Policy Speech by Austan D. Goolsbee, President and CEO of the Federal Reserve Bank of Chicago
Peterson Institute for International Economics
23-09-28 13:00
Event Summary Austan D. Goolsbee, president and chief executive officer of the Federal Reserve Bank of Chicago, delivers a policy speech at the Peterson Institute for International Economics. A Q&A moderated by Roger W. Ferguson, Jr., PIIE board member and former vice chair of the Federal Reserve Board of Governors, follows.
SPEAKER
Austan D. Goolsbee
President and CEO, Federal Reserve Bank of Chicago
MODERATOR
Roger W. Ferguson, Jr.
PIIE Board Member; Former Vice Chair, Federal Reserve Board of Governors Video
India rupee, perched near record low, to remain under pressure
Reuters
23-09-20 02:57
The Indian rupee is expected to remain under pressure as it hovers near a record low, with the focus on crude oil prices and the U.S. Federal Reserve's policy decision. Non-deliverable forwards (NDF) indicate that the rupee will open at around 83.25-83.29 to the U.S. dollar. Traders believe that the rupee is likely to hold a negative tone through the session and there are speculations that the Reserve Bank of India may have intervened in the NDF market to defend the rupee. The Fed is expected to keep the policy rate unchanged, but investors will be looking out for the central bank's interest rate projections for 2023 and 2024.
Stocks struggle as oil surge sets stage for hawkish Fed
Reuters
23-09-20 02:16
Asian stocks struggled to make gains on Wednesday, as 10-year US Treasury yields hit a 16-year high due to rising oil prices and inflation. Brent crude futures have surged 30% in three months, as Russia and Saudi Arabia extend output cuts. The higher energy costs have also led to an unexpected increase in Canadian inflation. The MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.2%, as did Japan's Nikkei. The S&P 500 also slipped 0.2% overnight.
China Watchers Expect Easing After Banks Hold Lending Rates
Bloomberg
23-09-20 01:18
The People's Bank of China (PBOC) has said that it has "ample policy room" to support the country's economic recovery. The comments from the PBOC have raised expectations that further easing measures could be implemented, including interest rate cuts. Chinese banks left their benchmark loan rates unchanged this week, in line with the PBOC's decision to pause easing measures, but economists expect further stimulus to be added as the economy's recovery remains fragile.
Policy Speech by Austan D. Goolsbee, President and CEO of the Federal Reserve Bank of Chicago
Peterson Institute for International Economics
23-09-28 13:00
Event Summary Austan D. Goolsbee, president and chief executive officer of the Federal Reserve Bank of Chicago, delivers a policy speech at the Peterson Institute for International Economics. A Q&A moderated by Roger W. Ferguson, Jr., PIIE board member and former vice chair of the Federal Reserve Board of Governors, follows.
SPEAKER
Austan D. Goolsbee
President and CEO, Federal Reserve Bank of Chicago
MODERATOR
Roger W. Ferguson, Jr.
PIIE Board Member; Former Vice Chair, Federal Reserve Board of Governors Video
Policy Speech by Austan D. Goolsbee, President and CEO of the Federal Reserve Bank of Chicago
Peterson Institute for International Economics
23-09-28 13:00
Event Summary Austan D. Goolsbee, president and chief executive officer of the Federal Reserve Bank of Chicago, delivers a policy speech at the Peterson Institute for International Economics. A Q&A moderated by Roger W. Ferguson, Jr., PIIE board member and former vice chair of the Federal Reserve Board of Governors, follows.
SPEAKER
Austan D. Goolsbee
President and CEO, Federal Reserve Bank of Chicago
MODERATOR
Roger W. Ferguson, Jr.
PIIE Board Member; Former Vice Chair, Federal Reserve Board of Governors Video
Policy Speech by Austan D. Goolsbee, President and CEO of the Federal Reserve Bank of Chicago
Peterson Institute for International Economics
23-09-28 13:00
Event Summary Austan D. Goolsbee, president and chief executive officer of the Federal Reserve Bank of Chicago, delivers a policy speech at the Peterson Institute for International Economics. A Q&A moderated by Roger W. Ferguson, Jr., PIIE board member and former vice chair of the Federal Reserve Board of Governors, follows.
