Archive for December 16th, 2020

Central Bank Watch

FOMC Statement, Forecasts, and Powell Press Conference

December 16, 2020

Today’s FOMC statement elaborates on text in the sentence dealing with  monthly increased holdings of Treasury securities and agency mortgage-backed securities, spelling out the amounts of at least $80 billion in the former and at least $40 billion in the latter. Those figures in fact represent the current pace, so the added words do not […] More

Central Bank Watch

FOMC Preview

December 16, 2020

In the six weeks since the Federal Open Market Committee met in early November, risk aversion has lessened as multiple approved Covid vaccines have gone from a developing stage to distribution. The dollar fell about 3% against the euro but held steady relative to the yen, another currency with safe haven appeal. The 10-year Treasury […] More

New Overnight Developments Abroad - Daily Update

Mixed Economic Tidings

December 16, 2020

The message from December purchasing manager survey preliminary findings is that vaccine hopes eclipsed the need to tighten activity restrictions to combat an intensifying wave of the infection. The data clearly signal that economic activity in the fourth quarter declined only slightly compared to the huge hit taken when the first Covid wave hit in […] More

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