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☆ 'The market is right': Former Fed policymaker Mester sees fewer rate cuts next year after Trump's victory
▼ + stars: | 2024-11-12 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +3 min

The U.S. Federal Reserve could carry out fewer interest rate cuts than previously expected next year should President-elect Donald Trump's proposed global tariffs take hold, former Fed policymaker Loretta Mester said Tuesday. Markets trimmed their forecasts for rate cuts following Trump's election victory last week, with speculation growing around his tariff proposals and their implications for the world economy. It comes as concern is growing among global policymakers about the implications of Trump's fiscal plans, particularly on tariffs. "A trade war is the last thing we need," he continued. "If a trade war is to start, the European Union must not be unprepared as it was in 2018."

Persons: Donald Trump's, Loretta Mester, Mester, they're, Trump, It's, there's, —, Olli Rehn, Rehn Organizations: U.S . Federal, UBS European Conference, Cleveland Federal Reserve, Reuters, Trump, Bank of Finland, European Central Bank policymaker, UBS, European Union Locations: London, U.S, Europe, European

Mārtiņš Kazāks, Bank of Latviawatch nowOn a 50-basis-point rate cut: "Well, everything should be on the table, you know, given what the data tells us. Klaas Knot, Netherlands central bankwatch now"Are we risking a structural undershoot of our inflation target? Joachim Nagel, German central bankwatch nowOn rate cuts: "This discussion about 25 or maybe something different is not helpful. On rate cuts: "The direction is clear. Gediminas Šimkus, Bank of Lithuaniawatch nowOn rate cuts: "We are clearly moving ... towards the direction of easing monetary policy.

Persons: Karen Tso, Pierre Wunsch, I'm, we've, Mario Centeno, Klaas, It's, Robert Holzmann, Joachim Nagel, disinflation, Volcker, Olli Rehn, it's, Gediminas Šimkus, Boris Vujčić Organizations: European Central Bank, International Monetary, Bank of Latvia, National Bank of Belgium, Bank of Portugal, Austrian National Bank, Bank of France, Bank of Finland, Bank of Lithuania, Croatian National Bank Locations: Washington ,, Kazāks, Netherlands, German, Galhau, Europe

☆ European markets set to open mixed as UK's FTSE reopens
▼ + stars: | 2024-05-28 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

The U.K.'s FTSE 100 was seen opening lower after markets were closed for the late May bank holiday, while other major European bourses were seen moving higher. European markets are poised to open mixed on Tuesday after a quiet start to the trading week in which several key global markets were closed. Tuesday's session is light on the corporate earnings front, while wholesale price data is due out of Germany. Investors are continuing to weigh the prospects of a June rate cut by the European Central Bank after two key policymakers threw their weight behind the prospect on Monday. Meanwhile, the ECB's Chief Economist Philip Lane said in an interview with the Financial Times, "Barring major surprises, at this point in time there is enough in what we see to remove the top level of restriction."

Persons: Olli Rehn, Philip Lane Organizations: Investors, European Central Bank, ECB, Financial Times Locations: Germany

The Melbourne skyline is reflected in the Maribyrnong River in the early morning light on April 18, 2023. Asia-Pacific markets were range bound on Tuesday as investors assess comments from the European Central Bank officials signaling that rate cuts may be on the horizon for the world's largest economic bloc. Japan's Nikkei 225 also was trading close to the flatline, with the broad based Topix also near flat. In a speech Monday, Olli Rehn, ECB governing council member and head of Finland's central bank, stressed inflation in the euro area was falling in a "sustained way." Inflation in the euro zone held steady at 2.4% in April, marking the seventh straight month it has been below 3%, despite a slight rebound in December.

