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☆ VIEW Turkey cements policy shift with super-sized rate hike
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +5 min

A logo of Turkey's Central Bank is pictured at the entrance of its headquarters in Ankara, Turkey October 15, 2021. "We should recall that sudden changes in interest rates usually have a delayed effect. "This was also the steepest rate hike since the CBT management reshuffle after the elections in May. We think the strong rate hike meant to address market concerns that the CBT wanted to avoid significant rate hike." TIMOTHY ASH, BLUEBAY ASSET MANAGEMENT, LONDON"Really solid move by the CBRT (central bank) to hike policy rates arguably above expectations by 750bps to 25%."

Persons: Cagla, GRZEGORZ DROZDZ, TIMOTHY ASH, 750bps, Hatice Karahan, Hatice Gaye, PIOTR MATYS, Governor Erkan, Erdogan, LIAM PEACH, Erkan, OZKARDESKAYA, SWISSQUOTE Organizations: Turkey's Central, REUTERS, Reuters, Thomson Locations: Ankara, Turkey, Turkish, EMERGINGMARKETWATCH.COM, SOFIA, GENEVA

☆ Turkey surprises with bigger-than-expected interest rate hike to 25% in bid to tame inflation
▼ + stars: | 2023-08-24 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Exterior of the Turkish Central Bank, known as Turkiye Cumhuriyet Merkez Bankasi in Ankara. In volatile trade after the announcement, the embattled Turkish lira gained ground against the U.S. dollar and euro. Ongoing firm inflation rates pushed the central bank to recently revise its inflation forecast for the year-end from 22.3% to 58%. On Thursday, the bank said it expected year-end inflation to sit in the "upper bound of the forecast range." The central bank on Thursday attributed the ongoing stickiness of national inflation to strong domestic demand, wage pressures, exchange rates, persistent services inflation and tax regulations.

Organizations: Turkish Central Bank, Reuters, Turkish, U.S . Locations: Ankara, Turkey's, London, Turkish

☆ Turkey begins rolling back costly FX-protected deposits
▼ + stars: | 2023-08-20 | by ( ) www.reuters.com time to read: +3 min

In a reversal, the central bank now wants lenders to set a new goal of transitioning KKM accounts into regular lira accounts, in part by dissuading companies and individuals from renewing the KKM accounts. According to a separate decree in the Official Gazette, the central bank also raised lenders' reserve requirement ratios for FX deposits, further nudging customers into regular lira accounts. KKM accounts have since ballooned to some $117 billion, or 3.1 trillion lira, around a quarter of total bank deposits. To cover KKM depreciation costs, the central bank paid an estimated 300 billion lira ($11 billion) in June and July, when the lira plunged again. The central bank said the KKM move would "enforce macro financial stability by supporting lira deposits" and pledged more such steps.

Persons: Dado Ruvic, Tayyip Erdogan's, Erdogan, Hakan Kara, Jonathan Spicer, Azra, Deepa Babington, Frances Kerry Organizations: Turkish Lira, REUTERS, Rights, Official Gazette, Bilkent University, Ece Toksabay, Thomson Locations: Turkish, Rights ANKARA

☆ Take Five: Summer at Jackson Hole
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +5 min

REUTERS/Jason Reed Acquire Licensing RightsLONDON, Aug 16 (Reuters) - It's summer camp season and not to be left out, U.S. rate setters and overseas pals gather in Jackson Hole, Wyoming, to talk central banking. U.S. Federal Reserve officials (plus friends from the ECB, BoE and BOJ) descend on Jackson Hole, Wyoming on Aug. 24-26 for their annual central bank confab. Inflation remains sticky in places and investors want to know how long it will take for central banks to switch to easing. European PMIs could provide a bigger signal on whether the European Central Bank will hike again in September and if the Bank of England opts for a big rate increase. Turkey's central bank is poised to raise rates on Thursday for the third time in a row since Hafize Gaye Erkan was appointed as governor in early June.

