Brazil Central Bank Aggressively Raises Rates For Tenth Consecutive Time, Another 100bp to 12.75%, Signals More To Come

Banco Central do Brasil​ again aggressively hiked its benchmark interest rate by 1.0% to 12.75%. It was the tenth consecutive interest rate hike since 2021 when the bank began its current tightening cycle early last year, the Selic was at a record low 2%. The lending rate is now at its highest level since 2017. The bank’s monetary policy committee (Copom) said it expects to raise the Selic by a smaller magnitude. Inflation is the issue of concern. The institution’s … Continue reading “Brazil Central Bank Aggressively Raises Rates For Tenth Consecutive Time, Another 100bp to 12.75%, Signals More To Come”

F.D.A. Antimicrobial Drugs Panel Endorse Merck’s Covid Pill Molnupiravir For High Risk Adults.

The Food and Drug Administration Antimicrobial Drugs Advisory Committee Meeting voted on Tuesday to recommend authorizing the molnupiravir Covid pill from Merck for high-risk adults. It would be the first in a new class of antiviral drugs that could work against a wide range of variants, including Omicron. Molnupiravir has been shown to modestly reduce the risk of hospitalization and death, predominantly from the Delta, Mu and Gamma variants. The expert panel recommended it for Covid patients who are older … Continue reading “F.D.A. Antimicrobial Drugs Panel Endorse Merck’s Covid Pill Molnupiravir For High Risk Adults.”

Fed Chair Powell says Factors Pushing Inflation Upward Will Linger Into Next Year

Federal Reserve System Chairman Jerome Powel released his prepared testimony ahead of tomorrow’s 10:00 a.m. Senate hearing with Treasury Secretary Janet Yellen before Senate Banking on Coronavirus and the CARES Act. Headlines via Reuters Factors pushing inflation upward will linger well into next year  Inflation running well above 2% goal, pushed up by pandemic-related supply and demand imbalances Continue to expect inflation will move down significantly over the next year We will use our tools to support economy and strong … Continue reading “Fed Chair Powell says Factors Pushing Inflation Upward Will Linger Into Next Year”

Brazil Central Bank Raise Rates by 150bp to 7.75% To Rein In Inflation

Banco Central do Brasil​ aggressively hiked its benchmark interest rate by 1.5% to 7.75% (consensus was for a 1% hike to 7.25%) Last meeting the Brazilian Central Bank raised 100bp to 6.25% saying the underlying inflation is above the range compatible with meeting the inflation target.

Brazil Central Bank Raise Rates by 100bp to 6.25% To Rein In Inflation

Banco Central do Brasil​ hiked its benchmark interest rate by 100bp to 6.25% widening the Brazilian Real spread to the US Dollar. The Brazilian central bank said the underlying inflation is above the range compatible with meeting the inflation target. Earlier in the day the US Federal Reserve left rates unchanged.

Harvard Medical School says COVID-19 Outbreak Likely Started in August in China

Harvard Research has shown that the coronavirus might have been spreading in China as early as August last year Reueters reports. Included in the research is satellite images of hospital travel patterns and search engine data. In response China has dismissed the report as “ridiculous”.

Manchester United Debt Soars as Broadcasting Revenue Falls 51 percent

The impact of the coronavirus pandemic on UK Premier League club Manchester United has been severe. $MANU Slipped to a pre-tax loss in quarter ended 31 March. Broadcasting revenue fell by 517%. Net debt increased by £127.4m to £429 sending finance costs higher as the football seasons were postponed.

How The Rusal and Ruble Plunge Fed China’s Xi New Outlook

The Russian Ruble fell around 4% against the USD after the latest sweeping U.S. sanctions from the US. Russia’s largest aluminium producer Rusal plunged into crisis leading to panic selling and contagion spread to other companies and bond and FX markets.