•    
FOMC stays pat
–    Its view of
the US economy, including labor market, improved
–    But it
thought it might take longer for inflation to come back to 2%
–    No change
in tightening bias = USD-supportive
•    
RBNZ turns dovish
–    Switches
from tightening bias to neutral with the possibility that the next move in
rates is lower
–    Worried
about downside risks to economy, still complaining about the strength of NZD
–    Watch for
next week’s RBA meeting
•    
Greek problems still can roil EUR more
–    Greek
stocks down 9% yesterday, 3-year bond yields up 275 bps
–    Next
pressure point is Feb. 5th, when Parliament reconvenes
•    
Today:
–    Eurozone: German CPI
for January should slip into deflation = Eur-negative; Eurozone M3 money supply
–     US: Weekly
jobless claims, pending home sales
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