DIRS.INFO The most relevant business & tech news

☆ New Zealand's economy poses challenge for election victor
▼ + stars: | 2023-10-11 | by ( Lucy Craymer | ) www.reuters.com time to read: +5 min

[1/2] Christopher Luxon, Leader of the National Party, speaks at the New Zealand National Party’s election campaign launch in Auckland, New Zealand, September 3, 2023. That will stiffen the challenge for the nation's two major parties, the centre-left Labour Party and the centre-right National Party, to deliver its agenda where rising prices and government debt have been hot-button election issues. At the same time government borrowing costs are increasing and the country’s ballooning current account deficit poses a risk to the country’s credit rating. Kelly Eckhold, chief economist at Westpac New Zealand said tough fiscal choices face an incoming government. ($1 = 1.6551 New Zealand dollars)Reporting by Lucy Craymer Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Christopher Luxon, David Rowland, won’t, Kelly Eckhold, ”, Lucy Craymer, Shri Navaratnam Organizations: National Party, New Zealand National, REUTERS, Rights, Labour Party, Bank, Bank of New, National, Statistics New Zealand, Reserve Bank of New, Labour, NZ, Westpac New Zealand, Zealand, Thomson Locations: Auckland , New Zealand, Bank of New Zealand, New Zealand, Zealanders, Reserve Bank of New Zealand

☆ Fed's Daly: Risks of doing too much vs too little 'roughly balanced'
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +2 min

Federal Reserve Bank of San Francisco President Mary Daly poses for a photograph at the Kansas City Federal Reserve Bank's annual Economic Policy Symposium in Jackson Hole, Wyoming, U.S. August 25, 2023. "How much can the economy take in terms of rate increases so we can get the policy rate to a level that's reasonable to bring inflation down? She was describing the balancing act the Fed faces after raising the short-term policy rate from near zero to 5.25%-5.5% over a span of about 18 months. "I would say now the risks of how we balance those things are roughly balanced -- over-tightening versus under-tightening -- but we still have high inflation and the labor market's still strong," she said. "It's part of a large dashboard of data," she said, to which the Fed needs to be able to respond to with agility.

Persons: Mary Daly, Ann Saphir, Daly, Chris Reese, Leslie Adler Organizations: Reserve Bank of San Francisco, Kansas City Federal, REUTERS, San Francisco Federal, Treasury, Thomson Locations: Jackson Hole , Wyoming, U.S, San, Chicago, Palestinian, Israel

Neel Kashkari, President and CEO of the Federal Reserve Bank of Minneapolis, speaks during an interview with Reuters in New York City, New York, U.S., May 22, 2023. "It's certainly possible that higher long-term yields may do some of the work for us in terms of bringing inflation back down," Kashkari said in a town hall hosted by Minot State University. "But if those higher long-term yields are higher because their expectations about what we're going to do has changed, then we might actually need to follow through in their expectations in order to maintain those yields." Asked about the chances that inflation falls back to the Fed's 2% goal but the unemployment rate does not rise sharply -- the so-called soft landing for the economy -- Kashkari said it's looking "favorable." Still, he cautioned, if the economy stays too strong, the Fed may need to raise rates further to slow it, risking a harder landing.

Persons: Neel Kashkari, Mike Segar, Kashkari, It's, Ann Saphir, Leslie Adler, Jonathan Oatis Organizations: Federal Reserve Bank of Minneapolis, Reuters, REUTERS, Reserve, Minot State University, Thomson Locations: New York City , New York, U.S, Minneapolis

Following the comments from top Fed officials on Monday, Atlanta Fed President Raphael Bostic said the U.S. central bank does not need to raise interest rates any further, and that he sees no recession ahead. "Everybody has one eye on the Middle East conflict and one eye on what's happening with bond yields. The decline in bond yields is the key driver today," said John Praveen, managing director & co-chief investment officer at Paleo Leon. "If tensions escalate bond yields might decline further because they're a safe haven but equities would sell off in that instance because of increased uncertainty and risk aversion," he said. But the flight to safety has made Treasury yields fall enough to push up equities," Tuz said.

