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Author: Adam Button
2

ECB declares the two banks as likely to fail

Banca Popolare di Vicenza and sister bank Veneto Banco SpA are likely to fail and will be wound up, the ECB says.  Single Resolution Board declined to step in so instead Italy insolvency procedures will be used to liquidate their assets. Depositors are protected.

Banca Popolare di Vicenza has been in operation since 1866.

That's not a good sign for Monte Paschi.

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Author: Adam Button

Yellen highlights a busy Fed schedule in the week ahead

Here is the Fed schedule for the week of June 25-30 The past week began with a series of hawkish and optimistic comments from the Fed's Dudley that underscored the continued case for rate hikes and buying the US dollar. Critics continue to fret that the inflation picture doesn't support higher rates.

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Author: Adam Button
1

Fed's Mester: It's time to gradually remove accommodation

Mester spoke in the Q&A - Failure to hike could mean inflation - Fed is raising rates to keep the economy healthy, not to slow expansion The hawks are still in control at the Fed but a fight is brewing.

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Author: Adam Button

No comment on the outlook from the Fed's Mester

Fed's Mester in Cleveland - Says Fed doesn't suffer from 'groupthink' - Fed independence yields better US economic outcomes We'll hear more from Mester later when she takes questions from audience and media.

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Author: Adam Button

Fed's Bullard to speak next

Bullard to speak at 1515 GMT (11:15 am ET) Yesterday, Bullard spoke with the WSJ and said the rate path is 'unnecessarily aggressive'. pr ojected I also noted how with his hands.

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Author: Adam Button
9

The inflation models are broken

Jobs, growth and inflation ain't what they used to be In the 20th century, it was easier for central bankers. When growth rose and the jobs market got tighter, prices and wages went up. It was macroeconomics 101 in real life.

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Author: Mike Paterson
1

Scarcity of German bonds a major consideration for the ECB

So say Reuters citing 3 sources " with direct knowledge of the discussions" The ECB has not put a deadline on extending or winding down the scheme but a decision is likely either on either Sept 7 or Oct 26, giving markets several months to prepare.

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Author: Eamonn Sheridan
5

ANZ on the AUD (forecasts) & RBA

ANZ's weekly look at the economy focuses on public sector spending But, they spare some space for the Australian dollar and the Reserve Bank of Australia RBA:

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Author: Eamonn Sheridan

Bk of Mexico Carstens: MXN has room to appreciate, but less than before

Bank of Mexico Governor Carstens - Says peso can reach 17 (to the USD) (but that is not a target) given the economy's resilience - Pause in rates could last though a Federal Reserve rate hike, actions already taken should be sufficient to take inflation to the 3% target by end 2018 Carstens speaking with Bloomberg. Banco de Mexico have been on a sustained hiking cycle but look set to pause.

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Author: Eamonn Sheridan
1

Add this to your diary - Federal Reserve Chair Yellen to speak June 27

And, if you're in London make your plans to clear your diary for that day, Yellen will be speaking there! - June 27 2017 - 1700GMT - No prepared text - There will be audience Q&A Speaking on global economic issues with the head of the British Academy

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Author: Greg Michalowski
2

Mexico central-bank raises rates to 7% from 6.75%

This is as expected The Mexico's central bank has raised the overnight rate to 7.0% from 6.75%. The rise was expected.The USDMXN has dipped below its 100 and 200 hour MAs on the hike. Stay below is more bearish.  The 61.8% a 18.0428 is the next target with 18.000 after that as a key target. The low has reached 17.8790.

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Author: Adam Button
2

Fed's Bullard: Projected rate path is 'unnecessarily aggressive'

Comment from Bullard, cited by Dow Jones : Details - The projection to raise the federal-funds rate to 3% over the next 2½ years "is unnecessarily aggressive" This is the same tone we've heard from Bullard before but his comments on inflation right now have some sympathy at the FOMC.

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Author: Adam Button
7

Nomura has a very bold call on the Bank of England

Nomura changes forecast to a 25 bps hike on August 3 The market is pricing in just a 16.8% chance of a hike at the next meeting on August 3. Moreover, this just two days ago.

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Author: Mike Paterson
3

BCB reduces 2017 CPI forecast to 3.8% vs 4.0% prev

Brazil's central bank out with a quarterly inflation report 22 June - 2018 CPI 4.5% as prev - 2017 GDP 0.5% as prev - at last meeting policy committee considered appropriate reduction of easing pace in July More at the BCB

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