Category: Headlines
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US ADP National Employment (May) 278k vs. Exp. 170.0k (Prev. 296.0k, Rev. 291k)
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ECB’s Lagarde says today inflation is too high and is set to remain so for too long; we will keep moving forward – determined and undeterred – until we see inflation returning to our 2% medium-term target in a timely manner.
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ECB Minutes: A number of members initially expressed a preference for increasing the key ECB interest rates by 50 basis points in view of the risks to the inflation outlook
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ECB’s Kazaks says market bets on peak ECB rate maybe not far off the mark. Markets are currently honing in around two more 25bp hikes in June and July and then done. Thus it’s noteworthy that Kazaks, one of the hawkish members at the ECB, is not giving much credence to a September hike at this stage
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Fed’s Harker (voter) says in the camp that we can ‘skip’ a meeting, it would be a skip not a pause; a pause says that you may hold there for a while and don’t think that we are ready for that
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Fed’s Jefferson (voter) says holding policy rate constant “at a coming meeting” should not be taken to mean rates have reached a peak for this tightening cycle; skipping hike would allow time to assess data
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French President Macron has for the first time called for Ukraine to be granted a NATO membership “path” when asked at security conference in Bratislava, Slovakia, according to FT
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Fed’s Vice Chair (to be) Jefferson Signals Pause on Way But More Hikes Could Follow “A decision to hold our policy rate constant at a coming meeting should not be interpreted to mean that we have reached the peak rate for this cycle,” J “Indeed, skipping a rate hike at a coming meeting would allow the Committee to see more data before making decisions about the extent of additional policy firming.”
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Fed’s Collins (non-voter) says Fed is intent on reducing inflation, it is simply too high
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FDIC adds four banks to its problem bank list now stands at 43 firms worth a total of USD 58bln