Discover and read the best of Twitter Threads about #centralbank

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Thanks to @GeoffCutmore & @cnbcKaren for this morning's chat on #SquawkBox.

I did TRY to find something positive to say - honest, folks!

Following are the notes I sent the team before the show:-
🧵1/x
Ok. So here goes...

2/x Image
Something I've mentioned on here: the enormous scale of Europe's energy problem runs into the €trillions. The #AmpelDesGrauens "Doppel-Wums" -'bazooka' - relief package is €200bln & doubts are *already* being voiced whether will suffice.
3/x Image
Read 13 tweets
Today’s @federalreserve’s Federal Open Market Committee (#FOMC) meeting witnessed another historic 75 bps increase to policy rate levels (to a range of 3.0% to 3.25%) in an effort for the #CentralBank to manage its number one priority: fighting persistently high #inflation.
The #Fed, including in today’s meeting statement and in the Chair’s press conference, has been clearer than arguably any central bank in identifying its current goal and moving #InterestRates and #liquidity provision to achieve it.
Indeed, by moving the #Fed Funds rate for the third time in 75 bps increments we see clear evidence of a strong desire by the Committee to temper demand as a way to achieve its goal of #price moderation.
Read 13 tweets
The Power of The Dollar 🧵

[a thread for normies -like me]
Long periods of #dollar-strength often ended with massive financial dislocations like the Latin American #debt crisis of the 80s and the Asian crisis of the 90s.

Oppositely, long periods of a weakening dollar came with strong markets like between 2003-2007.

1/20
Although the #USdollar is not itself an asset, cash is.

The dollar is the most common currency in which assets are quoted and exchanged in #financialmarkets and the economy.

It's the world's reserve currency (for now at least...) 2/ 20
Read 22 tweets
कानपुर कमिश्नरेट पुलिस ने सेंट्रल बैंक ऑफ इंडिया की ब्रांच के 9 लॉकरों से चोरी का पर्दाफाश कर दिया। ब्रांच मैनेजर रामप्रसाद समेत 4 लोग कस्टडी में। 9 दिसंबर को नियम किनारे कर लॉकर तोड़े गए थे। 9 लॉकरों में ₹2.5 करोड़ का माल था। #Kanpur #CentralBank #Locker @NBTLucknow
दोपहर 12 से शाम 6 के बीच लॉकर तोड़े गए। लोहे की पतली सी सींकनुमा चीज डालकर चेक किया गया था कि किस लॉकर में कीमती सामान है। सेंट्रल बैंक की कराचीखाना कानपुर ब्रांच के सारे अधिकारी वहां मौजूद थे। #Kanpur #CentralBank #Locker @NBTLucknow
लॉकर तोड़ने में मेन रोल निभाने वाले चंद्रप्रकाश को ₹10 हज़ार अलग से दिए गए थे। करीब 300 ग्राम जेवर भी बतौर इनाम दिए गए, जो उसने शहर में बेच डाले और रुपये से FDR बनवा ली। #Kanpur #CentralBank #Locker @NBTLucknow
Read 6 tweets
Last Thursday (s. ; or for the full live stream, s. ), @SevimDagdelen from #DieLinke has discussed with @RaniaKhalek & @EugenePuryear esp. the recently decided & billion-dollar rearmament of the German #Bundeswehr...
...as a result of the #RussianFederation's military invasion of #Ukraine, as officially justified by the #GermanFederalGovernment. A recommendable interview! Besides her opposition to such rearmament & the associated fundamental departure...
...from the so-called „#Entspannungspolitik“ established by #WillyBrand & #EgonBahr for #Germany's relationship with the #USSR (& also its territorially largest & politically strongest successor state in the form of the #RussianFederation),...
Read 59 tweets
With respect to the data, #coreCPI (excluding volatile food and #energy components) came in at 0.6% month-over-month and at a high 6% year-over-year.
Meanwhile, headline #CPI data printed at a strong 0.6% month-over-month and came in at 7.5% year-over-year, the greatest increase over a 12-month period since February 1982.
Additionally, the @federalreserve’s favored measure of #inflation, #corePCE, increased 0.5% in December, bringing the year-over-year figure for the measure to 4.9%, as of that month.
Read 15 tweets
In last 5 years, Central bankers across developed countries wanted higher inflation to raise rates so that they can cushion when next time crisis hit. But, now when inflation is so higher, most of developed countries central bankers claiming as transitory!