Persons: Kospi, Olli Rehn Organizations: European Central Bank, Nikkei Locations: Melbourne, Maribyrnong, Asia, Pacific, Australia

☆ European stocks close higher; UK and U.S. markets closed
▼ + stars: | 2024-05-27 | by ( Katrina Bishop | ) www.cnbc.com time to read: +1 min

European markets closed slightly higher on Monday as traders searched for direction on a quiet day for markets. U.K. markets are closed for the late May bank holiday, while stateside, U.S. markets are shut for Memorial Day. It comes as speculation over when interest rates might start to come down dominates the news flow once again. On Monday, two key European Central Bank figures threw their weight behind the prospect of a June interest rate cut. It indicates that the European Central Bank is going to act in June — sooner than the U.S. Federal Reserve, which usually leads the way in monetary policy decisions.

Persons: Germany's Dax, Olli Rehn, Philip Lane, Goldman Sachs Organizations: CAC, European Central Bank, ECB, Financial Times, U.S . Federal Reserve, Federal Locations: U.S

☆ Here's what 12 European Central Bank members said about interest rates this week
▼ + stars: | 2024-04-19 | by ( Jenni Reid | ) www.cnbc.com time to read: +7 min

The ECB opted to hold rates steady in April and next meets to vote on monetary policy on June 6. Christine Lagarde, president of the ECBThe ECB's figurehead delivered a firm message that reflected her statements in recent press conferences: markets should expect an interest rate cut soon, barring major surprises. watch nowGabriel Makhlouf, governor of the Central Bank of IrelandMakhlouf said the most recent data sets had shifted his view on rates. "We don't follow the Fed... and now the ECB will be the central bank to be followed," Šimkus said. One could have cut rates way back in March or even April," he continued, adding that he hoped a majority of Governing Council members would back a June cut.

Persons: Kirill Kudryavtsev, Christine Lagarde, Lagarde, CNBC's Sara Eisen, Galhau, Villeroy, Karen Tso, Joachim Nagel, Germany's, Nagel, Robert Holzmann, Mario Centeno, Centeno, Gabriel Makhlouf, Central Bank of Ireland Makhlouf, we've, Makhlouf, Pierre Wunsch, Wunsch, Boris Vujčić, Jerome Powell, Vujčić, Gediminas Šimkus, Bank of Lithuania Šimkus, Šimkus, Edward Scicluna, Central Bank of Malta Scicluna, Kazāks, Bank of Latvia Kazāks, Olli Rehn, Rehn Organizations: Afp, Getty, International, European Central Bank, CNBC, ECB, Bank of France, Council, Austrian Central Bank One, Bank of Portugal, Central Bank of Ireland, National Bank of, Croatian National Bank, Federal, U.S, Bank of Lithuania, Central Bank of, Governing, Bank of Locations: Frankfurt, Germany, New York, ECB's, National Bank of Belgium, U.S, Europe, Central Bank of Malta, Bank of Latvia, Bank of Finland

☆ ECB's Olli Rehn says geopolitics poses the biggest risk to the rate outlook
▼ + stars: | 2024-04-18 | 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 EmailECB's Olli Rehn says geopolitics poses the biggest risk to the rate outlookThe market reaction to geopolitical tensions has been muted but there is still a risk, and it could affect monetary policy, Olli Rehn, ECB policymaker and governor of the Bank of Finland, tells CNBC's Karen Tso.

Persons: ECB's Olli Rehn, Olli Rehn, Karen Tso Organizations: ECB policymaker, Bank of Finland

☆ Middle East tensions pose the biggest threat to rate cuts, European Central Bank policymaker says
▼ + stars: | 2024-04-17 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Tensions in the Middle East pose the biggest threat to a prospective interest rate cut from the European Central Bank, according to ECB policymaker Robert Holzmann. "At this stage, I think the biggest threat is geopolitics, because we have seen what's happened in the Middle East," Austrian central bank governor Holzmann told CNBC's Karen Tso on Wednesday. Holzmann singled out ramifications for energy prices as the single most important factor in terms of Europe's fight to tame inflation. "As summer approaches we can start reducing the level of restriction in monetary policy, provided that inflation continues to fall as projected." He recently told Reuters that the ECB could moderate rates in June, indicating a growing consensus for a near-term move.

