July 24, 2024
![CA.png](https://static.heteronomics.com/images/CA.2e16d0ba.fill-1080x607.png?Expires=1722080151&Signature=fI6TWXvmEjpTqfWAyzELcUEekXNb26HE69fY2da6N1hYww0GYw4tk2ZtCZLMhM-k25eUzlo6CNLDGZ7mpRNCkYfMzyh1zNmPGuQlqqwXfgP29y3r56m8A-P2UBzXRyBcPQXbEC06BypZsAQNFr0LHQCqkwGRnLrzEakh8Ch25Fxdu1KNhF4vJmLKoM94MXGGzIQ5ANbATigVBVv7g-zyfHxSlB1WE88BBHEhxp7IqHSSPOZJqM2G7ARHuwkHOKDI9KpK78Rc0cjEc-CAn2T3og8Dhp6PgogY4300g5Px77TCnDi72SRoEiK058avjec9ToObC0tBN341quwR8nYhbQ__&Key-Pair-Id=K2NMLIS3J0RGKR)
Canada Policy Interest Rate 4.5% (consensus 4.5%) in Jul-24
- The Bank of Canada reduced the policy interest rate by 25 basis points to 4.5%, consistent with the economic consensus, reflecting increased confidence in achieving the 2% inflation target.
- Canada's GDP growth increased to 1.5% in H1 2024, with CPI inflation moderating to 2.7% in June; core inflation measures indicate continued downward momentum, although shelter costs remain a significant inflationary pressure.
- The Bank remains vigilant about inflation risks, particularly from shelter and wage-driven services, and will base future interest rate decisions on incoming data and their implications for the inflation outlook, ensuring balanced economic growth and price stability.
July 18, 2024
![EZ.png](https://static.heteronomics.com/images/EZ.2e16d0ba.fill-1080x607.png?Expires=1722080151&Signature=Smtu-jKeoL9sGoFQd1qU5begrM6iqWMVfswZb9CRgeMFpoR8nxwhyzHy7CdfAeZ13YK~9kDisPivgxm~6FzBByATzoZp2At7YdjZJT3uWwhvdrcM8SbZrP8u~5ca~yF69KmtXShKYPAYhy~efQUjBOQTaa4FjuA5X5ytrJq50afHlHwbev5O2Tc1K7AehZ2v3o3kMReSh-t3OtbDvG7JgkF~W2gjXuLL3zKNNgR7B3WmlmjC-i-z6UFxb3oqEBSltux5MblL28W4URxQaZ7LXq0w6zrK0wtyxTIEb3vT1g-DRK0R~gic0D~Wg4hCXhfDOlhGKMv1cCLuBqwpEKfhxg__&Key-Pair-Id=K2NMLIS3J0RGKR)
ECB Refi Rate 4.25% (consensus 4.25%) in Jul-24
- The ECB kept key interest rates unchanged in July, following June's rate cuts, to manage persistent inflationary pressures while supporting economic recovery.
- Future interest rate decisions will be data-driven and flexible, avoiding pre-commitments to specific rate paths and based on ongoing assessments of inflation, economic data, and monetary policy transmission.
- Economic and financial risks, including geopolitical tensions and global trade dynamics, will influence the ECB's policy adjustments to ensure the stability and effectiveness of monetary policy transmission.
July 17, 2024
![ID.png](https://static.heteronomics.com/images/ID.2e16d0ba.fill-1080x607.png?Expires=1722080151&Signature=p4KY2BmNpSJrUi~kj81e6XAdE6IiBJF30g7FoOEeQbPKKlQfXmJCpW8F6FPXbY2XUyYH11IikRWIM2obXlR5ZmUiVqWS6ZFD3hS4YfX1eqZjT5cjnF7YvZf-V4xkDIs9SkdmhPDpHcWBHXt7Sn9BrUPRu9C2ejrBPaZiV423OmZZAD5hplJsnb4eXr1C1guZ9NZsAoSClKfSvTlpMcCJYwaB-RCwf-QJbPz~Qj0BblhzGASJrZRVvAVV52BppYCHg-mEy5UtqKvmsC8q4gQLyigVk~8kplFCZG6L5OPvvggOPZqcWXw11LmARpfnTpAdKukTHtgYcEIk4~47~BktwA__&Key-Pair-Id=K2NMLIS3J0RGKR)
Indonesia Policy Rate 6.25% (consensus 6.25%) in Jul-24
- Bank Indonesia kept its policy at 6.25%, aligning with market expectations to ensure inflation control and Rupiah stabilization amid ongoing global financial uncertainties.
- Future interest rate decisions will be influenced by persistent global financial market uncertainty, particularly the US monetary policy direction, and strong domestic economic growth driven by robust consumption and investment.
- Ensuring Rupiah stability and maintaining inflation within the 2.5 ± 1% target range remain central to Bank Indonesia’s strategy, supported by a mix of pro-market monetary operations, macroprudential policies, and digitalization efforts to foster economic resilience and growth.
July 12, 2024
![US.png](https://static.heteronomics.com/images/US.2e16d0ba.fill-1080x607.png?Expires=1722080151&Signature=vW8RZMD-rDohk9-~ZpNzR01YJ3AdyUKczq-THi7sd8-AE~pS5b28BKBcCcwgedk0HrY9fHyWQLaRcZqmivkMpp1jl2v5egdXh1x~jZuXTxAtzyGsa1oud6MGPMyt8PHR4PCitM6Q9NG27TjdfDIu3SVpTCC30zHDshEn0d1q3sWiEy0lPEf4gw4Zf6KrHt2MpWpzxhM-r4xCCM6Zj5f4QoHslDHdENc8OtsEETvQuj3-LP0aTEyrfmauUmOngp-IGHRP3iPt-puLdq-sR8dEQMCweTJKHJe8PL7Jsw3DtH6gpjrIRlQakWZCUu4gPBAWSOsEHf-WN6xYDvswYtmBbA__&Key-Pair-Id=K2NMLIS3J0RGKR)
US CPI Inflation 2.97% y-o-y (consensus 3.1%) in Jun-24
- US CPI inflation for June 2024, at 2.97% y-o-y, is below the consensus and demonstrates successfully moderating inflationary pressures.
- Core inflation is higher, at 3.3%, but the monthly impulse reassuringly slowed to 0.1%. Mixed PPI trends indicate some price pressures persist, but the Fed is increasingly likely to cut in September.
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