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☆ 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

It needs to translate into changes in economic outcomes," Bostic said in comments to reporters alongside the release of a new policy essay. Part of that adaptation is how the Fed's short-term benchmark is translated ultimately into mortgage rates, corporate bonds yields, and other securities that influence economic activity. In separate comments, Cleveland Fed President Loretta Mester said she similarly is watching how the rise in bond yields will play out, even though she feels the Fed's policy rate still needs to rise. It may well be that the Fed's hawkish rate posture is no longer the primary impetus for the rise in yields. Reporting by Howard Schneider and Dan Burns; Editing by Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

Persons: Federal Reserve Bank of Atlanta Raphael, Bostic, Clodagh, Raphael Bostic, Loretta Mester, Mester, Torsten Slok, Slok, Howard Schneider, Dan Burns, Andrea Ricci Organizations: Federal Reserve Bank of Atlanta, REUTERS, Rights, Federal Reserve, Treasury, Atlanta Federal Reserve, U.S, Cleveland Fed, Apollo Global Management, Reuters, Fitch, Treasury Department, Bank of, Thomson Locations: Dublin, Ireland, Atlanta, China, York

[1/2] Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture taken September 23, 2022. The dollar fell as low as 147.30 yen versus the Japanese currency, after hitting a one-year high of 150.165. Tuesday's low in the dollar was its weakest level in three weeks versus the Japanese currency. The euro dropped to a roughly two-month low against the yen of 154.39 yen and was last down 0.7% to 155.99. That earlier drove the dollar higher as real interest rates factor in inflation.

Persons: Florence Lo, Shunichi Suzuki, Colin Asher, Sterling, Marc Chandler, Jeremy Stretch, JGB, Herbert Lash, Gertrude Chavez, Dreyfuss, Lucy Raitano, Joice Alves, Marguerita Choy, Sharon Singleton Organizations: U.S, REUTERS, Japan, Japanese Finance, New York Federal Reserve, Mizuho, Bannockburn Global, U.S . Labor, Labor, Survey, CIBC Capital Markets, UST, Federal Reserve, Reserve Bank of Australia's, Swiss, Thomson Locations: Japan, London, Bannockburn, New York

☆ Australia central bank holds rates at 4.1% for fourth month
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: 1 min

SYDNEY, Oct 3 (Reuters) - Australia's central bank held interest rates steady on Tuesday for a fourth month, but again warned that further tightening might be needed to bring inflation to heel in a reasonable timeframe. Wrapping up its October policy meeting, the Reserve Bank of Australia (RBA) held rates at 4.10% and said recent data were consistent with inflation returning to its 2–3 percent target over time with output and employment still growing. Markets had wagered heavily on a steady outcome this month, though there is still some chance of a hike in November depending on how inflation progresses over the third quarter. Reporting by Wayne Cole; Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Wayne Cole, Shri Navaratnam Organizations: SYDNEY, Reserve Bank of Australia, Thomson

☆ Dollar hits new high on upbeat data, yen teeters near intervention line
▼ + stars: | 2023-10-03 | by ( Brigid Riley | ) www.reuters.com time to read: +3 min

The euro also traded near a one-year low against the greenback, dropping below January's 1.0482 nadir, as manufacturing surveys released in both Europe and the U.S. on Monday highlighted the divergence between the two economies. The dollar index rose around 0.5% to 107.06, at one point hitting as high as 107.12, its highest since November 2022. Japan's key economic ministers warned again on Monday that authorities were watching with a "strong sense of urgency" as the yen slid. The yen was last at 149.80 against the dollar, just off the overnight low of 149.88. (This story has been corrected to fix euro milestone to near one-year low, not over one-year low, in paragraph 2)Reporting by Brigid Riley Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Carol Kong, Kong, Sterling, Brigid Riley, Shri Navaratnam Organizations: REUTERS, Rights, Federal Reserve, Treasury, Commonwealth Bank of Australia, PMI, Reserve Bank of Australia, Thomson Locations: Europe

☆ Asian stocks slip on rate worries, yen in focus
▼ + stars: | 2023-10-03 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

U.S. Federal Reserve officials said that monetary policy will need to stay restrictive for "some time" to bring inflation back down to the Fed's 2% target. Still, the hawkish rhetoric from the Fed officials comes as an ongoing debate over another possible rate hike this year rages on. "If it were down to us, we would wait for another month of rising inflation and the third-quarter inflation numbers. The yen was last at 149.83 per U.S. dollar in Asian hours, having scaled a fresh near 12-month low of 149.895 earlier in the session. The dollar index , which measures the U.S currency against six major rivals, rose 0.093% to scale a fresh 10-month peak.

