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☆ India's central bank holds rates as expected, shifts stance to 'neutral'
▼ + stars: | 2024-10-09 | by ( ) www.cnbc.com time to read: +1 min

The Reserve Bank of India (RBI) kept its key interest rate unchanged on Wednesday, as widely expected, but tweaked its policy stance to "neutral," opening the door for rate cuts amid early signs of a growth slowdown in the economy. The Monetary Policy Committee, which consists of three RBI and three external members, kept the repo rate unchanged at 6.50% for a tenth straight policy meeting. The committee, however, changed its policy stance to "neutral" from "withdrawal of accommodation." The MPC last changed rates in February 2023, when the policy rate was raised to 6.50%. India's overall growth slowed to 6.7% in the June quarter.

Organizations: Bank of, Global, Reserve Bank of India, Monetary, Committee, Reuters, MPC, PMI Locations: Bank of India, Mumbai, India

☆ An aggressive Fed move is unlikely to spur a surprise Bank of England rate cut
▼ + stars: | 2024-09-18 | by ( Jenni Reid | ) www.cnbc.com time to read: +3 min

Commuters outside the Bank of England (BOE) in the City of London, UK, on Monday, Sept. 16, 2024. The central bank's Monetary Policy Committee's interest rate decision is scheduled for release on Sept. 19. Either way, this would be Fed's first rate cut in the current cycle. Meanwhile, money market pricing for a BOE cut at Thursday's September meeting dipped from 35% late Tuesday to 26% Wednesday morning, still slightly higher than it was last week. The move came after U.K. inflation came in at 2.2% for August, steady on July and in-line with expectations — thus backing the need for a little more caution in Threadneedle Street.

Persons: BOE, —, Sanjay Raja, Raja, George Lazarias, Mazars, they're, Lazarias Organizations: Bank of England, City of, Bloomberg, Getty, Federal Reserve, CNBC, Deutsche Bank, Monetary, MPC Locations: City, City of London, China

☆ India's central bank chief plays down fears of a deposit crunch
▼ + stars: | 2024-09-17 | by ( Matt Clinch | ) www.cnbc.com time to read: +3 min

Speaking to CNBC in an exclusive interview, Reserve Bank of India (RBI) Governor Shaktikanta Das discussed the issue of slowing growth in bank deposits underperforming an expansion in loans. "So there is a gap of 350 to 400 basis points," he said, referencing the difference between credit and deposit growth. Annual figures from August put loan growth at 13.6% with deposit growth at 10.8%, according to Reuters. When lending outpaces deposits, net interest margins — or the difference between what a bank earns on loans and pays out for deposits — take a hit. India's GDP slowed to 6.7% in the second quarter compared to last year's 8.2%, piling pressure on the central bank to reverse a recent hiking cycle.

Persons: Shaktikanta Das, Das, Ashish Gupta, CNBC's Organizations: CNBC, Reserve Bank of India, Reuters, Mutual Fund, Monetary, MPC Locations: India

☆ Kenya central bank cuts main lending rate by 25 basis points
▼ + stars: | 2024-08-06 | by ( ) www.cnbc.com time to read: 1 min

Kenya's central bank cut its benchmark lending rate by 25 basis points to 12.75% on Tuesday, saying there was scope for a gradual easing of its policy stance while ensuring continued exchange rate stability. "The MPC (Monetary Policy Committee) noted that its previous measures have lowered overall inflation to below the mid-point of the target range, stabilized the exchange rate, and anchored inflationary expectations," the central bank said in a statement. "The MPC will closely monitor the impact of the policy measures as well as developments in the global and domestic economy and stands ready to take further action as necessary in line with its mandate," it added. The rate cut comes after two monetary policy meetings at which the Central Bank Rate was left unchanged.

