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Author: Adam Button
3

The election call means communication will be restricted

I didn't know this rule and I'm not sure they have it in too many places but Bank of England Governor Mark Carney and other BOE policymakers are banned from speaking until after the election, except in a few limited circumstances.

It goes into effect at midnight Saturday and there's nothing scheduled between then and now. An event scheduled for Haldane next week was cancelled.

One exception is the communication after the MPC meeting on May 11. The inflation report and press conference will take place as usual but Carney will surely steer far clear of the election.

Bloomberg has more.

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Author: Adam Button
2

Fed's Fischer: Political progress has slowed down relative to expectations

Fed's Fischer on CNBC - China is doing better, Europe is doing better - In Britain nothing has changed - The two surprises in CPI were energy prices and a large decline in cell phone usage costs We didn't learn much here but he brushed off the soft CPI report and that shows the Fed isn't married to a June hike. He also brushed off a what everyone expects to be a soft Q1.

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Author: Adam Button

No change in the latest New York Fed GDP forecast

The latest Nowcasting report - The FRBNY Staff Nowcast stands at 2.7% for 2017:Q1 and 2.1% for 2017:Q2. - Both forecasts essentially unchanged Negative surprises from the Empire State Manufacturing Survey and housing starts offset positive surprises from industrial production, capacity utilization, and building permits, according to the .

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Author: Adam Button
2

Draghi says risks of deflation have largely disappeared

Draghi statement to IMFC - Growth in the Eurozone is firming and broadening - There are sign of a somewhat brighter global recovery and increasing global trade You could say he's cautiously optimistic.

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Author: Ryan Littlestone
1

BOE's Saunders: BOE is not obliged to delay a rate move until certainty of Brexit implications

Comments from Michael Saunders in London - Current policy is clearly accommodative and would provide stimulus even after a modest rate rise - Most evidence points to growth in Q1 despite the retail weakness Some very mildly hawkish comments from Saunders. There's no mention of tolerance levels for inflation but he's taking the line that a hike isn't dependent on the Brexit outcome nor would one mean that the BOE would stop stimulating via its re-investment of QE.

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Author: Eamonn Sheridan

ICYMI: Bank of Japan Governor Kuroda spoke overnight

Adam had the headlines here: -     And there were a few more bits and bobs in the early morning here: Kuroda was speaking in a Bloomberg TV interview, Bloomberg:

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Author: Eamonn Sheridan

PBOC sets USD/CNY mid-point today at 6.8823 (vs. yesterday at 6.8792)

Yesterday the People's Bank of China weakened the yuan against the USD with its biggest drop for 3 weeks. Edges the yuan a little weaker again today.  PBOC inject 100bn yuan through reverse repos in open market operations (OMOs) today:

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Author: Eamonn Sheridan

BOJ Senior Loan Officer Survey (April) - Loan demand falls amongst firms

From the Bank of Japan: Senior Loan Officer Opinion Survey on Bank Lending Practices at Large Japanese Banks (April 2017) On Q1 ... How has demand for loans from borrowers (firms, local governments, and households) changed over the past three months apart from normal seasonal variations?

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Author: Eamonn Sheridan
1

Federal Reserve intensifies B/S discussions with market players

The headline is crossing Bloomberg. And, once again for clarity, the Federal Reserve B/S I am referring to is 'balance sheet', K? Bloomberg citing Carl Tannenbaum, chief economist at Northern Trust Company, a Chicago-based asset manager

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Author: Eamonn Sheridan

More from BOJ's Kuroda: Japan does not target FX in guiding mon pol

Bank of Japan Governor Kuroda comments again: - Think Japan has gained global community's understanding it does not target FX in guiding monetary policy - No comment on US President Trump's recent remark that dollar is too strong USD/JPY is little moved on these remarks. Kuroda spoke earlier (link below), these comments not adding anything he hasn't more or less said before.

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Author: Adam Button
32

This certainly adds some intrigue to the earlier JPY move

Looks like those Kuroda comments leaked So exactly one hour before these aired, USD/JPY inexplicably jumped 35 pips? dovish comments from Kuroda First of all, the interview was pre-recorded, so the information was out there and people knew the content, because Bloomberg had all the headlines ready for publication the moment the airing of the interview started.

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Author: Adam Button
1

Kuroda: Current pace of purchases to continue for some time

Unscheduled comments from the BOJ - Doesn't see any constraints to BOJ policy - BOJ has 40% of JGBs, that means 60% are in the market - FX rate can affect inflation in the short term The comments are from an unterview on Bloomberg TV that's on now.

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Author: Adam Button
1

Fed's Powell: Financial regulation is excessively complex

Fed's Powell - US can't return to highly vulnerable banking system - US needs national focus on boosting growth pace - Higher thresholds will leave small firms less burdened He mostly focused on regulation but touched on monetary policy.

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Author: Mike Paterson
3

Fed's Kaplan says there are some uncertainties for US consumers

US Dallas Fed's Kaplan speaking to BBG TV 20 April - especially in healthcare law - household balance sheets in relatively good shape - longer term US GDP growth still challenging but expects a little better growth than data suggests Well prove otherwise Mr K. You're now a voting member rotated in this year.

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Author: Adam Button

Fed's Fischer says downside risks abroad 'noticeably smaller'

Comments from Stanley Fischer - China's economy appears to be on 'more solid footing' - Emerging markets better able to withstand Fed hikes - Spillovers should be manageable Key quote: "I expect that U.S. policy normalization will be gradual under likely scenarios for the evolution of output and inflation. A gradual and ongoing removal of accommodation seems likely both to maximize the prospects of a continued expansion in the U.S. economy and to mitigate the risk of undesirable spillovers abroad."

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Author: Adam Button
2

Fed's Beige Book: Modest wage hikes broadened

Highlights of the April 19, 2017 Beige Book - More firms cite high labor turnover and difficulty retaining workers - Employers had a harder time filling low-skilled jobs The comments on wages are USD-bullish. It's the kind of thing that would increase the confidence of the bulls on rate hikes. That said, the Beige Book isn't going to send a stronger signal than 10-year notes, which are telling the Fed not to worry about inflation.

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