Persons: Hong, Michelle Bowman, Rob Carnell, Shunichi Suzuki, Brent, Ankur Banerjee, Jamie Freed Organizations: Federal Reserve, Japan's Nikkei, . Federal, Fed, Reserve Bank of, Reuters, ING, Japanese Finance, Thomson Locations: SINGAPORE, Asia, Pacific, Japan, Reserve Bank of Australia

REUTERS/Jonathan Ernst Acquire Licensing RightsOct 4 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. The Japanese yen? Japanese stocks had already slumped to a four-month low before the yen's sudden burst of strength. Purchasing managers index reports from Japan, Australia and South Korea will be released, and the Reserve Bank of New Zealand announces its latest interest rate decision on Wednesday. The RBNZ is widely seen holding its key interest rate at 5.50% - the highest in nearly 15 years - and keep it there at least until March before lowering it shortly after.

Persons: Kevin McCarthy, McCarthy's, Jonathan Ernst, Jamie McGeever, Bond, Bill Gross, Fed's Schmid, Bowman, Goolsbee, Josie Kao Organizations: U.S, Capitol, REUTERS, New York Fed, Nikkei, Reserve Bank of New Zealand, Thomson, Reuters Locations: Washington , U.S, Japan, Washington, Swiss, U.S, Asia, Australia, South Korea, Zealand, Korea

It needs to translate into changes in economic outcomes," Bostic said in comments to reporters. "I don't think the degree of response to date has been out of bounds" of what would happen "in an ordinary tightening cycle." But even though he agreed that recent jumps in long-term yields have been unusual, Bostic joined several of his colleagues in downplaying their relevance to policy - at least so far. "There is a lot going on and I cannot say I have all the answers," Bostic said. The things we are looking at is the pace at which the economy slows," not the rates themselves.

Persons: Federal Reserve Bank of Atlanta Raphael, Bostic, Clodagh, Raphael Bostic, Howard Schneider, Paul Simao Organizations: Federal Reserve Bank of Atlanta, REUTERS, Rights, Treasury, Atlanta Fed, Thomson Locations: Dublin, Ireland, U.S, China

☆ Rupee likely to open weaker pressured by surging U.S. yields
▼ + stars: | 2023-10-03 | by ( Jaspreet Kalra | ) www.reuters.com time to read: +2 min

MUMBAI, Oct 3 (Reuters) - The Indian rupee is likely to open weaker on Tuesday as U.S. treasury yields rose to fresh multi-year highs after the United States averted a partial government shutdown. Non-deliverable forwards indicate the rupee will open at around 83.25 to the U.S. dollar compared with a close of 83.04 in Friday's session. Buoyed by higher U.S. yields, the dollar index also climbed to 107.13 in Asia, its highest level since November 2022. While the rupee has come close to testing its record low levels in recent weeks, likely dollar sales from the RBI have managed to keep some of the weakness at bay. The rupee could see an intraday fall to a fresh record low if the dollar index continues to strengthen, said Dilip Parmar, a foreign exchange research analyst at HDFC Securities.