Organizations: Monetary

☆ Here are 4 things we're watching closely in the stock market this week
▼ + stars: | 2024-08-04 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

Stocks had a rough week, topped off with a pummeling Friday after the July jobs data came in weaker than expected. Until then, bad economic news was good news for the stock market, because it meant the Federal Reserve would start cutting interest rates sooner. On Thursday, a drop in U.S. manufacturing activity for July and a jump in initial jobless claims dragged down the market. Next week is light on economic data, so expect earnings reports and CEO commentaries to drive the market action. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Stocks, Dow Jones, Jim Cramer, would've, Eli Lilly, Mounjaro, Berkshire Hathaway, Krystal, Tyson, BAX, Owens, Walt, Oscar Health, CRON, Krispy, Papa, Jim Cramer's, Jim Organizations: Nasdaq, Dow, Reserve, Broadcom, Devices, Palo Alto, PMI, Wynn Resorts, Investors, Wynn, Wynn Palace, U.S . Disney, Management, and Drug Administration, Carlyle Group, Krystal Biotech, Tyson Foods, TSN, Alpha Metallurgical Resources, BioCryst Pharmaceuticals, Axsome Therapeutics, Technologies, Clover Health, Realty Income Corp, Avis Budget Group, CSX Corp, CSX, Simon Property Group, Sterling Construction Company, Teradata Corp, Yum China Holdings, ZoomInfo Technologies, Holdings, Caterpillar, Baxter International, Vulcan Materials Company, Allegheny Technologies Incorporated, Constellation Energy Group, Marathon Petroleum Corp, Owens Corning Inc, Duke Energy Corp, GXO Logistics, Brands, Builders, Wynn Resorts Ltd, WYNN, Rivian Automotive, Devon Energy Corp, GigaCloud Technology Inc, Lumen Technologies, VF Corp, Walt Disney Co, Novo Nordisk, CVS Health, Aurora Cannabis Inc, Emerson Electric Co, Sony Group Corporation, SONY, Inc, ODP Corporation, Icahn Enterprises, MannKind Corp, ACM Research, Brink's Company, AppLovin Corporation, Digital Turbine, Sarepta Therapeutics, Occidental Petroleum Corp, Bros, SolarEdge Technologies, Aspen, Coeur D'Alene Mines Corp, Co, Vistra Energy, Cheniere Energy, Cronos, Himax Technologies, Properties Trust, Papa John's, Paramount Global, Trade, Lab, B2Gold Corp, Honest Company, Gilead Sciences, Growth, Nikola Corporation, Embraer, New Fortress Energy, Construction, Jim Cramer's Charitable, CNBC, Disney, Pixar Locations: Palo, Macau, Las Vegas, Boston, Vegas, Wynn Macau, China, Novo, Coeur, Gilead

☆ Here's what usually happens to UK stocks when the Bank of England cuts interest rates
▼ + stars: | 2024-08-01 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

The U.K. stock market is likely to rise over the course of 12 months, if the Bank of England cuts interest rates on Thursday and history repeats itself, according to a CNBC Pro analysis. Economists say the forecasts for whether the U.K. central bank will either reduce or hold rates are a close call. A decision to lower interest rates — which sit at at 5.25% currently — would mark the first time monetary police has been eased in Britain since the hiking cycle began in December 2021. The analysis found that, on three occasions the index had risen more than 20% on average within a year after an interest rate cut. For instance, the domestically focused index of 250 stocks rose by 17% across three months after the Bank of England cut rates in 1998.

Persons: Agne Stengeryte, BoE, Nora Szentivanyi Organizations: Bank of England, CNBC, CNBC Pro, Bank of, Bank, America's, Barclays Locations: Britain, Bank of England

☆ Bank of England's rate cut is on a knife-edge even with inflation on target
▼ + stars: | 2024-07-31 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Market pricing on Wednesday morning suggested a 60% probability of a rate cut at the BOE's Aug. 1 meeting. That is far less conviction than traders had before the European Central Bank enacted its own rate cut at the start of June; while pricing for the U.S. Federal Reserve to cut for the first time in this cycle in September has hit 100%. watch nowIn both May and June, seven MPC members voted to hold, as two voted to cut by 25 basis points. Headline U.K. inflation spiked higher than in the U.S. and euro zone over the last two years, but has also cooled more quickly. "I would rather hold rates until there is more certainty that underlying inflationary pressures have subsided sustainably," Haskel said.

