This Week’s Highlights
- Economies: The Fed removes “patient” forward guidance as expected. Activity data is soft in the US. Retail sales fall in Canada. The labor market continues to tighten in the UK. Investor confidence improves again in Germany. The Bank of Japan leaves policy unchanged. The Reserve Bank of Australia strikes a dovish tone. (pages 2 – 5)
- Markets: The Fed scales back its expected pace of tightening. Equities rise. Government bonds are generally bid, although Greek worries weigh on the eurozone periphery. USD weakens but remains near 12-year high (Figure 1). Oilislower. (page6)
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