Persons: Brendan McDermid, dovish, Raphael Bostic, John Praveen, Praveen, Peter Tuz, Tuz, Neel Kashkari, Christopher Waller, Sinéad Carew, Shashwat Chauhan, Ankika Biswas, Terence Gabriel, Arun Koyyur, Shounak Organizations: New York Stock Exchange, REUTERS, U.S . Federal Reserve, Atlanta Fed, Treasury, Chase Investment, Nasdaq, Dow Jones, Minneapolis Federal Reserve Bank, Traders, PepsiCo, Truist, Rivian, UBS, EV, Thomson Locations: New York City, U.S, Gaza, Paleo Leon, Charlottesville , Virginia, Israel, Minneapolis

☆ Lawmakers take aim at credit card interest rates, fees as cardholder debt tops $1 trillion
▼ + stars: | 2023-10-10 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

"We do not see a path forward for legislation to cap credit card interest rates," Seiberg said. There are 70 million more credit card accounts open now than in 2019, it said. Credit card interest rates have predominantly remained below 36% due to "self-restraint" by banks, though that's still "extremely high" for a credit card, said Lauren Saunders, associate director at the National Consumer Law Center. I think some of the [political] lines are starting to blur a little bit, at least on credit card issues. How to reduce your personal card rate to 0%Rossman's general advice to consumers: Make your personal credit card rate 0%.

Persons: Luis Alvarez, Rossman, Seiberg, There's, that's, Lauren Saunders, Ted Rossman, Sen, Bernie Sanders, Alexandria Ocasio, Glenn Grothman, Grothman, Hawley Organizations: Digitalvision, Getty, Cowen Washington Research Group, Republican, Federal Reserve Bank of New, Federal Reserve, National Consumer Law Locations: Federal Reserve Bank of New York, Alexandria, Cortez, Jesús, Chuy, García

☆ Indian inflation seen easing to 5.50% in Sept on softening food price rises: Reuters poll
▼ + stars: | 2023-10-10 | by ( Milounee Purohit | ) www.reuters.com time to read: +2 min

Rises in food prices, which make up about half the consumer price index (CPI), continue to cool from recent peaks after the Indian government enacted a series of measures to boost supply. "Having said that, the persistent part of the food inflation problem remains there, which is cereals, pulses and spices, and I think the RBI can't do much about it anyway." Rising crude oil prices are also likely to keep inflation elevated in the world's third-largest oil importer. Oil prices rose around 3% on Monday to trade around $90 a barrel. "Oil prices ... are likely to remain high over the remainder of the year on global supply concerns," said Alexandra Hermann at Oxford Economics.

Persons: Amit Dave, Dhiraj Nim, Alexandra Hermann, Milounee Purohit, Anant Chandak, Veronica Khongwir, Hari Kishan, Mark Potter Organizations: REUTERS, Reserve Bank of India's, CPI, ANZ Research, Oxford, Inflation, Thomson Locations: Ahmedabad, India, BENGALURU

☆ New Zealand's Economy Poses Challenge for Election Victor
▼ + stars: | 2023-10-10 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +4 min

That will stiffen the challenge for the nation's two major parties, the centre-left Labour Party and the centre-right National Party, to deliver its agenda where rising prices and government debt have been hot-button election issues. “The Reserve Bank will need the government to do its bit if it is to cap the cash rate at the 5.5% it currently suggests,” analysts at Bank of New Zealand said in a note. DEBT, AND MORE DEBTThe biggest challenge for many New Zealanders is mortgage rates. At the same time government borrowing costs are increasing and the country’s ballooning current account deficit poses a risk to the country’s credit rating. Kelly Eckhold, chief economist at Westpac New Zealand said tough fiscal choices face an incoming government.

