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The dollar was back on the front foot on Wednesday, making modest gains after earlier losses from renewed bets on Federal Reserve rate cuts this year, while the yen eased towards the 155 per dollar level and kept intervention risks from Tokyo high. The dollar was back on the front foot on Wednesday, making modest gains after earlier losses from renewed bets on Federal Reserve rate cuts this year, while the yen eased towards the 155 per dollar level and kept intervention risks from Tokyo high. Analysts have said that any intervention from Tokyo would only serve as a temporary respite for the yen, given stark interest rate differentials between the U.S. and Japan remain. Analysts expect the central bank to leave the door open to lower interest rates as early as June. The Australian dollar fell 0.2% to $0.6585, pressured in part by a less hawkish outlook from the Reserve Bank of Australia than anticipated after it held interest rates steady on Tuesday.

Persons: Kazuo Ueda, Shunichi Suzuki, they'll, Carol Kong, Neel Kashkari, Kashkari, Rodrigo Catril Organizations: Federal, U.S, Bank of Japan, country's Finance, Commonwealth Bank of Australia, New Zealand, greenback, Minneapolis, Minneapolis Fed, National Australia Bank, Bank of, Reserve Bank of Australia Locations: Tokyo, Beijing, Japan, Bank, U.S, Minneapolis

☆ Dollar steady as sticky inflation dents rate cut expectations
▼ + stars: | 2024-02-19 | by ( ) www.cnbc.com time to read: +3 min

United States one dollar bills are curled and inspected during production at the Bureau of Engraving and Printing in Washington. The dollar was steady on Monday after data last week showing U.S. inflation remained sticky cast doubts on when the Federal Reserve would start its easing cycle, while the yen remained rooted near the psychologically key 150 per dollar level. Chandler said there appears little on the charts to deter a test to last year's low of 152 per dollar level. Several Fed officials including Christopher Waller and Raphael Bostic are also due to speak this week. The Australian dollar rose 0.29% to $0.655, while the New Zealand dollar advanced 0.34% to $0.614.

Persons: Marc Chandler, Chandler, Christopher Waller, Raphael Bostic, Christopher Wong, BOE Organizations: Engraving, Federal Reserve, of Finance, Bannockburn Global, Data, Citi, Investor, Bank of England's, New Zealand Locations: United, Washington, Bannockburn, Bannockburn Global Forex

☆ UK economy slipped into technical recession at the end of 2023
▼ + stars: | 2024-02-15 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

LONDON — The U.K. economy slipped into a technical recession in the final quarter of last year, initial figures showed Thursday. Though there is no official definition of a recession, two straight quarters of negative growth is widely considered a technical recession. Across the whole of 2023, the British GDP is estimated to have increased by just 0.1%, compared to 2022. "These factors affected the performance of the services and construction sectors, which are the main drivers of the U.K. "Over the coming months, we expect inflation to fall, potentially easing the pressure on U.K. households, and supporting the recovery of the consumer-driven economy," Brookes added.

Persons: Jeremy Hunt, Marcus Brookes, Brookes, Neil Birrell Organizations: National Statistics, Reuters, Finance, Bank of England, Bank of England's, Quilter Investors, Premier Miton Investors Locations: British

NEW YORK (AP) — As some of the world’s biggest economies stumble into recession, the United States keeps chugging along. Yet in the United States, the economy motored ahead in last year’s fourth quarter for a sixth straight quarter of growth. But, for now, the outlook continues to appear better for the United States than many other big economies. Even China, whose economy is growing faster than the United States’, is under heavy pressure. Some pillars of support for consumer spending may be weakening.

Persons: Solita Marcelli, Biden, ”, Diane Swonk, They've, Catherine Mann, Morgan Stanley, Chris Kempczinski, he’s, ” ___ Rugaber Organizations: U.S, UBS Global Wealth Management, International Monetary Fund, KPMG, “, Federal, British, Bank of England, Bank of, Japan, Federal Reserve Locations: United States, Japan, United Kingdom, U.S, Government, Americas, Washington, Europe, Ukraine, China

☆ European markets head for lower open with euro zone inflation data, Bank of England decision in focus
▼ + stars: | 2024-02-01 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

Buses pass in the City of London financial district outside the Royal Exchange near the Bank of England on 2nd July 2021 in London, United Kingdom. European stocks are heading for a lower open ahead of euro zone inflation data for January and the Bank of England's latest monetary policy decision on Thursday. Investors will be keeping an eye on the latest monetary policy decision from the Bank of England on Thursday. The central bank is widely expected to hold interest rates steady at 5.25%, but market observers will be closely watching voting patterns, projections and language for hints about future rate cuts.

