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☆ Dollar waits on U.S. inflation reading, bitcoin tops $60,000
▼ + stars: | 2024-02-29 | by ( ) www.cnbc.com time to read: +3 min

The U.S. dollar was firm and the yen was headed for a monthly loss in the lead up to U.S. inflation data that could ruffle the interest rate outlook, while bitcoin surged above $60,000. The U.S. dollar was firm and the yen was headed for a monthly loss in the lead up to U.S. inflation data that could ruffle the interest rate outlook, while bitcoin surged above $60,000. Bitcoin is on a tear and topped $63,000 overnight as it rides a wave of cash rushing to new U.S. bitcoin exchange-traded funds. It is up more than 45% this month, its largest gain since December 2020 and a record high above $69,000 is within sight. The New Zealand dollar nursed losses on bets that rate hikes there are finished.

Persons: bitcoin, Masato Kanda, Sue Ann Lee, Kristina Clifton, Sterling Organizations: U.S, New Zealand, Reserve Bank of New, Federal, Commonwealth Bank of Australia Locations: Japan, U.S, Asia, Sao Paulo, Reserve Bank of New Zealand, Europe

☆ Asia markets poised for gains as investors await New Zealand rate decision
▼ + stars: | 2024-02-28 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: 1 min

Electronic board displays stock prices of companies listed on the Tokyo Stock Exchange along a street in Tokyo on February 26, 2024. (Photo by KAZUHIRO NOGI/AFP via Getty Images)Asia-Pacific stock markets were set to inch up Wednesday after a subdued session as investors awaited key U.S. inflation and China data during the week, while the interest rate decision from New Zealand was also on tap. China's manufacturing purchasing managers' index reading and U.S. personal consumption expenditures price index — the Federal Reserve's preferred inflation metric — is due Thursday. The Reserve Bank of New Zealand is expected to hold its official cash rate at 5.50% later in the day, keeping it at a 15-year high. The earliest rate cut by the central bank is expected to be in July.

Persons: KAZUHIRO NOGI Organizations: Tokyo Stock Exchange, Getty Images, Reserve Bank of New Locations: Tokyo, AFP, Asia, Pacific, China, New Zealand, Reserve Bank of New Zealand

☆ Dollar droops as key U.S. data looms; yen firms on CPI beat
▼ + stars: | 2024-02-27 | by ( ) www.cnbc.com time to read: +2 min

The dollar traded on the back foot on Tuesday, as markets looked ahead to a week of key U.S. economic data that will provide fresh signals on how soon the Federal Reserve may begin cutting interest rates. The dollar traded on the back foot on Tuesday, as markets looked ahead to a week of key U.S. economic data that will provide fresh signals on how soon the Federal Reserve may begin cutting interest rates. The U.S. dollar index , which measures the currency against a basket of peers including the yen and euro, traded flat at 103.78 early in Asian time, following a 0.17% slide on Monday. U.S. durable goods data is due later on Tuesday, while January's U.S. personal consumption expenditures price index, which is the Fed's preferred measure of inflation, will be released Thursday. The dollar slipped 0.1% to 150.54 yen as a slightly hotter-than-expected reading for Japan's January consumer price index kept the BOJ on track to exit negative interest rate policy as soon as next month.

Persons: CME's, Richard Franulovich, Cryptocurrency bitcoin Organizations: Federal Reserve, Bank of Japan's, U.S, January's, New Zealand, Aussie, Traders, Reserve Bank of New, MicroStrategy Inc Locations: January's U.S, Reserve Bank of New Zealand

☆ Dollar firms ahead of busy data week with U.S. inflation in focus
▼ + stars: | 2024-02-26 | by ( ) www.cnbc.com time to read: +4 min

The dollar was on the front foot on Monday ahead of a packed week filled with key economic releases that will provide further clues on the global interest rate outlook, with a U.S. inflation reading taking center stage. The dollar was on the front foot on Monday ahead of a packed week filled with key economic releases that will provide further clues on the global interest rate outlook, with a U.S. inflation reading taking center stage. The kiwi had risen 1.2% last week, helped by broad dollar weakness and the risk of a rate hike from the RBNZ on Wednesday. "If anything, the (data) may be stronger than markets currently expect, and that will likely give a modest boost to the dollar," said CBA's Kong. "But at the same time, any gains in the dollar will likely be pretty modest.

