People’s Bank of China USD/CNY reference rate is due around 0115 GMT. The People’s Bank of China (PBOC), China’s central bank, is responsible for setting the daily midpoint of the yuan (also known as renminbi or RMB). The PBOC follows a managed floating exchange rate system that allows the value of the yuan to fluctuate…
Goldman Sachs chief economist Jan Hatzius spoke on CNBC after the jobs report on Friday. said “there is a rationale” for a 50bp rate cut but 25bp is more likely forecasts three consecutive cuts beginning this month One caveat: “the Fed leadership is open to 50bp cuts at subsequent meetings if the labor market continues…
The advance reading is here: Japan Q2 GDP +0.8% q/q (vs. +0.5% expected) The updated result has trimmed growth back a little: Buried in the details is a little further discouragement. The contribution from domestic demand was trimmed to +0.8%q/q vs. the +0.9% in the preliminary release: private consumption similarly trimmed, +0.9% q/q vs. +1.0%…
Info comes via the monthly Report on Jobs, produced by the Recruitment and Employment Confederation and KPMG in the UK. survey reported a significant slowdown in the labour market in August job placements declining sharply – permanent job placements dropped at their fastest rate in five months wage growth easing – wage growth for new…
North Korea state medai, KCNA report on Chinese President Xi Jinping and Russian President Vladimir Putin sent greetings to North Korean leader Kim Jong Un. On the occasion of North Korea’s founding anniversary Putin: “I am sure that the comprehensive strategic partnership between Russia and the DPRK will be strengthened in a planned way thanks…
CBS had this news, of geopolitical concern. In summary: Two NATO members, Romania and Latvia, reported Russian drones violating their airspace. A drone entered Romania early Sunday during Russian attacks on Ukrainian civilian targets and port infrastructure near the Danube. In Latvia, a Russian drone crashed near the town of Rezekne, possibly straying from Belarus,…
US Secretary of the Treasury Janet Yellen spoke over the weekend at on Saturday at the Texas Tribune Festival. Bloomberg (gated) summarised her comments: “For the US, the kinds of metrics that we would monitor that would summarize risks — whether it’s asset valuations or a good degree of leverage — things look good, I…
BlackRock’s Jeffrey Rosenberg spoke with Bloomberg TV (gated) in response to Friday’s August jobs report. He made a cautionary note on the upcoming meeting. Rosenberg expressed concern should the Federal Reserve choose to cut the Fed Funds rate by 50bp: that might signal that the FOMC has worries over the state of the economy a…
JP Morgan’s Chief US Economist Michael Feroli on the US consumer: slower income growth could prove a headwind to consumer spending growth this has been the engine powering the economy in recent quarters policy is restrictive downside employment risks are growing upside inflation risks are ebbing Recommends a 50bp Fed Funds rate cut: we still…
An update from the US National Hurricane Center (NHC), on potential Tropical Cyclone Six: The system in the Gulf of Mexico is forecast to become a hurricane before it reaches the northwestern US Gulf Coast System in Gulf of Mexico is expected to become a tropical storm on Monday, with more significant intensification forecast to…