Persons: Jason Reed, Ira Iosebashvili, Li Gu, Yoruk, Rosario, Marc Jones, Rachel Savage, BoE, Jackson, Vladimir Putin, Hafize Gaye Erkan, Erkan, Tayyip Erdogan, Dhara Ranasinghe, Stephen Coates Organizations: U.S . Federal, REUTERS, U.S . Federal Reserve, ECB, Nvidia, CARE, HK, China, European Central Bank, Bank of England, West, Reuters, Thomson Locations: Washington, U.S, Jackson Hole , Wyoming, China, Ira, New York, Shanghai, Amsterdam, Jorgelina, London, Johannesburg, confab, CHINA, Beijing, United States, European, Brazil, Russia, India, South Africa, Saudi Arabia, Argentina, Egypt, Turkey

A logo of Turkey's Central Bank is pictured at the entrance of its headquarters in Ankara, Turkey October 15, 2021. According to calculations by five bankers, obtained by Reuters, net reserves rose $4.9 billion to $15.8 billion last week, while total reserves climbed to $115.6 billion. The recent uptrend in reserves reversed in the week to July 28, with net forex falling $2.8 billion to $10.89 billion. The central bank continues to get foreign exchange from tourism and a scheme to protect lira bank deposits from depreciation known as KKM. The bank has paid an estimated 300 billion lira ($11 billion) to cover depreciation costs under the scheme in June and July, with the cost in August estimated at 350 billion lira.

Persons: Cagla, Tayyip Erdogan, Erdogan, Hafize Gaye Erkan, Nevzat Devranoglu, Orhan Coskun, Daren Butler, Jonathan Spicer, John Stonestreet Organizations: Turkey's Central, REUTERS, Reuters, Bankers, Thomson Locations: Ankara, Turkey, ANKARA

The biggest contribution to the sharp rise in the 2023 forecast came from forecasts deviations and a change in forecasting approach. "The central bank did not only provide an inflation forecast that is in line with economists predictions but... the emphasis in the report very much matched those of the market. We had not seen this from the central bank in many years. CENTRAL BANK INDEPENDENCEEconomists expect the policy rate to rise further to 25% by year-end, still leaving real rates negative. "Defining interest rate hikes as sufficient or insufficient can only be done after inspecting the intricacies of this holistic approach," she said.

Persons: Hafize Gaye Erkan, Erkan, Nilufer Sezgin, Sahap Kavcioglu, Erdogan, Ali Kucukgocmen, Daren Butler, Andrew Heavens, Bernadette Baum Organizations: Wall Street, CENTRAL, Ece Toksabay, Thomson Locations: ANKARA, Ankara

☆ Turkey's central bank says inflation is set to hit 58% — more than double its previous estimate
▼ + stars: | 2023-07-27 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Turkish Central Bank Governor Hafize Gaye Erkan answers questions during a news conference for the Inflation Report 2023-III in Ankara, Turkey on July 27, 2023. Turkey's central bank expects inflation to hit 58% by the end of 2023, its new governor Hafize Gaye Erkan said in her debut news conference Thursday, as she committed to "restore anchoring of expectations as well as predictability." The new forecast is more than double the 22.3% outlined in the central bank's last inflation report three months ago. This expectation was met later in the month, when the central bank almost doubled its key interest rate from 8.5% to 15%, its first hike since March 2021. In her press conference Thursday, Erkan said food inflation is expected to top 60% at the end of the year.

Persons: Turkish Central Bank Governor Hafize Gaye Erkan, Hafize Gaye Erkan, Erkan Organizations: Turkish Central Bank Governor Locations: Ankara, Turkey, Turkey's

☆ Turkey's Erdogan appoints three deputy governors to central bank
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +2 min

[1/2] Turkish President Tayyip Erdogan addresses supporters at the Presidential Palace after his victory in the second round of the presidential election, Ankara, Turkey, May 29, 2023. REUTERS/Umit Bektas/File PhotoISTANBUL, July 28 (Reuters) - Turkish's President Tayyip Erdogan named three deputy governors to the central bank, the country's official gazette said early on Friday, hours after the bank vowed to continue gradual monetary tightening and raised its end-2023 inflation forecast. Osman Cevdet Akcay, Fatih Karahan and Hatice Karahan were appointed as deputy central bank governors, according to a decision published in the official gazette. On Thursday, Turkey's central bank raised its end-2023 inflation forecast sharply to 58% and said it would continue monetary tightening. In what is seen as a pivot to economic orthodoxy, Erdogan appointed Mehmet Simsek as finance minister and Erkan as central bank governor shortly after his re-election in May.