Organizations: Royal Exchange, Bank of England, Bank of Locations: City, London, United Kingdom

☆ Dollar holds firm before Fed rates decision
▼ + stars: | 2024-01-31 | by ( ) www.cnbc.com time to read: +3 min

On the day, the dollar index was up 0.1% to 103.51, just below Monday's 103.82 which matched last week's seven-week high. The Federal Reserve meanwhile is expected to hold U.S. interest rates steady on Wednesday but flag cuts are coming by dropping language indicating it is weighing further hikes. Interest rate futures price a roughly 43% chance of a Fed rate cut in March, down from 73% at the start of the year. A slowdown in Germany would foreshadow the same in Eurozone numbers due on Thursday and reinforce market expectations that European policymakers could start rate cuts earlier than the ECB has signalled. Expectations of interest rate cuts in China have driven a strong rally in the bond market this month while the yuan has been squeezed by flight from China's crumbling equity markets.

Persons: Jerome, Powell, Dane Cekov Organizations: Bank of Japan, Federal Reserve, Federal, U.S, French EU, ECB, Bank of Locations: U.S, Germany, China

☆ HSBC fined $73 million for 'serious failings' in UK deposit protection
▼ + stars: | 2024-01-30 | by ( ) www.cnbc.com time to read: +1 min

HSBC has been fined 57.4 million pounds ($73 million) for "serious failings" in protecting some depositors over several years, in the first penalty of its kind under British rules designed to protect customers if banks fail. This is the second largest fine ever imposed by the PRA, topped only by an 87 million pound penalty on Credit Suisse in July 2023. "The serious failings in this case go to the heart of the PRA's safety and soundness objective," said Sam Woods, deputy governor of the Bank of England and CEO of the PRA. Globally systemically important banks -- such as HSBC and UBS -- are required to plan for resolution, which should allow regulators to unwind them without triggering broader systemic consequences. Britain's deposit protection rules require lenders to ensure critical information is held in order for the FSCS to compensate customers if a firm fails.

Persons: Sam Woods, BoE Organizations: HSBC, of England's Prudential, Authority, Britain's Financial, Credit Suisse, Bank of England, UBS

☆ Dollar keeps tight ranges ahead of Fed, jobs data
▼ + stars: | 2024-01-30 | by ( ) www.cnbc.com time to read: +3 min

A Chinese 100 yuan banknote, a 1 U.S. dollar bill and a 50 euro banknote are lying on a table. The dollar was steady in the Asian morning, with market participants moving cautiously ahead of the two-day FOMC meeting that kicks off on Tuesday. "I suspect that the FOMC meeting will not be as dovish as current market pricing suggests," said Matt Simpson, senior market analyst at City Index. The data will give another indication of whether the world's largest economy remains strong after the Fed's aggressive hiking campaign. Sterling was last trading at $1.2716, holding firm ahead of the Bank of England's monetary policy meeting this week.

Persons: Jerome Powell, Matt Simpson, hasn't, Sterling, Wei Liang Chang Organizations: U.S . Department of Labor, U.S ., Central Bank, Bank, DBS, Fed Locations: U.S

☆ London stocks fall as investors await more data; Rolls-Royce shines
▼ + stars: | 2023-11-28 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

A street cleaning operative walks past the London Stock Exchange Group building in the City of London financial district, whilst British stocks tumble as investors fear that the coronavirus outbreak could stall the global economy, in London, Britain, March 9, 2020. The exporter-heavy FTSE 100 (.FTSE) fell 0.6% touching a two-week low intraday, while the more domestically-oriented FTSE 250 midcap index (.FTMC) also shed 0.6%. Personal goods (.FTNMX402040) led declines among the major FTSE 350 sectors, with Burberry Group (BRBY.L) falling 2.7% after HSBC reduced the stock's price target. Investors will look ahead to UK mortgage data, inflation prints across the eurozone, and a Personal Consumption Expenditures (PCE) report in the U.S. - the Federal Reserve's preferred inflation gauge - later this week. Man Group (EMG.L) fell 3.2% after Morgan Stanley downgraded the hedge fund manager's stock to "Equal-Weight" from "Overweight".

