Central banks are all over the place – in dominating the agenda and in wildly different policies.
Investors fear the Fed may signal fewer cuts this year as inflation remains sticky. The Bank of Japan may finally move away from negative interest rates. Australia's central bank could provide hints of its first rate cut. The Swiss National Bank may surprise with a rate cut. A three-way vote is in play for the Bank of England, which is torn between inflation and a recession. When they take different paths, so do currencies, creating big market waves.
In addition to the fresh forecasts, the Fed releases a statement, and Fed Chair Jerome Powell speaks to the press. Contrary to most central banks, the Fed has two mandates – full employment in addition to price stability, aka inflation. On employment: A hawkish tone would be reiterating that the labor market is tight and that unemployment has been under 4% for the longest streak since the 1960s. A dovish tone would be to say that there are signs of weakening.
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