Persons: Robert Holzmann, Holzmann, Karen Tso, policymaker Olli Rehn, Rehn Organizations: European Central Bank, ECB, International Monetary, Bank of, Brent, U.S, West Texas, Reuters Locations: Austrian, Hormuz, Iran, Israel, Russia, Ukraine, Bank of Finland, London

HELSINKI (AP) — Ex-Prime Minister Alexander Stubb was projected to win the first round of Finland's presidential election on Sunday and face runner-up Pekka Haavisto in a runoff next month. Finnish public broadcaster YLE projected that Stubb won the first round of the presidential election with 27.3% of the votes, while Haavisto, an ex-foreign minister, took second place with 25.8%. Recent polls suggest that former Prime Minister Alexander Stubb, 55, and ex-Foreign Minister Pekka Haavisto, 65, are the leading contenders. The president also acts as the supreme commander of the Finnish military, a particularly important duty in Europe's current security environment. About 4.5 million citizens were eligible to vote for Finland’s new head of state from an array of nine candidates — six men and three women.

Persons: —, Alexander Stubb, Pekka Haavisto, Stubb, Jussi Halla, aho, Sauli Niinistö, “, ”, Eve Kinnunen, Haavisto, Olli Rehn, Niinistö, Vladimir Putin of, ___ Kostya Manenkov, Sergei Grits Organizations: HELSINKI, YLE, Legal, Nordic, NATO, Union, National Coalition Party, Finns, Bank of Finland, Halla, Associated Press, Helsinki, Green League Locations: Finnish, Stubb, Finland, HELSINKI, Russia, United States, China, Helsinki, Sunday’s, Europe, Ukraine, Vladimir Putin of Russia, Nordic, Finland’s, Sweden, Hungary

☆ Finns go to the polls to elect a new president at an unprecedented time for the NATO newcomer
▼ + stars: | 2024-01-28 | by ( ) www.cnbc.com time to read: +4 min

Polls across the country opened at 9 a.m. (0700 GMT) and will close at 8 p.m. (1800 GMT). The president also acts as the supreme commander of the Finnish military, a particularly important duty in Europe's current security environment. They are picking a successor to hugely popular President Sauli Niinistö, whose second six-year term expires in March. Recent polls suggest that former Prime Minister Alexander Stubb, 55, and ex-Foreign Minister Pekka Haavisto, 65, are the leading contenders. Advance vote results will be confirmed soon after polls close and initial results from Sunday's voting are expected by around midnight (2200 GMT).

Persons: Sauli Niinistö, Eve Kinnunen, Alexander Stubb, Pekka Haavisto, Stubb, Haavisto, Jussi Halla, Olli Rehn, Niinistö, Vladimir Putin of Organizations: Nordic, NATO, Union, National Coalition Party, United Nations, Finns, Bank of Finland, Associated Press, Green League Locations: Espoo, Finland, Russia, United States, China, Helsinki, Sunday's, Europe, Ukraine, Vladimir Putin of Russia, Nordic, Finland's, Sweden, Hungary

☆ Finns Choose New President for NATO Era With Russia in Mind
▼ + stars: | 2024-01-27 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +2 min

The Nordic country's admission to NATO last year drew threats of "counter measures" from its vast Russian neighbour. In December, Finland closed its entire border with Russia to passenger traffic in response to a surge in migrants trying to cross. Partial results are expected shortly after polls close at 1800 GMT and the competitors for the probable second round should be clear by 2030 GMT unless the results are very close. The new president will replace 75-year-old incumbent Sauli Niinisto who is required to step down after two six-year terms in office. He earned the nickname "the Putin Whisperer" during his tenure for his role in maintaining close ties with Russia, which had long been a key role for Finnish presidents.