Persons: Toby Melville, inflation's, Andrew Jones, Janus Henderson, Dave Ramsden, Jonathan Haskel, Pearson, Morgan Stanley, Shashwat Chauhan, Sonia Cheema Organizations: London Stock Exchange Group, REUTERS, Royce, Burberry Group, HSBC, PT Pearson, Man, Janus Henderson Investors, Bank of England's, Thomson Locations: City, London, Britain, U.S, Bengaluru

☆ Australia appoints BoE's Andrew Hauser as new RBA deputy governor
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

[1/4] Andrew Hauser, who has been appointed the next Deputy Governor of the Reserve Bank of Australia, is seen in this undated handout photo distributed on November 27, 2023. Australian Government/Handout via REUTERS Acquire Licensing RightsSYDNEY, Nov 27 (Reuters) - Australia on Monday appointed the Bank of England's (BoE) Andrew Hauser as the new deputy governor of the Reserve Bank of Australia (RBA), filling a position that had been vacant since Michele Bullock was elevated to the top role in late September. Hauser, who currently serves as the executive director at markets at the BoE, is expected to start before the first RBA board meeting next year. Governor Bullock welcomed the appointment. "I warmly congratulate Andrew on his appointment...He has great experience and will bring a welcome external perspective to the Bank and the Reserve Bank Board."

Persons: Andrew Hauser, BoE, Michele Bullock, Hauser, Governor Bullock, Andrew, Lewis Jackson, Stella Qiu, Kim Coghill, Sam Holmes Organizations: Reserve Bank of Australia, Australian Government, REUTERS Acquire, Rights, Monday, Bank of England's, London School of Economics, Bank, Reserve Bank Board, Thomson Locations: Australia

☆ Bank of England needs reform, damning new report from lawmakers finds
▼ + stars: | 2023-11-27 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Andrew Bailey, governor of the Bank of England (BOE), during the Monetary Policy Report news conference at the bank's headquarters in the City of London, UK, on Thursday, Nov. 2, 2023. LONDON — The Bank of England's current remit risks it becoming entangled with wider government policy aims and jeopardizes its ability to focus on bringing down inflation, a scathing report by senior U.K. lawmakers released Monday says. The report also said the BOE and other central banks are suffering from a lack of "intellectual diversity" that have led to forecasting failures. The report was launched after U.K. inflation soared to a 41-year high through fall 2022, hitting a peak of 11.1% year-on-year in late 2022, one of the most severe levels of all developed economies. The Lords report, which was compiled through the collection of written evidence and panel interviews, notes that all central banks made mistakes in characterising inflation in 2021 as "transitory."

Persons: Andrew Bailey, BOE Organizations: Bank of England, City of, LONDON, of, Economic Affairs, U.S Locations: City, City of London

☆ Australia appoints Bank of England's Andrew Hauser as new Reserve Bank of Australia deputy head
▼ + stars: | 2023-11-27 | by ( ) www.cnbc.com time to read: +1 min

Andrew Hauser, executive director of markets at the Bank of England, has been appointed the new deputy governor of the Reserve Bank of Australia. Australia on Monday appointed the Bank of England's, or BoE, Andrew Hauser as the new deputy governor of the Reserve Bank of Australia, or RBA, filling a position that had been vacant since Michele Bullock was elevated to the top role two months ago. Hauser, the executive director of markets at the BoE, is expected to start his five-year term before the first RBA board meeting next year. "I am humbled and deeply honored to be asked to serve as the RBA's next Deputy Governor," said Hauser, who is British and has 30 years of experience at the BoE. Hauser has a master's degree in economics from the London School of Economics and a degree from Oxford University.

Persons: Andrew Hauser, BoE, Michele Bullock, Hauser Organizations: Bank of England, Reserve Bank of Australia, Monday, Bank of England's, British, London School of Economics, Oxford University Locations: Australia

☆ UK pension transfer boom continues as deals worth $11 bln struck
▼ + stars: | 2023-11-24 | by ( Lawrence White | ) www.reuters.com time to read: +2 min

The logo of Legal & General insurance company is seen at their office in central London March 17, 2008. Legal & General (LGEN.L) said it had agreed a so-called full buy-in to the Boots Pension Scheme worth 4.8 billion pounds, in what it said was the largest such deal in Britain by premium size. The market has been running at around 30 billion pounds a year in Britain, but consultants expect 2023 to top that. Rising funding ratios for pension schemes are driving unprecedented demand, Legal & General (L&G) said, as funds scramble to protect schemes against the vagaries of market movements amid rising interest rates worldwide. L&G has written a total of 13.4 billion pounds worth of pension risk transfer deals this year globally, up from 9.5 billion pounds last year.