Persons: Mike Kemp, BOE, Jonathan Haskel —, —, Haskel Organizations: of England, Bank of England's, European Central Bank, U.S . Federal Reserve, MPC Locations: City of London, U.S, BOE, U.K

☆ Yen jumps on suspected intervention, sterling hits one-year high
▼ + stars: | 2024-07-17 | by ( ) www.cnbc.com time to read: +4 min

The yen rose sharply on Wednesday in what traders suspected was likely the result of yet another intervention from Japanese authorities to prop up the battered currency from multidecade lows. The euro was last down 0.8% at 171.15 yen, while sterling fell 0.76% to 203.75 yen. Combined with the estimated amount spent a day earlier, Japan is suspected to have bought nearly 6 trillion yen via intervention last week. That sent traders paring back bets of a rate cut from the Bank of England in August, providing a small boost to sterling , which was last up 0.43% to $1.3029. But the more important data is the inflation data, and that's telling the market that the Fed is in a position to cut fairly soon."

Persons: Geoff Yu, Masato Kanda, Michael Brown, Kyle Rodda Organizations: Mellon, Kyodo, Bank of Japan, Bank of England, Monetary, MPC, Tuesday's, Federal Reserve, New Zealand, Reserve Bank of New Locations: London, Tokyo, Japan, Reserve Bank of New Zealand

☆ Dollar adrift ahead of U.S. inflation test; sterling firms
▼ + stars: | 2024-07-11 | by ( ) www.cnbc.com time to read: +3 min

The dollar fell a touch on Thursday although moves were largely subdued ahead of a U.S. inflation report due later in the day, while sterling firmed on receding expectations for an August rate cut from the Bank of England (BoE). The dollar fell a touch on Thursday although moves were largely subdued ahead of a U.S. inflation report due later in the day, while sterling firmed on receding expectations for an August rate cut from the Bank of England. BoE Chief Economist Huw Pill on Wednesday said price pressures in Britain's economy were persistent and that the timing of a first rate cut was an "open question". His colleague Catherine Mann signalled she is unlikely to vote for an interest rate cut in August. Against the greenback, the euro gained 0.04% to $1.0834, and the Aussie dollar rose 0.01% to $0.6754.

Persons: BoE, Huw Pill, Catherine Mann, Carol Kong, Jerome Powell Organizations: Bank of England, Monetary, ANZ, MPC, Commonwealth Bank of Australia, Federal Reserve, U.S, New Zealand, Reserve Bank of New, Bank of Japan Locations: U.S, Asia, Japan

☆ Southwest Airlines shareholders puzzled by Elliott's activism can look to past campaigns for insight
▼ + stars: | 2024-07-06 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +12 min

Rather than sparking typical cheer on Wall Street, Elliott's campaign, spelled out in a 50-page presentation, led to confusion and concern among investors and customers. Several activism experts pointed to two of Elliott's past targets for insight into the hedge fund's strategy for Southwest: Suncor Energy in 2022 and Marathon Petroleum in 2019. Elliott partner John Pike, who is now leading the Southwest campaign, was involved in the firm's actions at both energy companies. Pike and portfolio manager Bobby Xu are leading Elliott's Southwest campaign. But in 2018, a few months after reaching an agreement with Elliott, Marathon announced it was only getting bigger.

Persons: David Paul Morris, Elliott, Bob Jordan, Gary Kelly, Elliott hasn't, Southwest's, John Pike, Haviv Ilan, Marc Benioff, Jordan, Pike, Bobby Xu, Vinson, Elkins, Mark Little, Elliott's Pike, Suncor's, Little, Rich Kruger, Candace Elliott, Marathon, Weeks, Gary Heminger, Mike Hennigan, Hennigan, hasn't, It's, isn't, Kelly, it's, Xu, — CNBC's Leslie Josephs Organizations: Southwest Airlines, Oakland International Airport, Bloomberg, Getty, Elliott Management, Southwest, Melius Research, Suncor Energy, Marathon Petroleum, Marathon, Etsy . Texas, of America, Suncor's Petro, Canada, Canadian, Petro - Canada, Petro, Exxon Mobil, Reuters, Speedway, Elliott, Company, Heminger, Artisan Partners, Suncor, Southwest Airlines Pilots Association, CNBC Locations: Oakland , California, Dallas, Suncor, New York, West Palm Beach , Florida, Etsy, Canada, Sherwood Park , Alberta, Marathon, Southwest

☆ Federal judge rejects $30 billion settlement between Visa, Mastercard and retailers
▼ + stars: | 2024-06-25 | by ( Elisabeth Buchwald | Parija Kavilanz | ) edition.cnn.com time to read: +3 min

New York CNN —A federal judge overseeing a $30 billion preliminary swipe-fees settlement between Mastercard, Visa and retailers formally rejected the deal Tuesday. Mastercard and Visa, two of the world’s largest credit card networks, reached their proposed multi-billion antitrust settlement with US merchants in March. But a memo released by the court on Tuesday said that she was “not likely to grant final approval” to the preliminary settlement absent any changes. The proposed settlement would have lowered those fees by at least 0.04% percentage points for a minimum of three years. What the preliminary settlement entailedThe proposed settlement, which hinged on final approval from the Eastern District of New York, resulted from a longstanding antitrust class-action lawsuit in 2005.

