POWER: Polish Firms Must Receive Compensation for New Nuclear Plant: PM
Apr-15 08:35
Polish firms must receive 53bn zlotys, €12.38bn, from the value of building the country’s first nuclear power plant, Prime Minister Donald Tusk said, cited by Reuters.
- Poland’s first 3.75GW nuclear power plant, Lubiatowo-Kopalino (EJ1), is set to begin generating electricity in 2036, with the second nuclear power plant EJ2 completed in 2043, according to an updated plan by PPEJ.
- Construction of the EJ1 plant begins with site handover in 2025, followed by permits in 2027 and 2028.
- The country is 58% ready to begin construction on its first large-scale nuclear power plant, which will have a total capacity of 3.75GW, according to a new report by Baker McKenzie and Polityka Insight.
- Poland is eyeing a total nuclear capacity of around 6-9GW in the upcoming decades.
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FED: March Economic Projections: Higher Inflation, Weaker Growth, Same Rates
Mar-14 21:28
The MNI Markets Team’s expectations for the updated Economic Projections in the March SEP are below.
- The unemployment rate is likely to rise slightly for 2025 alongside a downgrade in GDP growth, while the 2025 core and headline PCE inflation projections are set to rise again. Changes to later years will likely be limited, however.
- More detail on the shift in Fed funds rate medians is in our meeting preview - we will add more color next week.
FED: Market Pricing Nearly 3 2025 Cuts As Conditions Tighten
Mar-14 21:25
Amid rising government policy uncertainty, sentiment among businesses and consumers has fallen sharply since the start of the year, while equities and the dollar have reversed their post-election rise. Overall, financial conditions have tightened, even if stress is not yet mounting, e.g. no major widening of credit spreads (the accompanying chart shows the Fed’s financial conditions impulse index but only through January).
- Combined with growth fears, this has affected expectations for the Fed’s rate path, with around 18bp more cuts expected in 2025 compared with what was seen after the January FOMC. 65bp of cuts are priced for the year as a whole. 2025 cut pricing reached 71bp before the February inflation data and 76bp before the February payrolls report.
- A rate cut is seen with near zero probability for March’s meeting, but the first full cut is just about priced for June, with a second nearly priced by September.
- Chair Powell has no reason to endorse or refute these expectations – he’s likely to be happy with a press conference that ends with little discernable change in pricing.
CANADA'S CARNEY ANNOUNCES ELIMINATION OF THE CONSUMER CARBON TAX
Mar-14 21:17
- CANADA'S CARNEY ANNOUNCES ELIMINATION OF THE CONSUMER CARBON TAX