Persons: Anne Kauranen, Alexander Stubb, Pekka Haavisto, Finns Party's Jussi Halla, Olli Rehn, Jutta Urpilainen, Sauli Niinisto, Putin, Terje Solsvik, Philippa Fletcher Organizations: Anne Kauranen HELSINKI, NATO, Nordic, Moscow, Finnish Defence Forces, Green Party, Finns, Bank of Finland, Social Democrat European Locations: Finland, Ukraine, Russia, Helsinki, Oslo

Unlike in most European countries, the president of Finland holds executive power in formulating foreign and security policy, particularly when dealing with countries outside the European Union like the United States, Russia and China. “Clearly, the main task of the president is to steer foreign policy,” said Teivo Teivainen, professor of world politics at the University of Helsinki. Finland became the Western military alliance’s 31st member in April last year, much to the annoyance of Russia and President Vladimir Putin. Under the Finnish Constitution, the president decides on foreign and security policy issues together with the government. Late last year, Finland closed its border with Russia after some 1,300 migrants without proper documentation or visas arrived across the frontier just months after Finland joined NATO.

Persons: ”, Teivo Teivainen, —, Sauli Niinistö, Alexander Stubb, Pekka Haavisto, Haavisto, Jussi Halla, Olli Rehn, Niinistö, Vladimir Putin, Teivainen, Petteri, Putin, Washington —, ” Niinistö Organizations: HELSINKI, NATO, Union, University of Helsinki, Bank of Finland, Kyiv —, Hamas, Helsinki, Washington, YLE, Nordic, Kremlin Locations: Nordic, Ukraine, Russia, United States, China, Sunday’s, Finland, Ukraine —, Moscow, Sweden, Finland’s, Finnish, Moscow , Washington, Beijing, Baltic, Vainikkala

☆ Centeno says outgoing Portugal PM only invited him to ponder on premiership
▼ + stars: | 2023-11-13 | by ( Sergio Goncalves | ) www.reuters.com time to read: +2 min

LISBON, Nov 13 (Reuters) - Bank of Portugal Governor Mario Centeno, who is under fire from the opposition over an invitation by the outgoing prime minister to replace him as premier, said on Monday he never accepted the offer but was just asked to ponder on the matter. Portuguese opposition parties on Friday argued that such an invitation compromised the political independence of a central bank governor. The Bank of Portugal's ethics committee is expected to meet on Monday to evaluate his conduct. Prime Minister Antonio Costa stepped down on Tuesday over an investigation into alleged illegalities in his government's handling of lithium and hydrogen projects and a large-scale data centre. Centeno announced his departure from the finance ministry in June 2020, during Costa's second term, and was nominated to head the bank a month later.

Persons: Mario Centeno, Antonio Costa, illegalities, Costa, Marcelo Rebelo de Sousa, Centeno, Rebelo de Sousa, Olli Rehn, Balazs Koranyi, Francesco Canepa, Andrei Khalip, Bernadette Baum Organizations: Bank of Portugal, Socialist, European Central Bank policymaker, Bank of, ECB, Thomson Locations: LISBON, Portuguese, Bank of Portugal, ECB's, Finland, Frankfurt

☆ Former Finnish PM Alexander Stubb to run for president
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +1 min

Former Prime Minister of Finland Alexander Stubb at the EPP congress in Helsinki, November 7, 2018. Lehtikuva/Jussi Nukari via REUTERS/File Photo Acquire Licensing RightsHELSINKI, Aug 16 (Reuters) - Former Finnish Prime Minister Alexander Stubb said on Wednesday that he will be a candidate in Finland's presidential election due in January of 2024. His announcement came after incumbent premier Petteri Orpo on Sunday asked Stubb to become the National Coalition party's candidate. "In this geopolitical situation the answer is unequivocal: when the fatherland calls, then we go," Stubb told reporters. Stubb, currently a professor and director of the European University Institute in Florence, Italy, held several ministerial posts before serving as prime minister between 2014 and 2015.

