RBNZ's Governor Orr: The global economy has been impacted by significant shocks
RBNZ'S GOVERNOR ORR: THE GLOBAL ECONOMY HAS BEEN IMPACTED BY SIGNIFICANT SHOCKS.— Breaking Market News (@financialjuice) November 23, 2022
RBNZ'S ORR SAYS WE ARE OFFICIALLY CONTRACTIONARY WITH POLICY— First Squawk (@FirstSquawk) November 23, 2022
Orr: Opening remarks to Finance and Expenditure Committee (FEC)
It is good to be with you this morning to present our November Monetary Policy Statement. I’m joined by Assistant Governor/General Manager of Economics, Financial Markets and Banking, Karen Silk, and our Chief Economist Paul Conway, and I acknowledge our other Monetary Policy Committee (MPC) colleagues some of whom are with us today or watching online. Today we are here to outline our most recent Monetary Policy Statement and the reasoning for our OCR decision. To provide the best context possible for the Committee’s decision I will refer briefly to the Reserve Bank’s recently published Review of our monetary ... (full story)
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tweet at 2:01pm: FED MINUTES: WITH MONETARY POLICY APPROACHING A "SUFFICIENTLY RESTRICTIVE" LEVEL, PARTICIPANTS EMPHASISED THAT THE FINAL DESTINATION OF THE FED FUNDS RATE HAD BECOME MORE IMPORTANT THAN THE RATE ITSELF. tweet at 2:03pm: FED MINUTES: MANY PARTICIPANTS EXPRESSED SIGNIFICANT UNCERTAINTY ABOUT THE ULTIMATE LEVEL OF THE FED FUNDS RATE REQUIRED TO CONTAIN INFLATION, WITH VARIOUS PARTICIPANTS SUGGESTING IT WAS HIGHER THAN PREVIOUSLY ANTICIPATED. tweet at 2:05pm: #FOMC: A Few Officials Wanted To See More Data Before Slowing - A Few Officials Saw Slowing Hike Pace Reducing Instability - Many Officials Saw ‘Considerable Uncertainty’ On Rate Peak $USDJPY $DXY
The Chair began with a discussion of ethical standards and acknowledged the great privilege and heavy responsibility that come with being entrusted to make policy decisions. There was agreement that the Federal Reserve can be effective only when there is a foundation of public trust. Participants reaffirmed the importance of holding themselves and their staffs accountable for knowing and following the high ethical standards that are set in the Committee’s policies, including those on financial transactions and disclosure and on external communications. Developments in Financial Markets and Open Market Operations The manager pro tem turned first to a discussion of financial market developments in the United States. Over tweet at 2:00pm: [DB] Most Fed Officials Backed Slowing the Pace of Rate Hikes Soon: BBG tweet at 2:00pm: Fed minutes: participants observed that the labour market remained tight; many noted tentative signs that it may be gradually moving toward a better balance of supply and demand. tweet at 2:00pm: FED MINUTES: PARTICIPANTS AGREED THAT THERE WERE FEW SIGNS OF INFLATION PRESSURES EASING. tweet at 2:00pm: FED MINUTES: PARTICIPANTS AGREED THAT A SLOWER PACE OF RATE HIKES WOULD ALLOW THE FOMC TO BETTER ASSESS PROGRESS TOWARD ITS GOALS "GIVEN THE UNCERTAIN LAGS" ASSOCIATED WITH MONETARY POLICY.
As my mentor used to say, any market practicioner can make headlines by screaming something wildly out-of-consensus but conveniently leaving the details of his forecast out of the ...
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Glencore announced today it has entered into a binding agreement with Metals Acquisition Corp (MAC), amending terms announced on 17 March 2022, for the sale and purchase of ...
tweet at 2:37pm: RBNZ'S CONWAY SAYS SIGNIFICANT SLOWDOWN COMING IN HOME CONSTRUCTION
tweet at 2:44pm: Rbnz's governor orr: the financial system is resilient to rising unemployment. tweet at 2:51pm: RBNZ'S GOVERNOR ORR: IT COULD BE A JOB-RICH RECESSION.