EM LATAM CREDIT: Adecoagro: Mandate Investor Calls - New Issue Fair Value
Jul-18 18:56
(AGRO; Ba2/BB/NR) "MANDATE: Adecoagro SA to Hold FI Investor Calls Friday Concurrently, Adecoagro i...
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USD: Greenback Stadily Reversing Higher During FOMC Press Conference
Jun-18 18:55
- Greenback steadily reversing higher through Chair Powell’s press conference as USDJPY inches back towards 145.00. As noted, the earlier session highs came within two pips of 145.46 resistance, which will be the target for a stronger rally here. Keeping an eye on cable as we currently test below Tuesday’s low at 134.15.
FED: Question Regarding the Necessary Confidence to Cut Rates Again
Jun-18 18:52
- On what would give the FOMC confidence to cut rates again, Powell says he knows "the time will come" and that "it could come quickly" or "it could not come quickly". The references to "the summer" and "coming months" makes it look like July isn't really on the table though:
- "It's very, very hard to say when that will happen. We know the time will come. It could come quickly. It could not come quickly. As long as the economy is solid, as long as we're seeing the kind of labor market that we have and reasonably decent growth, and inflation moving down, we feel like the right thing to do is to be where we are, where our policy stance is, and learn more. And in particular we feel like we're going to learn a great deal more over the summer on tariffs. We hadn't expected them to show up much by now and they haven't. And we will see the extent to which they do over coming months. That's going to inform our thinking."
FED: Powell Reminds How Much Uncertainty There Is With Regard to Dot Plot
Jun-18 18:50
- Powell again downplays the message from the Dot Plot:
- "There are many different scenarios, many combinations of scenarios where inflation does or doesn't prove to be at the levels we think and where the labor market does or doesn't soften. I think what you see people doing is looking ahead at a time of very high uncertainty and writing down what they think the most likely case is. No one holds these rate paths with a great deal of conviction. And everyone would agree that they're all going to be data-dependent. And you can make a case for any of the rate paths that you see in the SEP... if you see somebody writing down a rate path that involves cuts, that's them saying yes, I think we will get to a place more likely than not, where cuts will be appropriate...It could be a joint probability of a number of outcomes. Remember how much uncertainty we face, though."