Persons: Lucy Craymer WELLINGTON, won’t, Kelly Eckhold, ”, Lucy Craymer, Shri Navaratnam Organizations: Reuters, Labour Party, National Party, Bank, Bank of New, National, Statistics New Zealand, Reserve Bank of New, Labour, NZ, Westpac New Zealand, Zealand Locations: Bank of New Zealand, New Zealand, Zealanders, Reserve Bank of New Zealand

REUTERS/Clodagh Kilcoyne/File Photo Acquire Licensing RightsOct 10 (Reuters) - Atlanta Federal Reserve Bank President Raphael Bostic on Tuesday said the U.S. central bank need not raise borrowing costs any further, and sees no recession ahead even as the Fed's rate hikes so far slow the economy and bring down inflation. "I actually don't think we need to increase rates anymore" to get too-high inflation back down to the Fed's 2% goal, Bostic told the American Bankers Association, to applause. Policy is sufficiently restrictive, and "a lot" of the impact of the Fed's rate hikes so far is clearly yet to come, he said. The conflict between Israel and the Palestinian militant group Hamas which broke out over the weekend creates uncertainty for the United States and the global economy, Bostic said, noting that it will cause rethinking on markets and investments. If data comes in differently from what he expects, Bostic said "we might have to increase (the Fed policy rate), but that's not my outlook right now, and that's not my expectation."

Persons: Federal Reserve Bank of Atlanta Raphael, Bostic, Clodagh, Raphael Bostic, that's, Ann Saphir, Emelia Sithole Organizations: Federal Reserve Bank of Atlanta, REUTERS, Atlanta Federal Reserve Bank, American Bankers Association, Palestinian, Hamas, Thomson Locations: Dublin, Ireland, U.S, Israel, United States, Ukraine

"If long-term interest rates remain elevated because of higher term premiums, there may be less need to raise the fed funds rate," Logan said. The Dallas Fed president said the economy has been stronger than she had expected, as has been the labor market, and that inflation was still too high despite progress in lowering it. But because Logan ran the New York Fed's bond portfolio for years before she took the top job at the Dallas Fed, her views on what's driving long-term rates higher could carry considerable weight as policymakers weigh their next moves. "The expectation of lower Federal Reserve asset holdings over time implies that other investors will need to hold more long-duration securities, which appears to be one factor among the many contributing to higher term premiums," Logan said. Figuring out how much of the higher long-term rates is due to higher term premiums is complex, she added.

Persons: Lorie Logan, Ann Saphir, Logan, Mary Daly, Julia Coronado, Lorie, she's, Krishna Guha, Guha, Paul Simao Organizations: Federal Reserve Bank, Dallas, Kansas City, REUTERS, Rights, Treasury, Federal Reserve, National Association for Business Economics, Market, San Francisco Fed, Evercore ISI, Dallas Fed, Fed, Thomson Locations: Kansas, Jackson Hole , Wyoming, U.S, York

☆ What’s open and closed on Columbus Day and Indigenous Peoples’ Day
▼ + stars: | 2023-10-08 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +1 min

New York CNN —Americans celebrate Indigenous Peoples’ Day and Columbus Day on the second Monday of October each year. Indigenous Peoples’ Day recognizes the contributions and legacy of those who lived here long before Christopher Columbus erroneously claimed to have discovered America. President Joe Biden formally recognized Indigenous Peoples’ Day in 2021 by signing a proclamation stating that federal policies “systematically sought to assimilate and displace Native people and eradicate Native cultures.”Some states officially celebrate Indigenous Peoples’ Day and others commemorate it through proclamations. More than 100 cities have replaced Columbus Day altogether with the holiday. Chase Bank and TD Bank will be open for Indigenous Peoples’ Day.

Persons: Christopher Columbus, Joe Biden, “ Organizations: New, New York CNN, Indigenous, Columbus, ’, Indigenous Peoples, Federal Reserve, Nasdaq, New York Stock Exchange, Banks, Bank of America, Citibank, Chase Bank, TD Bank, Mail, United States Postal Service, UPS, FedEx, FedEx Express, Target, Walmart, Kroger Locations: New York, America, Wells Fargo

☆ Dollar pauses rally as markets brace for US nonfarm payrolls test
▼ + stars: | 2023-10-06 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. The dollar index , which earlier in the week hit a roughly 11-month high of 107.34, last settled at 106.37, but remained on track for 12 straight weeks of gains. The benchmark 10-year Treasury yield last stood at 4.7269%, while the two-year yield settled at 5.0267%. The pause in the dollar's rally has also provided a much-needed reprieve for the yen , which last bought 148.48 per dollar. Sterling edged 0.03% lower to $1.2188 and was likewise headed for five straight weeks of losses, struggling against a dominant dollar.

Persons: Rick Wilking, Rodrigo Catril, We've, Vishnu Varathan, Thierry Wizman, Rae Wee, Shri Navaratnam Organizations: REUTERS, Rights, . Treasury, greenback, U.S, Treasury, National Australia Bank, Bank of Japan, Ministry of Finance, Mizuho Bank ., Sterling, European Central Bank, Bank of England, Reserve Bank of Australia, New Zealand, Reserve Bank of New, Thomson Locations: Westminster , Colorado, Rights SINGAPORE, U.S, Reserve Bank of New Zealand

☆ India's forex reserves drop for 4th week, fall to over 5-month low
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +1 min

That was a decrease of $3.8 billion from the previous week. India's forex reserves are "sizeable" and "very comfortable," RBI Governor Shaktikanta Das said on Friday, while reiterating that the central bank's intervention aims to prevent any volatility of the rupee's exchange rate. Foreign exchange reserves include India's Reserve Tranche position in the International Monetary Fund. For the week the forex reserves data pertains, the rupee had fallen 0.1% against the dollar and traded in a range of 83.0225 and 83.2450. FOREIGN EXCHANGE RESERVES (in million U.S. dollars)Source text: (https://bit.ly/3PD1mzC)Reporting by Siddhi Nayak; editing by Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

Persons: Shaktikanta Das, Siddhi Nayak, Eileen Soreng Organizations: Reserve Bank of India, International Monetary Fund, Siddhi, Thomson Locations: MUMBAI

☆ Dollar pauses rally as markets brace for U.S. nonfarm payrolls test
▼ + stars: | 2023-10-06 | by ( ) www.cnbc.com time to read: +3 min

The dollar dipped on Friday but traders were largely keeping to the sidelines in both the currency and U.S. Treasury markets as they looked to U.S. nonfarm payrolls data later in the day for potential catalysts. The dollar index , which earlier in the week hit a roughly 11-month high of 107.34, last settled at 106.37, but remained on track for 12 straight weeks of gains. The benchmark 10-year Treasury yield last stood at 4.7269%, while the two-year yield settled at 5.0267%. The pause in the dollar's rally has also provided a much-needed reprieve for the yen , which last bought 148.48 per dollar. Sterling edged 0.03% lower to $1.2188 and was likewise headed for five straight weeks of losses, struggling against a dominant dollar.

Persons: Rodrigo Catril, We've, Vishnu Varathan, Thierry Wizman Organizations: . Treasury, greenback, U.S, Treasury, National Australia Bank, Bank of Japan, Ministry of Finance, Mizuho Bank ., Sterling, European Central Bank, Bank of England, Reserve Bank of Australia, New Zealand, Reserve Bank of New Locations: U.S, Reserve Bank of New Zealand

☆ Australia's central bank sees risks mounting in global markets, China property
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +3 min

Two women walk next to the Reserve Bank of Australia headquarters in central Sydney, Australia February 6, 2018. In an effort to curb surging inflation, the central bank has lifted interest rates to a decade-high of 4.1%, causing widespread financial stress among households where debt levels are at record peaks. "A small, but rising share of borrowers are on the cusp, or in the early stages, of financial stress," the review stated. "A tightening in global financial conditions could transmit to Australia via linkages in funding markets and risk aversion," the review said. Another area of concern was China's property sector where financial stress was proving a drag on the world's second largest economy and Australia's single biggest export market.

