The Governing Council of the European Central Bank (ECB) has decided to maintain the three key ECB interest rates. This decision was based on data that "broadly" confirms a continuing decline in the medium-term inflation outlook, aligning with a previous assessment suggested to the council.
The April 2024 euro area bank lending survey (BLS) conducted by the European Central Bank (ECB) reveals that euro area banks are persistently tightening their credit standards for enterprises. However, the quarterly survey also suggests a slight easing in progress for consumers.
Today, the Chairman of the House Financial Services Committee, Patrick McHenry, revealed a list of measures slated for a full committee markup. The Chairman disclosed that the markup would cover a range of legislative items, stating, "Full Committee Markup of H.R. 5535, H.R. 802, H.R. 7437, H.R. 7440, H.R. 7428, H.R. 4206, H.R. 4116, H.J. Res. 127, H.J. Res. 122, H.J. Res. 120, H.J. Res. 125, H.J. Res. 126, H.J. Res. 124."The markup is scheduled to take place at 10:00 AM ET on Wednesday, April 17, 2024, at the 2128 Rayburn House Office Building. Additional information...
The European Central Bank (ECB) has released the 30th round of the Survey on the Access to Finance of Enterprises (SAFE), indicating a further tightening in euro area firms' financing conditions in Q1 2024. However, this tightening was less severe than that reported in Q4 2023.
The Federal Open Market Committee (FOMC) recently conducted a joint meeting with the Board of Governors of the Federal Reserve System. This was the second of eight scheduled meetings for this year, during which members evaluated U.S. financial conditions and the nation's economic situation.
The Center for Microeconomic Data at the Federal Reserve Bank of New York has released its March 2024 Survey of Consumer Expectations, which suggests that U.S. consumers hold mixed expectations regarding inflation and the job market. The survey also indicates an increase in the number of Americans who anticipate being unable to meet debt payments.
House Financial Services Committee Chairman Patrick McHenry (R-NC) and U.S. Representative Brittany Pettersen (D-CO) have reintroduced the bipartisan Ransomware and Financial Stability Act, aimed at protecting America's critical financial infrastructure from ransomware attacks. The legislation seeks to deter hackers and establish guidelines for financial institutions to respond to such cyber threats effectively.Chairman McHenry emphasized the importance of the bill, stating, "Ransomware attacks pose a serious threat to the stability of our financial system." He...
Today, during a hearing on the Securities and Exchange Commission’s (SEC) climate risk disclosure final rule, Chairman Patrick McHenry expressed strong concerns about the potential impact of the rule on the American markets and competitiveness. McHenry emphasized that the finalized rule could have severe consequences, stating, "We’re here to discuss the SEC’s recently finalized climate disclosure rule, which will be disastrous for American markets, job creators, workers, and investors. It’s costly, complex, and against the public good."Highlighting recent...
The Bank of Canada has announced its decision to maintain the policy rate at 5% and continue its quantitative tightening strategy. The Bank Rate remains at 5¼% and the deposit rate at 5%. According to the Bank, the global economy is expected to grow at a rate of about 3%, with inflation in most advanced economies gradually easing. The US economy has shown strength, driven by resilient consumption and strong business and government spending. The euro area is projected to recover from weak growth, while global oil prices have increased above previous assumptions.In...
The Bank of Canada, in a Monetary Policy Report press conference, announced its decision to maintain the policy interest rate at 5%. Senior Deputy Governor Carolyn Rogers joined the speaker in discussing the policy announcement and report.The bank emphasized the effectiveness of monetary policy, noting a decrease in total consumer price index (CPI) and core inflation. They expect inflation to move closer to the 2% target throughout the year. Additionally, the bank highlighted positive economic growth trends, with expectations of solid GDP growth and further strengthening...
The Monetary Policy Report released on April 10, 2024, highlighted the positive impact of monetary policy on inflation reduction. According to the report, "monetary policy is working to reduce inflationary pressures and inflation is coming down, although it will take more time to see if this progress proves durable."The report also provided insights into the future trajectory of inflation, stating, "The Bank projects that inflation will stay around 3% into the second quarter of 2024, ease below 2.5% in the second half of the year and return to target in 2025."These...
The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), has announced two upcoming hearings to be held on Tuesday, April 16, 2024.The first hearing, organized by the National Security, Illicit Finance, and International Financial Institutions Subcommittee, is titled “Held for Ransom: How Ransomware Endangers Our Financial System.” The hearing will take place at 10:00 AM ET in the 2128 Rayburn House Office Building.In a statement, Patrick McHenry highlighted the importance of addressing the issue, stating, “Held for Ransom: How Ransomware...
The Reserve Bank of Australia (RBA) is seeking input on the future system for monetary policy implementation in the country. According to a recent announcement from the RBA, the Board has endorsed a plan to operate with ample reserves by meeting all demands for reserves via full allotment auction at the RBA’s open market operations.In a move to gather feedback and insights from stakeholders, the RBA has released a Consultation Paper to guide the consultation process. The paper outlines the principles and options related to the detailed design features of the ample...
The Bank of England (BoE) has published a consultation paper on the Digital Securities Sandbox (DSS). The document underscores the proposals by the Financial Conduct Authority (FCA) and BoE to implement and operate the DSS over the forthcoming five years.
The Chairman of the House Financial Services Committee, Patrick McHenry, has announced a upcoming hearing titled "Beyond Scope: How the SEC’s Climate Rule Threatens American Markets." The hearing is scheduled to take place on Wednesday, April 10, 2024, at 10:00 AM ET in the 2128 Rayburn House Office Building.According to the announcement, the hearing will delve into the potential impact of the SEC's Climate Rule on American markets. Additional details about the hearing, such as the livestream link, committee memo, relevant legislation, and witness list, can be found on...
Bank of Japan Board Member TAMURA delivered a speech in Aomori on Mar. 27, 2024, addressing topics such as Economic Activity, Prices, and Monetary Policy in Japan.During the speech, TAMURA stated, "The current economic activity in Japan shows signs of improvement, but uncertainties remain." TAMURA also discussed monetary policy, mentioning, "The Bank of Japan will continue to closely monitor the situation and make necessary adjustments to support the economy."The speech by Board Member TAMURA provides insights into the current economic landscape in Japan and the...
The Federal Reserve Bank of New York has announced the appointment of Izzy Martins to the Second District Advisory Council (SDAC), effective immediately.
Firms reported that demand remains weak overall. But there are some signs of returning optimism. Namely, indicators of business conditions, sales outlooks and employment intentions have changed direction after many quarters of decline. In the wake of weak past sales growth, expectations for improved sales are supported by population growth, efforts to enter new markets or develop new products, and expectations that interest rates will decline over the next 12 months."Firms reported that business conditions improved slightly in the first quarter. The uptick in sentiment...
The latest Canadian Survey of Consumer Expectations for the first quarter of 2024, released on April 1, 2024, provides valuable insights into consumer perceptions regarding inflation, the labor market, and household finances. According to the report, consumers believe that inflation has slowed, but their expectations for near-term inflation have not changed significantly.Consumers' perceptions of inflation are closely tied to their own experiences with price changes for essential items like food and gas. The survey indicates that expectations for long-term inflation have...