Archive for August 1st, 2019

Deeper Analysis

U.S. Manufacturing Advantage Grew Versus Euro Area During July

August 1, 2019

The ISM-compiled U.S. manufacturing PMI in July slipped another half point of 51.2, which is a month short of a 3-year low. New business improved slightly, but the sub-indices fell for production, employment and prices. The slower improvement in U.S. manufacturing was outmatched by a faster deterioration in Euroland manufacturing. The IHS-compiled PMI for the […] More

Central Bank Watch

50-Basis Point Cut of Brazilian Selic Rate Exceeds Expectations

August 1, 2019

The Central Bank of Brazil’s policy committee, Copom, cut the Selic Rate by a greater-than-anticipated 50 basis points  to 6.0% and released a statement that implies but doesn’t guarantee further reductions. Today’s action resumes an easing cycle that ran from October 2016 to March 2018. The Selic rate had been 13.75% when the easing began […] More

New Overnight Developments Abroad - Daily Update

Central Banks and Manufacturing PMI Reports in the Spotlight

August 1, 2019

The Bank of England Monetary Policy Committee left policy settings unchanged by a unanimous 9-0 vote as was expected. Today’s report coincided with the release of the quarterly Inflation Report. Projected growth in the U.K. last quarter was likely zero percent and that for 2019 has been lowered to 1.3%. The forecast assumes a Brexit […] More