Persons: Daniel Munoz, Michele Bullock, Wayne Cole Organizations: Reserve Bank of Australia, REUTERS, Rights, Financial, Thomson Locations: Sydney, Australia, China, U.S, United States, AUSTRALIA

☆ The Indian rupee is under pressure but the Reserve Bank of India is 'standing strong,' HSBC says
▼ + stars: | 2023-10-06 | 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 EmailThe Indian rupee is under pressure but the Reserve Bank of India is 'standing strong,' HSBC saysPranjul Bhandari, chief India economist at the bank, says the Reserve Bank of India has a "huge wall of FX reserves," which it is using to keep the currency as stable as possible.

Persons: Pranjul Bhandari Organizations: Reserve Bank of, HSBC Locations: Reserve Bank of India, India

The September jobs report that the Labor Department will issue Friday will show just how much of that durability remains. A growing body of evidence, though, suggests that the job market is cooling — something Fed officials would like to see. Businesses often raise their prices to cover their higher labor costs. Fewer Americans are quitting their jobs after a surge in resignations in the aftermath of the pandemic. Most people quit to take other jobs with higher pay, so the decline in quitting indicates that workers now see fewer available opportunities elsewhere.

Persons: Jerome Powell, Mary Daly, ” Daly, Goldman Sachs Organizations: WASHINGTON, Federal Reserve, Labor Department, Institute for Supply Management, Federal Reserve Bank of San, Economic, of New Locations: United States, Federal Reserve Bank of San Francisco, of New York

☆ India central bank keeps key rate steady; liquidity measures in focus
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +1 min

A Reserve Bank of India (RBI) logo is seen inside its headquarters in Mumbai, India, April 6, 2023. REUTERS/Francis Mascarenhas Acquire Licensing RightsMUMBAI, Oct 6 (Reuters) - The Reserve Bank of India's key lending rate was held steady at a fourth consecutive policy meeting on Friday, as widely expected, with investors more focused on the regulator's liquidity management plan amid a resurgence in inflation. The country's monetary policy committee (MPC) kept the repo rate (INREPO=ECI) unchanged at 6.50%, in a unanimous decision. It has raised rates by 250 basis points (bps) since May 2022 in a bid to cool surging prices. High inflation has put the focus back on liquidity management amid the reduced ability to keep hiking rates at the risk of hurting growth and commentary and further measures, if any, are being closely monitored by market participants.

Persons: Francis Mascarenhas, Das, Swati Bhat, Sudipto Ganguly, Savio D'Souza Organizations: Bank of India, REUTERS, Rights, Reserve Bank of, Reuters, Thomson Locations: Mumbai, India, Rights MUMBAI

☆ Fed's Mester: Strong jobs data do not change underlying view on hiring
▼ + stars: | 2023-10-06 | by ( Michael S. Derby | ) www.reuters.com time to read: +2 min

"With this one report, [the data] continues to say it's a strong labor market, but it is getting a little bit less tight than we saw before," Mester said in an interview on CNN International. Mester spoke to the television channel following the release of the September jobs report, which showed the U.S. added a bigger-than-expected 336,000 jobs last month and upwardly revised the prior month's job gain, with a steady 3.8% unemployment rate. The strength of the jobs data renewed bond market worries about additional Fed rate hikes which had receded among many investors. Several economists noted the softening earnings data in the report, evidence that inflation pressures continued to ebb, reducing pressure on the Fed to hike rates further. "What we've seen in the economy so far is that it's been a very resilient economy," Mester said, adding "economic growth has been strikingly strong and yet we're still making progress on inflation."

