Category: Headlines
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Fed Governor Waller says changes in credit since SVB failure are in line with what was happening before that due to Fed rate hikes, it is still not clear recent bank failures had a material effect on credit conditions
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WSJ’s Timiraos tweets, citing Fed watcher Tim Duy, “Powell’s Freudian “skip” suggests a July rate rise is the base case, even though (as always) the economy can intervene”
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ECB President Lagarde (opening statement): key ECB rates will be taken to levels determined sufficiently restrictive to bring inflation back to target; core-HICP projections lifted, GDP lowered
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US Retail Ex Gas/Autos * (May) 0.4% (Prev. 0.6%, Rev. 0.5%)
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US NY Fed Manufacturing (Jun) 6.6 (Prev. -31.8)
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US Initial Jobless Claims w/e 262k (Prev. 261.0k, Rev. 262k)
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US Philly Fed Business Indx* (Jun) -13.7 (Prev. -10.4)
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US Retail Sales MM * (May) 0.3% (Prev. 0.4%, Rev. 0.4%)
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EU ECB Marginal Lending Rate (Jun) 4.25% vs. Exp. 4.25% (Prev. 4.00%)
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Fed Chair Powell (Q&A) says question of speed on rate hikes is separate from question of level of rates; we are not so far away from destination on Fed funds rates It is reasonable to go slower as we approach rates destination. Most policymakers thought it is reasonable to adjust to a slower pace. We do not know full extent of banking turmoil consequences. We are trying to get this right. By July rates decision will have three months worth of data, will look at it all, the outlook and make the decision in July.