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Can Big Art Make It in Las Vegas? Urs Fischer Weighs In.
  + stars: | 2024-06-08 | by ( Nancy Hass | ) www.nytimes.com   time to read: +2 min
The Swiss artist Urs Fischer suggests beginning our day together with coffee in the Village. No, this is the Las Vegas version, tucked beyond an ocean of slot machines in the far corner of the timeworn, low-lit New York-New York Hotel and Casino on that notorious stretch of real estate called the Strip. “There’s more to see here that’s interesting than some other newer places,” he says, leaning back on a metal bistro chair in front of the faux glassed-in storefront of a stage-set tenement building that showcases a top-hatted mannequin wrapped like a mummy, holding a wicker basket of prosthetic hands and feet. “It’s artificial, but in a good way.”That, of course, is a matter of taste, as is the very notion of Las Vegas itself. That’s where he lives with his two daughters — Charlotte, 15, and Grace, 8 — in a modest-sized but lushly gardened 1920s home near Dodger Stadium.
Persons: Urs Fischer, , Fischer, Julian Schnabel, — Charlotte, Grace Organizations: That’s, Dodger Locations: Swiss, Manhattan, Greenwich, Red Hook , Brooklyn, Long Island City, Queens, Vegas, York, New York, Los Angeles
European Central Bank board member Isabel Schnabel warned against back-to-back rate cuts amid lingering inflation risks, Nikkei reported Friday, as the central bank gears for its June meeting amid expectations of a rate cut. While a rate cut in June could be warranted depending on incoming data and projections, things are less certain beyond that, Schnabel told Nikkei. "After so many years of very high inflation and with inflation risks still being tilted to the upside, a front-loading of the easing process would come with a risk of easing prematurely," the ECB board member added. Geopolitical tensions and policy uncertainty amid a slew of elections worldwide this year also pose risks to euro area financial stability, the ECB said in a recent financial stability review. The review, however, highlighted that financial stability conditions have improved.
Persons: Isabel Schnabel, Schnabel, Luis de Guindos Organizations: European Central Bank, Nikkei, ECB Locations: disinflation
Patti Smith Sings for a ‘New York Gem’
  + stars: | 2024-03-05 | by ( Alex Vadukul | Dolly Faibyshev | ) www.nytimes.com   time to read: +1 min
Over a century ago, J.P. Morgan built a majestic library for his opulent mansion in Midtown Manhattan. After his death, his son, the financier Jack Morgan, opened it to the public in 1924, and it eventually became the Morgan Library & Museum. Last night, crowds of art patrons and well-heeled bibliophiles gathered in that grand library to attend the Morgan’s centennial celebration. Servers wended through the crowd, carrying hors d’oeuvres trays of crescent duck and caviar as they passed shelves lined with rare editions of works by Rousseau and Voltaire. Devotees of the Morgan like the architect Peter Marino, the art dealer Vito Schnabel and the artist Walton Ford were in attendance.
Persons: Morgan, Jack Morgan, bibliophiles, Dante, Socrates, tuxedos, Keane, Taylor Swift, Rousseau, Voltaire, Peter Marino, Vito Schnabel, Walton Ford, Patti Smith, Jesse Paris Smith, Beatrix Potter, Peter Rabbit Organizations: Morgan Library & Museum Locations: Midtown Manhattan
Tel Aviv CNN —A video obtained by CNN shows two young ultra-Orthodox men spitting at, swearing at and insulting a Christian priest near the Zion Gate in Jerusalem’s Old City on Saturday evening. She described two young men crossing their path as they walked through the Old City. The priest and journalist continued to walk through the Old City, and were again approached by the same two men as they walked through the Armenian Quarter. “Last night, the police received a report regarding youths who traversed the Zion Gate area in the Old City of Jerusalem. Christians in the Old City are regularly the target of spitting and verbal abuse by Orthodox Jews.
