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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.
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Free AccessVIEW: Goldman Sachs: A Later Start To Policy Tightening
Goldman Sachs note that "with growth still subdued despite an easing in virus restrictions following the delta wave, we now expect a 2.3% Q/Q contraction in real GDP for Indonesia in Q3 (compared to 1.8% prev.). We also lower our inflation forecasts through year-end '21 as food inflation has surprised to the downside, and core inflation is unlikely to pick up as much as we had estimated previously given limited reopening progress (inflation doesn't begin to pick up significantly until late in H122 in our new forecast). Given our baseline of slower growth in H221, still muted inflation and a conducive external environment, we now do not expect BI to begin normalizing policy settings until Q222 (from Q122 earlier). Thereafter, we expect BI to start tightening liquidity conditions first, pushing effective rates back up towards the policy rate, from 75bp below the policy rate currently. Then as liquidity conditions return to neutral, we expect BI to start hiking policy rates - with a hike each in Q3 & Q4 '22."
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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.