Posts Tagged ‘Bank of Canada’
February 16, 2023
I had the pleasure of sitting down with Joseph Wang, one of the better Fed/interest-rate plumbers, who also has a deep knowledge of all things global macro. Listen closely to the latest podcast as he reveals the many shades of the inner workings of the Fed, especially those insights on Governor Christopher Waller. There are certainly areas where we disagree, which is to be expected, but that is what makes the effort by Richard Bonugli to do these podcasts so richly rewarding.
As always, I advise not rushing into any of our recommendations but to do your own work in context and of course in and levels of risk you are comfortable. The purpose as always is to sift through the amalgam of data/info and find profitable opportunities as we provide a deep dive into context and nuance.
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Tags:Bank of Canada, CPI, debt markets, Federal Reserve, Jerome Powell, Tiff Macklem
Posted in BOC, Debt Market, Fed | 2 Comments »
October 31, 2021
I’m posting this week’s podcast with the highly respected Peter Boockvar. This is one of the best interviews we’ve done with Richard Bonugli as we get into foreign currency, yield curves, energy policy surrounding nuclear power plants, and as usual, an in-depth discussion on precious metals.
The podcast was recorded Tuesday, prior to the interest rate decisions from the Bank of Canada, the Bank of Japan and the European Central Bank.
Click here to listen to the podcast.
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Tags:Bank of Canada, Bank of Japan, Christine Lagarde, ECB, Euro, Fed, forward guidance, global bond yields, inflation
Posted in Central Banks, Currency, Debt Market, ECB | 6 Comments »
January 21, 2021
This week, three G-7 central banks had meetings and all decided to CHECK and leave policy unchanged. This was widely expected as there was little reason to UPSET the incoming Biden administration with any idea of currency manipulation. However, the Bank of Canada, Bank of Japan and European Central Bank all discussed the fear of a further slowdown from an increased spread of covid-19.
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Tags:Bank of Canada, bitcoin, blockchain, Canadian Dollar, Chinese Yuan, Christine Lagarde, Euro, European Central Bank, Janet Yellen, raw commodities, U.S. Dollar
Posted in Central Banks, China, Commodities, Cryptocurrency, Currency | 13 Comments »
January 19, 2021
Say goodbye to Daddy Warbucks Say hello to Uncle Joe.
On Monday we got a preview of the Biden Administration as Treasury Secretary nominee Janet Yellen appeared before the Senate Finance Committee. It was sad that her testimony was released over the weekend. There were the stock answers to the issue of the U.S. dollar, which falls under the auspices of the Treasury Department. Yellen proclaimed that the markets would set the value of the DOLLAR and that it would not be the policy of the Biden Administration to manipulate the currency to attain some illusionary trade advantage.
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Tags:Bank of Canada, Canadian Dollar, Federal Reserve, inflation, Janet Yellen, Jerome Powell, Loonie, Treasury Secretary, U.S. Dollar, U.S. yield curve
Posted in BOC, Currency, Fed, United States | 15 Comments »
December 10, 2020
There were two central bank meetings in the past two days: The Bank of Canada and the European Central Bank. The BOC stayed its current course with no change in policy. Several analysts were looking for more dovish action because of the appreciation of the Canadian dollar but the BOC was wise in noting that a “broad-based decline” in the U.S. exchange rate has contributed to a “further appreciation of the Canadian dollar.” As a result, the BOC has ZERO concerns about its currency appreciating as long as it is BROAD-BASED.
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Tags:Bank of Canada, Christine Lagarde, currency manipulation, Euro, European Central Bank, Swiss Franc, Swiss National Bank, U.S. Dollar
Posted in BOC, Currency, Fed, Switzerland | 24 Comments »
June 2, 2020
On Monday night, the Reserve Bank of Australia issued its policy decision and as expected, there was no change in overnight rates at 0.25%. More importantly, the RBA is targeting three-year Aussie government bonds at 0.25%, keeping the yield curve flat or inverted out to that point.
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Tags:Australian dollar, Bank of Canada, Canadian Dollar, European Central Bank, Reserve Bank of Australia
Posted in BOC, Currency, ECB, RBA | 11 Comments »
October 28, 2019
Equity markets on Monday sustained their global rally as markets across Asia, Europe and the United States powered higher, even as the political backdrop continues to foment greater uncertainty. This week brings three key central bank meetings: The Bank of Canada, the Federal Reserve and the Bank of Japan. (more…)
Tags:Bank of Canada, Bank of Japan, Canadian Dollar, Fed Funds Rate, Federal Reserve, JGBs, repo operations, Treasury bill purchases, U.S. Dollar
Posted in BOC, BoJ, Currency, Fed | 5 Comments »
September 4, 2019
Football season in the U.S. is just beginning. That said, it would be appropriate for President Mario Draghi to refrain from any type of new QE program or cut in interest rates at next week’s meeting. There have been several comments from ECB members during the past week advising against more QE or additional interest rate cuts.
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Tags:Bank of Canada, Christine Lagarde, ECB, Euro, French oats, German bunds, Jerome Powell, Loonie, Mario Draghi, QE, rate cuts, Reserve Bank of Australia
Posted in Debt Market, ECB | 23 Comments »
April 28, 2019
In the past week, we have heard from the Bank of Canada and Bank of Japan. There were no surprises as both institutions noted softness in the global economy. The BOC, as reported by Bloomberg, “fully abandoned its bias toward raising interest rates at the economy grapples with a slowdown.” The BOC overnight rate remains at 1.75 percent, which is deemed appropriate by the Governing Council until the global economy removes some of the uncertainties it is struggling to overcome.
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Tags:Bank of Canada, Bank of Japan, Chinese Yuan, Gold-backed bonds, negative rates, President Xi, Risksbank, Shinzo Abe, SNB, Thomas Jordan, U.S. Dollar, U.S./Japan trae talks
Posted in Central Banks, China, Currency | 26 Comments »
December 6, 2018
At the end of 2017, my readers may recall that I did an unusual thing. I made a prognostication as where the 10-year yield will end the year. I said the 10-year would end the year at 3.41 percent, to which a friend offered up a bottle of Pappy Van Winkle bourbon if the rate reached that level. (The yield was 2.60 percent at the time.) Well, I’m throwing in the towel as it looks like 3.26 percent looks to be the top for the year. I guess I will have to enjoy a lesser-quality libation.
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Tags:10-year yield, average hourly earnings, Bank of Canada, Canada unemployment report, China, oil, Opec, U.S. unemployment report, U.S. yield curves, Yuan
Posted in BOC, Canada, Oil, United States | 5 Comments »