Persons: Natalie Amiri, Father Nikodemus Schnabel, Instagram, Schnabel, Amiri, Father Schnabel, , profanities, ” “, Jerusalem, , Israel’s, Israel Katz Organizations: Tel, Tel Aviv CNN, CNN, German TV, ARD, Israeli Police Locations: Tel Aviv, Zion, Jerusalem’s Old City, Old City, Jerusalem, Israeli, English
Christine Lagarde, president of the European Central Bank (ECB). Bloomberg | Bloomberg | Getty ImagesFRANKFURT — The European Central Bank meets this week with investors closely monitoring to see when the Frankfurt institution might start to cut interest rates. "Nonetheless, markets will probably have to correct some of their overoptimistic rate cut expectations once the ECB has spoken this Thursday." watch nowMoney markets are currently pricing in almost 150 basis points of rate cuts next year. The PEPP, or the Pandemic Emergency Purchase Program, is a flexible bond purchase program introduced during the coronavirus pandemic.
Persons: Christine Lagarde, Holger Schmieding, Isabel Schnabel, Mark Wall Organizations: European Central Bank, Bloomberg, Getty, FRANKFURT, ECB, Reuters, Deutsche Bank Locations: Frankfurt, Berenberg
Euro zone inflation tumbled to 2.4% last month from above 10% a year earlier after a record string of rate hikes. Schnabel, who had insisted just a month ago that rate hikes must remain an option because the "last mile" of the inflation fight may be the toughest, said she had shifted stance after three unexpectedly benign inflation readings in a row. "The most recent inflation number has made a further rate increase rather unlikely." "The recent inflation print has given me more confidence that we will be able to come back to 2% no later than 2025." Schnabel said weak growth as a result of the ECB's rate hikes is helping the inflation fight but that a deep or prolonged recession is unlikely, with recent survey data supporting expectations for a recovery.
Persons: Isabel Schnabel, Jim Urquhart, Schnabel, John Maynard Keynes, Christine Lagarde, Francois Villeroy de, Yannis Stournaras, Joachim Nagel, Balazs Koranyi, Catherine Evans Organizations: European Central Bank, Teton, Jackson, REUTERS, Rights, ECB, Reuters, Bank of Greece, Thomson Locations: Jackson , Wyoming, U.S, French, Francois Villeroy de Galhau
She said her "demand-driven" approach fitted the euro zone, whose 20 countries vary in economic strength and have separate banking systems. "A demand-driven system is well-suited for a heterogeneous currency union that may be prone to fragmentation," Schnabel said in an interview. "Such a system also likely limits the size of the central bank balance sheet." She conceded, however, that "it could make sense to have a mix of different tools", suggesting policymakers may be looking for a compromise in this complex yet crucial debate for the euro zone financial system. Loans to banks or a structural bond portfolio would come on top of this.
Persons: Isabel Schnabel, Ralph Orlowski, Schnabel, Philip Lane, Schnabel's counterargument, Francesco Canepa, Catherine Evans Organizations: Frankfurt, Banking Congress, Old Opera, REUTERS, European Central Bank, ECB, Reuters, Federal Reserve, Bank of England, Thomson Locations: Frankfurt, Germany, FRANKFURT
Morning Bid: Small caps pick up baton, China rating hit
  + stars: | 2023-12-05 | by ( ) www.reuters.com   time to read: +6 min
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. The likes of Microsoft (MSFT.O), Apple (AAPL.O), Nvidia (NVDA.O) and Amazon (AMZN.O) fell back over 1%, pressured by a modest bounceback in U.S. Treasury yields. China's blue-chip stocks slumped to their lowest since February 2019 amid fears of a possible cut to China's sovereign credit rating cut after Moody's outlook reduction. By Mike Dolan, Editing by Bernadette Baum; <a href="mailto:mike.dolan@thomsonreuters.com" target="_blank">mike.dolan@thomsonreuters.com</a>Our Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Brendan McDermid, Mike Dolan, Russell, that's, Moody's, Isabel Schnabel, Michael Gibson, Christine Laggard, Mongo, Zero Fox, Bernadette Baum Organizations: New York Stock Exchange, REUTERS, Reserve, Microsoft, Apple, Nvidia, Treasury, Reserve Bank of Australia, Central Bank, Reuters, ECB, Barclays, Qatar, P Global, Federal, Division, Supervision, Financial Innovation, Descartes Systems, Health, Powell Industries, Dave, Buster's Entertainment, Reuters Graphics, Thomson Locations: New York City, U.S, Global, York, Treasuries, Europe
Morning Bid: Watching what the ECB giveth
  + stars: | 2023-11-23 | by ( ) www.reuters.com   time to read: +2 min
A look at the day ahead in European and global markets from Vidya Ranganathan. The forward-looking flash November PMIs due out globally should help investors assess recession risks and how quickly rate cuts will begin. Interest rate futures show the market is pricing in rate cuts by April and more aggressively so in June . Later on Thursday, Sweden's central bank will announce its latest policy decision in what is expected to be a very close call on whether to hike again. A Reuters poll showed 10 of 19 economists looked for a rise, while market pricing is leaning against a move.
Persons: Vidya Ranganathan, haven't, Mario Centeno, Joachim Nagel's, Christine Lagarde's, Jeremy Hunt's, Van Haaren, ECB's Isabel Schnabel, Robert Holzmann, Francois Villeroy de, Edmund Klamann Organizations: Vidya, European Central, PMI, ECB, Reuters, Ubezpieczen SA, Virgin Money, Bank of France, Thomson Locations: Japan, United States, Britain, U.S, Sweden's
Economic models buckle under strain of climate reality
  + stars: | 2023-11-22 | by ( Mark John | ) www.reuters.com   time to read: +6 min
But detractors say those numbers are the product of economic models that are not fit to capture the full extent of climate damage. A year earlier, the Trump administration cited similar models to justify replacing the Obama-era Clean Power Plan with one allowing higher emissions from coal-burning plants. At issue are the "integrated assessment models" (IAMs) economists use to draw conclusions on anything from output losses to financial risk or the pricing of carbon markets. Line chart with data from Climate Tracker shows varying predictions of global warming damage as percentage of GDP. "Our main message is: 'Economists, speak to climate scientists and come up with results that make sense'," he said.
Persons: William Nordhaus, Trump, Obama, Isabel Schnabel, Leon Walras, doesn't, Thierry Philipponnat, Steve Keen, Nordhaus, Rupert Thorne, Livio Stracca, Jean Boissinot, Nicholas Stern, Stern, Watch's Philipponnat, Mark John, Barbara Lewis Organizations: Central Bank, Finance Watch, Reuters, Network, Greening, " University College of London, ECB, NGFS, LSE, Grantham Research Institute, European Union, Thomson Locations: Dubai, Paris, Brussels
Morning Bid: Catching breath as Nvidia update due
  + stars: | 2023-11-21 | by ( ) www.reuters.com   time to read: +5 min
Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 17, 2023. The dollar (.DXY) continued to fall, however, with its DXY index down for the fourth day to its lowest since August. Dollar losses were broad based, but China's yuan appeared to lead the way to its strongest level since July 27. In Europe, sterling pushed higher ahead of expected tax cuts at Wednesday's budget speech from UK finance minister Jeremy Hunt. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Brendan McDermid, Mike Dolan, Sam Altman, OpenAI, hoover, LSEG, Jeremy Hunt, Siena, Christine Lagarde, Isabel Schnabel, Susan Fenton Organizations: New York Stock Exchange, REUTERS, Microsoft, Tech, Nvidia, St, Wall, Treasury, Reserve, Bank of, Monday, Philadelphia Federal, European Central Bank, ECB, Lowes, Autodesk, Devices, Jacobs Solutions Reuters Graphics Reuters, Reuters, Thomson Locations: New York City, U.S, Bank of China, China, St, Europe, Britain, Italy, Chicago, Canada
Dollar eases as traders bet Fed done with rate hikes
  + stars: | 2023-11-03 | 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 index is on course to clock a 0.3% drop for the week, just its third week of losses since July. The European Central Bank last week snapped a streak of 10 straight rate increases, with the discussion shifting to how long the rates would stay high. The Japanese yen was 150.41 per dollar, keeping traders nervy and looking for signs of intervention from Japanese authorities. The Australian dollar eased 0.19% to $0.642, while the New Zealand dollar fell 0.24% to $0.588.
