Reuters with a recap of remarks Thursday from San Francisco Federal Reserve President John Williams
But there are plenty of unknowns about the global economic environment and commodity prices ... What is different ... is that the unknowns appear to be relatively balanced, with surprises just as likely to be positive for the economy as negative:
Statement from the RBNZ
Officials at the Reserve Bank of New Zealand said they won't be publishing the content of a scheduled January 26 speech because it doesn't contain any talk about monetary policy.
Still looking for some decent growth in the 4th quarter
The Atlanta Fed is out with their most recent tracking of the 4Q GDP.
IN their own words:
The estimate is above what is consensus. The current estimate for GDP is 2.1% (as per Bloomberg estimates from market analysts/economists). The NY Fed Now Cast estimate is currently tracking 1.9%. They will release their most recent estimate tomorrow.
Draghi fights back against German worries
The German pathological fear of inflation is headed for a clash with dovish ECB policies.
The cover of Germany's Bild today featured the headline 'Inflation: Things are suddenly more expensive' and highlighted that German inflation is at a three year high after rising 0.7% month-over-month in December.
Q.When is inflation not inflation? A.When it's Eurozone inflation.
You've got to hand it too him, he knows how to work the crowd i.e the market.
Forget inflation, it doesn't exist really, according to the Dragster. It's energy based blah blah blah. He's absolutely right if you go by the numbers. The headline jumped to 1.1%, with energy and other volatiles stripped out, it's 0.9%.
He's using his broom a lot today
It's win win for Draghi. Saying they are ignoring inflation keeps the euro soft on the continued easy policy, and if inflation does drop back then he's vindicated. If it keeps rising and does become sustained, he can then say ECB policy has worked.
ECB statement out with the announcement 19 Jan
- present or lower levels to remain way beyond horizon of net asset purchases
- net purchases will be made alongside reinvestments of the principal payments from maturing securities purchased under the APP
Nothing we didn't know already.
Our friends at eFX News have an ECB roundup from the banks
You can grab a free trial of the eFX Plus service here.
Goldman: No Change, Little Action From The Meeting.
The ECB's Governing Council will meet on Thursday, January 19. In line with the broad market consensus, we expect little action at the meeting, based on the lack of market news since December. Specifically, we expect key policy rates to be left unchanged, and no changes to the Asset Purchase Programme (APP). We expect the introductory statement to continue to describe risks to the growth outlook as skewed to the downside, and that Mr. Draghi will resist any suggestion that recent inflation data warrant the withdrawal of monetary accommodation.
Cuttng to the chase ... nothin'! No change expected to any rates
- Refinancing rate expected to remain unchanged at 0%
- Marginal lending rate expected to remain unchanged at 0.25%
OK ... the fine print (this via , more there if you are after it), In brief: