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EMERGING MARKETS: Global news: September 18

EMERGING MARKETS
BulletEM BulletEmerging Market News
  • US (MNI) – Fed leadership has made it abundantly clear that the FOMC will initiate a rate cutting cycle at the September meeting, with pre-blackout developments pointing toward a 25bp reduction as opposed to an outsized 50bp. But subsequent media reports that it’s a “close call” have pushed market pricing to imply a split decision vs a 50bp cut, and to MNI’s Markets Team, it suddenly looks more likely than not that Chair Powell will persuade the FOMC to opt for a slightly more front-loaded cutting cycle.
  • ECB – The ECB should continue to lower rates as inflation is set to return durably to 2% next year, Governing Council member Francois Villeroy de Galhau said. While there’ll be some volatility in price data over the coming months, victory over inflation is “within sight,” the Bank of France chief said Wednesday. “We have cut rates twice and we should continue to cut them,” he told BFM TV.
  • MIDEAST (MNI) – Egyptian President Abdel Fattah al-Sisi has said to US Secretary of State Antony Blinken in a meeting in Cairo that 'Egypt rejects any attempts to escalate the situation in the region', and that 'all parties should act responsibly'. Says that Egypt 'supports Lebanon' following the mass pager blasts that hit Hezbollah figures on 17 Sep. Blinken is in Cairo ostensibly to discuss the (diminishing) prospect of a ceasefire in Gaza, but events have taken over with the risk of a major escalation between Israel and Hezbollah in the wake of the pager explosions.
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  • US (MNI) – Fed leadership has made it abundantly clear that the FOMC will initiate a rate cutting cycle at the September meeting, with pre-blackout developments pointing toward a 25bp reduction as opposed to an outsized 50bp. But subsequent media reports that it’s a “close call” have pushed market pricing to imply a split decision vs a 50bp cut, and to MNI’s Markets Team, it suddenly looks more likely than not that Chair Powell will persuade the FOMC to opt for a slightly more front-loaded cutting cycle.
  • ECB – The ECB should continue to lower rates as inflation is set to return durably to 2% next year, Governing Council member Francois Villeroy de Galhau said. While there’ll be some volatility in price data over the coming months, victory over inflation is “within sight,” the Bank of France chief said Wednesday. “We have cut rates twice and we should continue to cut them,” he told BFM TV.
  • MIDEAST (MNI) – Egyptian President Abdel Fattah al-Sisi has said to US Secretary of State Antony Blinken in a meeting in Cairo that 'Egypt rejects any attempts to escalate the situation in the region', and that 'all parties should act responsibly'. Says that Egypt 'supports Lebanon' following the mass pager blasts that hit Hezbollah figures on 17 Sep. Blinken is in Cairo ostensibly to discuss the (diminishing) prospect of a ceasefire in Gaza, but events have taken over with the risk of a major escalation between Israel and Hezbollah in the wake of the pager explosions.