Persons: Tayyip Erdogan, Umit, Osman Cevdet Akcay, Fatih Karahan, Hatice Karahan, Yapi, Hafize Gaye Erkan, Erdogan, Mehmet Simsek, Emrah Sener, Taha Cakmak, Mustafa Duman, Ezgi Erkoyun, Leslie Adler, Jamie Freed Organizations: REUTERS, Federal Reserve Bank of New, Amazon, Thomson Locations: Ankara, Turkey, ISTANBUL, Federal Reserve Bank of New York, Turkey's

☆ CNBC Daily Open: Tech stocks were battered
▼ + stars: | 2023-07-21 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Elon Musk, CEO, CTO, founderElon Musk is CEO of Tesla and SpaceX; CTO of Twitter; founder of Neuralink, The Boring Company and now xAI. Tesla may have reported record revenue for its second quarter and beaten Wall Street's expectations for both profit and revenue. But Wall Street isn't completely cheering the electric vehicle maker because of its shrinking margins.

Persons: Dow, Tesla, Elon Musk, Timothy Ash Organizations: CNBC, Dow outperforms, Netflix, Nasdaq, Dow Jones, SpaceX, Twitter, The Boring Company, Chicago Board of Trade, Initiative, Agriculture, BlueBay Asset Management, Tesla Locations: Dow outperforms U.S

☆ Turkey's central bank raises interest rate less than expected, to 17.5%
▼ + stars: | 2023-07-20 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

Turkey's Taksim Square, with the figure of Kemal Ataturk, the first president, and the Turkish flag in the background. Turkey's central bank on Thursday hiked its key interest rate by 250 basis points to 17.5%, coming in below analyst forecasts of 500 basis points as the country's monetary policymakers embark on a long and painful mission to tackle double-digit inflation. "Monetary tightening will be further strengthened as much as needed in a timely and gradual manner until a significant improvement in the inflation outlook is achieved," the bank said in a statement, following its interest rate decision. In its statement Thursday, the central bank reiterated its aim to get inflation down to 5% in the medium term — which many economists see as unrealistic at this rate. Traditional economic orthodoxy holds that rates must be raised to cool inflation, but Erdogan — a self-declared "enemy" of interest rates who calls the tool "the mother of all evil" — vocally espoused a strategy of lowering rates instead.

Persons: Turkey's, Kemal Ataturk, Recep Tayyip Erdogan, Erdogan —, — Organizations: Turkish Locations: Turkey

The lira hit a record low of 26.9 against the U.S. currency, sliding from Monday's close of 26.3505. The central bank will announce its rate decision at 1100 GMT on Thursday. "News saying that the central bank's interest rate hike will be below market expectations is triggering the lira depreciation," said one trader. But June's hike was below expectations, with economists saying Erdogan's influence over the central bank limits how far they can go in tightening policy. Turkey's annual inflation surged to a 24-year high of 85.51% last October, mainly due to lira depreciation because of Erdogan's policy of low rates.

Persons: Abdulkadir Selvi, Tayyip Erdogan, Nevzat Devranoglu, Daren Butler, Christina Fincher Organizations: Hurriyet, Ece Toksabay, Thomson Locations: ISTANBUL

Sweden, Switzerland and the European Central Bank also tightened policy, taking the total monthly tally of hikes to 225 basis points last month. The latest G10 moves bring the total 2023 rate hike tally among G10 central banks to 950 bps across 28 hikes. "The last leg of inflation reduction to central bank targets may be the most challenging, in our view." Thirteen out of 18 central banks in the Reuters sample of developing economies had interest rate setting meetings last month. This was the second biggest rate hike in recent times since Russia was forced to deliver an emergency 1,050 bps rate hike following its invasion of Ukraine.

