Euroland GDP and CPI
Much Data Out But Main Attention Turning to Fed as FOMC Begins Policy Review
April 30, 2024
The Federal Open Market Committee begins a two-day review of U.S. monetary policy today. No policy changes are anticipated, but Chairman Powell’s press conference is bound to reaffirm the increasingly hawkish message conveyed in various rhetorical remarks by Fed officials since the March meeting. The dollar is closing out the month of April on an […] More
Lots of Data and a Weakening Yen on Final Day of July
July 31, 2023
The dollar rose 0.7% against the Japanese yen but mostly softened against other currencies including drops of 1.0% against the Australian dollar, 0.9% relative to the New Zealand dollar, 0.3% versus the Canadian dollar and 0.1% vis-a-vis the euro. Share prices rose 1.3% in Japan, 0.9% in South Korea, 0.8% in Kong Kong, 0.6% in […] More
Breeze of Risk Aversion Returns
October 31, 2022
U.S. stock futures are about 0.5% lower. With the FOMC meeting this week, investors are having second thoughts that it will be signalling a pause in monetary tightening to assess the impact of the restraint that’s now in the pipeline. Five-month lows reported in the government-compiled Chinese composite and service sector purchasing manager indices to […] More
End-Month Data Storm
July 29, 2022
The last business day of each month tends to experience a load of economic data reports, and July has been no exception. A market misconception caused by a policy dynamic fraught with uncertainty that translates into lessening transparency about future policy has complicated the task of reducing inflation. I personally did not think that Powell’s […] More
Concerns about Corporate Earnings
April 29, 2022
Led by the tech sector especially pre-open declines of nearly 10% in Amazon and 2.5% in Apple, U.S. stock futures are lower on this final trading session of the difficult month of April. Amazon reported a quarterly drop in earnings, and Apple warned of persistent supply delays. Having touched a 19-year weighted high on Thursday, […] More
Sobering Data
October 29, 2021
A round of risk aversion depressed equities but lifted the dollar and 10-year bond yields on Friday. The price of gold dipped below $1,800 per ounce. Ten-year German bund and British gilt yields rose five basis points overnight, and the 10-year Treasury yield is 3 bp higher. Share prices fell 1.3% in South Korea, 1.4% […] More
Monday Night Massacre, Lots of Released Data, and a BOJ Meeting
January 31, 2017
President Trump sacked Acting Attorney General Sally Yates late last night, who had refused to enforce his selective immigration ban, and replaced her with Dana Boente. The firing stirred recollections of Nixon firing of Eliot Richardson and Bill Ruckelshaus when they wouldn’t fire Watergate Special Prosecutor Archibald Cox in October 1973. In other U.S. political […] More
