Archive

March 19, 2024
CA.png

Canada CPI Inflation 2.78% y-o-y (consensus 3.1%) in Feb-24

- Canada's CPI inflation rate in February 2024 was 2.78% y-o-y, defying the consensus expectations for a rise to 3.1%.
- Underlying measures of inflation also slowed, indicating a relatively subdued inflationary environment.


March 19, 2024
2024-03-19 AN_head.png

Russia: Putin 5.0

  • Vladimir Putin’s election victory reflects not only rigging but also the reality that many Russians see no alternative. Neither the Ukraine war per se nor a deteriorating non-war economy is likely significantly to change this as the President sets his sights on another election victory in 2030.

By Alastair Newton


March 19, 2024
JP.png

Japan Policy Rate 0.0% (consensus 0.0%) in Mar-24

  • The Bank of Japan has raised its policy rate to 0.0%, ending the negative interest rate policy in anticipation of achieving its 2% price stability target sustainably.
  • This policy shift reflects the BOJ's confidence in Japan's economic recovery, underpinned by improved corporate profits, likely continued wage increases, and the formation of a more solid virtuous cycle between wages and prices.
  • Future BOJ policy decisions will hinge on economic activity and price developments, global economic conditions, and the trajectory of inflation expectations and wage growth, with a continued focus on achieving sustainable price stability.

March 19, 2024
AU.png

Australia RBA Cash Rate Target 4.35% (consensus 4.35%) in Mar-24

  • The RBA's decision to maintain the policy rate at 4.35% reflects moderating headline inflation but ongoing high services inflation, complicating the balance between controlling price levels and supporting economic growth.
  • Economic uncertainties, including the sustainability of productivity growth, global inflation trends, and geopolitical risks, are critical in shaping the RBA's forward-looking monetary policy stance.
  • The RBA emphasizes its commitment to returning inflation to its target range. Future policy decisions will be highly data-driven, taking into account the evolving landscape of domestic demand, labour market conditions, and global economic trends.