Persons: Henry Nicholls, Tiffany Wilding, Hafize Gaye Erkan, Karin Strohecker, Vincent Flasseur, William Maclean Organizations: Bank of England, REUTERS, Australia, European Central Bank, Reuters, U.S, Vanguard, Thomson Locations: City, London, Britain, Norway, Canada, Sweden, Switzerland, U.S . Federal, Turkey's, Russia, Ukraine, China's

☆ Turkey central bank takes fresh measures for increasing functionality of market mechanisms
▼ + stars: | 2023-06-24 | by ( ) www.reuters.com time to read: +1 min

ANKARA, June 25 (Reuters) - Turkey's central bank took fresh steps on Sunday in line with its goals to increase functionality of market mechanisms, after it hiked rates to 15% from 8.5% this week. Turkey's securities maintenance regulation has been simplified to increase the functionality of market mechanisms and strengthen macro financial stability, the Turkish central bank said on Sunday. In a statement after the committee meeting, the bank said it would simplify and improve the existing micro- and macroprudential framework to increase the functionality of market mechanisms and strengthen macro financial stability. With the new regulation, securities that banks must maintain ranged between 3% and 12% of their lira deposits. Previously the requirement of seven additional points applied to banks which held less than 60% lira deposits.

Persons: Nevzat Devranoglu, Huseyin Hayatsever, Daniel Wallis Organizations: Gazette, Thomson Locations: ANKARA, Turkish

The 2-year Treasury yield was trading at 4.75% after declining by 5basis points. U.S. Treasury yields fell Friday as investors digested remarks from Federal Reserve officials about the outlook for interest rates and the latest economic data. Investors digested comments that Fed speakers including Chairman Jerome Powell made throughout the week, which indicated that further interest rate hikes are on the horizon. Speaking before the Senate Banking Committee on Thursday, Powell suggested policymakers would continue using interest rate increases to bring down inflation. On Friday, further comments from Fed officials are expected, as is S&P Global's purchasing managers' index report for the services and manufacturing sectors.

Persons: Jerome Powell, Powell, Michelle Bowman, Investors Organizations: Treasury, U.S, Federal Reserve, Bank of England

☆ Dollar rises as hawkish central banks dent risk sentiment, sterling slips
▼ + stars: | 2023-06-23 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

While higher rates are typically supportive of currencies, the risk that they will trigger an economic downturn has pushed some investors to seek safe-haven assets like the U.S. dollar. The Turkish lira slid to a record low of 25.589 against the U.S. dollar, after the Turkey's central bank 650 basis points hike to 15% on Thursday missed expectations. In other currencies, the dollar rose broadly and stood near an over seven-month high against the yen at 142.90. The euro slipped 0.04% to $1.0950, while the U.S. dollar rose 0.05% against a basket of six major peers to 102.44. "Most of the Western central banks are now more hawkish than previously projected," said Tina Teng, market analyst at CMC Markets.

Persons: stoked, Sterling, BoE, Nick Bennenbroek, Jerome Powell, Tina Teng, Rae Wee, Sam Holmes Organizations: Federal Reserve, Bank of England, U.S ., Bank of Japan, U.S, Federal, Fed, Swiss National Bank, CMC Markets, New Zealand, Thomson Locations: SINGAPORE, Wells Fargo

☆ CNBC Daily Open: Rate hikes and red lights
▼ + stars: | 2023-06-23 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. But May's inflation reading for the U.K. was a scorcher: Inflation last month remained unchanged from April, while core inflation actually rose from 6.8% to 7.1% year over year. Turkey's welcome hikeTurkey's central bank — under its new governor Hafize Gaye Erkan — doubled the country's interest rate from 8.5% to 15%. Yet market strategists from UBS and JPMorgan Chase and are already warning that the stock market may be overvalued.

Persons: BOE's, BOE, Hafize Gaye Erkan —, Recep Tayyip Erdogan's, Jerome Powell, Martin Gruenberg, Ocado, JPMorgan Chase Organizations: CNBC, of England, Federal, Nasdaq, Dow Jones Industrial, UBS, JPMorgan Locations: —

☆ Turkey's lira hits fresh record lows after rate hike
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +1 min

ISTANBUL, June 23 (Reuters) - The Turkish lira weakened as much as 2.8% to a fresh record low early on Friday, extending losses as the central bank's large rate hike a day earlier, reversing President Tayyip Erdogan's policy, fell short of market expectations. The lira last traded at 25.2015, some 1.3% weaker than Thursday's close. At its weakest point of 25.59 it was nearly 27% weaker against the U.S. currency this year. The move marked a change in course after years of monetary easing in which the one-week repo rate (TRINT=ECI) had been cut to 8.5% from 19% in 2021 in an unorthodox policy pursued despite soaring inflation. Reporting by Can Sezer; Editing by Daren ButlerOur Standards: The Thomson Reuters Trust Principles.