Persons: Loretta J, Mester, Jim Urquhart, Loretta Mester, it's, Michael S, Diane Craft, David Gregorio Our Organizations: Federal Reserve Bank of Cleveland, Jackson, REUTERS, Federal Reserve Bank, Cleveland, CNN International, Fed, Derby, Thomson Locations: Jackson , Wyoming, U.S

☆ Fed's Goolsbee does not see rise in long-term yields imperiling soft landing
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +3 min

Chicago Fed President Austan Goolsbee reacts as he heads into the Kansas City Fed's annual economic symposium in Jackson Hole, Wyoming, U.S., August 24, 2023. "On the real side I feel like nothing has happened so far that is convincing evidence that we are off the golden path," Goolsbee said on Bloomberg's Odd Lots podcast, recorded on Tuesday and aired on Thursday. Their projections also showed they expect to end next year with only a slightly higher unemployment rate, of 4.1%, and a slightly lower policy rate, of 5.1%. Should the rise in long-term yields go so far as to trigger a surge in unemployment or sharp slowdown in economic activity, the Fed will adjust, Goolsbee said. "We absolutely monitor that and are thinking about that, and that could be a blow to either the financial or the real economy," Goolsbee said.

Persons: Austan Goolsbee, Ann Saphir, Goolsbee, it's, Chizu Organizations: Chicago Fed, Kansas City, REUTERS, Chicago Federal Reserve Bank, Fed, Thomson Locations: Kansas, Jackson Hole , Wyoming, U.S, Goolsbee

Oct 6 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. A batch of data from Japan includes household spending and consumption figures, leading indicators, and the latest foreign exchange reserves. But Bank of Japan money market data indicates that the yen's jump on Tuesday was not the product of yen-buying intervention. The big policy event in Asia will be the Reserve Bank of India's interest rate decision, and more importantly, its guidance. The rupee goes into the meeting trading at 83.00 per dollar, right down at August's record low 83.45 per dollar.

Persons: Jamie McGeever, payrolls Organizations: Bank, Reserve Bank, U.S, Thomson, Reuters Locations: Japan, Asia, U.S, India

The collective impact of higher rates across the economy could also weaken the government's own finances. With borrowing rates high and inflation still relatively elevated, consumers, who drive about 70% of economic growth, are expected to spend more cautiously. “Those tighter, higher rates will have an impact on the economy.”Financial analysts point to several reasons for the rapid increase in lending rates. Overseas buyers have reduced their purchases, thereby forcing rates higher to attract buyers. “All of that is driving these fears of higher rates, and no one knows when it’s going to stop,” said Gennadiy Goldberg, head of US rates strategy at TD Securities.

Persons: Kevin McCarthy, Goldman Sachs, Goldman, Freddie Mac, Loretta Mester, ” Mester, it’s, ”, Gennadiy Goldberg, Benson Durham, Piper Sandler, Durham, Jerome Powell, ‘, we’re, ’ ”, Nancy Vanden Houten, David Page Organizations: WASHINGTON, United Auto Workers, Representatives, Republican, Treasury, Federal Reserve Bank of Cleveland, ”, Fed, Treasury Department, TD Securities, Oxford Economics, AXA Locations: U.S, ’ ” Durham, London

☆ Fed has yet to face final reckoning two years after trading scandal
▼ + stars: | 2023-10-04 | by ( Michael S. Derby | ) www.reuters.com time to read: +6 min

But at the regional level, the IG has yet to weigh in on the trading activities of Rosengren, Kaplan and current Atlanta Fed President Raphael Bostic. Both Rosengren and Kaplan have said they followed the Fed rules that governed trading at the time, and their disclosures were approved by Fed lawyers. Conti-Brown praised the central bank's new ethics regime as likely the best in government, which he said casts the IG's work in an even worse light. They have proposed legislation that would make the Fed IG position a presidential appointment requiring confirmation by the Senate, something Bialek has publicly opposed. During a hearing in the Senate in May, Bialek said the Fed had never interfered in his work.

