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China central bank extends policies for financial support of real estate market
China's central bank on Monday extended until the end of 2024 some policies in a November rescue package to shore up the real estate sector, with current supports for the sector failing to gain traction and markets expecting more stimulus to be rolled out soon. Last November, the People's Bank of China (PBOC) issued a notice outlining 16 measures to support the cash-strapped sector, including loan repayment extensions, in a push to ease a liquidity crunch that has plagued it since mid-2020. The extended policies encourage financial institutions and property firms to negotiate independently, and actively support ... (full story)
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Thank you to the Bipartisan Policy Center for the opportunity to speak today. I'm here to report on my holistic review of capital for large banks and to outline steps that I believe are appropriate to update our capital standards so that banks can continue to serve our communities, households, and businesses.1 The review was a top priority because capital is fundamental to safety and soundness. I approached the task with humility. We need to be skeptical about the ability of bank managers or regulators to anticipate all emerging risks. Events over the past few months have only reinforced the need for humility and skepticism, and for an approach that makes banks resilient to both familiar and unanticipated risks. Our dynamic financial system is complex and constantly evolving. Regulators and bank managers are limited in our ability to comprehensively identify risks and to measure them. We cannot fully appreciate how a specific vulnerability can interact with other vulnerabilities to amplify and propagate risk in the face of a shock, or multiple shocks. It is extremely difficult to identify shocks in advance. And we also cannot fully predict how firms and markets adapt to changes in the environment or to the behavior of regulators or other participants. So, instead of trying to design rules to address every conceivable risk, regulators must focus broadly on resilience—ensuring that banks and the financial system can withstand challenges, wherever they emerge and however they are transmitted through the system. Fortunately, there is a component of bank funding—equity capital—that is well s post at 10:06am: FED'S BARR SAYS HE IS NOT CONSIDERING FUNDAMENTAL CHANGES TO GLOBAL SYSTEMIC BANK SURCHARGE OR COUNTERCYCLICAL CAPITAL BUFFER FED'S BARR SAYS BANKS NEEDING TO RAISE CAPITAL COULD DO SO IN LESS THAN TWO YEARS WITH RETAINED EARNINGS, WHILE MAINTAINING DIVIDENDS post at 10:06am: FED'S BARR SAYS MOST BANKS ALREADY HAVE ENOUGH CAPITAL TO MEET PROPOSED NEW REQUIREMENTS post at 10:05am: Fed's Barr: -New rules will mean biggest banks need extra $2 of capital for every $100 of risk-weighted assets -Extending enhanced capital standards to banks with $100b in assets, down from $700b threshold - WSJ.
The European Central Bank (ECB) is the central bank responsible for the monetary policy of the European Union member countries that have adopted the euro currency. Established in ...
The official US June jobs report on Friday failed to confirm the wildly strong June ADP payrolls growth numbers from the prior day. Not only was the Nonfarm Payrolls print a touch ...
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The Federal Reserve Bank of New York's Center for Microeconomic Data today released the June 2023 Survey of Consumer Expectations, which shows that inflation expectations continued to fall at the short-term horizon, remained unchanged at the medium-term horizon, and increased somewhat at the longer-term horizon. Home price growth expectations rose again to their highest level in almost a year. Households' perceptions and expectations for credit conditions and for their own financial situations both improved slightly. The main findings from the June 2023 Survey are: Inflation • Median inflation expectations declined for the third consecutive month at the one-year-ahead horizon from 4.1% in May to 3.8% in June, the lowest reading since April 2021. The measure has now fallen by 3 percentage points from its series high in June 2022. The decline is broad based across demographic groups. In contrast, median inflation expectations remained unchanged at 3.0% at the three-year-ahead horizon and increased by 0.3 percentage point to 3.0% at the five-year-ahead horizon, the highest reading since March 2022. The survey's measure of disagreement across respondents (the difference between the 75th and 25th percentile of inflation expectations) decreased at the one- and three-year-ahead horizons and increased at the five-year-ahead horizon. post at 11:00am: NY FED: JUNE HOME PRICE EXPECTATIONS RISE TO 2.9% VS MAY’S 2.6% EXPECTED GAIN NY FED: HOME PRICE EXPECTATIONS HIGHEST SINCE JULY 2022 post at 11:00am: NEW YORK FEDERAL RESERVE: ONE YEAR-AHEAD EXPECTED INFLATION AT 3.8% IN JUNE VS 4.1% IN MAY NY FED: ONE YEAR-AHEAD EXPECTED INFLATION AT LOWEST LEVEL SINCE APRIL 2021 NY FED: FIVE-YEAR AHEAD EXPECTED INFLATION AT 3% IN JUNE VS 2.7% IN MAY
I want to start by welcoming the Chancellor’s announcements this evening aimed firmly at encouraging investment in the productive economy. Since the financial crisis fifteen years ago we have seen potential output growth fall in many economies, the UK included. A sustained and robust improvement of the supply side of the economy is the only means to raise productivity and thereby the standard of living in a way that lasts the test of time. In pursuing supply side improvements, we must also respond to recent events in a way that recognises the need to diversify our supply chains and make them more robust, but achieves diversification without abandoning open and competitive markets and free trade. We will get the best outcomes by pushing back against economic and financial fragmentation. I spend time meeting businesses with the Bank’s network of Agents around the UK, and I am left in no doubt that there are many opportunities for successful long-term investment, and that we must take up these if we are to respond to challenges and opportunities such as the transition to net zero, digitalisation and artificial intelligence. But as you will understand, my pre-occupation at the moment is inflation. Currently at 8.7% in the latest data, consumer price inflation is unacceptably high, and we must bring it down to the 2% target. The UK is not alone in this. There is currently a popular saying among central bankers, from the Danish philosopher Soren Kierkegaard, which, to paraphrase slightly, is that life can only be understood backward post at 11:04am: Very little from Bailey's Mansion House speech on what the BoE will do on policy in the coming months. All down to the next few UK jobs & CPI reports IMO $GBP https://t.co/KKlO4WKLmG post at 11:06am: BoE Gov. Bailey: Inflation is unacceptably high. post at 11:07am: MORE BOE'S BAILEY: SOME TIGHTENING IS STILL TO COME THROUGH THE POLICY PIPELINE #bankofengland #monetarypolicy #ukeconomy #andrewbailey #inflation
Israel left interest rates unchanged for the first time in over a year, halting a record cycle of monetary tightening despite the threat to inflation from a new bout of currency ...
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- Posted: Jul 10, 2023 10:34am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 2,471