Persons: Judge Margo Brodie, “, colluded, —, Christopher Jones, ”, ” Jones, Tuesday’s, Judge Brodie, RILA Organizations: New, New York CNN, Mastercard, Visa, Court, of, Merchants Payments Coalition, Main, Retail Industry, Association, Target, Dollar Locations: New York, Eastern, of New York

☆ Companies are repurchasing stock at record levels. Here are the buyback kings
▼ + stars: | 2024-06-25 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

Tech and communication services companies have been dominating share buyback activity within the S & P 500 this year, according to Jill Carey Hall, Bank of America's equity and quantitative strategist. Earlier this year, Apple announced a massive $110 billion share buyback program, while Alphabet authorized a $70 billion repurchase . Buyback fans include legendary investor Warren Buffett, as Berkshire Hathaway spent $2.6 billion in the first quarter of 2024 to repurchase shares. And the company has a strong track record of stock buybacks. GM's board authorized a new $6 billion buyback program earlier this month, which follows an accelerated $10 billion plan from November 2023.

Persons: Jill Carey, Hall, Warren Buffett, Berkshire Hathaway, Motors, Morgan Stanley, Joe Laetsch, Laetsch, Johnson Organizations: Tech, Jill Carey Hall , Bank, Apple, Berkshire, CNBC, GM, General Motors, Marathon Petroleum, MPC, DuPont, Synchrony, Comcast Locations: Detroit, NBCUniversal

☆ Taylor Swift's London Eras Tour could delay Bank of England rate cut, analysts say
▼ + stars: | 2024-06-14 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Taylor Swift performs on stage during during "Taylor Swift | The Eras Tour" at Anfield on June 13, 2024 in Liverpool, England. LONDON — Taylor Swift's record-shattering Eras Tour is continuing to supercharge consumer spending as it enters it U.K. leg, suggesting that the Bank of England may not be out of the woods yet in its fight against inflation. The Bank of England is expected to soon begin lowering its Bank Rate from a 16-year high of 5.25%, with all but two of 65 economists polled by Reuters anticipating a cut in August, while financial markets are pricing in September. However, a possible clash between one of Swift's August tour dates and a key inflation index day could skew the data enough to make the bank rethink its path, the analysts said. "A surge in hotel prices then could be material, temporarily adding as much as 30bps to services inflation (+15bps on headline)," Krishnan and Rossiter wrote.

Persons: Taylor Swift, Taylor, BoE, Lucas Krishnan, James Rossiter, Krishnan, Rossiter Organizations: Anfield, Bank of England, Securities, MPC, Monetary, Reuters, CNBC Locations: Liverpool, England, London

☆ The charts say this energy stock is showing signs of leadership that must be respected
▼ + stars: | 2024-05-29 | by ( Frank Cappelleri | ) www.cnbc.com time to read: +4 min

One of the best performing stocks in the underperforming energy sector looks ready for another potential up leg, according to the charts. The Energy Select Sector SPDR ETF (XLE) has underperformed the S & P 500 thus far in 2024, but with a year-to-date gain of about 8.5%, it's actually the fifth best sector out of 11. From the closing low in May 2023 to its recent closing high on April 5, it gained a whopping 109%. However, when the stock finally emerged from that condition a year ago, demand resurfaced, and the strong advance commenced. Lastly, even after MPC's recent 20% decline, the stock has drastically outperformed both the XLE Energy ETF and the S & P 500 since the COVID lows.