Persons: Carol Kong, Sterling, Jane Foley, CBA's Organizations: Reserve Bank of New, New Zealand, Commonwealth Bank of Australia, of Japan's, U.S, Rabobank, U.S . Commodity Futures, Fed Locations: Japan, Australia, Reserve Bank of New Zealand, China, Asia, U.S

☆ New Zealand central bank blames inflation for restrictive policy
▼ + stars: | 2024-02-12 | by ( ) www.cnbc.com time to read: +1 min

Adrian Orr, governor of the Reserve Bank of New Zealand (RBNZ), speaks during a news conference in Wellington, New Zealand, on Thursday, Aug. 9, 2018. New Zealand's top central banker on Monday said the inflation challenge was still not over and cited broad financial pressure for retaining a "restrictive monetary policy" position. Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr, appearing before a parliamentary committee, said the current inflation rate at 4.7% was still too high and that the board's aim was to continue to slow it down to around 2%. "That's why we've retained a restrictive monetary policy stance with the official cash rate at 5.5% and we'll be back at the end of this month again with our updated views on the wisdom of that stance," Orr told lawmakers. The bank is due to meet at the end of the month.

Persons: Adrian Orr, we've, we'll, Orr Organizations: Reserve Bank of New Zealand Locations: Wellington , New Zealand

WELLINGTON, New Zealand (AP) — Inflation in New Zealand has slowed to its lowest rate in two and a half years, the country's official statistics agency announced on Wednesday. The agency said falling food and transport prices were the main drivers of the slowdown in the inflation rate which had peaked at 7.3 per cent in 2022. Political Cartoons View All 253 ImagesNew Zealand Finance Minister Nicola Willis said a key goal of the government was to lower inflation. “Our immediate focus is getting inflation back into the target range under three per cent,” she said. The result means annual inflation rate is now at its lowest since June 2021, while quarterly inflation was tracked at 0.5 per cent, the smallest rise since December 2020.

Persons: Nicola Willis Organizations: Reserve Bank of New, Reserve Bank, New Zealand Finance Locations: WELLINGTON, New Zealand

☆ Reserve Bank of New Zealand is concerned about whether inflation will ease fast enough
▼ + stars: | 2023-11-30 | 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 EmailReserve Bank of New Zealand is concerned about whether inflation will ease fast enoughAdrian Orr, governor of the Reserve Bank of New Zealand, says "our expectation is that inflation will continue to decline in New Zealand. Our concern is … whether it will decline fast enough to ensure that inflation expectations remain anchored."

Persons: Adrian Orr Organizations: Email Reserve Bank of New, Reserve Bank of New Locations: Email Reserve Bank of New Zealand, Reserve Bank of New Zealand, New Zealand

☆ Dollar slumps as Fed cuts eyed; Aussie buoyant ahead of inflation data
▼ + stars: | 2023-11-29 | by ( Rae Wee | ) www.reuters.com time to read: +2 min

The Australian dollar held near a four-month peak while the New Zealand dollar scaled a roughly four-month top of $0.61495 in early Asia trade. Australian inflation data is due later in the day, followed by a rate decision from the Reserve Bank of New Zealand (RBNZ). The dollar index was eyeing a nearly 4% loss for November, its worst monthly performance in a year. "We have become less constructive on the prospects for the U.S. dollar, as progress in reducing U.S. inflation suggests the risks are tilted toward earlier rather than later Fed easing," said economists at Wells Fargo in a note. Sterling last bought $1.27105, hovering near the previous session's roughly three-month high of $1.2715.

