20 December 2018
Markets and central banks
Breaking up (with forward guidance) is hard to do
On the surface, the outcome of the 18-19 December Federal Open Market Committee (FOMC) meeting and Fed Chairman Powell’s press […]
20 December 2018
31 October 2018
Markets and central banks
The six key themes for US Treasuries in Q4 2018
The primary themes impacting the yields of US Treasuries and the pricing of future levels of inflation (via breakeven inflation […]
28 October 2018
Markets and central banks
CAUTION: Criticising the Fed will have consequences
It’s not the job of market participants to tell elected officials what to say or not to say, but it […]
12 October 2018
Markets and central banks
October equity rout – higher interest rates not the sole culprit
Key takeaways: US interest rates have moved notably higher on the back of strong data and Federal Reserve communications that […]
27 September 2018
Markets and central banks
Politics and policy cloud a rosy macro-picture
Economic data releases during the summer of 2018 did little to upset the apple cart: they continued to point to […]
26 September 2018
Markets and central banks
Graphs of the week: Fed pushes ahead with tightening cycle
As expected, the US Federal Reserve (the Fed) raised the target for its federal funds rate by 25bp to 2%-2.25% […]
05 September 2018
Markets and central banks
The Federal Reserve’s dollar dilemma
It would be an understatement to say that the Trump administration has presented challenges for the Federal Reserve. With the […]
29 August 2018
Markets and central banks
US monetary policy – how things stand going into the second half
The latest FOMC meeting of US monetary policymakers saw a further increase in the fed funds rate, while the guidance […]
28 August 2018
Markets and central banks
Bank of Japan tinkers at the edges of yield curve control
When the Bank of Japan (BoJ) surprised markets by tweaking the yield curve control (YCC) framework at its meeting on […]
26 July 2018
Markets and central banks
Is China shifting policy to devalue the renminbi?
Trade conflicts are currently raising the risk of another round of currency wars. Market suspicion about the People’s Bank of […]
05 July 2018
Markets and central banks
The dove in the dots: paving the way for a US inflation overshoot
At the June Federal Open Market Committee meeting, policymakers raised the target range for the federal funds rate by 25 […]
20 June 2018
Markets and central banks
Update on ECB monetary policy
Mario Draghi pulled off another conjuring trick at the press conference following the monetary policy meeting of the ECB’s governing […]
18 June 2018
Markets and central banks
FOMC meeting June 2018
At the 13 June meeting, the Federal Open Market Committee raised the target range for the federal funds rate by […]
13 June 2018
Markets and central banks
Meeting of the ECB: What can we expect?
Once a year, the Governing Council of the ECB meets away from its base in Frankfurt. This year, the ‘away’ […]
17 April 2018
Markets and central banks
Kuroda begins second term at Bank of Japan
On 9 April, Haruhiko Kuroda began his second term as governor of the Bank of Japan (BOJ), facing a familiar […]
26 March 2018
Markets and central banks
FOMC March 2018 – Chairman Jay Powell opens his account
A new era for US central banking began on 20-21 March as Federal Reserve chairman Jay Powell presided over his […]
15 March 2018
Markets and central banks
On track for interest-rate normalisation
The first few months of 2018 have brought confirmation of continued synchronised above-trend global economic growth, lifting the long shadow […]
09 March 2018
Markets and central banks
Will the Fed change its policy framework?
Monetary policymakers at the Federal Open Market Committee (FOMC) have a problem and they have not been shy about highlighting it: […]
