Economy
As expected, the BoJ maintained its dovish policy stance at Governor Haruhiko Kuroda’s last monetary policy meeting ahead of his April 8 departure. The post-meeting statement noted that the recovery in economic activity is continuing with employment and…
Chinese money and credit data were stronger than anticipated in February. The CNY 3.16 trillion increase in aggregate financing beat expectations of a CNY 2.30 trillion rise – more than double the increase in February 2022. New loans came in at CNY 1.81…
According to BCA Research’s Global Investment Strategy service, over the long run, the deterioration in health trends in the US can weigh on labor supply and productivity, put upward pressure on bond yields, and hurt equity multiples. Even before Covid took…
The US employment report sent a mixed message for Fed policy on Friday. On the one hand, nonfarm payroll employment gains remained strong at 311 thousand in February – above expectations of 225 thousand and a pickup from the pace of increase at the end of…
The first legislative meeting of Xi Jinping’s third term suggests that Chinese policy is continuous and consistent with the previous ten years, which is negative for long-term productivity.
In this report, we look at data releases over the last month and implications for currency markets.
This week’s <i>Special Report</i>, written by Miroslav Aradski, highlights the worrisome deterioration in health trends in the US, which began before the pandemic. Over the long haul, this could weigh on labor supply and productivity, put upward pressure on bond yields, and hurt equity multiples.
China’s CPI and PPI releases indicate that price pressures remained subdued in February. CPI inflation slowed from 2.1% y/y to 1.0% y/y, falling below expectations of a milder deceleration to 1.9% y/y. Meanwhile, factory-gate prices declined by 1.4% y/y –…
The Fed’s Beige Book confirms the recent slew of stronger-than-anticipated economic data releases suggesting that economic activity firmed at the start of the year. In particular, six of the 12 Federal Reserve Districts reported a modest expansion in the pace…
BCA Research’s China Investment Strategy service concludes that given the structural scarcity of blue-collar workers, the authorities will be less inclined to resort to their old playbook of stimulating infrastructure, construction, and manufacturing. It is a…