Persons: Christopher Waller, Kyle Rodda, Sterling, Capital.com's Rodda, Rae Wee, Lincoln Organizations: Federal Reserve, New Zealand, Reserve Bank of New Zealand, Fed, U.S ., Reserve Bank of Australia, Thomson Locations: SINGAPORE, Asia, Wells

☆ US dollar rallies from 3-1/2-month low after GDP data; rate cut bets intact
▼ + stars: | 2023-11-29 | by ( ) www.cnbc.com time to read: +3 min

"The GDP data helped the dollar a little bit. "So if we're seeing some strength on the cyclical side of the economy, then that could be challenging the rate cut narrative a little bit." U.S. rate futures, however, increased bets of a rate cut starting in March, following the GDP data, to a nearly 50% chance of easing, compared with nearly 35% late on Tuesday, the CME's FedWatch tool showed. Comments by Fed Governor Christopher Waller flagging a possible rate cut in the months ahead sent U.S. bond yields and the dollar sliding on Tuesday. China's onshore yuan finished the domestic session at 7.1246 per dollar, the strongest closing price since June 16.

Persons: Erik F, Christopher Waller, Wells Fargo's Nelson Organizations: US, Swiss, New Zealand, U.S . Commerce Department, Reuters, New, Reserve Bank of New Zealand Locations: Swedish, Hamburg, Germany, U.S, Wells Fargo, London, Europe's, Spain

☆ New Zealand's central bank defends Maori language use
▼ + stars: | 2023-11-29 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

[1/3] Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr is pictured during an interview at the bank in Wellington, New Zealand, April 16, 2019. REUTERS/Charlotte Greenfield/File Photo Acquire Licensing RightsWELLINGTON, Nov 29 (Reuters) - New Zealand’s central bank chief defended its use of the Maori language in official communications on Wednesday, as the country’s new centre-right government looks to roll back the use of the Indigenous language in the public sector. Central bank governor Adrian Orr said at a media conference following the bank’s monetary policy meeting that it was proud of its Maori name "Te Putea Matua" and would continue to use it in addition to the Reserve Bank of New Zealand (RBNZ). Over the past few years, the RBNZ has undergone an overhaul that puts the country's Maori heritage and language at the centre of its operations. The government has not released specific details on the policies and it is unclear whether they would directly impact the central bank.

Persons: Adrian Orr, Charlotte Greenfield, Orr, Christopher Luxon's, Luxon, Lucy Craymer, Sam Holmes Organizations: Bank of New Zealand, REUTERS, Rights, Reserve Bank of New Zealand, Labour, New Zealand, prudential, Thomson Locations: Wellington , New Zealand, Central, Te Ao

REUTERS/Kim Hong-Ji/File Photo Acquire Licensing RightsNov 30 (Reuters) - A look at the day ahead in Asian markets. If this week has so far been strangely listless for Asian markets, that could be about to change suddenly on Thursday as investors brace for a deluge of top-tier economic data and policy events from across the continent. The latest industrial production and retail sales data from both Japan and South Korea are on tap too, all of which could move their respective markets, especially currencies. All else equal, the risks for Asian markets on Thursday may be tilted to the upside, even though stock markets around the world again struggled on Wednesday. South Korea's central bank is expected to keep its base rate on hold at 3.50% and leave it there until at least the middle of next year.

Persons: Kim Hong, That's, Goldman Sachs, Jamie McGeever, Josie Kao Organizations: Korea, South Korean, REUTERS, New Zealand, Bank of Japan, Reserve Bank of New Zealand, Thomson, Reuters Locations: Seoul, South Korea, China, India, Japan, U.S, Korea's, Korea

☆ New Zealand dollar jumps 1% as central bank holds rates, warns of more hikes
▼ + stars: | 2023-11-29 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: 1 min

Pedestrians walk past the Reserve Bank of New Zealand headquarters in Wellington, New Zealand, on Thursday, Sept. 13, 2012. The New Zealand dollar jumped 1% to nearly 0.62 against the U.S. dollar after the Reserve Bank of New Zealand held its official cash rate at 5.5% and warned that rates could go higher to tackle inflation. The kiwi dollar jumped to its highest level in nearly four months after the decision. The currency is down 2.5% so far this year, and is headed for its third straight yearly decline. The central bank noted that inflation remained too high and said monetary policy will need to remain restrictive in order to control it.