Persons: Tayyip Erdogan's, Hafize Gaye Erkan, Erdogan, Erkan, Daren Butler Organizations: Thomson Locations: ISTANBUL, Turkey's

☆ Steve Hanke says Turkey's central bank still has a lot of work to do, 'to put it mildly'
▼ + stars: | 2023-06-23 | 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 EmailSteve Hanke says Turkey's central bank still has a lot of work to do, 'to put it mildly'Steve Hanke, professor of applied economics at Johns Hopkins University, says the Turkish central bank's decision to hike interest rates by 650 basis points to 15% is "behind the curve."

Persons: Steve Hanke Organizations: Johns Hopkins University Locations: Turkish

☆ Turkish lira sinks to fresh lows following the central bank's interest rate hike
▼ + stars: | 2023-06-23 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Turkey's Taksim Square, with the figure of Kemal Ataturk, the first president, and the Turkish flag in the background. The Turkish lira sank to new record lows after Turkey's central bank raised the country's benchmark interest rate by 650 basis points in a dramatic monetary policy reversal. The central bank lifted its key interest rate by almost double, from 8.5% to 15% Thursday, marking the country's first hike since March 2021. The lira — which has been extending its plunge since President Recep Tayyip Erdogan's reelection — was last trading at 24.97 against the greenback. Newly appointed Governor Hafize Gaye Erkan hinted at more hikes until the inflation situation in the country improves.

Persons: Turkey's, Kemal Ataturk, Recep Tayyip Erdogan's, —, Steve Hanke, Hafize Gaye Erkan, Erkan Organizations: Turkish, Johns Hopkins University

☆ Central banks around the world just made borrowing costs more expensive
▼ + stars: | 2023-06-23 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

The central banks of the UK, Turkey, Norway, and Switzerland all raised interest rates yesterday. The Bank of England is the UK's central bank. Let's start with the Bank of England's decision to raise interest rates by 50 basis points and bring borrowing costs to 5%. Turkey's central bank, meanwhile, raised interest rates by 650 basis points to 15%, which was somehow less than markets expected. Just to cover our bases: Norway's central bank raised its core lending rate by half a percentage point, and Switzerland's policymakers hiked its benchmark rate by a quarter point.

Persons: Phil Rosen, Powell, Myron Jobson, Recep Tayyip Erdogan, Spencer Platt, Jerome Powell's, Goldman Sachs, David Rosenberg, it's, Warren Buffett, Jason Ma, Nathan Rennolds Organizations: Bank of England, Bank of, Interactive, New York Stock Exchange, U.S . House, Dow, Getty, Apogee Enterprises, Homeowners, Apple, Microsoft, Nvidia, S3 Partners, BMO Capital Markets, Berkshire Hathaway, Gates Foundation Locations: Manhattan, Turkey, Norway, Switzerland, Maremagnum, Turkey's, New York City, U.S, New York, Los Angeles, London

☆ Asia stocks subdued after Powell testimony fails to surprise
▼ + stars: | 2023-06-22 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

SINGAPORE, June 22 (Reuters) - Asian shares made a tentative start to Thursday after Federal Reserve chair Jerome Powell stuck to his recent hawkish tone as investors assess the future rate policy path from the Fed. Atlanta Federal Reserve President Raphael Bostic said on Wednesday the Fed should not raise rates further or it would risk "needlessly" sapping the strength of the U.S. economy. The comments highlight the growing debate at the central bank over when and if the central bank should hike further. "The BoE's conditional guidance put the burden of proof on the data showing more persistent inflation pressures to continue hiking bank rate. Markets will also be awaiting policy decision from Turkey's central bank, with a policy pivot and a sharp rate increase widely expected.

