Central Bank Watch – Week Ahead FOMC, BoJ, BoE, BoC, Norges, BanRep, Brazil, Bank Negara

Another busy week ahead for central bank watchers. The FOMC is expected to stay on hold amid upside risks to inflation. We have the BoJ with an eye on policy tweaks, the BoE is expected to hold as the macro environment sours. In Canada the BoC’s Macklem has two speeches to give. The Norges Bank and BanRep are expected to pause, and Brazil’s central bank is likely to cut again. Bank Negara is playing defense on ringgit weakness. The Treasury market continues to respond to hot geopolitical risk, hotter inflation, greater supply and credit risk. Curve shapes are being bent as the US economy continues to grow much faster than the non-inflationary speed limit and is outpacing many other major industrialized economies.

Central Banks delivered for the most part as expected last week, with the ECB, Bank of Canada, Banco Central de Chile, Central Bank of Turkey, National Bank of Hungary, Central Bank of the Russian Federation and Bank of Israel policy meetings mostly on track. The surprise came with a hike from the Bangko Sentral ng Pilipinas (BSP) following an emergency meeting on Thursday, lifting the key rate to 6.5%.

Central Bank Weekly Analysis and Outlook – Banker dynamics are complex. There are myriad facets to analyze and contemplate.

Central bank monetary policy decisions and market activity interest rate decisions can have a dominant effect on financial markets, fiscal policy and geopolitics. We keep an eye on key banker developments, what they mean and what is ahead.

In the Week Ahead

In the week ahead we have

• BoC Governor Macklem and Senior Deputy Governor Rogers deliver parliamentary testimony as is customary following MPR meetings Monday before the House of Commons Standing Committee on Finance at 3:30pmET. Then on Wednesday to do it all over again at 4:15pmET before the Standing Senate Committee on Banking, Commerce and the Economy.
• Bank of Japan latest policy decisions on Tuesday. No change is expected for the -0.1% policy balance rate and the yield curve control range around the 10-year JGB yield target of 0% and an upper tolerance range of 1% compared to 0.87% at present. Then again, the Bank of Japan is much more prone to shocking markets as it has done twice in the past year alone. As the upper limit of the 10-year JGB yield target range is probed it could be that Governor Ueda will decide not to stand in its way and raise the upper ceiling by 25–50 bps. If so, then global bonds face a bleak week ahead. If not, there could be a relief rally.
• BanRep Colombia’s central bank is expected to leave its overnight lending rate unchanged at 13.25% on Tuesday. BanRep has been on hold since the last hike in late April. Inflation remains stubbornly too high. Some think that the central bank may pivot toward modest easing by the December 19^th decision or early in 2024, but that would require considerably further progress toward lower inflation when oil prices and the currency have not been terribly cooperative of late.
• Federal Reserve the FOMC statement on Wednesday at 2pmET sans dots and Summary of Economic Projections this time with the next release of projections due at the December meeting. Chair Powell’s press conference will follow 30 minutes later. No change is expected. The Powell Fed doesn’t like to spring surprises. Chair Powell’s comments at the Economic Club of New York set the stage for this meeting just before entering the pre-meeting communications blackout period.
• Brazil BCB is expected to have another 50bps reduction in the Selic Rate is expected on Wednesday that would bring it down to 12¼%. Why? Because they said so at the last decision.
• Bank Negara is widely expected to leave its overnight policy rate unchanged on Thursday. It has been stuck at 3% since early May following the last hike. Inflation is low at 1.9% y/y and may support easing, but inflation risk and stability concerns stem from the ringgit’s weakness plumbs historic depths. Uncertainty toward whether the Federal Reserve is done tightening policy creates an unforgiving backdrop for domestic monetary easing.
• Bank of England expected to leave Bank Rate unchanged at 5.25% on Thursday. Markets are priced for no policy rate change at this meeting and a modest chance at another rate hike several meetings from now. Core CPI pressures are no longer as hot as they once were. GDP growth as stumbled. Jobs are being lost. Wage growth has eased somewhat of late.
• Norges Bank after hiking in September, no change is expected in the deposit rate of 4¼% on Thursday. Norges Bank has previously guided that it may hike by another 25bps before year end which is why markets are pricing a decent shot at a hike at the December 14th decision. Higher oil prices may reinforce this guidance.

Previews come from Scotiabank and other sources.

