Deeper Analysis
August 2023 in Figures
August 31, 2023
During August, the stock market indices in this monthly feature fell between 1.6% and 3.4%. The 10-year U.S. Treasury yield’s rise of 14 basis points exceeded increases in the comparable Japanese, British and Canadian sovereign debt yields, and German and Swiss yields posted modest declines. The Bank of England’s base rate was raised 25 basis […] More
New Overnight Developments Abroad - Daily Update
Slew of Data Released on Final Day of August
August 31, 2023
U.S. personal income and consumption expenditure growth in July defied expectations in opposite ways. Personal spending climbed 0.8% on month (0.6% adjusted for inflation), while income growth slowed to 0.2%. Downtrends in total and core U.S. inflation according to the PCE price deflator partly reversed with the former increased 0.3 percentage points to 3.3% and […] More
New Overnight Developments Abroad - Daily Update
Softer Dollar as 2Q U.S. Growth Is Revised Slightly Lower
August 30, 2023
The dollar fell overnight by 0.7% against sterling, 0.4% relative to the euro, 0.3% against the Mexican peso, and 0.2% versus the loonie, Swiss franc, kiwi, and Aussie dollar. Alternatively, the greenback strengthened 0.8% against the Russian ruble and 0.6% against the Turkish lira. Equities around the world are narrowly mixed. U.S. corporate profits last […] More
New Overnight Developments Abroad - Daily Update
Weak U.S. Data Elicits Investor Relief
August 29, 2023
When inflation reduction is the dominant policy priority, investors hope to see weaker-than-expected data like those released today. U.S. job openings, job hires, job separations, and job quits were each fewer in July than June; openings fell to a 28-month low. The Case-Shiller index of house prices in 20 U.S. metropolitan areas recorded a year-on-year […] More
New Overnight Developments Abroad - Daily Update
Unofficial Final Day of Summer Starts with a Rise in Equities and a Steady but Firm Dollar
August 28, 2023
Equities in the Pacific Rim rose 1.7% in Japan, 1.1% in China, 1.0% in Hong Kong and South Korea, and 0.6% in Australia. Share prices so far in Germany, France, Italy and Spain have strengthened at least 1.0%, and key U.S. indices are around 0.7% higher. There’s been scant net movement in the dollar, which […] More
Larry's Blog
Placing the 2023 New York Yankees in the Franchises Storied History
August 26, 2023
Among the many Yankee teams I’ve followed in my lifetime, I consider the 1998 squad to have been the most successful, and the 1966 version to have been the least proficient. In 1966, League divisions hadn’t yet been introduced. The American and National Leagues each had ten teams, and the teams with the best winning […] More
Foreign Exchange Insights and Next Week
This Week’s Menu: August 26 – September 1, 2023
August 26, 2023
Central Banks: Monetary policies will be reviewed in Hungary and Kyrgyzstan. The Jackson Hole annual central bank symposium concludes today. Bank of England chief economist Pill and Reserve Bank of Australia Deputy Governor Bullock are some of the central banks speaking publicly during the week. Purchasing Manager Surveys: Manufacturing surveys for August will be released […] More
Central Bank Watch
Central Bank Rate Cut in Kazakhstan
August 25, 2023
The National Bank of Kazakhstan’s benchmark interest rate has been cut 25 basis points to 16.5%. That remains above on-year CPI inflation of 14.0% as of July, which has fallen from 21.3% in February. Today’s rate reduction was the first easing since July 2020 to a pandemic low of 9.0%. Subsequently, the central bank rate […] More
New Overnight Developments Abroad - Daily Update
Weighted DXY Dollar Index Touched an 11-Week High Overnight Ahead of Powell’s Speech Today
August 25, 2023
Fed Chairman Powell’s speech at the annual Jackson Hole Monetary Policy Symposium begins in about 15 minutes. He’s expected to stress the themes that there’s no alternative to the goal of restoring sustained in-target inflation, that more work has to be done, that quite a while longer must pass before officials can even think of […] More
Central Bank Watch
Turkish Interest Rate Lifted to 25%
August 24, 2023
The Central Bank of Turkey’s key interest rate was raised to 25.0% from 17.5%. This biggest move so far followed increases of 250 basis points in July and 650 bps in June and catapults the rate well beyond the prior peak of 19.0% for five months from March 2021 to August 2021. The size of […] More
