The ongoing race to the bottom for currencies this year is hurtling towards a zero-sum result.
British wage growth will outstrip the Bank of England’s forecast this year but that doesn’t mean the first rate hike will come sooner.
from Rahul Karunakar:
Almost a year after the European Central Bank announced new cash loans tied to actual lending to small and medium enterprises, data on Friday is expected to show euro zone private loans are picking up pace.
Brazil’s relentless series of interest rates hikes is successfully lowering inflation expectations – despite recent signs to the contrary, from lottery to tomato prices.
Greece made a 750 million euros repayment to the International Monetary Fund a day ahead of schedule on Monday but it is not clear precisely how much money Athens has left in its coffers.
San Francisco Fed President John Williams believes deeply that monetary policy is data-dependent, so much so that he has printed the mantra on T-shirts that he is giving away coast to coast. On Friday at Chapman University in Orange, Calif., however, he didn’t discuss the current state of U.S. economic data or the stance of monetary policy. Instead, he focused on why forcing the Fed to follow a strict monetary policy rule to make interest rate decisions would be, well, a problem (http://reut.rs/1bmCfvB). It’s a view that a number of his colleagues, including Fed Chair Janet Yellen, have publicly embraced. Monetary policy — it’s independent. Sounds like something you could put on a T-shirt.