Persons: Tapas Strickland, Flavio Carpenzano, Isabel Schnabel, Kazuo Ueda, Sterling Organizations: Engraving, U.S . Federal, NAB, Investor, Analysts, Fed, ECB, Investment, Capital Group, European Central Bank, Bank of Japan, Reuters, Bank of England, New Zealand Locations: United, Washington, U.S
Morning Bid: Markets cheer as Powell finds his balance
  + stars: | 2023-11-02 | by ( Wayne Cole | ) www.reuters.com   time to read: +3 min
Federal Reserve Board Chair Jerome Powell answers a question at a press conference following a closed two-day meeting of the Federal Open Market Committee on interest rate policy at the Federal Reserve in Washington, U.S., November 1, 2023. REUTERS/Kevin Lamarque Acquire Licensing RightsNov 2 (Reuters) - A look at the day ahead in European and global markets from Wayne Cole. It's been a day for relief rallies in Asia as investors became increasingly confident the next move in U.S. interest rates will be down, not up. While Federal Reserve Chair Jerome Powell maintained the option of another hike, he sounded less than committed to the idea. The dovish mood proved infectious as investors pared back rate risks across much of the developed world.
Persons: Jerome Powell, Kevin Lamarque, Wayne Cole, It's, presser, Powell, EURIBOR, Edouard Fernandez, Isabel Schnabel, Philip Lane, Sam Holmes Organizations: Federal, Committee, Federal Reserve, REUTERS, Treasury, The Bank of, U.S, Bank of England, Norges Bank, Thomson Locations: Washington , U.S, Wayne, Asia, The Bank of England, China
MARRAKECH, Oct 13 (Reuters) - European Central Bank policymakers are planning a springtime push to cut interest payments made to commercial banks, in part to recoup some of the costs associated with a decade worth of stimulus, sources familiar with discussions said. That would mean overall interest payments to lenders - which still earn the ECB deposit rate, currently 4%, on other excess cash parked with the central bank - would be reduced further. But the ECB rejected the proposal in July, partly on resistance from its Executive Board, the sources said. The board's key argument is that excess liquidity is distributed unevenly across the euro zone and raising the ratio would put an excessive burden on smaller banks with a larger portion of deposits. Deutsche Bank CEO Christian Sewing argued that the change would add to banks' financial burdens and restrict their lending options.
Persons: Bundesbank, Joachim Nagel, Robert Holzmann, Latvia's Martin Kazaks, Isabel Schnabel, Austria's Holzmann, France's Francois Villeroy de, Pierre Wunsch, We're, Schnabel, Deutsche Bank CEO Christian Sewing, Tom Sims, John Stonestreet Organizations: Central Bank, ECB, Austrian, Barclays, Deutsche Bank CEO Christian, Thomson Locations: MARRAKECH
Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsLONDON, Oct 6 (Reuters) - Oil prices were stable but on course for a week-on-week loss, as demand fears due to macroeconomic headwinds were compounded by another partial lifting of Russia's fuel export ban. Almost three quarters of Russia's 35 million tonnes of diesel exports were delivered via pipeline in 2022. "Fear for the health of the global economy and thus oil demand going forward is at the heart of the sell-off," SEB analyst Bjarne Schieldrop said. The German economy is expected to contract by 0.4% in 2023 because of high inflation and energy prices, government sources told Reuters.
