TURKEY: CBRT Governor Says MonPol to Be Held Tight for "Quite Some Time"
Oct-03 14:52
Speaking at a symposium in Amsterdam, CBRT Governor Fatih Karahan said the country’s “under-mattress” gold is worth as much as $500 billion, which impacts inflation. Below comments via Bloomberg:
- Karahan says the dollar’s role in the global context is being questioned.
- A weaker dollar usually means good news for EMs, though the gold factor in Turkey mitigates that.
- Tight monetary policy, talking and acting tough on inflation goes a long way.
- Forward guidance isn’t as effective as it could have been as people react more to results.
- Primary message is that “we have to hold monetary policy tight for quite some time.”
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GILTS: DMO Calendar Update Allows 5s30s To Flatten Further
Sep-03 14:50
The aforementioned DMO calendar update has allowed the 5s30s curve to take another leg lower, now at 148.3bps and -3.6bps flatter on the session.
- The spread reached a fresh multi-year high of 154.5bps just before 0900BST today.
- 30-year yields are almost 8bps lower on the session at 5.616%, after meeting resistance at 5.750% earlier.
- The reaction to this afternoon's US JOLTS data has also spilled over into Gilts, further helping lower yields across the curve.
MNI EXCLUSIVE: Interview With Employ America Economist About Fed Framework
Sep-03 14:49
MNI interviews an Employ America economist about the Fed's new framework -- On MNI Policy MainWire now, for more details please contact sales@marketnews.com.
UK DMO UPDATE: Only one long-dated auction in FQ3; 30y auction cancelled
Sep-03 14:46
- Note that within that DMO update the 30-year auction has been cancelled. So the only long-dated auction scheduled in the Oct-Dec period is the 2053 Green auction.
- This is likely partly in response to the steepening of the yield curve seen in the past couple of sessions in particular.
