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Week Ahead: Rising Treasury Yields will make this an interesting FOMC decision March 12, 2021SharePrint The bond market seems determined to make this an interesting FOMC policy decision.  Treasury yields have been surging after the Biden administration passed the $1.9 trillion COVID relief bill and set a May 1 st goal of getting vaccines to all adults.  The Fed welcomes a steeper yield curve, but the current trajectory could be disruptive to the economic recovery.  Market participants want to know how quickly do yields need to rise to raise concerns of tighter conditions or trigger disorde...

- ECB's Knot (Netherlands) stated at could be optimistic on recovery in H2 and added that higher yields reflected this cautious optimism - ECB's Centeno (Portugal) stated that trade was almost recovered to pre-pandemic levels. Noted that the recovery was quite uneven across sectors - Malaysia Central bank (BNM) Policy Statement reiterated stance that monetary policy was appropriate and would to use policy levers as appropriate. Re-imposing virus curbs to affect growth in Q1. Growth was projected to improve from Q2 but downside risks remained. Headline inflation anticipated to temporarily s...

Bank of Korea keeps key rate at record low amid lingering uncertainties

US It is all about stimulus this week.  Risk appetite will take its cues from the Fed and possibly from Congress.  The Fed could deliver fresh measures following softer economic data and no fiscal aid from Congress.  Expectations are growing for the Fed to extend the average maturity of their Treasury purchases.  The risk of Congress going home for the holidays without delivering a rescue bill is growing by the day.  The key sticking points remain liability protections and aid to state and local governments.   On the data front, the flash PMI readings could show modest weakness in both...

- Hungary PM Chief Cabinet official stated that there was a chance of a budget deal at today’s EU Leader Summit as proposal for agreement contained all the guarantees that was important to us. There would not be any rule of law procedures before 2023. To find out if any of the frugal member States block the draft agreement on EU budget and Recovery Fund - Bank of Italy (BOI) Monthly Report `Money and Banks': Oct Gross Non-Performing Loans (NPLs) at €64.8B v €65.1B m/m - China Foreign Ministry spokesperson Hua Chunying announced reciprocal sanctions to target members of US Congress an...