To say central bankers, have issues is an understatement. Already grappling with the quickest inflation in decades they now have these decisions to make, forcefully raise borrowing costs to defend currencies and risk hurting growth, spend reserves that took years to build to intervene in foreign exchange markets, or simply stand aside and let the market play out.

Central Bank Highlights This Past Week:

Most of the G10 central banks may complete their rate hike cycles around the middle of the year or earlier, the unwinding of central bank balance sheets may continue longer, depending on the damage done.

This week’s central bank main events included:

• ECB kept key rates unchanged in its October monetary policy decision at 4.50%, with the closely watched deposit facility rate to 4.00%, in line with markets thoughts.

• Bank of Canada held its overnight rate to 5.00% in October 2023 as expected by markets, following up the no change from the previous meeting. BOC sees “clearer signs that monetary policy is moderating spending and relieving price pressures”

Eyes on the Bond Market

• Chile’s central bank cut by less than consensus expected. The 50bps reduction was expected by only 5 out of 22 forecasters, the rest expected a 75bps reduction. Clearly the peso’s slide drove the concern behind a smaller than expected cut since they also stopped a program to rebuild reserves through USD purchases.
• Russia’s central bank hikes by more than expected. It took its key rate up by 200bps to 15% in order to counter inflation risks.
• The Bangko Sentral ng Pilipinas (BSP) resumed monetary tightening following an emergency meeting on Thursday, lifting the key rate to 6.5%. The move came after inflation accelerated to 6.1% year-on-year in September as food prices rose. The Philippines’ central bank raised its benchmark interest rate by 25 basis points and hinted at further hikes to contain surging inflation.
• Monetary Council of the Hungarian National Bank (MNB) cut the central bank base rate by 75bp to 12.25% at a monthly policy meeting on October 24. The MNB is the second Central European central bank to cut the base rate since the Polish central bank’s surprise cut last month before the general election. Rate-setters lowered the symmetric interest rate corridor in tandem, bringing the O/N deposit rate to 11.25% and the O/N collateralized loan rate to 13.25%.
• The Bank of Israel kept short-term borrowing rates unchanged for a third straight decision as expected on Monday, citing the need to prevent an uptick in inflation as a result of a weaker shekel during Israel’s war against Palestinian Islamist group Hamas. The shekel is at an 8 1/2 year low versus the dollar. The benchmark rate is 4.75%, its highest level since late 2006. It had raised rates 10 straight times in an aggressive tightening cycle that has taken the rate from 0.1% last April before pausing in July and again in August.

US Bond Watch

U.S. Treasuries ended the week mixed, the 5-yr note and shorter tenors added to this week’s gains while the long bond gave back some of its advance. The long bond underperformed while shorter tenors saw more speculation about an RRR cut in China and a growing sense that the European Central Bank has reached its peak rate. U.S. Treasuries completed this week’s note auctions Thursday with a B+ $38 billion 7-yr note sale, which met much stronger demand than the 5-yr note offering and the day before 2-yr note auction.

Treasuries on Friday reversed the lows seen in immediate reaction to the Personal Income/Outlays report for September, which showed a below-consensus increase in personal income (actual 0.3%; consensus 0.4%) coupled with a larger than expected increase in personal spending (actual 0.7%; consensus 0.5%). The core PCE Price Index was up an in-line 0.3% with the yr/yr growth rate slowing slightly to 3.7% from a downwardly revised 3.8% (from 3.9%) in August.

The 2s10s spread ended the week at -18 bps, one basis point tighter for the week. Crude oil reclaimed the bulk of yesterday’s loss after Israel troops entered Gaza, but still gave up $2.52, or 2.9%, for the week. The U.S. Dollar Index gained 0.4% for the week.

Yield Watch

Friday/Week

• 2-yr: -2 bps to 5.03% (-6 bps for the week)
• 3-yr: -4 bps to 4.85% (-7 bps for the week)
• 5-yr: -3 bps to 4.77% (-9 bps for the week)
• 10-yr: UNCH at 4.85% (-7 bps for the week)
• 30-yr: +4 bps to 5.02% (-7 bps for the week)

Highlights – Federal Reserve

• Federal Reserve Credit declined $19.2bn last week to $7.886 TN.
• Fed Credit was down $1.015 TN from the June 22nd, 2022, peak.
• Over the past 215 weeks, Fed Credit expanded $4.160 TN, or 112%.
• Fed Credit inflated $5.075 TN, or 181%, over the past 572 weeks.
• Fed holdings for foreign owners of Treasury, Agency Debt fell $7.6bn last week to $3.426 TN.
• “Custody holdings” were up $88bn, or 2.6%, y-o-y.