Organizations: Reserve Bank of New, New Zealand, U.S, Reserve Bank of New Zealand Locations: Reserve Bank of New Zealand, Wellington , New Zealand

The dollar index , which measures its value against six major currencies, fell as far as 102.89, the lowest since Aug. 31. The index is on track for a loss of more than 3% in November, its worst performance since November 2022. The Conference Board said its consumer confidence index increased to 102.0 this month from a downwardly revised 99.1 in October. In other currencies, the euro rose to a 3-1/2-month peak of $1.0985 . The dollar fell 0.2% to 148.33 yen , with the Japanese currency continuing its recovery from the brink of 152 per dollar earlier in the month.

Persons: Dado Ruvic, Sterling, Karl Schamotta, underscoring, Gertrude Chavez, Dreyfuss, Alun John, Brigid Riley, Ed Osmond, Mark Potter, Kevin Liffey Organizations: REUTERS, U.S, Federal Reserve, Board, Federal Housing Finance Agency, Traders, Australian, New Zealand, Reserve Bank of New, Thomson Locations: Swiss, U.S, Toronto, OPEC, Reserve Bank of New Zealand, New York, London, Tokyo

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsTOKYO/LONDON, Nov 28 (Reuters) - The U.S. dollar hit a three-month low against a basket of peers on Tuesday before steadying, as traders continued to unwind long dollar positions before this week's U.S. and euro zone inflation data. The dollar index , a measure of the greenback against six major currencies, was last at 103.17, a whisker above the 103.07 it touched in Asia trade, the lowest since Aug. 31. The index is on track for a loss of more than 3% in November, its worst performance in a year. The Japanese yen was a touch firmer at 148.45 per dollar , continuing its recovery from the brink of 152 per dollar earlier in the month as the dollar weakened. The Swiss franc was at 0.8810 per dollar, steady on the day, also around its firmest since the start of September, and the Australian dollar briefly touched a near four-month high of $0.6632.

Persons: Dado Ruvic, Simon Harvey, Brigid Riley, Alun John, Ed Osmond, Mark Potter Organizations: REUTERS, Rights, U.S, greenback . U.S, Fed, Reuters, Swiss, Australian, Reserve Bank of New, Thomson Locations: LONDON, steadying, U.S, Asia, OPEC, Reserve Bank of New Zealand

☆ Dollar hangs at three-month low as traders eye PCE data
▼ + stars: | 2023-11-28 | 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 index , a measure of the greenback against a basket of currencies, was last at 103.11, its lowest since Aug. 31. The dollar was track for a loss of more than 3% in November, its worst performance in a year. Market expectation that the Fed's rate increase cycle has finally come to an end has also put downward pressure on the greenback. PCE tops off a slew of other key economic events this week, including Chinese purchasing managers' index data and OPEC+ decision.

Persons: Kyle Rodda, Tony Sycamore Organizations: Engraving, The U.S, Federal Reserve, Reuters, greenback . U.S, Fed, Traders, Australian, Reserve Bank of New, Bank of Japan, IG Locations: United, Washington, The, U.S, OPEC, Reserve Bank of New Zealand

☆ New Zealand to Introduce RBNZ Reforms, Lift Cigarette Sale Ban
▼ + stars: | 2023-11-28 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +1 min

