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Summary – March 28

LATAM
BulletEM BulletEmerging Market NewsHomepageBank of Japan (BOJ) Market News
  • The BCB’s quarterly inflation report will be published on Thursday, followed by Brazil unemployment and Chile macro data for February, including retail sales, IP, unemployment and copper production. Brazil federal debt data for February will also cross later.
  • In the US, focus ahead turns to tertiary GDP data, weekly US jobless claims and the final print for University of Michigan sentiment. MNI Chicago PMI is also set for release, with markets expecting the gauge to rise to 46.0 from 44.0. The central bank speaker slate is quiet, with just ECB's Villeroy scheduled after the European close.
  • Global News:
    • US (MNI) – Fed Governor Christopher Waller on Wednesday said the central bank's easing cycle can begin later and in smaller steps, adding that there is no reason to have "big cuts in policy." "When we've gone fast in the past in cutting rates it's almost always because some shock has hit the economy," he said in Q&A at the Economic Club of New York after a speech.
    • EU (MNI) – Conditions across the eurozone are "being created to initiate monetary easing,” Bank of Italy Governor Fabio Panetta said on Thursday during the presentation of the national bank’s 2023 economic results, although he added little in the way of further detail.
    • JAPAN (MNI) – The BoJ board's decision to end easy policy settings last week did not represent a regime shift toward monetary tightening, but rather part of efforts to achieve the price stability target, one board member noted, according to the summary of opinions released on Thursday. A separate member noted there was no need for rapid rate rises, echoing Governor Kazuo Ueda's remarks following the meeting's conclusion.
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  • The BCB’s quarterly inflation report will be published on Thursday, followed by Brazil unemployment and Chile macro data for February, including retail sales, IP, unemployment and copper production. Brazil federal debt data for February will also cross later.
  • In the US, focus ahead turns to tertiary GDP data, weekly US jobless claims and the final print for University of Michigan sentiment. MNI Chicago PMI is also set for release, with markets expecting the gauge to rise to 46.0 from 44.0. The central bank speaker slate is quiet, with just ECB's Villeroy scheduled after the European close.
  • Global News:
    • US (MNI) – Fed Governor Christopher Waller on Wednesday said the central bank's easing cycle can begin later and in smaller steps, adding that there is no reason to have "big cuts in policy." "When we've gone fast in the past in cutting rates it's almost always because some shock has hit the economy," he said in Q&A at the Economic Club of New York after a speech.
    • EU (MNI) – Conditions across the eurozone are "being created to initiate monetary easing,” Bank of Italy Governor Fabio Panetta said on Thursday during the presentation of the national bank’s 2023 economic results, although he added little in the way of further detail.
    • JAPAN (MNI) – The BoJ board's decision to end easy policy settings last week did not represent a regime shift toward monetary tightening, but rather part of efforts to achieve the price stability target, one board member noted, according to the summary of opinions released on Thursday. A separate member noted there was no need for rapid rate rises, echoing Governor Kazuo Ueda's remarks following the meeting's conclusion.