Persons: it's, haven't, Said, XLE, Frank Cappelleri Organizations: Marathon Petroleum, MPC, Marathon Oil, ConocoPhillips, XLE Energy

☆ Traders reassess Bank of England rate cuts as UK grows at fastest rate in nearly 3 years
▼ + stars: | 2024-05-10 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

Bank of England Governor Andrew Bailey attends the central bank's Monetary Policy Report press conference at the Bank of England, in London, on May 9, 2024. Markets on Friday were pricing in an around 48% chance of a rate cut in June according to LSEG data, slightly higher than Thursday's 45% probability. "The broader message and the tone of the MPC were more dovish than we had anticipated," they said in a note published following the BOE's latest interest rate decision. The central bank on Thursday said it would leave interest rates unchanged for now, and stressed that a June rate cut was in no way guaranteed. Two members of the Monetary Policy Committee voted to cut rates, one more than at the central bank's previous meeting.

Persons: Andrew Bailey, Yui Mok, YUI MOK, BOE Organizations: England, Bank of England, The Bank of England, Getty, Swiss Bank UBS, MPC, Monetary Locations: London

☆ Bank of England set to hold rates as Europe's central banks diverge from Fed
▼ + stars: | 2024-05-09 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Variegated tulips planted in flower beds opposite the Bank of England in the City of London on 7th May 2024 in London, United Kingdom. =LONDON — The Bank of England is set to hold interest rates steady at its Thursday meeting, with traders expected to pore over the details of Governor Andrew Bailey's statement as anticipation builds for a potential summer rate cut. The BOE's Monetary Policy Committee is widely expected to keep the Bank Rate at 5.25%, with an announcement due at midday. The latest March meeting saw eight votes to keep rates steady and one to cut. It's going to reach target pretty soon, and that will put the Bank under a lot of pressure to start normalizing policy."

Persons: Andrew Bailey's, Bailey, Francesco Garzarelli, Garzarelli, CNBC's, There's Organizations: Bank of England, Eisler Capital, Bank Locations: City of London, London, United Kingdom

☆ Bank of England holds interest rates steady, but signals a cut is coming
▼ + stars: | 2024-05-09 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

LONDON — The Bank of England on Thursday announced a widely-expected hold on interest rates following its May meeting, as it said restrictive monetary policy was working to bring down inflation. Members of the central bank's Monetary Policy Committee voted 7-2 to hold, with the latter favoring a cut. In the prior meeting only one member voted for a cut. It keeps the BOE's key Bank Rate at 5.25%. Some economists see a cut as soon as the next meeting in June, and three or more cuts in 2024.

Persons: Matthew Swannell, CNBC's Organizations: Bank of England, Monetary, MPC, BNP

☆ 12 portfolio companies report earnings in the week ahead. What we want to hear from each
▼ + stars: | 2024-04-27 | by ( Zev Fima | ) www.cnbc.com time to read: +15 min

The action quickly and sharply reversed back to the upside Friday after blowout earnings reports from Alphabet and Microsoft . In the week ahead, earnings are likely to drive the action again, though we'll get a few important macroeconomic reports. Earnings: We've got the biggest week of the earnings season ahead of us, with 12 Club holdings set to report. Eli Lilly 's report Tuesday morning continues to be all about sales of type-2 diabetes treatment Mounjaro and weight-loss drug Zepbound. In DuPont 's report Wednesday morning, we're looking for a continued rebound in its semiconductor business following a sequential increase last quarter.

