FOMC Minutes

Dollar Lower after FOMC Minutes

October 9, 2015

The FOMC minutes from September’s meeting were not as hawkish as anticipated.  Committee members didn’t raise rates because of concern that global developments like the stronger dollar and weaker Chinese demand might dampen U.S. growth and inflation in the future, and they therefore decided to delay the onset of rate tightening, pending data that will […] More

German and Japanese Current Account Data and a Bank of England Decision

October 8, 2015

The dollar fell overnight by 0.5% against the Swiss franc, 0.4% versus the euro, 0.3% vis-a-vis the loonie and 0.1% relative to the yen, yuan and kiwi.  The greenback firmed 0.2% against the Aussie dollar. Share prices in the Pacific Rim rose 3.0% in China, whose market had been shut previously, and 0.7% in South […] More

Another Risk Off Market

August 20, 2015

Stocks are off in North America, Europe and Asia.  The Shanghai Composite slumped 3.4%, and markets in India, Korea, Hong Kong, Australia and Singapore all fell at least 1.0%, while the Japanese Nikkei lost 0.9%.  The German Dax is 2.2%, and the S&P shows a loss of 1.2% so far. Ten-year sovereign debt yields are […] More

Japanese GDP and FOMC Minutes

May 20, 2015

Japanese first-quarter real GDP growth of 2.4% at an annualized rate (SAAR) was the second increase in a row, the best quarter since 1Q14, and faster than street expectations of 1.5%.  Growth last quarter was powered by stronger-than-predicted personal consumption (1.4%) and inventory building that augmented GDP growth by 2.0 percentage points (ppts).  Net exports […] More

ECB and FOMC Minutes

February 19, 2015

The ECB meeting of January 22 authorized quantitative easing totaling 60 billion euros per month over the twenty months to September 2016.  This substantial loosening of monetary policy was taken in response to a weaker-than-hoped quantitative response by banks to initiatives launched last September, to newly arisen expectations of sub-zero CPI inflation “for some time,” […] More

Scant Change in the Dollar on a Busy Data Release Day

November 20, 2014

The dollar has dipped 0.1% against the loonie, kiwi, and yuan and edged 0.1% higher versus the euro, Swissie and Australian dollar.  Sterling is steady. The yen is down 0.2% on balance but touched new lows for the move overnight of 118.99 per dollar and 149.17 per euro.  In the past two years since November […] More

A Number of Surprises

October 9, 2014

Fed officials rarely comment on the dollar, so the following passage from minutes of September 16-17 meeting of the FOMC caught the market’s attention, sending the dollar and bond yields lower and turning around Tuesday’s swoon in equities. Some participants expressed concern that the persistent shortfall of economic growth and inflation in the euro area […] More

Quiet ahead of the Release of FOMC Minutes

July 9, 2014

The dollar was unchanged overnight against the euro, Swissie, and Australian dollar.  China’s yuan also shows no net change but was fixed at its firmest level since the first trading day of July.  The U.S. currency has risen 0.1% relative to the yen, loonie and sterling but dipped 0.2% vis-a-vis the kiwi. Pacific Rim stock […] More

FOMC Minutes

May 21, 2014

Released minutes from the April 29-30th meeting read dovishly and reveal No inclination to begin raising the federal funds rate for at least 4-5 more quarters. Satisfaction that maintaining the present accommodative policy will create a conflict between the Fed’s inflation and employment mandates for quite some time longer. No substantial changes since the prior […] More

FOMC Minutes

February 19, 2014

The most interesting paragraph to be found in minutes from the Federal Open Market Committee meeting of January 28-29 revealed that a few committee members desire a federal funds rate hike by around mid-2014, but few in the Fed lexicon suggests two or three people from a total of ten voting officials plus eight non-voting […] More

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