Fed 2023 Bank Stress Tests.

Busy Central Bank Week Ahead:

This Week’s Interest Rate Announcements (Time E.T.)

Monday, October 30, 2023

• 22:30 BoJ Interest Rate Decision

Tuesday, October 31, 2023

• 14:00 Colombia BanRep Interest Rate Decision

Wednesday, October 25, 2023

• 14:00 Fed Interest Rate Decision
• 17:00 Brazil Interest Rate Decision
• 22:30 HKMA Interest Rate Decision

Thursday, October 26, 2023

• 03:00 Bank Negara Interest Rate Decision
• 05:00 Norges Bank Interest Rate Decision
• 08:00 BoE Interest Rate Decision

Friday, October 27, 2023

• 05:30 Central Bank of the Russian Federation Interest Rate Decision

This Week’s Central Bank Speeches, Meetings (Time E.T.)

Monday, October 30, 2023

• 09:00 ECB’s De Guindos Speaks
• 14:30 ECB’s Enria Speaks
• 15:30 BoC Senior Deputy Governor Rogers Speaks
• 15:30 BoC Gov Macklem Speaks
• 18:50 RBA Assistant Governor Jones Speaks
• 22:30 BoJ Interest Rate Decision

Tuesday, October 31, 2023

• 02:30 BoJ Press Conference
• 05:00 Norges Bank Central Bank Currency Purchase (Nov)
• 07:00 German Buba Wuermeling Speaks
• 07:30 RBI Monetary and Credit Information Review
• 12:00 German Buba President Nagel Speaks
• 12:30 ECB’s De Guindos Speaks
• 14:00 Colombia BanRep Interest Rate Decision
• 16:00 RBNZ Financial Stability Report
• 18:00 RBNZ Gov Orr Speaks

Wednesday, November 1, 2023

• 08:40 SNB Chairman Thomas Jordan speaks
• 14:00 Fed Interest Rate Decision
• 14:30 FOMC Press Conference
• 16:15 BoC Senior Deputy Governor Rogers Speaks
• 16:15 BoC Gov Macklem Speaks
• 17:00 Brazil Interest Rate Decision
• 22:30 HKMA Interest Rate Decision

Thursday, November 2, 2023

• 03:00 Bank Negara Interest Rate Decision
• 05:00 Norges Bank Interest Rate Decision
• 07:00 ECB’s Lane Speaks
• 08:00 BoE Interest Rate Decision
• 10:15 BoE Gov Bailey Speaks
• 12:45 ECB Supervisory Board Member Fernandez-Bollo Speaks
• 13:00 SNB Chairman Thomas Jordan speaks
• 16:30 Fed’s Balance Sheet 7,908B
• 16:30 Reserve Balances with Federal Reserve Banks
• 18:30 ECB’s Schnabel Speaks
• 19:50 RBA Assistant Governor Jones Speaks

Friday, November 3, 2023

• 08:00 Fed Vice Chair for Supervision Barr Speaks
• 08:15 BoE MPC Member Pill Speaks
• 12:00 MPC Member Haskel Speaks
• 15:30 Fed Vice Chair for Supervision Barr Speaks

Federal Reserve FOMC Schedule 2023

• January 31-February 1, 2023 (second day: statement released 1400 EST/1900 GMT; news conference expected 1430 EST/1930 GMT)
• March 21-22 (second day: statement released 1400 EDT/1800 GMT; news conference expected 1430 EDT/1830 GMT)
• May 2-3 (second day: statement released 1400 EDT/1800 GMT; news conference expected 1430 EDT/1830 GMT)
• June 13-14 (second day: statement released 1400 EDT/1800 GMT; news conference expected 1430 EDT/1830 GMT)
• July 25-26 (second day: statement released 1400 EDT/1800 GMT; news conference expected 1430 EDT/1830 GMT)
• September 19-20 (second day: statement released 1400 EDT/1800 GMT; news conference expected 1430 EDT/1830 GMT)
• October 31-November 1 (second day: statement released 1400 EDT/1800 GMT; news conference expected 1430 EDT/1830 GMT)
• December 12-13 (second day: statement released 1400 EST/1900 GMT; news conference expected 1430 EST/1930 GMT)

The Fed with a Strong US Dollar

The strong dollar is likely to negatively affect the US economic outlook and could alter the Federal Reserve terminal interest rate, economists surveyed by Bloomberg said. Just 28% saw the currency strength as unlikely to have any impact.

