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Political noise deafening

Chris Scicluna
Emily Nicol
  • With House Democrats initiating impeachment proceedings against Trump, who berated China about its trade practices at the UN General Assembly, and the House of Commons returning to work after the Supreme Court ruled Johnson’s shutdown to be unlawful, political noise is becoming deafening on both sides of the Atlantic.

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Kuroda casts eye on the short end

Chris Scicluna
Emily Nicol
  • After yesterday's dire German PMIs, today's Japanese equivalents were merely so-so, while the French INSEE survey also suggested ongoing positive growth. Meanwhile, Kuroda gave a flavour of forthcoming discussions on the BoJ Policy Board, musing on issues related to the yield curve.  

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The week ahead

Chris Scicluna
Emily Nicol
  • Stocks have started the week on the back foot while euro area bonds have made gains at the start of a week that will bring top-tier euro area data, more noise on Brexit and perhaps further clues on the outlook for Fed and BoJ policy.

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Japanese CPI shows few signs of life

Emily Nicol
Chris Scicluna
  • After Kuroda yesterday stated his preference for an upwards-sloping yield curve, the BoJ today reduced its JGB purchases across three maturity zones. Japan’s inflation data were predictably limp, suggesting a case for more substantive BoJ action next month.

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Fed eases policy, BoJ hints at tweaks ahead

Emily Nicol
Chris Scicluna
  • As expected, the Fed cut its target range for the fed funds rate by 25bps yesterday, while the BoJ left its current yield curve control framework unchanged. But while the updated dot-plots charts suggested that further Fed easing over coming quarters might be minimal, the BoJ hinted that some tweaks to policy might be forthcoming next month.

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