Persons: Agustin Marcarian, Brent, SEB, Bjarne Schieldrop, Craig Erlam, Isabel Schnabel, Robert Harvey, Sudarshan, William Maclean, Sharon Singleton Organizations: REUTERS, U.S, West Texas, Russia, Investors, Fed, European Central Bank, ECB, Day, Xinhua, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, gasoil, Saudi Arabia, Russia, London, Singapore
ECB's Schnabel can't rule out more hikes amid inflation risks
  + stars: | 2023-10-06 | by ( ) www.reuters.com   time to read: +2 min
Isabel Schnabel, member of the German advisory board of economic experts attends the 29th Frankfurt European Banking Congress (EBC) at the Old Opera house in Frankfurt, Germany November 22, 2019. REUTERS/Ralph Orlowski/File Photo Acquire Licensing RightsFRANKFURT, Oct 6 (Reuters) - The European Central Bank may need to raise interest rates again if wages, profits or new supply snags boost inflation, ECB board member Isabel Schnabel said in an interview published on Friday. Schnabel said a recent moderation in inflation, which fell to its lowest level in two years at 4.3% in September, was "encouraging" but risks abounded, from stronger-than-expected wages or profits to new disruption to supply. "I still see upside risks to inflation," Schnabel told Croatian newspaper Jutarnji list. But Schnabel played down the chances of such a move in the near term.
Persons: Isabel Schnabel, Ralph Orlowski, Schnabel, Aleksandar Vasovic, Francesco Canepa, Christina Fincher, Toby Chopra Organizations: Frankfurt, Banking Congress, Old Opera, REUTERS, Rights, European Central Bank, ECB, Croatian, Thomson Locations: Frankfurt, Germany, Belgrade
ECB's Schnabel keeps more hikes on table amid inflation risks
  + stars: | 2023-10-06 | by ( ) www.reuters.com   time to read: 1 min
Isabel Schnabel, member of the German advisory board of economic experts attends the 29th Frankfurt European Banking Congress (EBC) at the Old Opera house in Frankfurt, Germany November 22, 2019. REUTERS/Ralph Orlowski/File Photo Acquire Licensing RightsFRANKFURT, Oct 6 (Reuters) - The European Central Bank may need to raise interest rates again if wages, profits or new supply snags boost inflation, ECB board member Isabel Schnabel said in an interview published on Friday. "I still see upside risks to inflation," Schnabel told Croatian newspaper Jutarnji list. "If they materialise, further interest rate hikes could be necessary at some point." Reporting By Aleksandar Vasovic in Belgrade Writing by Francesco Canepa in Frankfurt Editing by Christina Fincher私たちの行動規範:トムソン・ロイター「信頼の原則」
Persons: Isabel Schnabel, Ralph Orlowski, Schnabel, Aleksandar Vasovic, Francesco Canepa, Christina Fincher 私 Organizations: Frankfurt, Banking Congress, Old Opera, REUTERS, Rights, European Central Bank, ECB, Croatian Locations: Frankfurt, Germany, Belgrade
Morning Bid: Shutdown, oil, auctions and China rankle
  + stars: | 2023-09-25 | by ( ) www.reuters.com   time to read: +5 min
Even before U.S. markets kick off on Monday, China's ongoing property bust threw another curve ball at stocks markets there. Country Garden (2007.HK) fell more than 7% as investors nervously watch out for its latest dollar bond coupon payment on Wednesday. Fed aside, there were multiple domestic issues to trouble the horizon - not least a government shutdown next weekend. U.S. 10-year Treasury yields nudged back close to 16-year highs above 4.5% set last week. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Kevin Wurm, Mike Dolan, China Evergrande, Charles Wang Zhonghe, Kevin McCarthy, Morgan Stanley, Neel Kashkari, Christine Lagarde, Isabel Schnabel, Bernadette Baum Organizations: U.S, Capitol, REUTERS, HK, hawkish U.S, Federal, Republicans, Treasury, Dallas Fed, Chicago Fed, Minneapolis Federal, European Central Bank, ECB, Reuters Graphics, Thomson, Reuters Locations: Washington , U.S, U.S, Wall St, China, HK, hawkish, St, Washington, ., California
Morning Bid: Fed's hawkish pause keeps pressure on markets
  + stars: | 2023-09-25 | by ( ) www.reuters.com   time to read: +3 min
Global markets have been feeling the heat as U.S. bond yields surged and a strengthened dollar hit a six-month high following the Federal Reserve's hawkish tone last week. The euro zone central bank also struck a relatively dovish tone. But markets will have plenty of material to pore over this week as they try to glean future Fed moves. In the euro zone, ECB President Christine Lagarde kicks off a string of speeches and remarks this week. Markets are expecting that the euro zone's central bank is done hiking.