SYDNEY (Reuters) - New Zealand's new government will introduce legislation to reform the Reserve Bank of New Zealand's mandate and lift a ban on the sale of cigarettes to future generations within its first 100 days, Prime Minister Christopher Luxon said in a statement on Wednesday. The centre-right National Party, led by Luxon, returned to power alongside the populist New Zealand First party and libertarian ACT New Zealand after six years of rule by governments led by the left-leaning Labour Party. Luxon, who was sworn in on Monday, said its 49-point action plan was focused on the economy, easing the cost of living and restoring law and order. The coalition will also push ahead with its plans to repeal amendments to the Smokefree Environments and Regulated Products Act 1990, including a world-first ban on the sale of cigarettes to future generations. (Reporting by Lewis Jackson in Sydney, Editing by Alasdair Pal)

Persons: Christopher Luxon, Luxon, Lewis Jackson, Alasdair Pal Organizations: SYDNEY, Reserve Bank of New, National Party, New Zealand First, ACT New Zealand, Labour Party, Zealanders, Coalition Government Locations: Sydney

While emerging market and Asian equities clocked up decent gains on Tuesday, Wall Street struggled to make much headway despite a seemingly constructive market and economic backdrop. The dollar, Treasury yields, and stock market volatility all fell, and U.S. consumer confidence was higher than expected. Fed Governor Christopher Waller - thought to be close to Fed Chair Jerome Powell's thinking on policy - also signaled that U.S. interest rates could be cut in the months ahead. Thailand's central bank is also expected to keep rates on hold, at 2.50%, through the middle of 2025. Here are key developments that could provide more direction to markets on Wednesday:- New Zealand interest rate decision- Thailand interest rate decision- Australia inflationBy Jamie McGeever Editing byOur Standards: The Thomson Reuters Trust Principles.

Persons: Issei Kato, Christopher Waller, Jerome Powell's, That's, Michele Bullock, Jamie McGeever Organizations: U.S, REUTERS, Wall, Treasury, Fed, Nasdaq, Reserve Bank of New, New Zealand, Reserve Bank of Australia, Thomson, Reuters Locations: Tokyo, Japan, New Zealand, Thailand, Australia, U.S, Thailand's, Zealand

The dollar index , which measures the currency against six major peers, slipped 0.1% to 103.37 and was headed for a monthly loss of more than 3%, its worst performance since November 2022. The market is also eyeing a rate decision from the Reserve Bank of New Zealand and Chinese purchasing managers' index (PMI) data. In other currencies, the euro was little changed against the dollar at $1.0937 . Against the yen, the dollar fell 0.4% to 148.885 yen . The dollar extended losses after data showed U.S. new home sales fell more than expected in October, dropping 5.6% to a seasonally-adjusted annual rate of 679,000 units.

Persons: ECB's Lagarde, Helen, Christine Lagarde's, Gertrude Chavez, Dreyfuss, Samuel Indyk, Rae Wee, Toby Chopra, Mark Potter, Paul Simao Organizations: U.S, Federal Reserve, Monex USA, Fed, European Central Bank, Bank of England, Reserve Bank of New, Australian, greenback, New, Thomson Locations: U.S, Washington, OPEC, Australia, Reserve Bank of New Zealand, New Zealand, China, New York, London, Singapore

☆ Sterling rises, dollar listless as markets brace for post-Thanksgiving buzz
▼ + stars: | 2023-11-27 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

The pound was on track for a roughly 3.8% gain for the month, its largest monthly gain in a year. Elsewhere, the dollar fell 0.32% to 148.97 yen , while the euro gained 0.2% to $1.0952. The dollar index slipped 0.12% to 103.31 and was headed for a monthly loss of more than 3%, its worst performance in a year. In China, the yuan slipped after the official midpoint snapped five straight sessions of strengthening, with the onshore yuan last at 7.1550 per dollar. Reporting by Rae Wee; Editing by Gerry Doyle and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Persons: Sterling, Carol Kong, Jane Foley, Rae Wee, Gerry Doyle, Christopher Cushing Organizations: Federal, Reserve Bank of New, PMI, Bank of England, Commonwealth Bank of Australia, Traders, Rabobank, ", Fed, New, Thomson Locations: SINGAPORE, OPEC, Australia, Reserve Bank of New Zealand, New Zealand, China, Beijing