Latest Key Central Bank Decisions, Reports Archive

2023

• ECB Breaks Hiking Cycle, Leaves Key Interest Rates Unchanged at 4.50% at October Meeting
• Bank of Canada Holds Rates at 5.00%, Cuts 2023 Growth Forecast To 1.2% from 1.8%
• Federal Reserve Beige Book Highlights Labor Market Tightness Continued to Ease
• Reserve Bank of India Kept its Key Rate at 6.50% Repeating a Hawkish Bias as Expected
• Reserve Bank of New Zealand Leaves Rates Unchanged, Extending its Hawkish Pause
• RBA Holds Rates at Ten Year High 4.10%, For Fourth Straight Meeting
• Yen Falls Further After Bank of Japan No Change to Monetary Policy or Forward Guidance
• Central Bank of Turkey Raises Rates By 500 bps to 30%, Lira Continues to Weaken
• Taiwan Left Interest Rate Unchanged at Highest Since 2015
• Sweden’s Riksbank Raise Rates by 25 bps, Selling Reserves, Signals Another Hike
• Bank of England Maintains Interest Rates at 5.25%, Higher for Longer, Increases QT Pace
• Swiss National Bank Surprises Leaving Rates Unchanged at 1.75% Sending Swiss Franc Lower
• Hong Kong’s Monetary Authority Keeps Rates in Lockstep with Fed at 16 Year High 5.75%
• Brazil Central Bank Cut Rates 50bps to 12.75%, Signals More Cuts
• Federal Reserve Kept Rates at 22-Year High 5.25-5.50% Range as Expected
• ECB Raises Rates Another 25bps, Seen as a Dovish Final Hike
• Federal Reserve Beige Book Highlights Consumers Exhausted Savings, Job Growth Subdued
• Bank of Canada Holds Rates at 5.00% as expected, Warns CPI Higher with Gasoline Prices
• RBA Holds Rates at Ten Year High 4.10%, For Third Straight Meeting
• Fed’s Powell at Jackson Hole; Inflation: Progress and the Path Ahead, the Market Response
• Norway’s Norges Bank Raised Rates 25bps to 4% and Guided Another Hike Likely in September
• Philippines Central Bank Held Rates at 6.25% with Stable Peso and Downward Inflation Trend
• Russia’s Currency Slide Accelerates, Is the Ruble the New Turkish Lira?
• Bank of England Raises Interest Rates to 15-year High 5.25%, Monetary Policy Restrictive
• RBA Holds Rates at Ten Year High 4.10%, For Second Straight Meeting
• Bank of Japan No Change to Monetary Policy, JGB Yield Band Hard Celling to 1.00%
• ECB Raises Rates Another 25bps, Hints May be End of Rate Hikes
• Hong Kong’s Monetary Authority Raises Interest Rates in Lockstep with Fed to 16 Year High
• Federal Reserve Raise Rates to 22-Year High 5.25-5.50% Range as Expected
• Bank of Korea Keeps Rates Unchanged at 3.50%, Too Early on Stable Won Level
• Bank of Canada Raises Rates by 25bps to 5.00%, Persistent Price Pressures Remain
• Reserve Bank of New Zealand Leaves Rates Unchanged 5.50%, Inflation Remains Too High
• RBA Holds Rates at Ten Year High 4.10%, Signals Hiking Cycle Near End
• Sweden’s Riksbank Raise Rates by 25 bps, Krona Falls to New Record Low Against Euro
• Banco de México Leaves Rates Unchanged at Record High 11.25%, Inflation Risks to Upside
• Central Bank of Turkey Raises Rates First Time in Two Years, By 650 bps to 15.0%, Lira Collapses
• Bank of England Raises Interest Rates to 15-year High 5.00%, Risk of British Recession Increases
• Norway’s Norges Bank Raised Rates by 50 bps to 3.75%, Supports Krone, Fights Inflation
• Philippines Central Bank Held Rates at 6.25%, Highest Since May 2007 as Inflation Moderates
• Bank Indonesia Keeps Rates Unchanged at Highest Level Since 2009 With Weaker Rupiah
• Swiss National Bank Raised Policy Rate by 25 bps to 1.75%, Will Remain Active in FX Market
• Brazil Central Bank Left Rates Steady at 13.75%, Delete Reference to Possibly Resuming Hiking
• Bank of Japan Keeps Monetary Policy Steady, No Change to JGB Yield Band as Expected
• ECB Tightens Screws, Raises Rates Another 25bps Despite Europe Being in a Recession
• Hong Kong’s Monetary Authority Kept Interest Rates in Lockstep With Fed, Hibor Continues to Rise