Persons: Jonathan Ernst, Brigid Riley, Neel Kashkari, Christine Lagarde, Francois Villeroy de Galhau, Isabel Schnabel, Fed's Neel Kashkari, Edmund Klamann Organizations: . Federal, REUTERS, Brigid, Brigid Riley Investors, Global, Federal Reserve, U.S, Minneapolis, China, HK, ECB policymaker, Bank of France, ECB, Thomson Locations: Washington, U.S, Europe, Britain, Switzerland, Japan, China, Hollywood
European Central Bank (ECB) President Christine Lagarde speaks to the media following the Governing Council's monetary policy meeting at the ECB headquarters in Frankfurt, Germany, July 27, 2023. "It's such a close call between the pause and the rate hike," said ING's global head of macro Carsten Brzeski. Traders are torn but favour an ECB pause, pricing in around a 40% chance of a hike. For many economists, one thing is clear: if the ECB has further tightening to deliver, September is likely its last chance. Even the hawks, keeping a hike on the table, say fresh ECB projections on Thursday are key to the decision.
Persons: Christine Lagarde, Kai Pfaffenbach, Reinhard Cluse, Mario Centeno, Isabel Schnabel, Austria's Robert Holzmann, Iain Stealey, Philip Lane, Kaspar Hense, Yoruk Bahceli, Stefano Rebaudo, Dhara Ranasinghe, Susan Fenton Organizations: European Central Bank, ECB, REUTERS, Central Bank, Traders, UBS, JPMorgan Asset Management, Reuters, ING, BlueBay Asset Management, Reuters Graphics Reuters, Thomson Locations: Frankfurt, Germany, Italy
Morning Bid: Global business splutters, dollar surges
  + stars: | 2023-09-05 | by ( ) www.reuters.com   time to read: +4 min
But the U.S. jobs picture underscores the "soft-landing" consensus - something Tuesday's updates on global business surveys from last month suggest may not be the case elsewhere. Even though messy workouts of China's ongoing property bust were some relief - as real estate giant Country Garden made some last minute dollar bond payments - the funk in the wider economy clearly persists. That saw the euro fall back against the dollar to levels not seen since mid-June. But that provided little solace to sterling , which was also pummelled by the dollar to its lowest since June. The sour business polls took some heat out of the recent oil price rebound , but did little to calm the long end of the bond market.
Persons: Dado Ruvic, Mike Dolan, disinflation, Philip Lowe, Glazer, Luis de Guindos, Isabel Schnabel, Hugh Lawson Organizations: REUTERS, U.S, Reserve Bank of Australia, Stock, Wall, English football, Manchester United, Sunday, Central Bank, ECB, Treasury, Reuters Graphics Reuters, Reuters, Thomson Locations: U.S, Europe, China
[1/2] U.S. Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. The China-sensitive euro was up 0.25% at $1.0799, just off a 10-week low touched last week against the dollar. The Australian dollar and the New Zealand dollar also got a lift from those measures. "The U.S. dollar is softening against most other G10 currencies today as risk appetite improves on the back of China support measures," said Jane Foley, head of FX strategy at Rabobank. The Canadian dollar slipped 0.07% to 1.359 per dollar ahead of the Bank of Canada's policy meeting this week, with the central bank expected to hold rates.
