Author: Eamonn Sheridan
1

Bank of Japan Governor Kuroda speaking from the 2017 BOJ-IMES Conference. His topic is  "Monetary Policy: Lessons Learned and Challenges Ahead"

Headlines via Reuters:

  • Uncertainty about the natural rate of interest makes it difficult for central banks to steer policy
  • Natural rate of interest has declined in recent years, leading to unconventional monetary policies
  • Monetary policy is not a tool for redistribution of wealth, mon pol is not well suited for dealing with inequality
M'eh ... nothing much for immediate impact in his remarks.

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Author: Eamonn Sheridan
1

Coming up - its central bank city today

We hear from the big 3 today, BOJ, ECB and Federal Reserve - Governor Kuroda is first, due at 0000GMT. He is speaking at the bank's own International Conference And, is it true Bowie is actually singing 'Central bank city' here?

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Author: Adam Button
5

Preview: FOMC meeting minutes the start of renewed Fed focus

FOMC minutes will kick off the next round of fedwatching The FOMC minutes for the May 2-3 FOMC meeting are due on Wednesday at 2 pm ET (1800 GMT). The statement wasn't a big market mover but it had a . Officials said household spending rose modestly, which was a bit of a surprise given some warning signs on that front (and since)

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Author: Adam Button
1

BOC to stress Canada-US policy divergence - CIBC

CIBC on this week's Bank of Canada meeting CIBC Research expects the Bank of Canada (BoC) to stay on hold at its policy meeting on Wednesday, and to stress the policy divergence between Canada and the US.

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Author: Adam Button
3

Fed's Kashkari: Wants to see more economic data before making June decision

Kashkari spoke with reporters - Economy getting closer to full employment but inflation going the wrong way - It's concerning inflation is going in the wrong direction They're dovish comments, no doubt but maybe not as dovish as you would expect from a guy like Kashkari, who has dissented before. He's still on the fence about June. If a hike wasn't going to happen, I'd expect people like Kashkari to have jumped ship by now.

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Author: Adam Button
7

Fed's Kaplan more cautious than portrayed; oil comments also telling

Kaplan publishes essay - While I believe that these recent readings on inflation are likely not indicative of a weakening trend, I intend to be patient and open minded in assessing upcoming data releases in this regard. The newswire headlines on Kaplan's speech are hawkish but the actual text shows that he's worried about low inflation and not as confident as he was before.

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Author: Adam Button
3

Watch the Fed's Kashkari live

Kashkari to deliver the welcoming address at the Opportunity and Inclusive Growth Institute conference

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Author: Adam Button

Read Harker's speech on the Healing Power of Hope

Harker delivered a commencement speech in Philadelphia for a class of pharmacists Nothing on the outlook or monetary policy: - What strikes me is that the areas of the country that are struck low by the intersection of poor health and dim economic prospects, the areas that are most affected by these crises, are caught in a spiral of hopelessness. Feel free to cop the speech if you're planning a speech to healthcare grads. If not, move on.

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Author: Eamonn Sheridan

BOJ purchases ETFs, J-REITs today

Bank of Japan, 1.2bn yen of both assets purchased today Getting involved in the landlord business! The Bank have been buyers of real estate investment trusts as part of their QE program.

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Author: Mike Paterson
2

SNB total sight deposits w-e 19 May CHF 575.51bln vs 574.992 bln prev

Swiss National Bank  sight deposits w-e 19 May - domestic CHF 487.48 bln vs 484.54 bln prev SNB still not too far away from the action. Total sight depos inc other depos on sight in CHF. Sight depos are the accounts of commercial banks with the SNB and make up a large part of the banking system's liquidity. The SNB increase sight deposits by FX swaps and repos of its own debt.

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Author: Eamonn Sheridan

BOJ JGB buying operation in same amounts as before

Bank of Japan buying Japanese Government Bonds today: - Buying 1 to 3 year maturities and 3 to 5 year. - Amounts the same as the previous operation At the end of April the BOJ announced they'd be buying less in the  3 - 5 year range for May (250-350bn vs 300-400bn prior)

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