Deeper Analysis
July 2019 in Figures
July 31, 2019
Even though only the Fed among major central banks cut interest rates in July, long-term interest rates declined in Europe but changed hardly at all over the course of the month in the United States, Canada, or Japan. The Fed’s 25-basis point interest rate cut announced on the final day of the month was its […] More
Central Bank Watch
Federal Funds Rate Target Cut and Controlled Reduction of Fed Balance Sheet Suspended Two Months Sooner than Planned
July 31, 2019
The Federal Open Market Committee opted for a 25-basis point interest rate cut, not the 50-bp that some had urged. The released statement also revealed a decision to “conclude the reduction of its aggregate securities holdings in the System Open Market Account in August, two months earlier than previously indicated.” The Committee was divided in […] More
Central Bank Watch
FOMC Preview
July 31, 2019
In the six weeks since the last scheduled FOMC meeting, the dollar has edged up 0.2% against the yen and 0.8% versus the euro. It’s been a period in which Fed officials have prepared markets rhetorically to expect an interest rate cut today, so it’s somewhat surprising that the 10-year Treasury yield is now only […] More
New Overnight Developments Abroad - Daily Update
Lots of Data Out but Dollar Marking Time Ahead of FOMC Announcement
July 31, 2019
The dollar is unchanged against the euro, Swiss franc, yen, loonie and yuan, 0.2% softer relative to the peso and Australian dollar, 0.1% lower versus sterling and 0.2% higher against the kiwi. Analysts expect a 25-basis point federal funds cut to be announced at 18:00 GMT, and Chairman Powell will begin his press conference at […] More