Persons: Jerome Powell, Australia's, Powell, Kevin Cummins, Raphael Bostic, BoE, Taylor Nugent, Sterling, Brent, Lincoln Organizations: Federal, Japan's Nikkei, Fed, NatWest Markets, Atlanta Federal Reserve, Bank of England, Reuters, National Australia Bank, Thomson Locations: SINGAPORE, Asia, Pacific, Japan, China, Hong Kong, Washington, Atlanta, U.S, Turkey's

☆ Turkey's central bank hikes interest rate to 15% in dramatic U-turn to tackle 40% inflation
▼ + stars: | 2023-06-22 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

Residents waiting at a bus stop under a large Turkish flag in Istanbul, Turkey, on Sunday, April 30, 2023. Turkey's central bank jacked up the country's key interest rate Thursday, almost doubling it from 8.5% to 15% as the new economic administration of recently re-elected President Recep Tayyip Erdogan embarked on a dramatic monetary policy U-turn. The bank said that there will be further gradual monetary tightening until the inflation picture in the country improves. The whopping 650-basis-point rate rise is the country's first since March 2021, but was below analyst expectations of a 1,150-basis-point hike to 20%. Not enough," Timothy Ash, emerging markets strategist at BlueBay Asset Management, wrote in an note via email.

Persons: Recep Tayyip Erdogan, Hafize Gaye Erkan, Timothy Ash, — Organizations: Turkish, BlueBay Asset Management Locations: Istanbul, Turkey, Turkey's

The central bank said inflation will come under further pressure. Erdogan said last week he approved the steps Simsek would take with the central bank, suggesting he had given the green light to rate hikes. The central bank's key rate remains below deposit rates that reach up to 40% and real rates are still deeply negative. The central bank's net reserves fell to a record low of negative $5.7 billion last month. Authorities hope foreign investors and hard currency will return after a years-long exodus, potentially reducing the central bank's need to intervene to keep the lira stable.

Persons: Tayyip Erdogan's, Hafize Gaye Erkan, Erkan, Erdogan, Mehmet Simsek, Piotr Matys, Ezgi Erkoyun, Ali Kucukgocmen, Christina Fincher, Daren Butler Organizations: Reuters Graphics, Wall Street, InTouch, Reuters, Thomson Locations: ISTANBUL, Ankara

☆ Morning Bid: How high will BoE go?
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +2 min

After a hotter than anticipated inflation report on Wednesday, markets priced in a nearly 50% chance that the BoE would opt for a half a percentage point hike. Economists, polled by Reuters last week, unanimously expected the BoE to raise interest rates by 25 bps to 4.75%, their highest since 2008. Markets are pricing in a 72% chance of a 25 bps hike next month and then no more, according to CME FedWatch tool. Swiss National Bank and Norway's Norges Bank are also due to announce their policy decisions, with a 25 basis point hike widely expected from both central banks. Reuters GraphicsKey developments that could influence markets on Thursday:Economic events: Policy rate decision from BoE, Turkey's central bank, Swiss National Bank and Norway's Norges BankReporting by Ankur Banerjee in Singapore; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Ankur Banerjee, BoE, Jerome Powell, Powell, Hafize Gaye Erkan, Muralikumar Organizations: Ankur, Bank of England, Reuters, Federal, Swiss National Bank, Norway's Norges Bank, Thomson Locations: Europe, China, Hong Kong, Asia, Japan, Turkey's, Singapore

☆ Stock Market Today: Dow Edges Lower With Central Banks in Focus
▼ + stars: | 2023-06-22 | by ( ) www.wsj.com time to read: +1 min

Central banks in Switzerland and Norway also raised rates Thursday, as did Turkey's central bank , for the first time in more than two years. Stock futures weakened, with contracts tied to the S&P 500, Dow Jones Industrial Average and Nasdaq-100 all edging down around 0.3%. The 10-year Treasury note’s yield rose to 3.764%, from 3.722% Wednesday. Norway’s krone rose 1.4% against the dollar after the nation’s central bank raised rates by more than expected and suggested further increases were to come. The Swiss franc briefly set a seven-week low against the euro after the Swiss National Bank raised its rates.

Persons: Jerome Powell, Powell Organizations: Federal, The Bank of England, Dow Jones Industrial, Nasdaq, Treasury, Global, Nikkei, Bank of England, krone, Swiss, Swiss National Bank Locations: Switzerland, Norway, U.S, Europe, Asia, China

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