Look At These Key Events You Probably Missed This Week
Look At These Key Events You Probably Missed This Week from King World News
As we move past the midway point of June, look at these important events you probably missed this week.
Succinct Summation Of The Week’s Events
June 17 (King World News) – Here is what Peter Boockvar noted as the world awaits the next round of monetary madness:
1) The Fed stuck to their guns with a rate increase and implicitly expressing the desire to hike rates again this year as they further distance themselves from zero. Even with another hike the fed funds rate will still only be 1.375% (how spoiled everyone got over the past 8 years). Reducing the size of their balance sheet begins the process of extricating them from our markets…
2) The BoE now has 3 members that believe in price stability and voted to at least take back the emergency rate cut after Brexit. Two Bank of Canada members, including the Governor made clear they want to hike rates and get off the .50% level. Kuroda and the BoJ are not ready to announce an exit strategy but they acknowledge what’s been seen for a while, they are buying less JGB’s. The pace is closer to 60T yen instead of the official target of 80T yen.
3) Initial jobless claims totaled 237k, 4k less than expected and down from 245k last week. As a 233k print fell out of the 4 week average, it rose by 1k to 243k. Continuing claims, delayed by a week, was up by 6k.
4) After falling into contraction in May, the NY manufacturing index in June bounced sharply to 19.8, well above the estimate of 5. As for the 6 month outlook, the business activity index was up by 2.4 pts to 41.7. It got as high as 49.7 in December. Capital spending plans were mixed. Capital expenditures rose by 7.4 pts after falling by 14.3 pts last month but the tech spending component was lower by 2 pts.