-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Global Macro Weekly -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI China Daily Summary: Friday, December 13
MNI US OPEN - UK Economy Contracts for Second Straight Month
MNI GLOBAL WEEK AHEAD - EM Rate Decisions and Jackson Hole
Developed Markets
MNI (LONDON) - Tuesday - Riksbank Rate Decision
The Riksbank is widely expected to deliver its second interest rate cut of 2024 at its August meeting, bringing the policy rate to 3.50%. The June decision was more dovish than expected, with the revised rate path indicating a relatively high probability of a cut in August, and the policy guidance opening the door to two or three rate cuts in the second half of 2024 (versus guidance of just two cuts at the May decision).
Tuesday - Canada CPI
The Canadian CPI report for July on Tuesday is one of the last major local risk events prior to the Bank of Canada’s next decision on Sep 4. Unlike in the US, markets haven’t moved too far away from pricing what would be a third consecutive 25bp cut after the BoC started its easing cycle in June. It would likely take a particularly large upside surprise to see expectations of a pause but there could be greater sensitivity to the subsequent path, with the market looking for two additional 25bp cuts to follow in October and December for a cumulative 125bp in 2024. Consensus sees headline CPI falling three tenths to 2.4% Y/Y for more firmly within the 1-3% target range, whilst average core measures are seen easing one tenth to 2.65% Y/Y. It’s then followed by retail sales on Aug 23 before GDP for Q2/June the week after on Aug 30, the latter of note with the Bank’s increased focus on preventing a further widening in excess supply.
Wednesday - Preliminary Payrolls Benchmark Revision
The preliminary annual payrolls benchmark revision on Wednesday, taken from more comprehensive QCEW data, should offer a latest estimation of how much payrolls growth might have been overstated back in Q1. As widely flagged, including by Fed Governors Bowman and Cook, the Q4 report put QCEW employment up 1.5% Y/Y in December vs the 2.0% Y/Y shown in the current iteration of nonfarm payrolls over the same period (although there’s a chance that is revised up judging by recent past revisions). The NFP and QCEW measures were similar back in 2Q23 (June saw 2.5% vs NFP 2.4%) but a gap opened up in Q3 (Sept saw 1.5% vs NFP 1.9%). The softer QCEW data is more in keeping with the-then-weakness in the household survey measure of employment, which has since weakened more notably and was just 0.0% Y/Y in latest data for July. This is just the preliminary estimate, with the finalized revision to come until the Jan 2025 payrolls report in February.
Thursday - Eurozone Flash PMIs
The August flash PMI round is due on Thursday. In the Eurozone consensus is for a 0.2 point fall in the services component to 51.7, whilst the manufacturing component is expected to remain at 45.8. This suggests a continuation of the dynamic highlighted by President Lagarde in the ECB's July meeting press conference, with services driving the Eurozones gradual recovery in economic activity. While inflation components (particularly in services) will naturally be in focus, the growth components will also be interesting after President Lagarde seemingly put increased emphasis on downside risks to the Eurozone growth outlook (and net exports in particular) compared to previous press conferences.
Wednesday/Friday - Fed Minutes/ Jackson Hole
Fed policy communications will be a key focus in the upcoming week, starting with the minutes of the July FOMC meeting (1400ET Wednesday) which will be eyed for the degree of support on the Committee for a rate cut at the time. Later in the week (Aug 22-24), the annual Jackson Hole Economic Policy Symposium (this year's edition is titled "Reassessing the Effectiveness and Transmission of Monetary Policy") will be held, with the key event being Chair Powell's speech at Friday (1000ET/1500UK). Powell is expected to reiterate his July press conference message that a rate cut "could be on the table as soon as September", thus aligning with market pricing for easing at the next meeting. Expect him to emphasize that the progress made on inflation and rising risks to the employment side of the Fed's dual mandate warrant dialing back the restrictiveness of monetary policy, and he may tie this into the theme of the Symposium by arguing that the lagged impact of earlier tightening is finally being seen in earnest. While he's unlikely to deviate from the script too much - emphasizing data dependence and a meeting-by-meeting approach - any reference to the envisaged tempo of cuts or the eventual destination for rates would be market-moving. In addition to Powell's speech, we will hear from other central bank policymakers, including BoE Gov Bailey (1100ET/1600UK Friday) and ECB Chief Economist Lane (1225ET/1725UK Saturday), with a full official schedule expected to be released Thursday night.
