RBNZ: RBNZ Chief Economist Speech Coming Up, No New Policy Information
The RBNZ notes: "RBNZ Chief Economist Paul Conway will talk today about our forecasts in general - why the Reserve Bank forecasts, and the data, information and tools the RBNZ uses to guide us through economic uncertainty and to set the OCR appropriately. He will also explain what we are trying to convey when we publish the outlook for the OCR.
Mr Conway will present his 20-minute speech on Teams, which will be open to public and media. The text of the speech will be published on the RBNZ website when he begins speaking."
Link here from the RBNZ: Join event at 9.30am Tuesday, 15 April. (NZ time)
The RBNZ notes: "the speech will not provide any new information about monetary policy or commentary on latest economic data."
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FED: March Economic Projections: Higher Inflation, Weaker Growth, Same Rates
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
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
- CANADA'S CARNEY ANNOUNCES ELIMINATION OF THE CONSUMER CARBON TAX