☆ Sterling steady, dollar wobbles as markets brace for post-Thanksgiving buzz
▼ + stars: | 2023-11-27 | by ( ) www.cnbc.com time to read: +4 min

In this photo illustration, a old British £1 note is pictured with a one Dollar bill note on November 05, 2023 in Bath, England. The Australian dollar likewise stood near a roughly three-month high and last bought $0.6578, ahead of domestic inflation data on Wednesday. The weakening greenback provided some respite for the Japanese yen , which sat on the stronger side of 150 per dollar and last stood at 149.52 per dollar. The New Zealand dollar eased 0.1% to $0.6076, but was likewise hovering near Friday's more than three-month high of $0.6096. "I think the issues in the Middle East have definitely become more of a background risk," said CBA's Kong.

Persons: Sterling, Carol Kong, Jane Foley, CBA's Organizations: Federal, Reserve Bank of New, PMI, Bank of England, Commonwealth Bank of Australia, U.S ., U.S, Rabobank, Fed, New Zealand, Israel Locations: Bath, England, OPEC, Australia, Reserve Bank of New Zealand, Friday's, U.S, East, Gaza

TOKYO (AP) — Asian shares retreated Monday as investors awaited updates on consumer spending and inflation in the U.S. and other nations. While analysts expect them to stand pat on policy, attention remains relatively high, given concerns about inflation. Wall Street ended last week mixed with a half-day trading session that capped a fourth straight winning week. The holiday shopping season kicked off with Black Friday amid concerns that spending may slow under pressure from dwindling savings, rising credit card debt and inflation. The major stock indexes’ latest weekly gains reflect a turnaround in the market’s sentiment in November following a three-month slide.

Persons: ” Yeap Jun Rong, Hong, Hang Seng, Brent, Yuri Kageyama Organizations: TOKYO, Nikkei, IG, Shanghai, Reserve Bank of New, Bank of Korea, Bank of, Black, Dow Jones, Nasdaq, Nvidia, Google, CF Industries, Federal Reserve, Treasury, Benchmark, New York Mercantile Exchange, U.S Locations: U.S, China, Reserve Bank of New Zealand, Bank of Thailand

New Zealand's Foreign Minister Winston Peters arrives at a news conference after he attended an emergency meeting of the Organisation of Islamic Cooperation (OIC) in Istanbul, Turkey, March 22, 2019. The role of deputy prime minister, a key sticking point in the discussions, will be split between the populist NZ First party leader Winston Peters and ACT party leader David Seymour, the group announced in a statement. National Party deputy leader Nicola Willis will be finance minister and Peters will be foreign minister, the parties said. The coalition plans to repeal a ban on offshore oil and gas exploration and a ban on the sale of cigarettes to future generations introduced by the previous Labour government, according to coalition documents. "Foreign affairs does matter to this country.... all relationships do matter to this country," Peters said in a joint news conference in the capital Wellington after the announcement.

Persons: Winston Peters, Murad Sezer, David Seymour, Nicola Willis, Peters, Christopher Luxon, Luxon, ” Luxon, Jacinda, Helen Clark, Lucy Craymer, Praveen Menon, Diane Craft Organizations: Zealand's, of Islamic Cooperation, REUTERS, ACT NZ, National Party, NZ First, ACT, Party, Reserve, New Zealand, Bank of New, Labour, “, New Zealanders, Police, Thomson Locations: Istanbul, Turkey, WELLINGTON, Bank of New Zealand, Wellington, Niue

A view shows the logo of the European Central Bank (ECB) outside its headquarters in Frankfurt, Germany March 16, 2023. Central banks in Sweden, Switzerland, Norway, Great Britain and the United States held no rate setting meetings. That compares to September, where three major developed central banks delivered a last-gasp set of rate hikes, which took 2023 the year-to-date tally for G10 central banks to a total of 1,150 bps across 36 hikes. Emerging markets interest rate moves in Oct 2023Meanwhile, diverging rate trajectories continued to be on display in emerging economies where 12 out of the 18 central banks in the Reuters sample held meetings in October. Central banks in Brazil, Mexico, South Africa, Thailand, Malaysia and Czech Republic did not meet in October.

