Blogs

Bank of Japan Governor Kuroda will appear in parliament from around 2pm Tokyo time – 0500GMT Looks like the BOJ is long chairs For bank trade ideas, check out eFX Plus

People's Bank of China   PBOC inject 80bn yuan through 7-day reverse repos in open market operations (OMOs) today – 70bn mature, thus net +10 more to come  

A comment via TD on gold, not breaking any new ground but a useful bit of brief recap. Yep – easy policy is loved by the yellow rock (ok, metal … ;- ) ) 

What are the key messages: QE pace solidified at a high level In terms of action, this was the lone move and it was a dovish one. The Fed has tapered Treasury buying from $300B/day to $4B/day since March. There was no sign the taper would be stopping but the Fed revealed that "over coming […]

Comments from Powell in response to reporter questions: These comments are almost universally dovish but the only real place you're seeing it is gold and copper.

Highlights in Powell's opening statement The comment about yield curve control took a bit of the winds out of the sail of the risk trade. For bank trade ideas, check out eFX Plus

Powell speaks to reporters Powell is going to be grilled about goosing the stock market. If he tries to talk it down or sounds too optimistic overall, it will hurt sentiment.

A look at the changes Part 1: Part 2: Changing 'market conditions' to 'developments' is the definition of moving the goalposts. For bank trade ideas, check out eFX Plus

Central tendencies and dot plot for June 2020 At the time in December, the Central tendencies saw 2020 numbers at: The 2021 projections saw: The .  For 2021 the rate rose to at 1.9% with the 2022 rate at 2.1%.

Fed keeps rates unchanged Below is the full statement for the June 2020 meeting: The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals.