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The Dow Jones Industrial Average rose 71.72 points, or 0.14%, to close at 51,920.62 on Thursday, June 25; the S&P 500 fell 0.33 points, or 0.00%, to close at 7,357.89; and the Nasdaq Composite fell 118.03 points, or 0.46%, to close at 25,358.60.June 26th - U.S. stocks closed Thursday with the Dow Jones Industrial Average initially up 0.14%, the S&P 500 slightly down, and the Nasdaq Composite down 0.46%. Micron Technology (MU.O) rose 15.7%, Qualcomm (QCOM.O) rose 3.7%, and Microsoft (MSFT.O) fell more than 3%. Apple (AAPL.O) fell 6.1%, its market capitalization nearing $4 trillion. The Nasdaq China Golden Dragon Index fell 2.7%, and Alibaba (BABA.N) fell 4.7%.On June 26, Federal Reserve Chairman Williams stated that the current monetary policy stance is well-positioned to restore inflation to the Feds 2% target, while acknowledging risks to achieving its dual mandate. Williams said, "Given that inflation is high, we must sustainably restore it to our 2% long-run target. The current monetary policy stance is fully capable of achieving that." Williams noted that inflation is "undoubtedly high" and well above the Committees 2% target. He expects inflation data to decline slightly in the coming quarters, despite significant risks remaining.Federal Reserves Williams: However, inflation data is expected to decline slightly in the coming quarters. First, the impact of tariffs appears to have largely been priced in; second, the baseline expectation is that supply disruptions related to the Strait of Hormuz will be resolved "relatively quickly." Third, housing-related inflation should continue to slow. Fourth, there is no evidence that the labor market is exacerbating inflationary pressures.Federal Reserves Williams said inflation is "undoubtedly high and well above" the target, reflecting the impact of tariffs, energy prices, and demand for artificial intelligence (AI) related technology products.

As the BoJ ponders a YCC expansion, EUR/JPY continues to decline, falling below 142.60

Alina Haynes

Apr 06, 2023 11:52

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After plunging below 142.60 during the Asian trading session, the EUR/JPY pair's three-day losing trend was extended. Renewed rumors of an expansion of the Bank of Japan's (BoJ) Yield Curve Control (YCC) are exerting immense pressure on the cross.

 

The Japanese economy is experiencing gradual wage growth, and inflation is expected to respond to recent increases in crude oil prices. Analysts at Wells Fargo believe the BoJ will take advantage of a tactical opportunity to further modify its policy settings in the fourth quarter of 2022, and are inclined toward a meeting in October. They added that this timeframe is optimal for a smooth policy adjustment, as monetary easing from the Federal Reserve (Fed) and other major central banks should alleviate yield pressure.

 

In particular, the Bank of Japan (BoJ) will raise the target yield for 10-year Japanese government bonds (JGBs) from 0% to 0.25% and increase the tolerance interval surrounding this target to +/- 75 basis points.

 

Accelerating PMIs in the Eurozone provide support for the European Central Bank's sustained rate hikes. (ECB). S&P Global reported a Composite PMI of 53.7 on Wednesday, which was higher than the previous release of 52.0 but below expectations of 54.1, the highest level in the past ten months.

 

According to Reuters, S&P Global issued the following statement: "Manufacturing production increased slightly, but the service sector had the greatest impact on March's accelerated growth."

 

Wednesday, ECB policymaker Boris Vuji stated regarding interest rate forecasts, "The majority of the rate-hiking cycle has passed." He added, "We may require additional rate increases to address core inflation."

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