As the U.S. economy transitioned from recession to a slower-than-average recovery, the Fed’s communication policy approach changed. The new approach focused instead on influencing the public’s expectations of the future direction and level of the federal funds target rate. This approach, in its current form, is referred to as forward guidance

Source: FED St. Louis


BCE Bulletin

The risks surrounding the euro area growth outlook can still be assessed as broadly balanced. At the same time, risks relating to protectionism, vulnerabilities in emerging markets and financial market volatility remain prominent

Inflation to its aim will continue in the period ahead and will be maintained even after a gradual winding-down of the net asset purchases. Nevertheless, significant monetary policy stimulus is still needed to support the further build-up of domestic price pressures and headline inflation developments over the medium term

Chinese Trade Balance

Growth in exports accelerated further, contrary to expectations of a moderation after the U.S. imposed another tranche of import tariffs in September

There are signs that both exporters and importers are rushing through orders before higher tariffs take effect in January. Import growth also topped already-strong expectations


As expected, the FOMC held the federal funds rate steady at 2.00%-2.25%. The vote was unanimous (9-0)

The summary of economic activity indicated few substantive changes relative to the September meeting. There were no changes to the language on economic activity, the pace of job gains and inflation as well

source: Bloomberg

Important News

  • On Monday the US put into effect a ban on oil imported from Iran and imposed sanctions on 700 Iranian targets including banks, companies and individuals
  • Chinese insurer Ping An Insurance has overtaken BlackRock as the largest shareholder of HSBC Holdings
  • China’s biggest banks dragged down the stock market on Friday as investors took a dim view of the government’s unprecedented move to tell firms exactly how much they must lend to the country’s struggling private sector

source: Bloomberg


Indicies and Equity Sectors

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