BoE's Greene (Hawkish) says UK activity was already pretty weak before the Iran war, the war impact is inflationary
The BoE's Greene presents a hawkish stance, indicating that prior UK economic weakness has been exacerbated by the Iran war, leading to increased inflationary pressures.
Wells Fargo (WFC) CEO says layoff activity remains contained, outlook for investment banking remains strong and have entered Q2 with a strong pipeline driven by M&A and equity capital markets
The US Treasury has issued Russia-related general license authorising certain deals involving Lukoil retail service stations outside of Russia
BoE's Greene (Hawkish) says UK activity was already pretty weak before the Iran war, the war impact is inflationary
Canadian PM Carney says fuel excise tax on gas and diesel will be suspended, effective April 20th through September 7th, in an effort to ease short term cost pressures
Russia is considering excise tax on imported steel, according to IFX
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- Not convinced the impact of negative supply shocks had worn off.
- Growth will be lower and inflation will be higher.
- Labour market slack and demand is much weaker.
- There are downside risks to demand.
- Not immune to weaker demand side.
- Will not have definitive evidence of second-round effects for a while and it could take months.
- MPC cannot just look through negative supply shocks, view needs to be more nuanced.
His comments suggest a more cautious approach from the MPC regarding upcoming policy decisions, as they navigate the complex interplay of lower growth and higher inflation while being mindful of potential downside risks to demand. Traders should watch the GBP and fixed-income markets closely, as this nuanced perspective may influence the monetary policy outlook more than previously anticipated.
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