EMERGING MARKETS: Global News: November 12
- US (MNI) – The House Rules Committee voted 8-4 along party lines to advance the Senate-passed government funding package to the floor of the House of Representatives, clearing a key procedural hurdle to reopening the government. The rule sets one hour of debate on the bill, followed by a final vote. The House will hold its first votes since September 19 at 1600ET (2100GMT). If lawmakers fail to complete the remaining nine annual bipartisan spending bills by the new January 30 deadline, there is a risk of a second shutdown in February.
- US (WSJ) – The White House is exploring new measures to curb the influence of proxy advisers and index-fund managers. Trump administration officials are discussing at least one executive order that would restrict proxy-advisory firms such as Institutional Shareholder Services and Glass Lewis, people familiar with the matter said. That could include a broad ban on shareholder recommendations or an order blocking recommendations on companies that have engaged proxy advisers for consulting work, the people said.
- RUSSIA / UKRAINE (MNI) – State-run TASS reports that, according to the head of the Russian Foreign Ministry's department, Russia is ready to resume talks with Ukraine in Istanbul. This confirms reporting last night from TASS, who carried comments from Russia's Chargé d'Affaires in Turkey.
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BOE: Greene on labour market weakening slowing - in line with other MPC hawks
"*BOE'S GREENE: SIGNS LABOR MARKET WEAKENING IS BOTTOMING OUT" Bloomberg
This has also been a view shared to some degree amongst the less dovish members of the MPC. Mann said last week that the labour market was not "falling off a cliff" - but that when she voted for a 50bp cut it appeared as though it might be. Tomorrow's report therefore remains extremely important for future monetary policy.
BOE: Greene's comments remain consistent with last week
"*BOE'S GREENE: MIGHT NEED TO WORRY MORE ABOUT 2ND-ROUND EFFECTS
*BOE'S GREENE: I AM CONCERNED ABOUT HOW RESTRICTIVE MONETARY IS
*BOE'S GREENE: CASE FOR HIGHER FOR LONGER RATES, SKIPPING CUT" Bloomberg
These are all in line with recent communications. The MPC statement still describes policy as restrictive too ("The timing and pace of future reductions in the restrictiveness of policy...").
BOE: Greene says more concerned about food prices than energy
This is an interesting point. The research the MPC has been citing has suggested that food prices, energy and fuel prices have outsized impacts on inflation expectations. And the narrative had been that food prices were the more concerning recently. This seems to be the point that Greene is making - not that she would be more worried about food than energy if they were both increasing - but that food prices are more of the near-term concern.
- "*BOE'S GREENE: I AM MORE CONCERNED ABOUT FOOD THAN ENERGY PRICES
- *BOE'S GREENE: HOUSEHOLDS PARTICULARLY SENSITIVE TO FOOD PRICES" Bloomberg