Persons: Alessia, Eva Mathews, Lawrence White, Sharon Singleton, Mark Potter Organizations: General, REUTERS, Legal, Co, Regulators, Bank of England's Prudential, Authority, Health, Thomson Locations: London, BRITAIN, Britain, Rothesay, Bengaluru

☆ UK's Jeremy Hunt to announce tax cuts aimed at reviving stagnant economy
▼ + stars: | 2023-11-22 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

U.K. Finance Minister Jeremy Hunt will deliver his Autumn Statement budget announcement on Wednesday, facing pressure from within the ruling Conservative Party to implement tax cuts as the country's economy stagnates. Hunt will have more money at his disposal than a year ago and is under pressure from the right of his party to enact tax cuts. He is expected to announce reductions in National Insurance and business tax, while one Treasury minister has suggested that personal taxes could also be coming down. While Hunt has not ruled out tax cuts, he has emphasized the fragile state of the economy and reiterated that reducing living costs is the government's priority. The U.K. Treasury last week announced £4.5 billion ($5.6 billion) in funding for British manufacturing to boost investment in eight sectors across the U.K., available for a five-year period from 2025.

Persons: Jeremy Hunt, Rishi Sunak's, Liz Truss, Hunt, Sunak Organizations: Finance, Conservative Party, Bank of England's, National Insurance, Treasury, Labour Party Locations: U.K

LONDON (AP) — Britain's Conservative government will try to win favor with voters by cutting taxes but avoiding worsening inflation in a budget statement Wednesday, coming ahead of a likely national election next year that opinion polls suggest it will lose. Sunak said Monday that his government would “cut tax and reward hard work” but would “avoid doing anything that puts at risk our progress in controlling inflation." Political Cartoons View All 1262 Images“Now that inflation is halved and our growth is stronger — meaning revenues are higher — we can begin the next phase and turn our attention to cutting tax,” he said. The election must be held by January 2025, with speculation focusing on May or sometime next fall. Arguably, cutting personal taxes will make that “journey” more difficult because it would likely raise consumer spending, thereby ratcheting up price pressures.

Persons: —, Rishi Sunak, Sunak, Jeremy Hunt's, ”, “, ” Sunak, Liz Truss, Hunt, There's, hasn't, “ Hunt, Kallum Pickering, Andrew Bailey Organizations: Conservative, Conservative Party, Labour Party, Bank of, Bank of England Locations: Ukraine, Berenberg

☆ 'Not convinced' by cryptocurrencies like bitcoin: Former BOE advisor
▼ + stars: | 2023-11-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'Not convinced' by cryptocurrencies like bitcoin: Former BOE advisorMichael Sheren, former advisor and co-founder of the Bank of England's fintech accelerator program, explains why he remains unconvinced by cryptocurrencies and why stablecoins and Central Bank Digital Currencies (CBDCs) are the future of digital currencies.

Persons: BOE, Michael Sheren, cryptocurrencies Organizations: Bank of England's, Central Bank Digital

☆ Morning Bid: Consumers in focus as Walmart reports
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +3 min

A look at the day ahead in European and global markets from Vidya Ranganathan. Thursday's corporate calendar features a host of earnings reports that will shine further light on the health of the global consumer, as U.S. retailers Walmart (WMT.N), Bath & Body Works and Macy's (M.N) report earnings. Expectations for Walmart ride high after peer Target (TGT.N) surged by almost a fifth on Wednesday in the wake of its consensus-beating holiday sales forecast and upbeat view of its supply chain. Figures on Wednesday showed U.S. producer prices fell at their fastest pace since April 2020, and UK consumer inflation undershot all forecasts. Reuters GraphicsMeanwhile in Asia, Japan's exports are struggling due to slumping China-bound shipments of chips and steel.

