Deeper Analysis
FOMC Statement, Forecasts, and Press Conference
September 22, 2021
Reassured investors reacted bullishly in an initial way. Stocks, which already were higher on the day, rose further. Long-term Treasury yields slid a bit, and so did the dollar. The FOMC statement confirmed “that a moderation in the pace of asset purchases may son be warranted,” which investors believe implies sometime in the coming quarter. But […] More
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FOMC Preview
September 22, 2021
Today’s FOMC news is awaited for several reasons. The statement, less than half an hour away, is expected to confirm that quantitative tapering will begin next quarter even thought Covid trends have been worse than hoped of late and are having an adverse economic effect. The spike in inflation is persisting longer than had been […] More
Central Bank Watch
Bank of Japan: Same Ol, Same Ol
September 22, 2021
The Bank of Japan Board wrapped up its two-day policy review and decided by an 8-1 vote not to change its settings with Kataoka once again dissenting in favor of greater stimulus. The current policy framework anchored around a -0.1% short-term interest rate target, considerable quantitative stimulus, and a 10-year JGB yield objective of “around […] More
New Overnight Developments Abroad - Daily Update
Marking Time Ahead of Powell Press Conference
September 22, 2021
The FOMC is expected to confirm that tapering of its bond purchase program will begin in the fourth quarter. The announcement by the Fed and release of updated economic forecasts will be made at 14:00 EDT (18:00 GMT), followed by Chairman Powell’s press conference at 14:30. Earlier today, the Bank of Japan Board wrapped up […] More