Persons: Dado Ruvic, Jane Foley, Christine Lagarde, Isabel Schnabel, Foley, Jeremy Hunt, Sterling, Joice Alves, Ankur Banerjee, Sharon Singleton, Christina Fincher Organizations: REUTERS, U.S, Australian, New Zealand, Rabobank, European Central Bank, ECB, FOCUS, Reserve Bank of Australia, Canadian, Bank of, Thomson Locations: China, Beijing, FOCUS British, U.S, London, Singapore
Specifically, she outlined puzzlement at why the inflation-adjusted risk-free rates priced by markets - real Overnight Index Swap yields from one to 10 years - had subsided again since the last ECB rate hike in July - back to where they were in February when ECB policy rates were just 2.5%. Long-term real yields from benchmark German government bond markets are positive again this year for the first time in almost a decade. But they have fallen almost 20bp from just before the last ECB rate hike to just above 0.1% now. Minutes released today from the last ECB meeting suggest the council is still undecided about its next step this month, but many market analysts see the tension building. ECB chart from Isabel Schnabel speech on rising market inflation premiaReuters GraphicsReuters GraphicsThe opinions expressed here are those of the author, a columnist for Reuters.
Persons: Isabel Schnabel, It's, Carsten Brzeski, Josie Kao Organizations: Central Bank, disinflation, ECB, Reuters Graphics Reuters, ING, Reuters, Thomson Locations: Frankfurt, U.S
U.S. Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. U.S. consumer spending increased by the most in six months in July, with an 0.8% increase, but slowing inflation strengthened expectations that the Federal Reserve would keep interest rates unchanged next month. “The dollar is faring better as today’s data suggests America’s economic glass remains half full,” said Joe Manimbo, senior market analyst at Convera in Washington. Money markets are now pricing in a 69% probability that the ECB will leave rates unchanged at its September meeting. The dollar was last 7.2595 against the onshore yuan , after reaching 7.2485, the lowest level since Aug. 14.
Persons: Dado Ruvic, , Joe Manimbo, Raphael Bostic, , Isabel Schnabel, “ We've, Michael Brown, Karen Brettell, Samuel Indyk, Jonathan Oatis Organizations: REUTERS, European Central Bank, Federal Reserve, Atlanta Fed, Reuters, ECB, Trader, People's Bank of, Thomson Locations: Washington, U.S, People's Bank of China, London
REUTERS/Kai Pfaffenbach/File PhotoData on Thursday showed euro zone inflation held at 5.3% in August rather than dropping. Overall money supply in the bloc contracted in July for the first time since 2010, demonstrating the extent to which ECB policy has tightened financial conditions. And even if investors are divided on September’s decision, the consensus is that the ECB will be done raising rates soon. Longer-term, markets expect the ECB to start cutting rates by the second quarter of 2024. (This story has been corrected to clarify that Aviva favours a small overweight in European bonds, not longer-dated euro zone bonds, in paragraph 19)
Persons: Christine Lagarde, Kai Pfaffenbach, Piet Christiansen, ’ indecisiveness, ” Christiansen, Isabel Schnabel, Robert Holzmann, , Mauro Valle, Valle, Edward Hutchings, Frederik Ducrozet, ” Aviva’s Hutchings, ” Pictet’s Ducrozet Organizations: Reuters, European Central Bank, Central Bank, ECB, REUTERS, Danske Bank, Generali Investments, Treasury, Aviva Investors, Pictet Wealth Management, Aviva Locations: Frankfurt, Germany, Austrian
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