• Federal Reserve Leave Rates Unchanged as Expected. See 5.6% Fed Fund Rate at Year End
• Reserve Bank of India Kept its Key Repo Rate at 6.50% as Expected
• Bank of Canada Raises Rates After Five Month Pause by 25bps to 4.75%
• RBA Suprises Again Raising Rates to Ten Year High 4.10%, Australian Dollar Higher
• South Africa Raises Interest Rates 50bps, Rand Falls to All Time Low
• Ahead of Election Runoff Turkey Central Bank Leaves Rates at 8.5% as Lira Hits New Lows
• Reserve Bank of New Zealand Raise Rates by 25bp to 5.50%, Kiwi Sells Off on Peak Rate
• Bank of England Raises Interest Rates 25bps to 4.50%, Inflation Remains Too High
• Federal Reserve Financial Stability Report, Follows Three of the Four Largest Failures in U.S. History
• ECB Raises Rates Another 25bps, Highest Level Since July 2008
• Norway Hikes Interest Rate to 3.25 percent, Concerns About Weak Krone
• Hong Kong’s Monetary Authority Raised Interest Rates 25bps Despite Banking Liquidity at 2008 Lows
• Brazil Central Bank Left Rates Steady for Sixth Month at 13.75%, Less Likely to Resume Hikes
• Federal Reserve Raises Rates 25bps as Expected, Removes Additional Firming May be Appropriate
• Bank Negara Malaysia Surprises by Raising Interest Rates 25 bps to 3%
• Deja Vu as Dollar Yen Soars After Bank of Japan Keeps Monetary Policy Steady, No Change to JGB Yield Band
• Sweden’s Riksbank Raise Rates by 50 bps, However Dovish Tilt Weakens Krona
• An RBA Fit for The Future, 51 Revolutionary Recommendations for Australia’s Central Bank
• Bank Indonesia Keeps Rates Unchanged at Highest Level Since 2009 With Rupiah Stable
• Bank of Canada Holds Rates at 4.50% as Expected, Sees Inflation at 2% End of 2024
• Bank of Korea Keeps Rates Unchanged at 3.50%, Higher Rate Remains Possible
• Reserve Bank of India Surprised Keeping its Key Repo Rate at 6.50%
• Reserve Bank of New Zealand Unexpectantly Raise Rates by 50bp to 5.25% to Highest Since December 2008
• RBA Keeps Rates Steady at Ten Year High 3.6%, Monetary Policy Operates with a Lag
• ECB Raises Rates Another 50bps, Banking Sector Resilient
• Federal Reserve Beige Book Highlights Supply Chain Disruptions Continued to Ease
• Bank of Canada Holds Rates at 4.50% as Expected, USDCAD at Four Month High
• RBA Raises Rates to Ten Year High 3.6%, Less Hawkish Statement
• Reserve Bank of New Zealand Raise Rates by 50bp to 4.75% to Highest Since January 2009
• Banco de México Raises Rates by 50 bps to Record High 11.00%, Reacts to Higher Inflation
• Federal Reserve Hypotheticals For 2023 Bank Stress Tests have Unemployment at 10%
• Sweden’s Riksbank Raise Rates by 50 bps, Moves to Strengthen Krona
• Reserve Bank of India Hike Rates Sixth Time in a Row to 6.50%
• RBA Raises Rates to Ten Year High 3.35%, says Further Hikes Ahead
• ECB Raises Rates Another 50bps, Lagarde Says Another 50bps in March
• Bank of England Raises Interest Rates 50bps to 4.0%, Projects Inflation Likely Peaked
• Hong Kong’s Monetary Authority Raised Interest Rates 25bps Lockstep with US Federal Reserve
• Brazil Central Bank Left Rates Steady for Fourth Month at 13.75%, Cautious Due to Fiscal Risk
• Federal Reserve Raises Rates 25bps as Expected, Disinflationary Process has Started
• Bank of Canada Hikes Rates 25 bps to Highest Level Since 2008, Signals Holding Pattern
• Norway Holds Interest Rate at 2.75 percent, Signaled More Hikes Ahead
• Turkey Central Bank Left Interest Rates Unchanged at 9% As Lira Hits New Lows
• Bank Negara Malaysia Leaves Interest Rates Unchanged to Assess Previous Hikes Impact
• Bank Indonesia Raised Rates Another 25 basis points to Highest Level Since 2009
• Federal Reserve Beige Book Highlights Housing Markets Continued to Weaken
• Dollar Yen Soars After Bank of Japan Keeps Monetary Policy Steady, No Change to JGB Yield Band
• Bank of Korea Raises Rates To 3.50%, Highest level Since August 2008