Persons: That's, Jerome Powell, Eric Rosengren, Robert Kaplan, Mark Bialek, Elizabeth Warren, Rick Scott, Peter Conti, Brown, Powell, Richard Clarida, Kaplan, Raphael Bostic, Rosengren, Bostic, Conti, Warren, Scott, Bialek, Clarida, she's, There's, Michael S, Dan Burns, Paul Simao Organizations: Dallas, Boston Federal Reserve, U.S . Congress, Boston Fed, Dallas Fed, Fed, Democratic, Wharton School, University of Pennsylvania, Reserve Bank, Rosengren, Atlanta Fed, Senate, Committee, Thomson Locations: U.S

☆ NZ central bank holds rates, signals higher hurdle to further hikes; kiwi tumbles
▼ + stars: | 2023-10-04 | by ( Lucy Craymer | ) www.reuters.com time to read: +3 min

View of an entrance to the Reserve Bank of New Zealand in Wellington, New Zealand November 10, 2022. “Interest rates are constraining economic activity and reducing inflationary pressure as required,” the central bank said in a statement. The past RBNZ rate hikes have sharply slowed New Zealand’s economy but recent data showed it was tracking above central bank expectations at 0.9% quarterly growth. The central bank releases a comprehensive update of economic indicators and the forecast official cash rate track when it publishes its quarterly Monetary Policy Statement (MPS), which is due on Nov. 29. “The Bank appears content to wait for restrictive policy settings to fully feed through to the real economy,” analysts at Capital Economics in a note.

Persons: Lucy Craymer, ”, Kelly Eckhold, “ Organizations: WELLINGTON, Reuters, Reserve Bank of New, REUTERS, Bank of New Zealand, New Zealand, Westpac NZ, U.S . Federal Reserve, Capital Economics Locations: Reserve Bank of New Zealand, Wellington , New Zealand, Global, New Zealand

☆ Yen cowers near 150 as intervention chatter runs rife
▼ + stars: | 2023-10-04 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

[1/3] Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. Japanese authorities last year intervened to prop up the yen for the first time since 1998. Other currencies similarly fell against the yen in the previous session, with the euro losing more than 1.5% to a low of 154.39 yen. Sterling edged 0.03% lower to $1.20745, languishing near the previous session's close to seven-month low of $1.20535. Meanwhile, Cleveland Fed President Loretta Mester said she is open to raising interest rates again.

Persons: Florence Lo, James Malcolm, Masato Kanda, Janet Yellen, Rodrigo Catril, Raphael Bostic, Loretta Mester, Rae Wee, Sam Holmes Organizations: U.S, REUTERS, Rights, UBS, Tokyo, Treasury, Sterling, National Australia Bank, Atlanta Fed, Cleveland Fed, New Zealand, Reserve Bank of New Zealand, Thomson Locations: Rights SINGAPORE, Asia, Washington, Japan

☆ Morning Bid: Bond steamroller flattens all
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +5 min

Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture taken September 23, 2022. That's all on top of the ongoing rethink of the Fed's long-term rate horizon and increasingly high-pressure economy. Hit from all sides, the Treasury market is simply in ructions - catalysed perhaps by technical, speculative and positioning factors too. Ten-year yields hit a whopping 4.88% early on Wednesday - an increase of 80 basis points in little over a month. And implied volatility in the bond market (.MOVE) hit its highest since May.

Persons: Florence Lo, Mike Dolan, Kevin McCarthy, Michelle Bowman, Austan Goolsbee, Jeffrey Schmid, St, Louis Fed, Kathleen O'Neill Paese, Mehmet Simsek, Bernadette Baum Organizations: U.S, REUTERS, Congress, riven, Federal Reserve, Bank of, Treasury, Nasdaq, Reserve Bank of New, P Global, U.S . Federal Reserve, Chicago Fed, Kansas City Fed, Turkish, Thomson, Reuters Locations: U.S, Washington, Asia, Europe, Reserve Bank of New Zealand, Kansas, London

Search resuls for: "Reserve Bank"

25 mentions found