Persons: Loretta Mester, Dilip Parmar, Jaspreet Kalra, Sonia Cheema Organizations: U.S, . Federal Reserve, Reserve Bank, Cleveland, Reserve Bank of India, Brent, HDFC Securities, Thomson Locations: MUMBAI, United States, Asia

☆ Morning Bid: This Fed's not for turning
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +5 min

The U.S. Federal Reserve building is pictured in Washington, March 18, 2008. That thought was echoed by Cleveland Fed chief Loretta Mester, who said: "I suspect we may well need to raise the fed funds rate once more this year." Either way, this is not the sound of a Fed who thinks the inflation battle is won. Fed hawkishness, however, has kept futures markets pricing a 50-50 chance of another quarter point rate hike to the 5.50-5.75% range by year-end. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Jason Reed, Mike Dolan, they've, Michelle Bowman, Loretta Mester, Michael Barr, hawkishness, Raphael Bostic, Susan Fenton Organizations: U.S . Federal, REUTERS, Reserve, Cleveland Fed, Institute, Supply, Bank of Japan, Reserve Bank of Australia, Big Tech, Atlanta Federal Reserve, Treasury, McCormick, PMI, Reuters, Thomson Locations: Washington, U.S

WASHINGTON (AP) — U.S. job openings unexpectedly rose in August, another sign the U.S. labor market remains strong despite higher interest rates — perhaps too strong for the inflation fighters at the Federal Reserve. American employers posted 9.6 million job openings in August, up from 8.9 million in July and the first uptick in three months, the Labor Department said Tuesday. ""Yes, the job market is still retaining a lot of heat,'' he said, "but it hasn't gone back on the boil.'' The Federal Reserve wants to see the red-hot U.S. job market cool off, reducing pressure on businesses to raise pay, which can feed into higher prices. The Fed chose not to raise rates at its last meeting Sept. 19-20.

Persons: Economists, —, Nick Bunker, hasn't, Jerome Powell, Dow Jones, Rubeela Farooqi, Loretta Mester, “, ” Mester, Christopher Rugaber Organizations: WASHINGTON, —, Federal Reserve, Labor Department, Federal, Fed, Federal Reserve Bank of Cleveland, AP

☆ A top economist explains why a US recession is still on the table
▼ + stars: | 2023-10-03 | by ( Phil Rosen | Madison Hoff | ) www.businessinsider.com time to read: +5 min

The US economy is showing signs of resilience, including from the labor market and consumer spending. The labor market has remained robust, steady economic growth is still there, and consumers have yet to buckle. "I think there's still risks gradually accumulating in the economy," Kimbrough said. AdvertisementAdvertisementConsumer and labor market risks loomA number of factors pose as headwinds for consumers, in the chief economist's view. Gregory Daco, EY's chief economist, also recently warned that there are headwinds impacting consumers, forcing them to perhaps cut back on spending.

Persons: isn't, —, Jeremy Grantham, Jamie Dimon, Karin Kimbrough, LinkedIn's, it's, Kimbrough, they've, Gregory Daco, Daco Organizations: Service, Chicago Fed, BlackRock, Labor, of Labor Statistics, Federal Reserve Bank of New York's Center, Microeconomic

[1/2] Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture taken September 23, 2022. The sharp move lower suggested the Bank of Japan had intervened in the market to keep the yen from falling further. "It has all the hallmarks of intervention in all honesty," said Michael Brown, market analyst at Trader X in London. "The continued uptrend in UST-JGB encouraged the 150 to be breach in the wake of the better-than-expected JOLTS data. The dollar slipped 0.51% against the yen to 149.08 after hitting 150.165 on the JOLTS report.

Persons: Florence Lo, Michael Brown, Marc Chandler, Jeremy Stretch, JGB, Stretch, Shunichi Suzuki, Wei Liang Chang, Russia's rouble, Herbert Lash, Brigid Riley, Alun John, Joice Alves, Kevin Buckland, Marguerita Choy, Sharon Singleton Organizations: U.S, REUTERS, Bank of Japan, New York Federal Reserve, Trader, Bannockburn Global, CIBC Capital Markets, UST, Finance, DBS, Strong U.S, Federal Reserve, Reserve Bank of Australia's, Swiss, Thomson Locations: London, Bannockburn, New York, United States, Europe, Tokyo

☆ Fed's Bostic sees no 'urgency' to raise rates again, but cuts a long way off
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +3 min

FILE PHOTO:President and chief executive officer of the Federal Reserve Bank of Atlanta, Raphael Bostic speaks at the South African Reserve Bank's Biennial Conference in the Cape Town International Convention Centre, South Africa, August 31, 2023. "I don't think there is an urgency for us to do anything more ... I think that is the appropriate thing to do for a long time," Bostic said. The current policy rate "is starting to slow the economy down. Recent data showing a decline in the underlying pace of inflation is expected by many investors to hold the benchmark policy rate steady.

