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Euro Zone Kicked Off the Second Quarter With Industrial Weakness
Euro-zone industrial production unexpectedly fell at the start of the second quarter, casting a shadow over the economy’s pickup this year from its poor performance in 2023. Output fell 0.1% in April from the previous month, which was revised lower to a 0.5% gain, Eurostat said in Luxembourg on Thursday. Economists expected a 0.2% increase, according to the median of 29 estimates. The outcome leaves the euro-zone economy leaning more heavily on services to continue its recovery after a growth spurt in the first quarter. The European Commission forecasts expansion of 0.8% in 2024, double the pace of last year. While ... (full story)
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post: YELLEN: WE ARE CREATING JOBS AT A VERY RAPID PACE post:
U.S. TREASURY'S YELLEN: **LABOR MARKET NOW RESEMBLING PRE-PANDEMIC **WAGES ARE NOT A THREAT TO CONTRIBUTE TO INFLATION **A SIGNIFICANT SHARE OF REMAINING INFLATION REPRESENTS HOUSING COSTS RETURNING TO NORMAL SLOWLY post:
U.S. TREASURY'S YELLEN: SUBSTANTIAL LOCK-IN EFFECT IS LIMITING SUPPLY OF HOMES ON THE MARKET post: US TREASURY SECRETARY YELLEN: IF THE DEBT IS STABILISED RELATIVE TO THE SIZE OF THE ECONOMY, THEN WE'RE IN A REASONABLE PLACE.
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Good morning. Thank you, Bolanle, for your kind introduction. I am pleased to be here in my hometown of Ottawa with the Canadian Association for Business Economics. I always enjoy speaking to a room full of economists and business professionals who are interested in the economy. You’ve long been some of the most engaged consumers of central bank speeches. The COVID-19 pandemic and subsequent rise in inflation have broadened the audience for speeches like this one. Canadians have questions for us at the Bank of Canada, and we want to answer them. So today my overarching themes will be transparency and accountability. I will begin by taking you back to the start of the pandemic when the world faced a health and economic crisis like nothing we’d experienced before. I will walk you through what the Bank saw and how we interpreted that information. Then I will talk about some of the actions we took, particularly our use of two exceptional tools: quantitative easing, or QE, and extraordinary forward guidance. I’ll discuss some of the analysis we’ve done on the effectiveness of QE, which we used for the first time in the pandemic. I will also go into the unwinding of QE, known as quantitative tightening, or QT, which is a key part of the monetary policy cycle.Reviewing our pandemic actions video In March 2020, the world faced an unimaginable health and economic crisis. Economies shut down and financial markets spiralled. Fearing another Great Depression, governments and central banks around the world took quick and decisive actions. The Bank cut the policy interest rate to 0.25%. This is the effective lower bound—the lowest level the interest rate can be before the Bank has to use other, less conventional monetary policy tools. We also made use of emergency liquidity programs and facilities to restore market functioning. By the summer of 2020, markets were functioning, but the economy was in deep decline. Households and businesses were suffering and inflation was below target. The Bank turned to our extended monetary policy tool kit to provide more stimulus. We used two tools in particular: Quantitative easing (QE)—With QE, a central bank buys many more government bonds t post: BOC'S DEP. GOV. KOZICKI: IF INFLATION CONTINUES TO EASE, IT IS REASONABLE TO EXPECT FURTHER RATE CUTS. WE ARE TAKING OUR INTEREST RATE DECISIONS ONE MEETING AT A TIME. post: BOC'S KOZICKI: THE BAR FOR US TO USE QE AGAIN IS VERY HIGH.
- From think.ing.com|Jun 13, 2024|2 comments
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- Posted: Jun 13, 2024 8:44am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 2,610
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