Glenn Stevens

The Fed Has Spoken, and Now Markets React

September 18, 2015

The ten-year Treasury in futures trading slid another 4 basis points overnight and is 11 bps below its level at the time of the FOMC announcement yesterday. Ten-year British gilts, German bunds and Japanese JGB yields fell overnight by 11, 8, and 2 basis points. The dollar is especially weak against commodity-sensitive currencies, falling 1.4% […] More

Several Countries Report Industrial Production and EU Commission Turns Down Greek Debt Proposal

June 10, 2015

The dollar recorded overnight losses of 0.9% against the yen, 0.6% versus the Australian and New Zealand dollars, 0.5% vis-a-vis the loonie, 0.4% relative to sterling and 0.1% against the Swiss franc.  The Chinese yuan was steady, and the dollar edged up 0.1% against the euro. Bank of Japan Governor Kuroda called the yen weak […] More

Less Risk Aversion

July 22, 2014

Now that Ukraine rebels are handing over the bodies of Flight 17 victims, investors are less fearful about an escalating cold war between Russia and Western powers. Share prices climbed 1.7% in Hong Kong and India, 1.2% in China, 0.8% in Japan, 0.6% in Taiwan, 0.5% in South Korea and 0.1% in New Zealand, Australia […] More

Attention to Central Banks and PMI Data

November 21, 2013

The Bank of Japan did not change monetary policy nor its economic assessment but did upgrade its view of overseas economic conditions.  Governor Kuroda talked confidently about economic trends and the achievements so far of quantitative and qualitative monetary stimulus. Chatter continues after FOMC minutes proved a bit more hawkish than expected.  Reserve Bank of […] More

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