•
US Q1 GDP figure far below market estimates
– Growth of
only +0.2% qoq SAAR vs market estimate of +1.0%
– Much of
growth due to inventory build, which might be unwound in Q2
•
FOMC admits growth has slowed, but still
expects to hit its targets
– Statement
was not as optimistic about upturn in the spring as it was in April last year
– Nevertheless,
statement of its expectations and intentions was virtually unchanged
– FOMC no
longer has any time constraints; it’s totally data-dependent
•
RBNZ turns dovish
– No more
mention of a possible rise in rates, just gives reasons why it might cut
– NZD weakest
G10 currency, likely to weaken further
•
BoJ holds pat; no change in stimulus
– Still
waiting for new forecasts in Outlook for Economic Activity and Prices
•
Today:
– Eurozone: Flash CPI
for April, unemployment for March
– Canada:
Monthly GDP for Feb expected to decline at the same rate as in Jan
– US: Personal
income & expenditure for March; employment cost index for Q1; Chicago
PMI for April; initial jobless claims
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