Bullard comments to the press The creep higher in the Fed funds rate within the range is something the Fed needs to get a better understanding of, asap.
Is Bullard right to be worried? The yield curve hasn’t been in the same kind of focus as it was a couple months ago but it’s quietly flattened. Today, 2s10s (which is the 10-year yield minus the 2-year yield) fell to 32 basis points which is the flattest since 2007.
Bullard in St Louis More to come from the Fed dove.
At the scheduled Japanese Government Bond buying operation today At the previous auction for this time left to maturity (5 to 10 years) the Bank bought 430bn yen of government bonds. Today its a 410bn yen purchase
This is an nice piece of summary work from Deustche Bank, from the economic background through to policy direction: Filing this away for reference!
Comments from Kashkari on a Bloomberg TV interview Kashkari is a dove so this isn’t a surprise but Bostic was also more tentative today. It will be interesting to see what it takes to slow down the Fed.
Reserve Bank of New Zealand says it’ll shift to 2pm announcement on Wednesdays Dates for 2019: Monetary Policy Statement / Official Cash Rate announcements
Some thoughts from around the place on the yuan weakness SG: – USD/CNY in the past week is “clearly a trial balloon” (in response to trade threats) SG do say though that independent of trade wars, CNY could drop toward 6.75/USD as EM currencies soften in the second half of this year
People’s Bank of China cuts the CNY mid rate again (i.e. higher USD against the onshore yuan), weakest since December 20 last year – At just under 400 points its the biggest cut since January this year (if yer keepin’ score!)
Adam (and Greg) was (were) all over the appearances from Bank of Canada Governor Poloz today: This now coming in, from TD (bolding mine): — Note those bolded bits. Poloz was initially read as dovish in his speech (he was) …. but his later comments were not nearly so dovish at all.