Category: Headlines
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The US is reportedly preparing evacuation plans for US citizens living in Taiwan amid “heightened level of tension”, according to sources cited by The Messenger; “The fact that the US is doing this doesn’t mean that they expect there will be a war” “The planning has been underway for at least six months and “it’s heated up over the past two months or so,”” “The fact that the U.S. is doing this doesn’t mean that they expect there will be a war. It’s only a statement that there could be a war.”
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Former Fed Vice Chair Clarida says going to see less policy support during downturns in the future; central banks showing signs of QE fatigue May be more difficult to get inflation near 2% than in the past 15yrs because of supply shocks.
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Redfin (RDFN) May median US asking rent -0.6% Y/Y (prev. +0.3%) to USD 1,995 “the largest annual decline since March 2020… as a building boom increased supply and economic uncertainty cooled demand”; but M/M +1.4% (prev. +1.4% M/M in April)
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US Initial Jobless Claims w/e 261k vs Exp. 235k (Prev. 232k, Rev. 233k) – highest since late 2021
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Canadian BoC Rate Decision N/A 4.75% vs. Exp. 4.50% (Prev. 4.50%) Decided to increase the policy interest rate, reflecting our view that monetary policy was not sufficiently restrictive to bring supply and demand back into balance and return inflation sustainably to the 2% target.
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US Treasury Secretary Yellen says she sees a path to bringing down inflation while maintaining strong labour market; continue to see economic progress over the next two years in bringing inflation down – CNBC interview
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Reuters Poll: 78 of 86 economists see Fed holding rates at 5.00-5.25% in June, whilst 8 see a 25bps hike 32 of 86 economists says Fed to hike rates at least once more in 2023: 8 in June and 24 in July.
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US ISM N-Mfg Price Paid Idx (May) 56.2 (Prev. 59.6)
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US Factory Orders MM * (Apr) 0.4% vs. Exp. 0.8% (Prev. 0.9%, Rev. 0.4%)
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ECB’s Nagel says several more rate hikes are needed; not certain that rate hikes will peak this summer Peak rater must be held until there is no doubt that inflation is returning to 2% in the near-future. Underlying price pressures are too high and show no signs of abating. Cautiously optimistic over German growth prospects this year. s