Persons: Heiko Becker, Fabiana Fedeli, Barnaby Martin, Karin Strohecker, Sumanta Sen, Jonathan Oatis Organizations: European Central Bank, REUTERS, Bank of Japan, Reserve Bank of Australia, Reserve Bank of New, Bank of Canada, Fed, Bank of England, G Investments, U.S . Federal, Reuters, BofA Securities, Thomson Locations: Frankfurt, Germany, Central, America, Europe, Asia, Reserve Bank of New Zealand, Sweden, Switzerland, Norway, Great Britain, United States, Chile, Hungary, Poland, Indonesia, Philippines, Russia, Turkey, Brazil, Mexico, South Africa, Thailand, Malaysia, Czech Republic

☆ Inflation to dog world economy next year, postponing rate cuts: Reuters poll
▼ + stars: | 2023-10-27 | by ( Hari Kishan | ) www.reuters.com time to read: +4 min

Despite broad success in bringing inflation down from its highs - the easier bit - prices are still rising faster than most central banks would prefer and hitting their inflation targets is likely to be tough. The Reserve Bank of New Zealand, which often leads the interest rate cycle, was also forecast to wait until July-September 2024 before cutting. The majority backing no cuts until the second half of 2024 has also grown stronger for the Reserve Bank of Australia, Bank Indonesia and the Reserve Bank of India. Even the Bank of Japan, the outlier sticking to ultra-loose policy through this entire round of inflation, is now expected to abandon negative interest rates next year. Crucially, most economists agree the first easing steps will not be the beginning of a rapid series of cuts.

Persons: Sarah Silbiger, Christine Lagarde, Douglas Porter, it's, Nathan Sheets, Hari Kishan, Ross Finley, Tomasz Janowski Organizations: El Progreso Market, Washington , D.C, REUTERS, Reuters, U.S . Federal Reserve, European Central Bank, ECB, Fed, BMO, Reserve Bank of New, Reserve Bank of Australia, Bank, Reserve Bank of India, Bank of Japan, Citi, Thomson Locations: Mount Pleasant, Washington ,, BENGALURU, Reserve Bank of New Zealand, Bank Indonesia, Bengaluru, Buenos Aires, Cairo, Istanbul, Johannesburg, London, Shanghai, Tokyo

☆ Big central banks hit pause, with rate cuts far off
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +5 min

On Oct. 23, Fed Chair Jay Powell said a strong economy and tight jobs market could warrant more rate rises. Interest rate futures show traders believe the BoE will not cut rates, now at their highest since 2008, until at least June 2024. "The Governing Council’s past interest rate increases continue to be transmitted forcefully into financing conditions," the ECB said, adding it would follow a "data-dependent" approach and future decisions would be based on incoming data. Prime Minister Jonas Gahr Stoere told parliament last week interest rates may have peaked. Reuters Graphics Reuters Graphics8) AUSTRALIAThe Reserve Bank of Australia held rates steady at 4.1% for a fourth meeting in October.

Persons: Jonathan Ernst, Jay Powell, BoE, Jonas Gahr Stoere, Michele Bullock, Naomi Rovnick, Harry Robertson, Alun John, Yoruk Bahceli, Samuel Indyk, Chiara Elisei, Kripa Jayaram, Pasit, Riddhima, Sumanta Sen, Vineet, Amanda Cooper, Giles Elgood Organizations: . Federal, REUTERS, European Central Bank, Federal Reserve, Bank of England, UNITED, Reuters, Reserve Bank of New Zealand, BRITAIN, Bank of Canada, BoC, ECB, Norges Bank, Reuters Graphics Reuters, Reserve Bank of Australia, Bank of Japan, Thomson Locations: Washington, Japan, hawkish, dovish, NORWAY, SWEDEN Sweden, SWITZERLAND, Swiss, Gaza, JAPAN

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