Emerging Markets
Tuesday - CBRT Rate Decision
The CBRT is widely expected to keep its one-week repo rate unchanged at 50% on Tuesday, and instead continue to focus on alternative liquidity draining tools to manage financial conditions. Governor Karahan has repeatedly stated that further steps will be taken to reduce excess lira liquidity in a bid to prevent deposit rates from falling – which could compromise the Bank’s tight stance on monetary policy. Among sell-side, the scope for rate cuts in the remainder of 2024 appears limited.
Wednesday - Bank Indonesia Rate Decision
Bank Indonesia announces its decision on Wednesday August 21 and is expected to leave rates at 6.25%. Its focus will remain on FX stability to maintain rupiah appreciation seen since the end of July. USDIDR is now under 15800 and the central bank won't want to risk the gains by easing ahead of the Fed. The US is widely expected to begin its easing cycle at its September 18 meeting. Inflation remains well within the BI's target band and growth is solid at around 5% y/y. BI has been supporting the economy through its macroprudential policy.
Wednesday - Bank of Thailand Rate Decision
The Bank of Thailand's decision is on Wednesday August 21 and it is expected to leave rates at 2.5%. Governor Sethaput has reiterated that current rates and CPI target are "appropriate" as there is little deflationary risk. He was also confident that the central bank's growth forecast would be achieved. So, there is little reason at this point to change rates. BoT has also been monitoring FX and Fed developments but the baht has appreciated since early July against the dollar and blips from recent political events have been unwound.
Thursday - Bank of Korea Rate Decision
The Bank of Korea meets next week at an interesting juncture in Asia. With markets pricing in a cut for September by the Federal Reserve, Asian Central banks are now in focus as to their next move. In a game of ‘who goes first’ the Philippines BSP cut rates this week citing confidence in declining inflation. For the BOK inflation data has surprised to the upside with CPI exceeding expectations.
Ongoing house price rises in Seoul continue to be highlighted by the Central Bank as a key risk.We therefore anticipate that the BOK will remain on hold at their next meeting but may soften their language, paving the way for a cut later in the year.
Date | GMT/Local | Impact | Country | Event |
19/08/2024 | - | SE | Riksbank Meeting | |
19/08/2024 | 2350/0850 | * | JP | Machinery orders |
19/08/2024 | - | GB | DMO to hold quarterly consultation investors / GEMM consultation | |
19/08/2024 | 1315/0915 | US | Fed Governor Christopher Waller | |
19/08/2024 | 1530/1130 | * | US | US Treasury Auction Result for 26 Week Bill |
19/08/2024 | 1530/1130 | * | US | US Treasury Auction Result for 13 Week Bill |
20/08/2024 | 0600/0800 | ** | DE | PPI |
20/08/2024 | 0730/0930 | *** | SE | Riksbank Interest Rate Decison |
20/08/2024 | 0800/1000 | ** | EU | EZ Current Account |
20/08/2024 | 0900/1100 | *** | EU | HICP (f) |
20/08/2024 | 0900/1100 | ** | EU | Construction Production |
20/08/2024 | 1100/0700 | *** | TR | Turkey Benchmark Rate |
20/08/2024 | 1230/0830 | *** | CA | CPI |
20/08/2024 | 1230/0830 | ** | US | Philadelphia Fed Nonmanufacturing Index |