Persons: Raphael Bostic, Esa Alexander, Bostic, Let's, Howard Schneider, Andrew Heavens, Will Dunham Organizations: Federal Reserve Bank of Atlanta, South African, Bank's, Cape Town International Convention Centre, REUTERS, Rights, Federal Reserve, Atlanta Federal Reserve, Metro Atlanta Chamber, Federal, Fed, Thomson Locations: South Africa, Atlanta

☆ Dollar weakens against the yen after yen breaches key 150 level
▼ + stars: | 2023-10-03 | by ( ) www.cnbc.com time to read: +3 min

The Japanese yen has fallen about 25% year-to-date against the greenback. The sharp move lower suggested the Bank of Japan had intervened in the market to keep the yen from falling further. "The continued uptrend in UST-JGB encouraged the 150 to be breach in the wake of the better-than-expected JOLTS data. The dollar slipped 0.51% against the yen to 149.08 after hitting 150.165 on the JOLTS report. The dollar index, which tracks the unit against six peers, was up 0.13% at 107.16, at its highest since November.

Persons: Michael Brown, Marc Chandler, Jeremy Stretch, JGB, Stretch, Shunichi Suzuki, Wei Liang Chang, Russia's rouble Organizations: greenback, The, Bank of Japan, New York Federal Reserve, Trader, Bannockburn Global, U.S, CIBC Capital Markets, UST, Finance, DBS, Strong U.S, Federal Reserve, Reserve Bank of Australia's, Swiss Locations: London, Bannockburn, New York, United States, Europe

☆ Asia-Pacific stocks fall ahead of Australian central bank rate decision
▼ + stars: | 2023-10-03 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

The full moon, otherwise known as a strawberry supermoon, is seen over the Skyline of the CBD in Sydney, Australia June 15, 2022. Asia-Pacific markets fell ahead of a rate decision by the Reserve Bank of Australia. In Australia, the S&P/ASX 200 was trading down 1.1% ahead of an RBA meeting, where the central bank is expected to hold rates at 4.10%, according to a Reuters poll. In Japan, the Nikkei 225 was down 0.63% in its first hour of trade. The Nasdaq Composite added 0.67% to close at 13,307.77— CNBC's Hakyung Kim and Alex Harring contributed to this report.

Persons: Hakyung Kim, Alex Harring Organizations: Skyline, Reserve Bank of Australia, Nikkei, Dow Jones, Nasdaq Locations: Sydney, Australia, Asia, Pacific, Japan, U.S

☆ Fed's Mester says one more U.S. rate hike may be needed
▼ + stars: | 2023-10-02 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

FILE PHOTO: Cleveland Fed President Loretta Mester takes part in a panel convened to speak about the health of the U.S. economy in New York November 18, 2015. REUTERS/Lucas Jackson/File PhotoNEW YORK (Reuters) - Federal Reserve Bank of Cleveland President Loretta Mester said Monday that the U.S. central bank most likely isn’t done raising interest rates amid ongoing inflation pressures. The Fed has raised rates aggressively over the last year and a half to help cool inflation. Ebbing price pressures allowed officials to keep the federal funds target rate range at between 5.25% and 5.5% in September. Mester said the economy has proved to be stronger than expected at the start of the summer.

