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Fed Officials Signal That Rate Cuts May Be Over

  • Some Federal Reserve officials now hint at a “two-sided” view on interest rates, considering both increases and decreases amid competing economic risks.
  • Longer-term interest rates have risen sharply since the Iran war began, as investors adjust to the possibility that rate cuts are over.
  • Officials are concerned about prolonged inflation above 2% and believe recent cuts put rates near a neutral level.

 
Japan Steps Up Yen Warnings as Mideast War Stokes Inflation Concerns

  • Bank of Japan Gov. Kazuo Ueda pledged to monitor the yen closely due to pressure from the Middle East conflict and inflation concerns.
  • Japan’s top currency diplomat Atsushi Mimura warned of “decisive action” against speculative moves driving the yen’s decline near 160 to the dollar.
  • A Bank of Japan policy board member warned of rapid interest-rate hikes if geopolitical risks persist, according to a meeting summary.
ECB Should Not Rush Its Response to Iran Conflict, Says Schnabel

  • ECB executive board member Isabel Schnabel said the central bank should not rush to change its key interest rate due to the Middle East conflict.
  • The ECB left its key interest rate unchanged last week, but expects energy price rises to increase inflation and slow growth.
  • Schnabel said policymakers must watch for signs that rising energy prices are increasing other goods’ prices and wage demands.
RBA Board Members to Deliver Public Speeches, Breaking With Tradition

  • The Reserve Bank of Australia approved public-speaking events by external policy-setting board members, breaking with past practice.
  • The public-speaking requirement for external board members followed an independent review ordered by Treasurer Jim Chalmers.
  • Economists believe the speeches could improve market understanding of how the RBA addresses risks like inflation and slowing growth.
 

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