Persons: Ford, we'll, Dow Jones, We've, Buckle, Eaton, Eli Lilly, Lilly, We're, Estee Lauder, Fabrizio Freda, we've, Linde, Bausch, Royal Philips, Woodward, SIRI, Archer, Johnson, Stanley Black, Decker, BAX, Cardinal Health, Parker, Belden, Jim Cramer's, Jim Cramer, Jim Organizations: Nasdaq, Microsoft, Meta, Google Search, Big Tech, Nvidia, Broadcom, Ford Motor, Honeywell, Danaher, Labor Department, Labor, PMI, Services PMI, GE Healthcare, Amazon Web Services, Starbucks, Deutsche Bank, DuPont, Bausch Health, U.S ., Appeals, Apple, iPhones, Vision, ON Semiconductor, Resource Partners, Franklin Resources, Paramount, Transocean Ltd, Semiconductors, Arch Capital, Logitech International, Lattice Semiconductor, F5 Networks, Sanmina Corporation, GE HealthCare, PayPal, 3M Company, McDonalds, Enterprise Products Partners, Cola Company, Melco Resorts, Entertainment, SiriusXM Holdings, Oatly, American Electric Power Company, Leidos Holdings, Marathon Petroleum, Daniels, Midland Co, Equitrans Midstream Corporation, HSBC Holdings, HSBC, Devices, Caesars Entertainment, Lumen Technologies, Mondelez, Pfizer, CVS Health, Barrick, Mastercard Inc, Cruise Line Holdings Ltd, Kraft Heinz Company, Marriott International, Ares, Generac Holdings, Johnson Controls, Cenovus Energy Inc, Qualcomm, Devon Energy, Paycom, Axcelis Technologies, Coeur D'Alene Mines, Sunnova Energy International, MGM Resorts International, MGM, Solar Inc, Oil, Allstate, Co, Tenable Holdings, Enovix Corporation, Gladstone Capital, Avis Budget Group, eBay, EBAY, LIN, Novo Nordisk, Natural Resources, PENN Entertainment, Apache, ConocoPhillips, InMode Ltd, Baxter International, Cardinal, Regeneron Pharmaceuticals, Apollo Global Management, LLC, Cinemark Inc, Dominion Energy, Coterra Energy, Coinbase, Bill.com Holdings, Booking Holdings, United States Steel, AXT Inc, Materials, Energy, Hershey Company, XPO Logistics, Cboe, American Pipeline, Amneal Pharmaceuticals, Brookfield Business Partners, Brookfield Renewable Corporation, Magna International, Jim Cramer's Charitable, CNBC, Traders, New York Stock Exchange, Bloomberg, Getty Locations: U.S, megaprojects, China, Eaton, Corning, Coeur D'Alene, Albemarle, ALB, Novo, New York

☆ Goldman Sachs: 3 top energy stocks to buy with valuations at 30-year lows for investors hoping to hedge against higher inflation and flaring tensions in the Middle East
▼ + stars: | 2024-04-16 | by ( James Faris | ) www.businessinsider.com time to read: +5 min

Energy stocks have finally caught fire in an increasingly uncomfortable backdrop for investors. Another compelling selling point for energy stocks is that there will be strong long-term demand for oil, Kostin wrote. "Our commodities strategists expect long-term energy demand will remain solid, in part because of increased global energy demand from the structural rise in transportation needs in EMs and AI." All three stocks will enjoy resilient long-term energy demand, Kostin wrote. Each firm has pulled back lately alongside the slight dip in oil prices and would benefit if the rally resumes.

Persons: Goldman Sachs, Brent, David Kostin, Kostin, They're Organizations: Business, Oil, Hamas, Goldman Sachs Energy, Commodities, Mutual, Marathon Petroleum, Schlumberger, ConocoPhillips Locations: East, Israel, Iran, Syria

☆ Bank of England scraps outdated inflation forecasting model in major overhaul after Fed boss' review
▼ + stars: | 2024-04-12 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

LONDON — The Bank of England on Friday announced a "once in a generation" overhaul of its inflation forecasting following a long-awaited review by former Federal Reserve Chair Ben Bernanke. The review — initiated following criticism of the central bank's recent policymaking — sets out 12 recommendations which BoE Governor Andrew Bailey said the bank was committed to implementing. They include the scrapping of the Bank's long-held "fan chart" forecasting system and the introduction of a revamped forecast framework. It added that the BoE currently relies more heavily than other central banks on a central forecast, which may not fully account for wider risks or how inflation expectations can become "de-anchored." Additionally, the review said the bank needed to improve its communication with the public, suggesting the it put less emphasis on the central forecast, simplify its policy statement, and reduce repetitiveness."

Persons: Ben Bernanke, —, BoE, Andrew Bailey, Bailey Organizations: Bank of England, City of, Federal, CNBC, Monetary, Bank Locations: City, City of London, United Kingdom, U.S

☆ Bernanke Review: How the former Fed boss could shake up the Bank of England
▼ + stars: | 2024-04-10 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Former Federal Reserve Board Chair Ben Bernanke speaks during a discussion on "Perspectives on Monetary Policy" during the Thomas Laubach Research Conference at the Federal Reserve Board building in Washington, DC, May 19, 2023. LONDON — The Bank of England will on Friday publish a long-awaited review by former Federal Reserve Chair Ben Bernanke that could lead to significant changes in its monetary policymaking. The review was launched last summer to assess the Bank's struggles to accurately project the huge global spike in inflation, following Russia's invasion of Ukraine. The first deals with how the Bank of England communicates uncertainty around its central forecasts. The "fan chart" is the Bank's long-held method of presenting the probability distribution that forms the basis of its inflation forecasts.

