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Summary – February 16

LATAM
  • No major releases in the Latam docket today. In the US, building permits and housing starts numbers cross alongside the January US PPI. The preliminary University of Michigan sentiment data is set to follow, with markets expecting 1-year inflation expectations unchanged, and a 0.1ppt step lower for the 5-10year metric. Fedspeak due includes Barr, Daly and Barkin.
  • Global News:
    • MIDEAST – President Biden again urged Israeli Prime Minister Benjamin Netanyahu to hold off on an assault on the southern Gaza city of Rafah without a plan to protect civilians, in the latest US effort to head off a humanitarian catastrophe as Israel prepares for an attack.
    • US (MNI) – Atlanta Fed President Bostic said Thursday he is still not thoroughly convinced inflation is on track to the central bank’s 2% target and will need to see continuing evidence of ebbing prices pressures to build greater confidence. "Though the upside surprise in the January CPI will probably translate, at least partially, into a higher PCE inflation report, these [disinflationary] trends will not likely be substantially reversed as a result of one month’s data," he said in prepared remarks.
    • EU – The ECB should avoid waiting too long to cut rates as it will still have flexibility over the pace and degree of policy loosening after its first move, Governing Council member Francois Villeroy de Galhau said. The Bank of France governor said it now seems established that the ECB will cut rates at some point this year and added that the risk of moving too late exists “at least” as much as that of moving too soon.
    • JAPAN (MNI) – BoJ Governor Ueda said on Friday that the possibility is high that accommodative financial conditions will likely continue after the Bank removes its negative interest rate policy. Ueda told lawmakers that the BOJ will examine whether it is appropriate for it to continue with a large-scale easy policy, including the negative rate policy, if the bank can foresee the achievement of its 2% target.
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