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European Central Bank policymaker Knot said that rate hikes have started to have an effect, but more increases will be needed to contain inflation. He added that the 2.0% inflation goal could be reached in 2025.
Fitch lowered the long-term rating of the European Financial Stability Facility to AA- from AA.
The Italian Treasury may reduce its stake in BMPS.
European Central Bank President Lagarde said in an interview with Nikkei that there is more ground to cover in the central bank’s fight against inflation while policymaker Schnabel also said that more has to be done to slow inflation.
Bank of Japan Governor Ueda repeated that ETF purchases are part of large-scale easing and that there are no current problems with these purchases.
There is a growing number of European Central Bank policymakers talking about the need for rate hikes to continue past the summer.
The European Central Bank’s latest Consumer Expectations survey showed that one-year inflation expectations rose to 5.0% from 4.6% while three-year expectations increased to 2.9% from 2.4%.
The Bank of England voted 7-2 to raise its base rate by 25 bps to 4.50%, as expected.
Minneapolis Fed Pres. Kashkari speaking
Inflation has come down but it is still above target
Wage growth has softened somewhat
Bank turmoil can be a source of slowing for the economy
Wage growth deceleration is mixed depending on income
Housing is a key issue for hiring new workers from other regions
Feds 2% inflation target is permanent for the near future.
It’s conceivable that once we get inflation down to 2% we could have a conversation about changing the target
Fed is united in commitment to getting inflation to 2%
Kashkari is a speaking at a Marquette CEO town Hall event
I am not convinced we are at Max employment
Inflation is too high
If markets are right and that inflation will fall quickly, one would imagine rates could normalize
If high inflation is a more embedded, rates will need to stay high for longer
Data is driving my policy expectations
I am now on the more hawkish and of Fed policy spectrum
Not seeing evidence of a crash in consumer spending or slower in services side of economy
Once this period of high inflation ends, we will be back in a low inflation, low rate environment
Inflation is coming down, but it’s pretty darn persistent.
That means we will have to keep at it for an extended period
Inverted yield curve put real pressure on banksBOE’s Bailey Speaking in a Bloomberg interview after BOE raised rates
We are approaching the point when we should be able to let level of rates rest
We have not yet seen evidence that allows us to be sure rates can stay on holdHike marks the 12th consecutive increase
Bank Rate at highest level since 2008
Bailey said BoE will “stay the course” on inflation
Growth forecast received biggest upgrade since 1997
BoE no longer predicts a recession
Inflation expected to fall more slowly than previously anticipated, mainly due to persistent food price increases
Policymakers voted 7-2 for May’s increase, in line with economists’ expectations
Investors pricing in a peak of almost 5% by autumn
BoE predicts inflation will not return to its 2% target until early 2025Bank of England Raises Interest Rates 25bps to 4.50%, Inflation Remains Too High
Three central bank decisions are on the books in the coming week. Most significant is the PBoC’s 1-year Medium-Term Lending Facility Rate at the start
[See the full post at: Central Bank Watch – Deluge of BOE, ECB and Fed Speakers including Powell and Bernanke]
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