#centralbank #bonds
Do central banks having any fiduciary responsibility towards citizen of that countries in some other citizens as well or is it towards the people or govt who hired them in first place!
Most of the central banks fail to anticipate any events ahead of the market. At least some market participants are savvy enough to get the clear picture ahead of the events.
Read 8 tweets
Daily Bookmarks to GAVNet 11/12/2021 greeneracresvaluenetwork.wordpress.com/2021/11/12/dai…
The Real Tantrum Should Be Over The Disturbing Lack of Celebration (higher yields)

alhambrapartners.com/2021/11/02/the…

#yield #BondMarket #CentralBank #normalization #InterestRates
Identification of LZTFL1 as a candidate effector gene at a COVID-19 risk locus

nature.com/articles/s4158…

#SARSCoV2 #genetics #risk #RespiratoryFailure #GainOfFunction #variants #TherapeuticTargets
Read 8 tweets
September witnessed a somewhat disappointing nonfarm #payroll gain of 194,000 jobs, which was weaker than the upwardly revised August gain of 365,000 and was well below #economists’ consensus estimates of nearly 490,000 jobs.
Clearly, there are significant #labor supply issues limiting the pace of recovery. Further, the #unemployment rate declined meaningfully, from 5.2% to 4.8% in Sept, and average hourly #earnings saw gains of 0.62% m-o-m, which brings the measure to 4.58% greater on a y-o-y basis.
The most interesting part of today’s #JobsReport, and much of the other recent #economic/corporate data, is that it’s the supply of resources that’s creating systemic pricing pressure, as well as consequently dulling growth of an #economy not lacking demand in virtually any area.
Read 11 tweets
It was 73 degrees and sunny in #JacksonHole, Wyoming, today; a perfect day for all those who were there….
Yet, there were no #monetary policy officials present at the traditional location of the @KansasCityFed’s late-summer #economic policy symposium, since they were conducting a “virtual symposium.”
That symposium provided #ChairPowell the opportunity to lay out a reasonably sunny perspective on the U.S. #economy, but also one that was not out of the woods yet, in terms of Covid variant risk and a maximum #employment target still to be achieved.
Read 10 tweets
Thanks to @steve_sedgwick & @cnbcKaren for having me on #CNBC #SquawkBox this AM.

What did we discuss? Well, #inflation of course!

I prepared some slides for the show which I'm happy to present in this thread.
1/n
#macro #Fed #Yellen #JeromePowell #bankofengland #QE
Are people in denial or is the #centralbank money flood just drowning all the signals?
2/n
#inflation
#Commodities, #freight, #carbon - and a whole lot besides - sure do cost a lot more, these days.
3/n
Read 14 tweets
More conspiracy theory from Financial Times:

"With a new US admin., & [] the vaccination rollout under way, now is a good time for the major economies of the west (& ideally the world) to sit down & devise a new international #monetary order."

#GreatReset h/t @johnsteppling
"As part of that there should be widespread #debt cancellation, especially the gov't debt held by #central #banks. We estimate that amounts to approximately $25tn of gov't debt in the major regions of the global economy."

ft.com/content/39c53b…
"Whether debt cancellation extends beyond that should be central to the negotiations between policymakers as to the construct of the #new #system ...The implications for bond yields, post-debt cancellation, need to be fully thought through and debated."
Read 14 tweets
ING Bank 1/6: #Riksbank to stay cautious despite recent economic resilience
Despite a rise in Covid-19 cases and fresh restrictions, recent Swedish data has held up better than hoped. That means little need for fresh #Riksbank stimulus, though we'd still expect a cautious tone.
ING Bank 2/6: The central bank looks set to signal flat interest rates until at least 2024, but still, we expect the krona to strengthen gradually later this year.
The Riksbank meeting this week should have a limited impact on Sweden's krona.
ING Bank 3/6: With central banks globally becoming more concerned about overly strong domestic currencies, and leaning against this trend (Riksbank’s January decision to change the way it accumulates FX reserves provides a case in point),
Read 6 tweets
In the 2021's first issue of #Cantillon Effects, we discussed the #inflation which now pervades our lives: not just the narrow, disputed one relating to goods prices, but the inflation of rhetoric, passions, tribalism & despotism.