20/08/2024 | 1255/0855 | ** | US | Redbook Retail Sales Index |
20/08/2024 | 1530/1130 | * | US | US Treasury Auction Result for Cash Management Bill |
20/08/2024 | 1845/1445 | US | Fed Governor Michael Barr | |
21/08/2024 | 2301/0001 | * | GB | Brightmine pay deals for whole economy |
21/08/2024 | 2350/0850 | ** | JP | Trade |
21/08/2024 | 0600/0700 | *** | GB | Public Sector Finances |
21/08/2024 | 0900/1000 | ** | GB | Gilt Outright Auction Result |
21/08/2024 | 1100/0700 | ** | US | MBA Weekly Applications Index |
21/08/2024 | 1230/0830 | * | CA | Industrial Product and Raw Material Price Index |
21/08/2024 | 1400/1000 | * | US | Services Revenues |
21/08/2024 | 1430/1030 | ** | US | DOE Weekly Crude Oil Stocks |
21/08/2024 | 1700/1300 | ** | US | US Treasury Auction Result for 20 Year Bond |
21/08/2024 | 1800/1400 | *** | US | FOMC Minutes |
22/08/2024 | 2300/0900 | *** | AU | Judo Bank Flash Australia PMI |
22/08/2024 | 0030/0930 | ** | JP | Jibun Bank Flash Japan PMI |
22/08/2024 | 0600/0800 | ** | NO | Norway GDP |
22/08/2024 | 0715/0915 | ** | FR | S&P Global Services PMI (p) |
22/08/2024 | 0715/0915 | ** | FR | S&P Global Manufacturing PMI (p) |
22/08/2024 | 0730/0930 | ** | DE | S&P Global Services PMI (p) |
22/08/2024 | 0730/0930 | ** | DE | S&P Global Manufacturing PMI (p) |
22/08/2024 | 0800/1000 | ** | EU | S&P Global Services PMI (p) |
22/08/2024 | 0800/1000 | ** | EU | S&P Global Manufacturing PMI (p) |
22/08/2024 | 0800/1000 | ** | EU | S&P Global Composite PMI (p) |
22/08/2024 | 0830/0930 | *** | GB | S&P Global Manufacturing PMI flash |
22/08/2024 | 0830/0930 | *** | GB | S&P Global Services PMI flash |
22/08/2024 | 0830/0930 | *** | GB | S&P Global Composite PMI flash |
22/08/2024 | 1000/1100 | ** | GB | CBI Industrial Trends |
22/08/2024 | 1130/1330 | EU | Account of ECB MonPol meeting in July | |
22/08/2024 | 1230/0830 | *** | US | Jobless Claims |
22/08/2024 | 1230/0830 | ** | US | WASDE Weekly Import/Export |
22/08/2024 | 1345/0945 | *** | US | S&P Global Manufacturing Index (Flash) |
22/08/2024 | 1345/0945 | *** | US | S&P Global Services Index (flash) |
22/08/2024 | 1400/1600 | ** | EU | Consumer Confidence Indicator (p) |
22/08/2024 | 1400/1000 | *** | US | NAR existing home sales |
22/08/2024 | 1430/1030 | ** | US | Natural Gas Stocks |
22/08/2024 | 1500/1100 | ** | US | Kansas City Fed Manufacturing Index |
22/08/2024 | 1700/1300 | ** | US | US Treasury Auction Result for TIPS 30 Year Bond |
23/08/2024 | 2301/0001 | ** | GB | Gfk Monthly Consumer Confidence |
23/08/2024 | 2330/0830 | *** | JP | CPI |
23/08/2024 | 0600/0800 | ** | SE | Unemployment |
23/08/2024 | 0645/0845 | ** | FR | Manufacturing Sentiment |
23/08/2024 | 0800/1000 | ** | EU | ECB Consumer Expectations Survey |
23/08/2024 | 1230/0830 | * | CA | Quarterly financial statistics for enterprises |
23/08/2024 | 1230/0830 | ** | CA | Retail Trade |
23/08/2024 | 1400/1000 | *** | US | New Home Sales |
23/08/2024 | 1400/1000 | US | Fed Chair Jerome Powell | |
23/08/2024 | 1700/1300 | ** | US | Baker Hughes Rig Count Overview - Weekly |
23/08/2024 | 1900/2000 | GB | BOE's Bailey Speech at Federal Reserve Bank of Kansas | |
24/08/2024 | 1625/1825 | EU | ECB's Lane in panel at Jackson Hole | |
25/08/2024 | 1500/1700 | EU | ECB's Cipollone in panel at the Rimini Meeting |
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.