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OCT
04

Statement by Philip Lowe, Governor: Monetary Policy Decision

At its meeting today, the Board decided to increase the cash rate target by 25 basis points to 2.60 per cent. It also increased the interest rate on Exchange Settlement balances by 25 basis points to 2.50 per cent.

The Board is committed to returning inflation to the 2–3 per cent range over time. Today’s increase in interest rates will help achieve this goal and further increases are likely to be required over the period ahead. The cash rate has been increased substantially in a short period of time. Reflecting this, the Board decided to increase the cash rate by 25 basis points this month as it assesses the outlook for inflation and economic growth in Australia.

As is the case in most countries, inflation in Australia is too high. Global factors explain much of this high inflation, but strong domestic demand relative to the ability of the economy to meet that demand is also playing a role.

A further increase in inflation is expected over the months ahead, before inflation then declines back towards the 2–3 per cent range. The expected moderation in inflation next year reflects the ongoing resolution of global supply-side problems, recent declines in some commodity prices and the impact of rising interest rates. Medium-term inflation expectations remain well anchored, and it is important that this remains the case. The Bank’s central forecast is for CPI inflation to be around 7¾ per cent over 2022, a little above 4 per cent over 2023 and around 3 per cent over 2024.

The Australian economy is continuing to grow solidly and national income is being boosted by a record level of the terms of trade. The labour market is very tight and many firms are having difficulty hiring workers. The unemployment rate in August was 3.5 per cent, around the lowest rate in almost 50 years. Job vacancies and job ads are both at very high levels, suggesting a further decline in the unemployment rate over the months ahead. Beyond that, some increase in the unemployment rate is expected as economic growth slows.

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SEP
23

Federal Reserve Board approves discount rate action by the Boards of Directors of the Federal Reserve Banks of New York, Minneapolis, and San Francisco

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The Federal Reserve Board approved action on Thursday by the Boards of Directors of the Federal Reserve Banks of New York, Minneapolis, and San Francisco increasing the discount rate, specifically the primary credit rate, at the Banks from 2-1/2 percent to 3-1/4 percent, effective immediately.

For media inquiries, call 202-452-2955 or e-mail [email protected].

Last Update: September 22, 2022

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SEP
22

Federal Reserve Board and Federal Open Market Committee release economic projections from the September 20-21 FOMC meeting

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The attached tables and charts released on Wednesday summarize the economic projections made by Federal Open Market Committee participants in conjunction with the September 20-21 meeting.

Projections (PDF) | Accessible Materials

For media inquiries, email [email protected] or call 202-452-2955.

Last Update: September 21, 2022

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SEP
22

Federal Reserve issues FOMC statement

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Recent indicators point to modest growth in spending and production. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures.

Russia's war against Ukraine is causing tremendous human and economic hardship. The war and related events are creating additional upward pressure on inflation and are weighing on global economic activity. The Committee is highly attentive to inflation risks.

The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 3 to 3-1/4 percent and anticipates that ongoing increases in the target range will be appropriate. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in the Plans for Reducing the Size of the Federal Reserve's Balance Sheet that were issued in May. The Committee is strongly committed to returning inflation to its 2 percent objective.

In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals. The Committee's assessments will take into account a wide range of information, including readings on public health, labor market conditions, inflation pressures and inflation expectations, and financial and international developments.

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AUG
24

Minutes of the Board's discount rate meetings on July 18 and July 27, 2022

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The Federal Reserve Board on Tuesday released the minutes of its interest rate meetings on July 18 and July 27, 2022.

The minutes are attached.

For media inquiries, please email [email protected] or call 202-452-2955.

Last Update: August 23, 2022

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AUG
18

Minutes of the Federal Open Market Committee, July 26–27, 2022

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The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on July 26–27, 2022.

The minutes for each regularly scheduled meeting of the Committee ordinarily are made available three weeks after the day of the policy decision and subsequently are published in the Board’s Annual Report. The descriptions of economic and financial conditions contained in these minutes are based solely on the information that was available to the Committee at the time of the meeting.

FOMC minutes can be viewed on the Board’s website at http://www.federalreserve.gov/monetarypolicy/fomccalendars.htm

For media inquiries, e-mail [email protected] or call 202-452-2955

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NOV
26

US open – Trade, Alibaba, bitcoin, gold, oil

US open - Trade, Alibaba, bitcoin, gold, oil - MarketPulseMarketPulse

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Quiet Thanksgiving week For Wall Street

It’s been a flat day in Europe so far and a look at US futures suggest the day on Wall Street is going to be no more thrilling.

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NOV
26

European open – Trade talks, Alibaba, gold, oil

European open - Trade talks, Alibaba, gold, oil - MarketPulseMarketPulse

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Trade War Obsession Continues

A mixed start to trading on Tuesday, with European stocks treading water as discussions continue between the world’s largest economies.

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NOV
26

Business Breakfast with OANDA on Jazz FM

Business Breakfast with OANDA on Jazz FM - MarketPulseMarketPulse

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On this morning’s show, OANDA Senior Market Analyst Craig Erlam joins Michael Wilson to discuss the various UK manifestos, Uber, Alibaba’s flotation in Hong Kong, LVMH’s purchase of Tiffany & Co and Black Friday.

Luke Massey from Vibe also joins the show to talk about Viagogo’s deal to buy rival Stubhub and what it means for competition in the space.

Jonny Hart also spoke with Mike Berners-Lee about the carbon footprint associated with emails and how big a problem it is.

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NOV
26

Commodities Weekly: Gold slides as trade deal hopes rise

 

Hopes that the US-China Phase 1 trade deal will be concluded soon has lifted risk appetite, pressured safe haven assets and boosted crude oil. The agricultural sector is mixed but remains supported.

 

Precious metals

GOLD has fallen for the past five sessions on trade deal optimism. Trade deal hopes were given a recent boost after China announced it was stepping up efforts to police intellectual property (IP) theft with tougher and higher penalties. IP theft has been a constant sticking point in the negotiations.

Speculative investors are still maintaining a bullish bias however, being net buyers of the precious metal for the fourth time in five weeks to November 19, the latest data from CFTC show. Net longs are now at the highest in two months.

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