2022

• Turkey Central Bank Cuts Left Interest Rates Unchanged at 9%, Bond Yield Hits Six Year Low
• Bank Indonesia Raised Rates by 25 basis points to Highest Level Since 2009
• Yen Soars After Bank of Japan Mini Pivot Widens Yield Curve Control Band
• Banco de México Raises Rates by 50 bps to Record High 10.50%, Hints at More Hikes
• ECB Raises Rates Another 50 bps as Expected, Forecasts Higher Inflation
• Bank of England Raises Interest Rates 50bps to 3.5%, Projects Inflation Likely Peaked
• Taiwan Raised Interest Rate by 1.75 percent, Highest Since 2015
• Norway Raised Interest Rate by 25 bps to 2.75 percent, Highest Since 2009
• Swiss National Bank Raises Policy Rate by 50 bps to 1.00%, as expected
• Philippines Central Bank Raised Rates by 50 basis points to 5.50% with Inflation at 14 Year Highs
• Hong Kong’s Monetary Authority Raised Interest Rates in Lockstep with US Federal Reserve
• Federal Reserve Raises Rates 50bps as Expected, Hawkish Revisions to Unemployment and Inflation
• Bank of Canada Hikes Rates 50 bps to Highest Level Since 2008
• Reserve Bank of India Hike Rates Fifth Time in a Row to 6.25%
• RBA Raises Rates to Ten Year High 3.10%, says Inflation in Australia Too High
• Federal Reserve Beige Book Highlights Higher Interest Rates Further Dented Home Sales
• NY Fed Williams Expects US Jobless Rate to Rise from 3.7% to 4.5-5.0%
• Turkey Central Bank Cuts Interest Rates Another 150bp Ending Easing Cycle
• Sweden’s Riksbank Raise Rates by 75 bps to the Highest Level Since December 2008
• South Africa Raises Interest Rates 75bps to Tame Inflation
• Bank of Korea Raises Rates To 3.25%, Highest level Since June 2012
• Reserve Bank of New Zealand Raise Rates by 75bp to 4.25% to Highest Since January 2009
• Appreciation of Swiss Franc Guards Against Inflation says SNBs Jordan
• Fed Vice Chair Brainard says Slower Pace of Rate Increases Probably Soon
• Bank of England Raises Interest Rates 75bps to 3% in Biggest Rise in 30 Years
• Norway Raised Interest Rate by 25bps, Norwegian Crown Fell Against Euro
• Markets Reverse Sharply on Feds Powell Statements, What Does it all Mean?
• Federal Reserve Again Raises Rates 75bps as Expected, Hints at Possibly Smaller Hikes
• Japan Spent ¥6.35 trillion in October on Intervention to Support the Yen
• ECB Raises Rates Another 75 bps as Expected TLTRO Terms and Conditions Recalibrated
• Bank Indonesia Raised Rates by Another 50 basis points to 4.75% to Tame Inflation
• Federal Reserve Beige Book Highlights Employment Strength as Price Increases Generally Moderate
• RBA says Financial Stability Risks Have Increased Globally
• Banco de México Raised Rates for 11th Straight Time to Record 9.25%
• Cable Pounded Again After Indecisive Bank of England Statement
• Japan Intervened to Support Yen for First Time Since 1998 After BOJ Decision
• Swiss National Bank Raises Policy Rate by 75 bps to 0.50%, Swiss Franc Falls sharply
• Philippines Central Bank Raised Rates by 50 basis points to 4.25%, Moves to Support Peso
• Bank of Japan Monetary Policy Unchanged Sending Yen to a Fresh 24-Year Low
• Brazil Central Bank Pauses Rates at 13.75%, after Inflation Eased Below 10%
• Federal Reserve Gives All Banks a Pass in Annual Bank Stress Test

For a Complete Macro and Micro Market Overview Visit Our Traders Market Weekly

Sources: TC WSJ Bloomberg Scotia Bank

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