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Federal Reserve cuts 25 basis points off Fed Funds target rate to 4.50%

Wed, Oct 31 2007, 11:42 GMT
by Nicole Elliott

Mizuho Corporate Bank

Quote:

‘There are few more impressive sights in the world than a Scotsman on the make.’ J. M. Barrie (1860-1937)

The News:

Federal Reserve cuts 25 basis points off Fed Funds target rate to 4.50% as rumours swirl that Hong Kong might drop its US dollar peg.

The Numbers:

Greenwich Mean Time, with expectations and previous figures in brackets.

08:30 CH October PMI (57 to 59 versus 57.6 September).

09:30 GB October Manufacturing PMI (53.8 to 55.2 versus 55.1 September).

11:00 GB October CBI Distributive Trades Survey (7 to 17 versus 12 September).

11:30 US October Challenger Job Cuts (versus –28.5% Y/Y September).

12:20 US September Personal Income (Mizuho Securities +0.4% M/M, Spending +0.5%, vs +0.3% and +0.6% Aug).

12:30 US September Core PCE (Mizuho Securities +0.1% M/M, +1.7% to +1.8% Y/Y, versus +0.1% and +1.8% Aug).

12:30 US Weekly Jobless Claims (315K to 350K versus 331K prior week).

14:00 US October Manufacturing ISM (Mizuho Securities 50.0, Prices Paid 56 to 66, versus 52.0 and 59 September).

14:00 US September Pending Home Sales (versus –6.5% August).

16:00 ECB’s Weber speaks at a Bundesbank reception, Berlin. 17:00 CH SNB’s Jordan speaks on policy, Geneva.

late US October Domestic Vehicle Sales (11.8M to 12.5M, Total 15.6M to 16.5M, versus 12.5M and 16.2M September).

23:50 JP October Monetary Base (versus +0.7% Y/Y September).

The Psychology:

All Saints holiday in many countries today. Iceland expected to keep rates on hold at 13.5%.

The Risk:

Markets in Financial Instruments Directive (MIFID) comes into effect across the European Union.

Today’s most interesting chart: NYMEX Crude Oil

Like Heating Oil, a new record high.

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Published on  Thu, Nov 1 2007, 08:01 GMT

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Mizuho Corporate Bank  | 1-3-3, Marunouchi, Chiyoda-ku, Tokyo 100-8210
http://www.mizuho-cb.co.uk | Nicole.Elliot@mhcb.co.uk