SPEAKER
Austan D. Goolsbee
President and CEO, Federal Reserve Bank of Chicago
MODERATOR
Roger W. Ferguson, Jr.
PIIE Board Member; Former Vice Chair, Federal Reserve Board of Governors Video
Policy Speech by Austan D. Goolsbee, President and CEO of the Federal Reserve Bank of Chicago
Peterson Institute for International Economics
23-09-28 13:00
Event Summary Austan D. Goolsbee, president and chief executive officer of the Federal Reserve Bank of Chicago, delivers a policy speech at the Peterson Institute for International Economics. A Q&A moderated by Roger W. Ferguson, Jr., PIIE board member and former vice chair of the Federal Reserve Board of Governors, follows.
SPEAKER
Austan D. Goolsbee
President and CEO, Federal Reserve Bank of Chicago
MODERATOR
Roger W. Ferguson, Jr.
PIIE Board Member; Former Vice Chair, Federal Reserve Board of Governors Video
UBS may issue contingent convertible bonds (CoCos) in a test for Switzerland’s reputation with bondholders. The country’s reputation was damaged in March after the takeover of Credit Suisse, resulting in a total loss for bondholders. However, UBS hybrid debt prices have recovered since the deal, with investors valuing them with a lower yield than equivalent securities issued by BNP Paribas. This suggests that investors are not demanding a premium to compensate for the uncertainty of how they would be treated in a future crisis. A successful return for UBS would help restore the reputation of the AT1 market, drawing more investors to the asset class and enabling other banks to issue debt at lower cost. However, if bond markets do not punish bad behaviour, regulators will have less incentive to play by the book in the future.
Policy Speech by Austan D. Goolsbee, President and CEO of the Federal Reserve Bank of Chicago
Peterson Institute for International Economics
23-09-28 13:00
Event Summary Austan D. Goolsbee, president and chief executive officer of the Federal Reserve Bank of Chicago, delivers a policy speech at the Peterson Institute for International Economics. A Q&A moderated by Roger W. Ferguson, Jr., PIIE board member and former vice chair of the Federal Reserve Board of Governors, follows.
SPEAKER
Austan D. Goolsbee
President and CEO, Federal Reserve Bank of Chicago
MODERATOR
Roger W. Ferguson, Jr.
PIIE Board Member; Former Vice Chair, Federal Reserve Board of Governors Video
Policy Speech by Austan D. Goolsbee, President and CEO of the Federal Reserve Bank of Chicago
Peterson Institute for International Economics
23-09-28 13:00
Event Summary Austan D. Goolsbee, president and chief executive officer of the Federal Reserve Bank of Chicago, delivers a policy speech at the Peterson Institute for International Economics. A Q&A moderated by Roger W. Ferguson, Jr., PIIE board member and former vice chair of the Federal Reserve Board of Governors, follows.
SPEAKER
Austan D. Goolsbee
President and CEO, Federal Reserve Bank of Chicago
MODERATOR
Roger W. Ferguson, Jr.
PIIE Board Member; Former Vice Chair, Federal Reserve Board of Governors Video
Policy Speech by Austan D. Goolsbee, President and CEO of the Federal Reserve Bank of Chicago
Peterson Institute for International Economics
23-09-28 13:00
Event Summary Austan D. Goolsbee, president and chief executive officer of the Federal Reserve Bank of Chicago, delivers a policy speech at the Peterson Institute for International Economics. A Q&A moderated by Roger W. Ferguson, Jr., PIIE board member and former vice chair of the Federal Reserve Board of Governors, follows.
SPEAKER
Austan D. Goolsbee
President and CEO, Federal Reserve Bank of Chicago
MODERATOR
Roger W. Ferguson, Jr.
PIIE Board Member; Former Vice Chair, Federal Reserve Board of Governors Video
Nationwide has launched an 8% regular savings account for existing customers, matching First Direct's rate. The Flex Regular Savings account is the best rate on the market in a decade. The account is only available to existing customers and has a limit of £200 ($261) per month. Customers can make up to three withdrawals during the 12-month period, with additional withdrawals reducing the savings rate to 2.15%.