Over this thread, we'll present our case:-
1/x
Replacing the "public square" with the "cyber swarm" has not been conducive to reason or civility, for all that it has opened up new possibilities of disseminating news and opinion.
2/x
The #stakeholder capitalism being built while we're confined to quarters is a world where, we're glibly assured, " you will (truly) own nothing - the #centralbank will ensure your fake asset's notional price is misleadingly high - and you'll be happy!" Really?
3/x
Read 8 tweets
“As a biddable ignoramus who has somehow jockeyed his way into becoming your elected representative, I do not consider it my duty to keep abreast of what world leaders or their guiding Technocrats are openly declaring to be their mission”
Let’s fix that for him: 1/x
#GreatReset
Ever heard of a country called Japan, Neil?
2/x

#bankofjapan
Look! There’s another #centralbank head who just HAPPENS ro be banging the same drum:- 3/x

#COVID19(33) as a #ReichstagFire
Read 12 tweets
The #deficit #myth #deficitmyth by @StephanieKelton #MMT modern monetary theory
Myth N. 1: The #state should budget like a #household
#RealityCheck : unlike a household, a #SovereignNation, which owns its national #centralbank, issues the #currency it spends
Myth N. 2: #deficit is evidence of #overspending
#RealityCheck: look to #inflation for evidence of over spending
The purpose of #taxes is not to pay for #government expenditures but to help rebalancing the #wealth distribution #MMT
Read 56 tweets
#centralbank urgently need to update their risk management to ensure the transition to a #sustainable post-#COVID19 economy!
New @CEPweb blog and its thread below
(1/6)
cepweb.org/the-transition…
Pandemic and environmental crises profoundly modify demand and supply for some goods and services.
This radically reshuffles firms' asset values on financial markets and creates substantial financial risks.
See @NGFS_ for the case of climate change
(2/6)
ngfs.net/sites/default/…
Financial markets are not good at assessing transition risks linked to pandemic and environmental crises. They are mispricing them.
This is acknowledged by central banks and financial supervisors.
See, eg, the last ESRB report on climate risks
(3/6)
esrb.europa.eu/pub/pdf/report…
Read 6 tweets
In a world where people still starve (though thankfully proportionately fewer over time) and material needs in general are unsated, there can be no #savingsglut. There CAN be misallocations of saving -due to corrupted price signals or corrupted polities, or both- but that’s...
...a very different matter.
Secondly, ‘saving’ is supposed to represent an available resource -whether for consumption or production, whether material or human. It is NOT something which magically appears when the #centralbank & its minions sit behind a keyboard...
If #JeromePowell or M #Lagarde cause a million smackers to appear in everyone’s account overnight, bank balances will have risen; #savings, will NOT. Even a man as unnuanced as Mussolini got this, sneering that Italians’ wealth would not rise if they all had more printed...
Read 13 tweets
#NewNormal" continues. After #CentralBank of #Yemen and #Iraq, we are having mission with #CentralBank of #Libya. Concluded a very productive #meeting with colleagues from #CentralBank and #IMF for a #Islamicfinance IMF mission through #Cisco #webmex. #riskmanagement #Libya Image
Other than #Sudan and #Iran, #Libya is going to be #third #country in the world to have full-fledged #Islamicfinance system after #transition is completed. It requires a significant progress on Islamic finance #regulation and #supervision, which is #underway.
Happy to be part of last three years engagement, through IMF, with them on various topics. Many thanks to my good friends supervisors Haithem Elyacoubi, anwar tantoush, Hatem Salem, Abdulhamid, Dr. Mukhtar for excellent discussion. I hope this will be a very good #IMF mission.
Read 4 tweets
People trying to draw analogies with the #GreatDepression, wartime, or 70s stagflation are missing the point IMHO 1/x
GD was a ‘sudden-stop’ shock which ended the credit-boom lending to Weimar as the Young Plan looked in jeopardy. Made worse by politics (war debts, etc), #protectionism (Smoot-Hawley), Hoover call to maintain wage-rates, #FX chaos (esp. when Brits left #gold standard) 2/x
The initial slump & ‘secondary (financial vicious cycle) depression’ then perpetuated by #NewDeal boondoggle vote-buying, #FDR capriciousness, & Brain Trust cranks. This was much more a post-#GFC parallel than today’s #ContaminoBay #lockdown 3/x
Read 15 tweets
Largely because (a) the injections functioned differently last time as it was primarily a financial seizure, not a real one; (c) the real assets which did deflate -RE- are the very ones which have since most risen in price (“inflated”); (d) intl division of labour then undamaged
Somewhat risible to say no fiscal response last time, even if this one is shaping up to dwarf it. That’s just #Keynesian dinosaurs trying to say only their Master’s nostrums can work.
Worry is, we redo the 30s: lacklustre growth as too big a Boondoggle state exploiting its edge.
The state runs only the softest of soft budgets, is the most wasteful, least productive, most monolithic, least innovative of spenders. Backed up by a compliant #centralbank -monetary ‘authority’ is now a joke!- that implies lots of (misdirected) demand for not much extra supply
Read 7 tweets

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