Persons: Vidya Ranganathan, Eddie Wu, Christine Lagarde, Jerome Powell, What's, Joe Biden, Xi Jinping, England's Randall Kroszner, ECB's Christine Lagarde, Luis de Guindos, Fed's Loretta Mester, John Williams, Michael Barr, Jacqueline Wong Organizations: Vidya, Walmart, Body, Insider Intelligence, U.S, Bank, Events, Applied Materials, Siemens, SQM, Thomson Locations: U.S, Asia, China, San Francisco, Bath, France

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsSummary Denmark could block Russian tankers in its waters -FTUS oil supply could be keeping prices down -analystInflation cools in US, UKLONDON, Nov 15 (Reuters) - Oil prices dipped on Wednesday amid signs the United States, the world's biggest oil producer, is at peak production, offsetting positive crude demand signals from top consumer China. The International Energy Agency joined the Organization of the Petroleum Exporting Countries and its allies (OPEC+) in raising oil demand growth forecasts for this year, despite projections of slower economic growth in many major countries. Downward pressure on oil prices may come from the supply side, with the United States "likely at peak production for crude," while the delayed release of oil data from the world's biggest producer makes the investment situation more opaque, Evans said. A weaker dollar can boost oil demand by making crude cheaper for buyers using other currencies.

Persons: Agustin Marcarian, Brent, John Evans, Evans, Paul Carsten, Sudarshan Varadhan, Laura Sanicola, Raju Gopalakrishnan, Mark Potter, Jane Merriman Organizations: REUTERS, LONDON, U.S, West Texas, International Energy Agency, Organization of, Petroleum, U.S . Energy Information Administration, Financial Times, European Union, Federal Reserve, U.S ., Bank of, European Central Bank, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Denmark, United States, China, London

Annual consumer price inflation plunged to a lower-than-expected 4.6% in October from 6.7% in September, official data showed on Wednesday. The Bank of England's forecasts and the consensus from a Reuters poll of economists had pointed to a reading of 4.8%. Sterling fell slightly against the dollar after publication of the data, which showed key inflation measures watched closely by the BoE also falling by more than expected. Investors added to their bets on BoE rate cuts next year with three 25-basis-point reductions in Bank Rate fully priced in by December 2024, and a first cut fully priced for June. Reporting by Andy Bruce and David Milliken, editing by William James and Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: Rishi Sunak, Sterling, BoE, Julien Lafargue, Sunak, Huw Pill, Hugh Gimber, Andy Bruce, David Milliken, William James, Bernadette Baum Organizations: Bank of England, of, ONS, Barclays Private Bank, Conservative Party, U.S ., Morgan Asset Management, Thomson Locations: Britain, Italy

☆ UK inflation falls by more than expected in October to 4.6%, lowest in two years
▼ + stars: | 2023-11-15 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Food and non-alcoholic beverages also contributed to the easing of inflation, with the annual rate falling to its lowest since June 2022. The largest downward contribution came from housing and household services, the Office for National Statistics revealed, where the annual rate for CPI hit the lowest since records began in January 1950. Core CPI — which excludes volatile food, energy, alcohol and tobacco prices — fell to an annual 5.7% in October from 6.1% in September. LONDON — U.K. inflation fell sharply in October to 4.6% from 6.7% the previous month, hitting a two-year low. The drop was welcome news for Downing Street after Prime Minister Rishi Sunak committed to halving U.K. inflation back in January, when the annual CPI rate was running above 10%.

Persons: Rishi Sunak, Lindsay James Organizations: National Statistics, CPI, Reuters, LONDON, Bank of England, Downing, Bank of England's, Quilter Investors, Monetary

The figure represented a slight slowdown in regular pay growth from 7.9% in the previous two ONS reports, the highest since the data collection began in 2001. "The labour market remains very tight and businesses are still struggling to hire the people they need," Alexandra Hall-Chen, a policy advisor at the Institute of Directors, said. Including bonuses, which are typically volatile, pay growth slowed to 7.9% from 8.2% in the three months to August. "While there is some uncertainty around the accuracy of this data release, other indicators also suggest the labour market is gradually cooling, not collapsing," Jake Finney, an economist at PwC UK, said. Hunt said his Nov. 22 update on the budget and economic count would include "plans to get people back into work and deliver growth for the UK."