Persons: Finland Alexander Stubb, Lehtikuva, Jussi Nukari, Alexander Stubb, Petteri Orpo, Stubb, Pekka Haavisto, Mika Aaltola, Olli Rehn, Anne Kauranen, Terje Solsvik Organizations: EPP, REUTERS, Rights, National Coalition, European University Institute, Bank of Finland, Thomson Locations: Finland, Helsinki, Finnish, Florence, Italy

☆ Morning Bid: Still seeking decisive stimulus in China
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Sonali DesaiDisappointment has been the prevailing sentiment so far this week as investors grow impatient with the wait for more decisive Chinese stimulus measures. China delivered the expected 10 basis-point reduction to its lending benchmarks, but disappointed those looking for a bigger cut to the mortgage-linked five-year loan prime rate. Chinese property stocks took a hit and the yuan came under further pressure, reversing much of its bounce against the U.S. dollar late last week when stimulus expectations were driving price action. Still, that helped Australian shares build on recent gains to reach a seven-week high, bucking declines across Asian bourses where rising Treasury yields and souring anticipation of Chinese stimulus efforts spurred broad declines. The wary investor mood is likely to spill into Europe, where the data calendar is confined to German producer prices for May.

Persons: Sonali Desai, Antony Blinken's, Luis de, Pablo Hernandez de Cos, Olli Rehn, Elizabeth McCaul, Luis de Guindos, St Louis, James Bullard, Christopher Cushing Organizations: Sonali, U.S ., Reuters, Bank of Australia's, European Central Bank, Bank of Spain, Bank of Finland, St, Barcelona School of, Thomson Locations: Asia, China, Europe, Luis de Guindos, Hungary

☆ ECB must 'carry on and act consistently' with interest rate hikes, policymaker says
▼ + stars: | 2023-04-14 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

The European Central Bank must "carry on and act consistently" with interest rate hikes as it continues its efforts to tackle high inflation, policymaker Olli Rehn said Friday. Euro zone core inflation — which excludes volatile energy, food, alcohol and tobacco prices — reached an all-time record of 5.7% in March, up from 5.6% in February. Headline inflation, meanwhile, fell significantly to an annual rate of 6.9% last month. "Inflation is still by far too high, and especially I'm concerned about core inflation, underlying inflation," Rehn told CNBC's Joumanna Bercetche at the International Monetary Fund's spring meeting in Washington, D.C. The ECB has raised interest rates by 50 basis points at its last six consecutive policy meetings.

☆ Risks to European economy remain tilted to the downside, ECB policymaker says
▼ + stars: | 2023-04-14 | 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 EmailRisks to European economy remain tilted to the downside, ECB policymaker saysOlli Rehn, Governor of the Bank of Finland and member of the Governing Council of the European Central Bank, says risks remain to the downside in Europe. Regarding the ECB's forthcoming interest rate decision, he says that it must "carry on and act consistently."

☆ New EU debt rules have way to avoid past mistakes
▼ + stars: | 2023-04-04 | by ( Rebecca Christie | ) www.reuters.com time to read: +8 min

BRUSSELS, April 4 (Reuters Breakingviews) - The European Union’s new set of fiscal rules need to answer two simple questions: will they help the bloc’s economy grow? The fiscal rules are at the crossroads of the EU’s monetary union and budgetary sovereignty. Past rounds of budget rules have carried the threat of top-level sanctions but the enforcers could not follow through. EU countries need to encourage scale-up financing and allow more cross-border cooperation. New rules need to put the future ahead of philosophy to have a chance to work.

☆ Morning Bid: Leaning back to Fed hike, UK inflation jolt
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +5 min

Two weeks of U.S. and European banking stress and failures leaves the Federal Reserve and other major central banks in the unenviable position of choosing between stabilising financial systems and fighting still historically high inflation. On top of that, the latest quarterly economic projections from Fed policymakers may reveal a big dispersion of views. Beyond the Fed, the dire UK inflation reading seems to have solidified expectations of another BoE rate rise on Thursday and a further move later in the year. If nothing else, it underlines in red ink just how all central banks are totally dependent now on incoming data evidence on what's happening in the real economy. With the U.S. dollar lower across the board ahead of the Fed meeting, sterling hit its highest level since early February.

