Inflation data from the U.S., the euro zone and Japan in the days ahead will guide investors’ expectations over the scale and pace of interest rate changes to come in major economies.
Minutes of the last meeting showed Fed officials indicated they still had faith price pressures would ease, if only slowly. But they also said the Fed should wait several more months to ensure inflation is back on track to its 2% target before any moves.The European Central Bank has all but promised to cut its deposit rate from a record high of 4% in June.
“With wage growth running high and the Fed forced to hold off rate cuts for now, we expect the language from the ECB to remain hawkish,” the SocGen team said.Consumer prices across Japan are in the spotlight as markets try to gauge when the Bank of Japan could next raise rates, with Tokyo inflation data scheduled for May 31 taking centre stage.
May 31 will also see the periodic release of the Ministry of Finance’s intervention data which covers the recent rounds of suspected intervention and the BOJ’s bond buying schedule, where traders will look out for cuts in the amount of central bank purchasing.
If the ANC gets less than 50%, or even 45%, support it would have to seek one or more coalition partners to govern.
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