RUSSIA: MNI CBR Preview – December 2025
Dec-17 11:41
* The CBR is expected to continue with monetary policy easing following two months of lower-than-e...
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FED: Fedspeak Highlighted By Updates From Jefferson And Waller
Nov-17 11:39
All of today’s Fedspeakers have spoken since the Oct 29 FOMC decision but we don’t rule out potential for reaction to comments from senior members Jefferson and Waller if there any tweaks in view. Waller in particular has driven by some gyrations in rates over the past six weeks, sounding a little more patient ahead of the October meeting before confirming a more dovish stance since then. However, surprises might be limited coming ahead of a official data releases resuming including Thursday’s nonfarm payrolls release for September.
- 0900ET - NY Fed’s Williams (voter) welcome remarks (no text or Q&A)
- 0930ET - VC Jefferson (voter) on economic outlook & mon pol (text + Q&A). He gave a speech on Nov 7 in which he described wanting to proceed slowly with policy easing as a result of being closer to a neutral level. He added “With respect to the path of the policy rate going forward, I will continue to determine policy based on the incoming data, the evolving outlook, and the balance of risks. I always take a meeting-by-meeting approach.”
- 1300ET – MN Fed’s Kashkari (’26 voter) moderates conversation (no text). As we noted in Friday’s MNI US Macro Weekly (link), Kashkari has tilted more hawkish recently, revealing he would have preferred to have held rates steady in October and is waiting and seeing for the December meeting.
- 1535ET – Gov. Waller (voter, dove) on economic outlook (text + Q&A). He made clear on Oct 31 that he still supports a rate cut in December. "The fog might tell you to slow down. It doesn't tell you to pull over to the side of the road. You still have to go. You may want to be careful, but it doesn't mean to stop, and … the right thing to do with policy is to continue cutting."
OPTIONS: Expiries for Nov17 NY cut 1000ET (Source DTCC)
Nov-17 11:37
- EUR/USD: $1.2100(E1.4bln)
- GBP/USD: $1.3100(Gbp541mln)
- EUR/GBP: Gbp0.8830(E513mln)
- USD/JPY: Y155.00($1.1bln)
- USD/CAD: C$1.4000($510mln)
LOOK AHEAD: Monday Data Calendar: Empire Mfg, Const Spend, Fed Speak, Tsy Bills
Nov-17 11:34
- US Data/Speaker Calendar (prior, estimate)
- 11/17 0830 Empire Manufacturing (10.7, 5.8)
- 11/17 0900 NY Fed Williams welcome remarks (no Q&A)
- 11/17 0930 Fed VC Jefferson moderated discussion outlook/policy (text, Q&A)
- 11/17 1000 Construction Spending (-0.1%, -0.1%)
- 11/17 1130 US Tsy $86B 13W & $77B 26W bill auctions
- 11/17 1300 MN Fed Kashkari moderates discussion
- 11/17 1535 Fed Gov Waller economic outlook, SPE annual dinner
- Source: Bloomberg Finance L.P. / MNI
