often than not its just hot air.  Yesterday we got the Loan Prime Rates set unchanged for the 17th month in a row:

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China Securities Journal says loan rates are more likely to fall in Q4


https://az705044.vo.msecnd.net/20161108/chance.png Eamonn Sheridan
Thu 23 Sep 2021 01:02:29 GMT
Category: Central Banks
0
Are they teasing us with this or what? There is often chatter like this about and more often than not its just hot air.  Yesterday we got the Loan Prime Rates set unchanged for the 17th month in a row:

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Thu 23 Sep 2021 00:24:56 GMT

2

South Korea central bank says its ready to step in to stabilise markets if necessary

Bank of Korea says it'll monitor volatility in financial markets and intervene if necessary.  As context, the won is trading at its lowest against the USD since around this time last year

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South Korea central bank says its ready to step in to stabilise markets if necessary


Eamonn Sheridan
Thu 23 Sep 2021 00:24:56 GMT
Category: Central Banks
2
Bank of Korea says it'll monitor volatility in financial markets and intervene if necessary.  As context, the won is trading at its lowest against the USD since around this time last year

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Thu 23 Sep 2021 00:21:39 GMT

Response to the FOMC - dots shift rate hike expectations forward

Earlier responses can be found here in the US market wrap from Wednesday following the Federal Open Market Committee meeting and Powell's press conference: Bank of Montreal response to the day:

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Response to the FOMC - dots shift rate hike expectations forward


https://az705044.vo.msecnd.net/20210922/powell-sept-22.png Eamonn Sheridan
Thu 23 Sep 2021 00:21:39 GMT
Category: Central Banks
0
Earlier responses can be found here in the US market wrap from Wednesday following the Federal Open Market Committee meeting and Powell's press conference: Bank of Montreal response to the day:

Asset 24 View More
Wed 22 Sep 2021 22:55:08 GMT

1

Bank of England monetary policy meeting Thursday 23 September 2021 - previews

The BoE MPC statement is due at 1100 GMT. Earlier previews are here: The long story short on this meeting is no change in policy is expected. here is what is the focus from:

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Bank of England monetary policy meeting Thursday 23 September 2021 - previews


https://az705044.vo.msecnd.net/20210922/gbp-23-september-2021.png Eamonn Sheridan
Wed 22 Sep 2021 22:55:08 GMT
Category: Central Banks
1
The BoE MPC statement is due at 1100 GMT. Earlier previews are here: The long story short on this meeting is no change in policy is expected. here is what is the focus from:

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Wed 22 Sep 2021 22:09:54 GMT

RBNZ confirms it'll proceed with its plan to tighten lending for housing

Reserve Bank of New Zealand statement released. including comments from Deputy Governor and General Manager for Financial Stability Geoff Bascand. More is here

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RBNZ confirms it'll proceed with its plan to tighten lending for housing


https://az705044.vo.msecnd.net/20210922/audnzd-rba-rbnz.png Eamonn Sheridan
Wed 22 Sep 2021 22:09:54 GMT
Category: Central Banks
0
Reserve Bank of New Zealand statement released. including comments from Deputy Governor and General Manager for Financial Stability Geoff Bascand. More is here

Asset 24 View More
Wed 22 Sep 2021 21:51:11 GMT

Brazil's central bank 1% rate hike, as expected

Banco Central do Brasil​ hikes its benchmark interest  to 6.25% from 5.25%.  rate Headlines via Reuters from the statement (bolding mine):

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Brazil's central bank 1% rate hike, as expected


Eamonn Sheridan
Wed 22 Sep 2021 21:51:11 GMT
Category: Central Banks
0
Banco Central do Brasil​ hikes its benchmark interest  to 6.25% from 5.25%.  rate Headlines via Reuters from the statement (bolding mine):

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Wed 22 Sep 2021 21:21:36 GMT

2

The next FOMC meeting is November 2 & 3. Now the question is how much taper.

Too early to begin throwing around numbers on how much tapering the Federal Open Market Committee will announce? The meeting today, September's, in brief: That's from the wrap-up,

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The next FOMC meeting is November 2 & 3. Now the question is how much taper.


https://az705044.vo.msecnd.net/20210922/powell-sept-22.png Eamonn Sheridan
Wed 22 Sep 2021 21:21:36 GMT
Category: Central Banks
2
Too early to begin throwing around numbers on how much tapering the Federal Open Market Committee will announce? The meeting today, September's, in brief: That's from the wrap-up,

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