POLAND: Interest Rates Are Still Not High (NBP Glapinski)
Apr-07 14:20
- NBP Glapinski mentioned during his press conference today that the war impact on Polish inflation may be around 4 to 5 ppt.
- There is still uncertainty over how high interest rates could rise, but Glapinski mentioned that rates are still not high relative to historical range.
- Polish rates may start to fall at the end of 2023 as inflation gradually converges toward its target next year.
- Glapinski reiterated that NBP policy should boost PLN.
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STIR: Effective Fed Funds Rate
Mar-08 14:05
FRBNY EFFR for prior session:
- Daily Effective Fed Funds Rate: 0.08% volume: $71B
- Daily Overnight Bank Funding Rate: 0.07% volume: $263B
BONDS: Bund crashes through the lows
Mar-08 14:05
- Bund crashes through the lows, but volumes have abated, compared to the first few hours of the European open
- All spreads are in turn tightening further and Curve move bear steeper.
- US 10yr is tighter by 5bps, UK 5bps, Italy 12.3bps and now Greece by 18.4bps.
- Support in Bund, comes at 164.39 Low Mar 1
- In yield terms,, next resistance comes at 0.146%, which would equate to 164.40.
- So next area to watch is 164.40/164.39.
WHITE HOUSE: 10:45ET/15:45GMT: Biden To Announce New Russia Sanctions + Oil Ban
Mar-08 13:58
10:45ET/15:45GMT: Biden's remarks at the White House can be watched here.
'President Biden Announces Actions to Continue to Hold Russia Accountable for its Unprovoked and Unjustified War on Ukraine.'
- The sanctions are expected to include a US ban on Russian oil imports and comes as a new Russian sanctions package proposed by the House Ways and Means Committee and Senate Finance Committee is likely to be introduced in the House today.
- The bill has broad bipartisan support and is likely to be fast-tracked under suspension and will require a two-thirds majority for passage.
- The bill also gives the White House authority to raise tariffs on goods from Russia and Belarus and begin an effort to eject Russia from the World Trade Organization.
