Global markets are cautious going into today (Wednesday’s) Federal Open Market Committee rates announcement. While many believe that the Fed may now back out of rates increases, US employment gains and calmer markets suggest the FOMC may be preparing to crank rates again.
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In This Week’s Calendar
Tue 15 March
Japan BoJ Monetary Policy Statement
US PPI m/m (actual:-0.2% expected:-0.2% previous:0.1%) US Empire State Manufacturing Index (actual:0.6 expected:-10.3 previous:-16.6) Wed 16 March US FOMC Economic Projections FOMC Statement US Federal Funds Rate (expected:<0.50% previous:<0.50%) Thu 17 March EU Final CPI y/y (expected:-0.2% previous:-0.2%) UK Monetary Policy Summary UK Official Bank Rate (expected:0.50% previous:0.50%) US Unemployment Claims (expected:267K previous:259K) Fri 18 March Canada Core CPI m/m (expected:0.5% previous:0.3%) Making The News Widespread criticism and market turmoil, at the start of 2016, accused the Fed of getting the timing of their rates tightening completely wrong. While the criticism is fair – that the Fed has, historically, managed to mangle policy with uncanny accuracy – there are some indications that the Fed may continue tightening , albeit at a slower pace, during the rest of the year. Q1 Storm Going into 2016, global markets were reeling from several shocks. The commodity (notably oil) and stock market declines that intensified during 2015 were making headlines. Gold was flying on a fear-driven rally and several central banks were announcing increased quantitative easing to cope with the strengthening US dollar.The Peoples’ Bank of China continued to weaken the Yuan, and oil dependent Saudi Arabia – reeling from shrinking GDP and depleted forex reserves – announced that it had no choice but […]
