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EMERGING MARKETS: Global News: January 29

EMERGING MARKETS
BulletEM BulletEmerging Market News
  • US (MNI) – The FOMC will keep the benchmark Fed funds rate on hold for the first time in four meetings, as it shifts to a more patient phase of its easing cycle after delivering 100bp of cuts. The forward guidance adopted in December points to a data-dependent approach to assessing the “extent and timing” of additional rate adjustments. To this end, there has been only limited inflation and labour market data since then, while the Trump administration’s policies and their potential impact on the economic outlook are still in a formative stage.
  • US (MNI) – A US District Judge temporarily blocked a Trump administration freeze on federal spending, ordered by the White House OMB, minutes before it was set to go into effect yesterday. The order, which covers all government spending except direct payments to individuals, is widely seen as the most far-reaching of Trump’s executive actions and part of a broader attempt to recalibrate potentially trillions of dollars of federal government spending.
  • SWEDEN (MNI) – The Riksbank cut its key interest rate by 25bp at its January meeting, taking it down to 2.25% and it gave no clear indication that it was anticipating any further cuts. In its January statement it said that, as the risk of inflation becoming too high was limited and economic activity was weak, the first meeting of 2025 was the time to cut.
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  • US (MNI) – The FOMC will keep the benchmark Fed funds rate on hold for the first time in four meetings, as it shifts to a more patient phase of its easing cycle after delivering 100bp of cuts. The forward guidance adopted in December points to a data-dependent approach to assessing the “extent and timing” of additional rate adjustments. To this end, there has been only limited inflation and labour market data since then, while the Trump administration’s policies and their potential impact on the economic outlook are still in a formative stage.
  • US (MNI) – A US District Judge temporarily blocked a Trump administration freeze on federal spending, ordered by the White House OMB, minutes before it was set to go into effect yesterday. The order, which covers all government spending except direct payments to individuals, is widely seen as the most far-reaching of Trump’s executive actions and part of a broader attempt to recalibrate potentially trillions of dollars of federal government spending.
  • SWEDEN (MNI) – The Riksbank cut its key interest rate by 25bp at its January meeting, taking it down to 2.25% and it gave no clear indication that it was anticipating any further cuts. In its January statement it said that, as the risk of inflation becoming too high was limited and economic activity was weak, the first meeting of 2025 was the time to cut.