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Weekly Outlook: Oct 28 – Nov 01: FOMC, BoC And BoJ Meetings; US NFPs Also On The Agenda


It’s the turn of three more central banks to decide on monetary policy this week: The BoC, the FOMC and the BoJ. Both the BoC and the BoJ are expected to stand pat, while the FOMC is largely anticipated to cut rates by 25bps, despite the September “dot plot” suggesting that no more cuts are on the table. As for the data, we get Australia’s and Eurozone’s CPIs, the 1st estimate of Q3 GDP from the Euro-area and the US, as well as the US employment report for October.

Monday is a relatively light day in terms of economic releases and indicators, so all eyes will probably stay locked on the Brexit landscape. Last week, UK PM Boris Johnson called for an early election to take place on December 12th, in an attempt to break the impasse, and today, UK lawmakers are set to vote on that call. However, Labor leader Jeremy Corbyn said that he would like to wait for the EU’s decision with regards to the requested extension before deciding how to vote, adding that he will support an election only when the risk of a disorderly exit is vanished. Thus, given that the motion needs the support of two-thirds in Parliament in order to take flesh, we believe that Johnson is likely to suffer another defeat. As for the EU, they agreed that there should be an extension, but have yet to decide on the exit date.

On Tuesday, Asian time, the Tokyo CPIs for October are coming out. No forecast is available for the headline rate, while the core one is anticipated to have risen to +0.7% yoy from +0.5%. Later in the day, the US Conference Board consumer confidence index for October is expected to have risen to 127.4 from 125.1, while US pending home sales for September are forecast to have slowed to +0.5% mom from +1.6%...

Read the full financial markets daily report on JFD Research.

JFD Review

Source: https://www.jfdbank.com/en/research/fomc-boc-and-boj-meetings-us-nfps-also-on-the-agenda-20191028
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