March 19, 2024
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
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
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
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.
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