Persons: Loretta Mester, Lucas Jackson, ” Mester, Mester’s, Michael Barr, Michelle Bowman, “, ”, Mester Organizations: Cleveland Fed, REUTERS, Federal Reserve Bank, Cleveland Locations: U.S, New York, Cleveland

☆ Japan stocks soar as yen hits 1-year low
▼ + stars: | 2023-10-02 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

A passerby is reflected on an electric monitor displaying the graph of recent moments of the Japanese yen exchange rate against the U.S. dollar outside a brokerage in Tokyo, Japan May 2, 2023. U.S. stock futures rose 0.6%, pointing to a rebound from the S&P 500's 0.3% drop on Friday. Japanese stocks were also boosted by the Bank of Japan's quarterly Tankan survey, which showed an improvement in business sentiment. Brent December crude futures rose 18 cents, or 0.2%, to $92.38 a barrel after falling 90 cents at the end of last week. U.S. West Texas Intermediate crude futures gained 23 cents, or 0.3%, to $91.02 a barrel, after losing 92 cents on Friday.

Persons: Issei Kato, Korea's, Michele Bullock, Kevin Buckland, Edwina Gibbs Organizations: U.S, REUTERS, Rights, Nikkei, Golden, Bank, Brent, . West Texas, Thomson Locations: Tokyo, Japan, U.S, Hong Kong, China, New, expansionary

☆ This bank ended the third quarter with a bang, boosting its CD yield to 5.6%
▼ + stars: | 2023-10-02 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +2 min

Banks that hiked yields in the final stretch of the third quarter include Bread Financial , which is now offering an annual percentage yield of 5.6% for a 1-year CD. One basis point equals one-hundredth of a percentage point. "We expect at least one more guide up from bank management teams on deposit betas as the Fed keeps rates higher for longer," wrote Morgan Stanley analyst Betsy Graseck. Those factors include competition from money market funds for depositors' dollars, and lower-yielding CDs repricing at higher rates, she added. The San Francisco Fed forecast that the last of these dollars would be depleted during the third quarter of 2023.

Persons: Stephens, Vincent Caintic, Banks, Ally Financial, Morgan Stanley, Betsy Graseck, — CNBC's Michael Bloom Organizations: Bread, Federal Reserve, Fed, Federal Reserve Bank of San, San Francisco Fed Locations: Stephens, Federal Reserve Bank of San Francisco

On a visit Monday to York, Pennsylvania, Chair Jerome Powell got an earful from a group with a decidedly different perspective: Small-business people who are grappling personally with inflation, high interest rates, labor shortages and other challenges of the post-pandemic economy. It's very hard to operate a business without predictability.”Political Cartoons View All 1190 ImagesKeene noted that her parents had experienced high inflation when they ran the business back in the 1980s. As a result, her father said, “I don't have any wisdom to give you.”“We'll get inflation down," Powell said after listening to her concerns. The policymakers predicted that inflation would fall to about 2.6% by the end of 2024, with only a small rise in the unemployment rate. “What we all desire," Powell said, “is a sustained period of strong labor market conditions,” which can boost wages for the lowest-income workers.

Persons: Jerome Powell, Powell, Patrick Harker, Patties, “, ”, Julie Flinchbaugh Keene, Keene Organizations: — Federal Reserve, Federal Reserve Bank of Philadelphia, Farm Locations: Washington, York , Pennsylvania, York, Orchard

Oct 3 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. Investors in Asia are also awaiting the Reserve Bank of Australia's latest policy decision and guidance on Tuesday. But it is the relentless rise in U.S. Treasury yields and the dollar that will set the tone across the region. But the yen continues to slide, suggesting it is still being driven by U.S. yields and the dollar side of the equation. All but two of 32 economists in a Sept. 27-28 poll expected the RBA to hold its official cash rate steady.

Persons: Jamie McGeever, Deepa Babington Organizations: Treasury, Investors, Reserve Bank, Australia's, Bank of Japan, Aussie, ., Reserve Bank of Australia, PMI, Thomson, Reuters Locations: Asia, U.S, Japan, Tokyo, Australia, PMIs, South Korea

Oct 2 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. But Chinese purchasing managers index data over the weekend, which pointed to mixed levels of services and manufacturing activity last month, may put a dampener on that. Investors will be looking to start the fourth quarter on a positive note after a pretty awful third quarter. Monday's batch of PMI reports include the latest snapshots from Australia, Japan and Indonesia, while Japan's closely watched 'tankan' survey of business sentiment and activity will also be released. Meanwhile, the Reserve Bank of Australia, Reserve Bank of New Zealand and Reserve Bank of India are all expected to keep their key interest rates on hold at 4.10%, 5.5% and 6.5%, respectively.