Persons: Ben Bernanke, BOE, Goldman Sachs, Bernanke, Goldman, Jari Stehn, James Moberly, Stehn Organizations: Federal Reserve, Thomas Laubach Research, Federal Reserve Board, LONDON, Bank of, Federal, MPC, Bank of England, Bank Locations: Washington , DC, Bank of England, Ukraine

☆ This oil refiner could get a boost as summer approaches. Using options to capitalize on the gains
▼ + stars: | 2024-04-08 | by ( Michael Khouw | ) www.cnbc.com time to read: +4 min

The move higher for energy stocks comes as West Texas Intermediate crude oil approaches the mid-2022 highs of $88.31 per barrel. Theoretically, one can make bullish bets on oil using an ETF, such as the United States Oil Fund (USO) . However, I would caution against using this as an investment vehicle to make a long-term bullish bet on oil. SPR decline As the chart below illustrates, the country's Strategic Petroleum Reserve declined sharply in the lead-up to the 2022 midterm elections – keeping oil prices in check. The total cost of the spread risks just under 4.4% of the current stock price.

Persons: It's, Brent, Biden, Kinder Morgan Organizations: West Texas, United States Oil Fund, USO, country's Strategic Petroleum Reserve, Halliburton, Schlumberger, Valero, Marathon Petroleum, Marathon, MPC Locations: Marathon

☆ Nigeria's central bank hikes interest rate to 24.75% as it battles sky-high inflation, currency crisis
▼ + stars: | 2024-03-26 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

The Central Bank of Nigeria on Tuesday hiked its key interest rate by 200 basis points, as Africa's largest economy looks to recover from a historic currency crisis and soaring inflation. The CBN announced that its main monetary policy rate would rise to 24.75% from 22.75%, in its second consecutive hike after February's 400 basis point increase. Governor Olayemi Cardoso told a press conference that policymakers believed they need to continue tightening in order to tame runaway inflation, according to Reuters. "That may be a sign that some MPC members are concerned about the impact on growth from tighter monetary policy," he suggested in a note on Tuesday. Capital Economics expects further tightening, given Governor Cardoso's need to bring down the curtain on the country's inflation and currency crises.

Persons: Olayemi Cardoso, David Omojomolo, Cardoso's Organizations: Central Bank of Nigeria, CBN, Reuters, Capital Economics, MPC Locations: Africa

☆ Dollar poised for weekly decline; US jobs data up next
▼ + stars: | 2024-02-02 | by ( ) www.cnbc.com time to read: +4 min

The dollar index was last at 103.02 and on track for its first weekly decline for the year. The New Zealand dollar rose 0.07% to $0.6149 and was on track for a weekly rise of nearly 1%, its best performance in over a month. It was poised for a weekly gain of nearly 1.3%, its best week in over a month. That highlighted a growing view within the board that conditions were falling in place to soon pull short-term interest rates out of negative territory, which would be Japan's first interest rate hike since 2007. Data on Thursday showed euro zone inflation eased as expected last month but underlying price pressures fell less than forecast, likely boosting the European Central Bank's argument that rate cuts should not be rushed.

Persons: Jerome Powell, Ray Attrill, Raf Choudhury, BoE, Thierry Wizman Organizations: Federal Reserve, New Zealand, National Australia Bank, Friday's, Analysts, Bank of Japan's, Bank of England, Monetary, European Locations: Abrdn, U.S

☆ Bank of England leaves policy unchanged, says interest rates are 'under review'
▼ + stars: | 2024-02-01 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

LONDON — The Bank of England held interest rates steady at 5.25% on Thursday. The Monetary Policy Committee voted 6-3 in favor of holding rates. "The MPC remains prepared to adjust monetary policy as warranted by economic data to return inflation to the 2% target sustainably," the Bank said in statement. Much of the market focus of late has been on when the central bank will start cutting interest rates from their current 15-year high. However, it has remained on a general downward trajectory, while the Bank's key indicators of the labor market, wage growth and services inflation have all shown signs of easing.

Persons: BOE Organizations: Bank of England, City of, LONDON, Monetary, Bank Locations: City, City of London

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