This Week’s Highlights
- Economies: The Bank of England, Bank of Canada and Reserve Bank of Australia leave administered rates unchanged. The ECB announces its expanded asset purchases will begin next week. Manufacturing conditions are mixed across the G7. The unemployment rate falls in the US (Figure 1). GDP rises solidly in Canada. Housing cools in the UK. Deflation eases a bit in the eurozone. Wage inflation picks up in Japan. GDP growth remains lackluster in Australia. Central banks of China and India ease, while Brazil tightens. (pages 2 – 7)
- Markets: The case for Fed decoupling grows, sending US equities and bonds lower. BoC and RBA disappoint, sending equities and bonds in Canada and Australia lower. The imminent launch of ECB QE keeps eurozone equities and bonds bid. EUR continues to drop. Oil prices slip. (page 8)
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