Persons: Jamie McGeever, Japan's, Richard Chang Organizations: U.S . Congress, PMI, Golden, Monetary, Reserve Bank of Australia, Reserve Bank of New, Reserve Bank of, Bank of Japan, Thomson, Reuters Locations: Beijing, Australia, Japan, Indonesia, India, New Zealand, South Korea, Philippines, Thailand, Taiwan, Reserve Bank of New Zealand, Reserve Bank of India

☆ India central bank says 96% of 2,000-rupee notes returned, extends deadline by a week
▼ + stars: | 2023-09-30 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, Sept 30 (Reuters) - The Reserve Bank of India (RBI) said on Saturday it would extend its deadline to return the country's highest denomination 2,000-rupee ($24) currency notes by a week to Oct. 7. The total value of 2,000-rupee notes in circulation was down to 140 billion rupees as of Sept. 29 from 3.56 trillion rupees as of May 19, the RBI said. The RBI said 96% of the 2,000-rupee currency notes had been returned as of Friday, worth 3.42 trillion rupees ($41.19 billion). The 2,000-rupee notes were introduced in 2016 to replenish currency in circulation after the government's shock move to demonetize the economy by scrapping other high-value banknotes. However, the central bank has frequently said that it wants to reduce high-value notes in circulation and stopped printing 2,000-rupee notes four years ago.

Persons: Siddhi Nayak, Giles Elgood Organizations: Reserve Bank of India, Siddhi, Thomson Locations: MUMBAI

☆ A 32-year market vet warns a recession is still on the way as the Fed's jumbo rate hikes continue to work their way into the economy — and shares 3 reasons why stocks are overvalued by 35%
▼ + stars: | 2023-09-30 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

The hikes scared investors into thinking a recession would be on the way. But today, the labor market remains strong and inflation is under 4%, prompting rosier outlooks about the fate of the US economy. Rate hikes take time to work their way into the economy. But their main adversary going forward is going to be the Fed, with inflation still elevated. The Consumer Price Index is at 3.7% year-over-year, and core inflation, which the Fed watches closely, is even higher at 4.3%.

Persons: Michael Pento, Piper Sandler, Pento, Louis, LEI, Greg Boutle, Morgan Stanley's Mike Wilson, Piper Sandler's Michael Kantrowitz, Jeremy Grantham, Merrill Lynch, Gary Shilling, Jerome Powell Organizations: Federal Reserve, Federal Reserve Bank of St, National Federation of Independent Businesses, Conference, Stock, Robeco, Nasdaq, BNP, Fed

☆ Investors fear US data disruption from looming government shutdown
▼ + stars: | 2023-09-29 | by ( Laura Matthews | ) www.reuters.com time to read: +4 min

A shutdown would disrupt government services including the publication of major U.S. economic data such as keenly-watched employment and inflation reports that can move equity and bond markets globally. "If the government data releases are suspended, this will increase volatility and decrease visibility, in a time when forecasting is already difficult," said Clifton Hill, global macro portfolio manager, at Acadian Asset Management. Hill said that investors would have to make assumptions based on survey and non-government economic data that is available. Key government data releases due over the next two weeks include jobless claims, unemployment and inflation, which influence monetary policy. Peter Vassallo, a foreign exchange portfolio manager at BNP Asset Management said delays in economic data "is unfortunately just something that we have to deal with as it comes."

Persons: Brendan McDermid, Clifton, Hill, Jeffrey Roach, Roach, James Knightley, Peter Vassallo, Vassallo, Lynn Martin, Chris Murphy, Goldman Sachs, shutdowns, Acadian's, Moody's, Fitch, Murphy, Laura Matthews, Megan Davies, Jamie Freed Organizations: New York Stock Exchange, REUTERS, Acadian Asset Management, Federal, LPL, U.S . Federal Reserve, Fed, BNP, Management, NYSE, Susquehanna International Group, United Auto Workers, Thomson Locations: New York City, U.S, Washington, Clifton Hill

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