☆ ECB's Kazaks pushes back on rate cut bets as core prices rise
▼ + stars: | 2023-01-13 | by ( Francesco Canepa | ) www.reuters.com time to read: +2 min

Euro zone inflation tumbled to 9.2% last month, largely thanks to lower energy prices and a one-off subsidy in Germany, but underlying price pressures continued to rise. Kazaks said core inflation, which excludes food and energy, was the measure to watch. "It is possible for core inflation to continue trending up even as headline inflation is coming down, for instance, due to swings in energy prices," he said. "In my view, core inflation currently is a key gauge for inflation persistence and policy decisions." Finnish central bank chief Olli Rehn and Spain's Pablo Hernandez de Dos have also called on the ECB to raise rates "significantly" over its coming meetings.

☆ HSBC expects Fed's final rate hike on Feb. 1, cuts next year
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: +2 min

The bank also expects about 50 basis points in rate cuts from the U.S. central bank next year. The peak fed funds rate is seen hitting just under 5% at the June policy meeting. The Fed last year raised its benchmark overnight interest rate by 425 basis points from the near-zero level to the current 4.25%-4.50% range, the highest since late 2007. Last month, it projected at least an additional 75 basis points of increases in borrowing costs by the end of this year. In the research report, HSBC also said it anticipates the European Central Bank will deliver 50-basis-point rate increases in February and March, taking the deposit rate to 3% where it is expected to stay for the foreseeable future.

☆ Euro zone bond yields jump a day after hawkish ECB
▼ + stars: | 2022-12-16 | by ( Stefano Rebaudo | ) www.reuters.com time to read: +3 min

Dec 16 (Reuters) - Euro zone borrowing costs rose on Friday as investors revised their forecasts for bond yields after the European Central Bank pledged further monetary tightening to fight inflation. Germany's 10-year government bond yield , the benchmark of the bloc, touched 2.208% on Friday, its highest in a month, and was last up 8 basis points at 2.17%. The gap between 2-year and 10-year yields was at -28.5 bps after briefly hitting its lowest since 1992 at -41.9 bps. The yield spread was at 1 bp after falling into negative territory to as low as -15 bps. Rohan Khanna head of European and UK rates at UBS forecast the Italian-German yield spread in the 200-250 bps range in 2023.

[1/2] The European Central Bank (ECB) building is seen from a cafe amid Christmas decorations, before the monthly news conference following the ECB's monetary policy meeting in Frankfurt, Germany December 15, 2022. Formed in October, Meloni's government is also holding out on ratifying the euro zone's bailout fund. INFLATION TARGETECB policymakers from across the euro zone defended the bank's decision-making on Friday. Estonian governor Madis Mueller said rates would probably need to rise more than markets had expected so far, while Finnish central bank chief Olli Rehn said 50 bps hikes were likely at each of its next two meetings. Inflation in Germany, the euro zone’s biggest economy, is likely to be higher than earlier thought while economic growth will be weaker with a recession next year now certain, the Bundesbank said on Friday.

Strengthening the case for another 75 basis point increase, German inflation jumped to 10.9% this month, far beyond expectations for a reading of 10%. "There is no easing in sight, and next year the inflation rate is only likely to fall because energy prices are unlikely to rise again as strongly as this year, partly due to government intervention," Commerzbank economist Ralph Solveen said of the German inflation figures. While few governors ventured to estimate where interest rate hikes could end, de Cos said that models suggest a significantly lower terminal rate than markets now expect. "On the basis of current information, the median terminal rate value across models is at 2.25%-2.50%," de Cos said. Rate hike talk is intensifying even as recession fears rise.

☆ ECB's Rehn warns against excessive energy expenditure
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +1 min

"The efforts of EU countries to identify ways to limit household energy bills are understandable but indiscriminately increasing expenditure would not be - and would not help in the fight against inflation," Rehn said in a statement. Instead, he called for tailored and temporary measures targeted at the most vulnerable to help them pay for their energy. Register now for FREE unlimited access to Reuters.com Register"The long-term debt sustainability of more than one-third of the countries in the euro area is under serious threat," he said. Rehn said Europe should combine its forces in combating energy-related inflation via energy market reforms but first and foremost by saving energy. Register now for FREE unlimited access to Reuters.com RegisterReporting by Anne Kauranen; Editing by Balazs Koranyi and Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

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