• Fed Reduces Overnight Rate by 50 Basis Points

    Fed Reduces Overnight Rate by 50 Basis Points

    • September 18, 2024

    With much market chatter heading into the event about whether the US Federal Reserve (Fed) would cut rates by 25 or 50 basis points (bps), the central bank, in an 11-1 vote, cut by an outsized 50bps and signalled further easing is on the table this year (Fed Governor Michelle Bowman dissented and voted for

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  • UK Inflation Holds North of BoE Target in August

    UK Inflation Holds North of BoE Target in August

    • September 18, 2024

    According to the latest Office for National Statistics (ONS) report, UK headline inflation remained unchanged in August and aligned with economists’ estimates, while core and services inflation increased, which likely sealed the deal for the Bank of England (BoE) holding rates unchanged tomorrow. Inflation Holds at +2.2% in August Headline UK CPI inflation (Consumer Price

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  • Canadian CPI Inflation Slows to 2.0% in August

    Canadian CPI Inflation Slows to 2.0% in August

    • September 17, 2024

    Inflationary pressures in Canada continued to subside in August, underpinning the possibility of more policy easing this year. According to a report released by Statistics Canada (StatCan) earlier today, headline CPI inflation (Consumer Price Index) cooled to +2.0% in August (YoY), down from +2.5% in July and south of economists’ expectations of +2.1%. This marks

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  • Week Ahead: Key Central Banks in Focus

    Week Ahead: Key Central Banks in Focus

    • September 14, 2024

    This week will be an interesting one for the financial markets. In addition to several tier-1 data, the focus will be on the US Federal Reserve (Fed), closely shadowed by the Bank of England (BoE) and the Bank of Japan (BoJ). Fed Rate Announcement (Wednesday 6:00 pm GMT) The Fed is gearing up to reduce

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  • ECB Cuts Rates; Growth Forecasts Revised Lower

    ECB Cuts Rates; Growth Forecasts Revised Lower

    • September 12, 2024

    As widely expected, the European Central Bank (ECB) cut all three key benchmark rates at today’s meeting. The central bank lowered the deposit facility rate by 25 basis points to 3.50% from 3.75%; the main refinancing rate and marginal lending facility rates were also reduced by 60 basis points to 3.65% (from 4.25%) and 3.90%

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  • US CPI Inflation Cooled to +2.5% in August

    US CPI Inflation Cooled to +2.5% in August

    • September 11, 2024

    According to a report released by the Bureau of Labor Statistics (BLS) earlier today, headline US CPI inflation (Consumer Price Index) eased to +2.5% in August (YoY), testing levels not seen since February 2021. The latest inflation data sent US Treasury yields and the US Dollar Index northbound, with major US equity index futures trading

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  • Week Ahead: US CPI Inflation and ECB Rate Decision in Focus

    Week Ahead: US CPI Inflation and ECB Rate Decision in Focus

    • September 7, 2024

    The first full week of September culminated in the release of the US Employment Situation Report for August. Non-farm payrolls revealed that the US economy added 142,000 jobs, up from July’s reading of 114,000, though weaker than the market’s median estimate of 160,000 (Reuters). US Treasury yields and the US dollar (USD) nosedived following the

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  • US Services Activity Unexpectedly Expanded in August

    US Services Activity Unexpectedly Expanded in August

    • September 5, 2024

    According to the Institute for Supply Management (ISM), US economic activity in the services sector expanded for a second consecutive month in August. The headline Services PMI increased to 51.5, up from 51.4 in July and also bettered the market’s median estimate of 51.1. While this sent the US Dollar Index and US Treasury yields

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  • US Job Openings Fall to Levels Not Seen since Early 2021

    US Job Openings Fall to Levels Not Seen since Early 2021

    • September 4, 2024

    According to a report released by the Bureau of Labor Statistics today, the Job Openings and Labor Turnover Survey (JOLTs) revealed a fall in job openings to 7.67 million from June’s downwardly revised print of 7.91 million. This marked a fresh low for the JOLTs number since topping out at 12.2 million in March 2022,

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  • US Manufacturing Activity Contracts for Fifth Consecutive Month

    US Manufacturing Activity Contracts for Fifth Consecutive Month

    • September 3, 2024

    Headline US manufacturing activity data for August 2024 came in lower than expected at 47.2 (market consensus provided by the Reuters poll: 47.5). However, it was still better than the prior reading in July at 46.8. In light of the latest report, US manufacturing activity has contracted for a fifth consecutive month (a reading south

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  • Week Ahead: US Labour Data and the BoC Rate Announcement in Focus

    Week Ahead: US Labour Data and the BoC Rate Announcement in Focus

    • August 31, 2024

    Highlights: US Employment Situation Report Bank of Canada (BoC) Rate Announcement US Jobs Data With US Federal Reserve (Fed) Chair Jerome Powell’s recent speech at the Jackson Hole Symposium confirming that it is time to begin easing policy as well as underlining the importance of the jobs market, this week’s jobs data may help determine

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  • US Economic Activity Grew More than Expected

    US Economic Activity Grew More than Expected

    • August 29, 2024

    According to the preliminary second estimate from the Bureau of Economic Analysis, real US Gross Domestic Product (GDP) increased at an annualised rate of +3.0% in Q2 24, marking an advance from the first estimate of +2.8% and the annual rate of +1.4% in Q1 24. The release immediately sent US Treasury yields and the

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