Michael Brown
@MrMBrown
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Senior Research Strategist @PepperstoneFX
City of London
Joined September 2011
I guess it's another day of finding a narrative to suit the price action.
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Key events for the wk ahead. US CPI & retail sales highlight the docket. closer to home, focus falls on latest UK jobs & growth stats. RBA set for a 25bp cut, while Norges Bank stand pat. a smattering of Fedspeak in the mix too. as the US-China trade truce deadline looms.
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A decision so 'clear' that they had to vote twice to get to it. *BOE'S PILL: 'CLEAR' DECISION WAS MADE TO CUT INTEREST RATES.
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JPM - "we now see the path of least resistance is to pull forward the next 25bp cut to the September meeting. We continue to look for three like-sized cuts at the subsequent three meetings before pausing indefinitely.".
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Some more thoughts on this here.
pepperstone.com
CEA Chair Steve Miran's appointment as a temporary replacement for departing Fed Gov. Kugler marks another step in the steady erosion of Fed policy independence, in turn strengthening structural...
Fed policy independence. it was great while we knew you. .
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Great to chat all things markets, and try to make sense of a messy BoE decision, with @mhewson_MCH in our latest podcast for the @GoodMoneyGuide . Have a listen. 👇.
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The BoE delivered a 25bp cut yesterday, but almost accidentally left Bank Rate unchanged, while markets elsewhere did little of interest. Today, a barren docket awaits. Full thoughts 👇👇.
pepperstone.com
The BoE delivered a 25bp cut yesterday, but almost accidentally left Bank Rate unchanged, while markets elsewhere did little of interest. Today, a barren docket awaits.
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*MIRAN EXPECTED TO FILL FED SEAT FOR SHORT TERM: PERSON FAMILIAR.
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Oh good god no. *WHITE HOUSE PREPARES FOR TRUMP TO NOMINATE MIRAN TO FED BOARD.
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Was just reminded that BoE Gov Bailey was once nicknamed 'the big sexy turtle' by a certain Mr Carney.
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*BOE’S BAILEY: MESSAGE TO MARKETS IS SITUATION ‘FINELY BALANCED'. *BOE’S BAILEY: RATES PATH IS STILL DOWNWARDS OVER TIME. *BOE’S BAILEY: MORE UNCERTAINTY NOW ABOUT WHEN STEPS ARE TAKEN.
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Folk getting all excited about Waller. I'd wager that the 'favourite' for Fed Chair changes at least 10 times between now and the official announcement. .
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*LUTNICK: US LIKELY TO EXTEND CHINA DEADLINE FOR ANOTHER 90 DAYS.
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