The Remainers’ last economic argument against Brexit has crumbled
Telegraph
23-09-21 06:00
UK inflation fell slightly in August, from 6.8% to 6.7% YoY, exceeding expectations that it would rise above 7%. The drop was driven by a decrease in food price inflation, which made a significant contribution to the overall fall. However, food prices were still 13.6% higher than a year ago. The fall in the "core" measure of inflation, which excludes food, energy, alcohol, and tobacco, was even bigger, dropping from 6.9% to 6.2%. Despite the drop, the UK still has the highest inflation rate among G7 countries.
Corporation tax should be cut to below 19 per cent, says Liz Truss
Telegraph
23-09-21 06:00
Former UK Prime Minister Liz Truss has called for a cut in corporation tax to make Britain more attractive to businesses. Truss, who was the UK’s shortest-serving prime minister, said the tax should be reduced from its current level of 25% to 19% or lower. She argued that the burden on businesses needed to be reduced to increase competitiveness, and also called for simplification of the country’s planning system to speed up investment by firms.
Policy Speech by Austan D. Goolsbee, President and CEO of the Federal Reserve Bank of Chicago
Peterson Institute for International Economics
23-09-28 13:00
Event Summary Austan D. Goolsbee, president and chief executive officer of the Federal Reserve Bank of Chicago, delivers a policy speech at the Peterson Institute for International Economics. A Q&A moderated by Roger W. Ferguson, Jr., PIIE board member and former vice chair of the Federal Reserve Board of Governors, follows.
SPEAKER
Austan D. Goolsbee
President and CEO, Federal Reserve Bank of Chicago
MODERATOR
Roger W. Ferguson, Jr.
PIIE Board Member; Former Vice Chair, Federal Reserve Board of Governors Video
Kosovo so awash with fake euro coins they are accepted as payment
Reuters
23-09-21 12:52
The number of counterfeit 2-euro coins in Kosovo has surged this year, with many shops and businesses accepting fake currency as the quality of the counterfeits makes it almost impossible to tell them apart from genuine coins. Kosovo and neighbouring Montenegro, neither of which are part of the eurozone, use the euro as their currency. Some law enforcement officials have suggested that the surge in counterfeiting is due to counterfeiters relocating from Turkey and Greece to the region. Police have sent 486 cases to prosecutors relating to money forgery so far this year.
Nigeria central bank postpones next week's policy meeting
Reuters
23-09-21 12:42
Nigeria's central bank has postponed an interest rate meeting that was scheduled for next week. The Central Bank of Nigeria did not provide a reason for the delay, but it comes shortly after President Bola Tinubu nominated a new central bank governor and four new deputy governors. The Senate has yet to hold confirmation hearings for Tinubu's picks. The delay in the interest rate meeting follows a small rate hike in July, which was the first monetary policy meeting since Tinubu suspended central bank governor Godwin Emefiele. Emefiele had been criticised for his policies, including a system of multiple exchange rates and direct lending to businesses.
Turkey’s central bank hikes interest rates again in further shift in economic policies
Associated Press
23-09-21 12:41
Turkey's central bank has raised its key interest rate by 5 percentage points to 30% in a bid to combat rampant inflation and control price instability. The move marks a departure from President Recep Tayyip Erdogan's previous policy of cutting rates, which critics argued had worsened the cost of living crisis in the country. The central bank's statement said that inflation in July and August was "above expectations," reaching 58.94% last month. The rate hike is part of a broader shift towards more traditional economic policies under Erdogan.
India cenbank proposes lenders identify 'wilful defaulters' within six months
Reuters
23-09-21 12:36
The Reserve Bank of India (RBI) has proposed that lenders should label defaulting borrowers as "wilful defaulters" within six months of an account turning non-performing. Previously, the RBI did not have a specific timeline for identifying such borrowers. The regulator has also proposed that non-banking finance companies (NBFCs) should be allowed to use the same parameters for tagging accounts. The RBI has suggested that banks should set up a review committee and give the borrower up to 15 days to make a written representation, as well as the opportunity for an in-person hearing if necessary. Once an account is identified as a wilful defaulter, banks should not grant additional credit until a year after the tag is removed. The RBI also stated that lenders would need to complete an investigation into a defaulting account to determine or rule out 'wilful default' before transferring it to another lender or an asset reconstruction facility.