Persons: Big Ben, Toby Melville, Alexandra Hall, Chen, BoE, Sterling, Jake Finney, Jeremy Hunt, Hunt, William Schomberg, Sachin Ravikumar, Kylie MacLellan, David Milliken, Ed Osmond Organizations: REUTERS, LONDON, of, Office, National Statistics, Reuters, Institute of Directors, U.S, ONS, Labour Force Survey, PwC, Thomson Locations: London, Britain

LONDON (AP) — The British economy flatlined in the third quarter of the year, official figures showed Friday ahead of a budget statement from the government later this month. Despite the uninspiring headline figure, the quarterly outcome was slightly ahead of analysts' expectations for a modest decline in output. The British economy, like many others particularly in the world, is struggling to grow in the face of higher interest rates, which are aimed at taming inflation. Higher interest rates — which cool the economy by making it more expensive to borrow, thereby bearing down on spending — have contributed to bringing down inflation worldwide. Treasury chief Jeremy Hunt said a budget statement he will deliver on Nov. 22 will focus on how to “get the economy growing healthily again by unlocking investment.”

Persons: Jeremy Hunt, “, ” Organizations: National Statistics, Bank of England, Bank of, Conservative Party, Treasury Locations: Ukraine

☆ London stocks slip on sluggish GDP data, Diageo's profit warning
▼ + stars: | 2023-11-10 | by ( Khushi Singh | ) www.reuters.com time to read: +2 min

The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. The exporter-focused FTSE 100 (.FTSE) was down 0.9% at 0932 GMT, while the mid-cap FTSE 250 (.FTMC) dropped 2.2%, on track for the biggest one-day fall since early July. The broader beverages index (.FTNMX451010) fell 11.0%, touching the lowest levels since March 2021 and was on track for its biggest one-day decline in over 36 years. Meanwhile, data showed the British economic output failed to grow in the July-to-September period, but at least managed to avoid the start of a recession. Reporting by Khushi Singh in Bengaluru; Editing by Eileen Soreng and Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Toby Melville, Johnnie Walker, Khushi Singh, Eileen Soreng Organizations: London Stock Exchange Group, City of, REUTERS, FTSE, Diageo, Bank of England, Bank of, Victoria, U.S . Federal, Thomson Locations: City, City of London, Britain, America, Caribbean, Bengaluru

☆ Bank of England leaves interest rates at 15-year high, says policy to stay tight for 'extended period'
▼ + stars: | 2023-11-02 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

LONDON — The Bank of England on Thursday left interest rates unchanged, but said monetary policy will likely need to stay tight for an "extended period of time." The Monetary Policy Committee voted 6-3 in favor of keeping the main Bank rate at 5.25%, with three members preferring another 25-basis point hike to 5.5%. "The MPC's latest projections indicate that monetary policy is likely to need to be restrictive for an extended period of time. Further tightening in monetary policy would be required if there were evidence of more persistent inflationary pressures," the MPC said in its Thursday statement. It added that monetary policy will need to be "sufficiently restrictive for sufficiently long" to return inflation to the 2% target sustainably.

Persons: Jeremy Hunt, Jerome Powell Organizations: Bank of England, LONDON, Bank, MPC, U.S . Federal Reserve, Federal, Treasury, Bank of Locations: British, Europe

☆ Dollar tracks Treasury yields lower as Fed stays on hold
▼ + stars: | 2023-11-02 | by ( ) www.cnbc.com time to read: +3 min

The dollar fell broadly on Thursday, tracking a slide in U.S. Treasury yields as markets grew more convinced the Federal Reserve was done with its aggressive monetary policy tightening cycle after it left rates unchanged. However, Fed Chair Jerome Powell acknowledged that a recent market-driven rise in Treasury bond yields, home mortgage rates and other financing costs could have their own impact on the economy as long as they persist. The dollar edged broadly lower alongside U.S. Treasury yields which touched multi-week lows in early Asia trade. "This could take some time to develop and is one reason we are likely to see higher rates for longer." The move lower in the dollar brought some respite for the yen, though it remained on the weaker side of 150 per dollar.

Persons: Jerome Powell, Wells, Jay Bryson, Lon Erickson, Tom Kenny Organizations: Treasury, Federal, Fed, New, U.S, Traders, Thornburg Investment Management, Bank of Japan's, ANZ, Bank of Locations: U.S, Wall, Asia, New Zealand, Wells Fargo

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