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US FOMC cuts Fed Funds target rate by 50 basis points to 1.00%
Thu, Oct 30 2008, 07:26 GMT
by Nicole Elliott
Quote:
‘There are no second acts in American lives.’ F. Scott Fitzgerald (1896-1940)
The News:
US FOMC cuts Fed Funds target rate by 50 basis points to 1.00%; also launches swap lines with Brazil, Mexico, Singapore and South Korea worth $30B each. IMF sets up Short-term Liquidity Facility to help emerging market economies
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
07:00 DE September ILO Unemployment 7.1% versus 7.2% August.
07:00 GB October Nationwide House Prices –1.4% M/M, -14.6% Y/Y, versus –1.7% and –12.4% September.
08:55 DE October Change in Unemployment (-21K to +10K, Unemployed 7.5% to 7.6%, vs –29K and 7.6% Sep).
10:00 EZ15 October Business Climate (-1.80 to –0.70, Economic 84.3 to 87, Industry –16 to –13, Services –6 to 0, Consumer –25 to –19, versus –0.79/87.7/-12/0/-19 September). 10:30 GB auction result 4.00% 2016 Gilt.
12:30 CA September Industrial Product Price (-2.0% to +0.1%, Raw Materials –6.5% to –3.0%, vs –0.2% and August).
12:30 US Q3 GDP (-1.8% to +1.2% Q/Q annualised, Price Index +2.9% to +4.9%, versus +2.8% and +1.1% Q1).
12:30 US Weekly Jobless Claims (460K to 485K, Continuing Claims 3700K to 3749K, vs 478K and 3720K prior week).
17:00 US Treasury auction result of five-year TNote sale. 19:15 US Fed’s Yellen speaks, Berkley.
23:30 JP September Jobless (4.2% to 4.3%, Job-to-Applicant 0.82 to 0.87, versus 4.2% and 0.86 August).
23:30 JP September Household Spending (-6.0% to –0.5% Y/Y versus –4.0% August).
23:30 JP October Tokyo CPI (+1.1% to +1.7% Y/Y, September Nationwide +1.8% to +2.5%, vs +1.4% and +2.1%).
The Psychology:
De-leveraging and unwinding of the ‘carry trade’ takes a back seat starting a corrective bounce.
The Risk:
October month-end looming and things might get sticky.
Today’s most interesting chart: Euro/Czech koruna
Selling pressure on the koruna easing quickly.
Published on Thu, Oct 30 2008, 07:31 GMT
Archive
- An estimated 250K Irish public sector workers to strike today protesting planned pay cuts
Published On Tue, Nov 24 2009, 07:18 GMT - Japanese Labour and Thanksgiving holiday today
Published On Mon, Nov 23 2009, 07:25 GMT - US House Committee postpones vote on banking reforms
Published On Fri, Nov 20 2009, 07:44 GMT - South Korea to limit FX forwards; Taiwan frets over ‘hot money'
Published On Thu, Nov 19 2009, 07:55 GMT - Short term interest rates drop closer to zero
Published On Wed, Nov 18 2009, 07:34 GMT
Mizuho Corporate Bank
| 1-3-3, Marunouchi, Chiyoda-ku, Tokyo 100-8210
http://www.mizuho-cb.co.uk | Nicole.Elliot@mhcb.co.uk
Legal disclaimer and risk disclosure
The information contained in this page is based on or derived from information generally available to the public from sources believed to be reliable. No representation or warranty is made or implied that it is accurate or complete. Any opinions expressed in this paper are subject to change without notice. This page has been prepared solely for information purposes and if so decided, for private circulation and does not constitute any solicitation to buy or sell any instrument, or to engage in any trading strategy.Related reports
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