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Lagarde: Celebration to mark the 25th anniversary of the ECB in Frankfurt, 24 May 2023
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It is a pleasure to welcome you to this reception marking the 25th anniversary of the ECB and the Eurosystem. Helmut Kohl, the former German Chancellor, once famously observed ...
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The manager turned first to a review of developments in financial markets. Asset prices were less volatile and financial market conditions eased somewhat over the intermeeting period as investor sentiment around the banking system stabilized. On net, nominal Treasury yields declined, equities appreciated, credit spreads tightened, and the trade-weighted value of the dollar depreciated. Measures of implied volatility declined across markets. Policy-sensitive rates, however, fluctuated a fair amount over the period, particularly in response to economic data but also because of market perceptions of risk and liquidity conditions. Treasury market liquidity improved somewhat over the period but remained challenged. Treasury cash and futures markets continued to function in an orderly manner despite the lower-than-normal liquidity. Regarding developments late in the intermeeting period, the closure and acquisition of First Republic Bank were seen as orderly, though investors remained focused on stresses in the banking sector. In addition, the U.S. Treasury Department announced it may not be able to fully satisfy the federal governme post at 2:00pm: *Fed Minutes Show Officials Split on Support for More Hikes *Fed: Officials Saw Timely Debt Limit Increase as Essential *Almost All Officials Saw Upside Risks to Inflation Outlook *Fed Officials Stress Data-Dependent Approach, Cuts Unlikely post at 2:00pm: FED MINUTES: PARTICIPANTS AGREED THAT INFLATION WAS UNACCEPTABLY HIGH, AND ARE DECLINING SLOWER THAN THEY HAD EXPECTED. post at 2:01pm: FED MINUTES: MANY PARTICIPANTS FOCUSED ON NEED TO RETAIN OPTIONALITY AFTER MAY MEETING.Fed officials less confident on the need for more rate hikes, minutes show Federal Reserve officials were divided at their last meeting over where to go with interest rates, with some members seeing the need for more increases while others expected a slowdown in growth to remove the need to tighten further, minutes released Wednesday showed. Though the decision to increase the Fed’s benchmark rate by a quarter percentage point was unanimous, the meeting summary reflected disagreement over what the next move should be, with a tilt toward less aggressive policy. At the end, the rate-setting Federal Open Market Committee voted to remove a key phrase from their post-meeting statement that had indicated “additional policy firming may be appropriate.”
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- Posted: May 24, 2023 1:57pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 1,123