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THE DAILY MACRO BRIEF: New leadership at the Financial Stability Board, Fed rates, Jim Acosta…

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11/20/2018 | 08:12am EDT

In a week's time, the position of Chairman of the Financial Stability Board will be vacant. The Vice President of the Fed is a candidate. According to a new survey, the chances of the Fed raising rates only twice in 2019 are increasing. Tomorrow, the European Commission will decide on Italy's fate regarding its 2019 budget.

A member of the Fed could take over the leadership of the Financial Stability Board. The term of office of the Chairman of the Financial Stability Board, Mark Carney (Governor of the BoE), expires on December 1. He could be replaced by the Vice President of the Federal Reserve, Randal Quarles, whose candidacy is supported by the Trump Administration. Its vice-president could be Klaas Knot, the governor of the Central Bank of the Netherlands. As a reminder, the Financial Stability Board is an institution created in 2009 with the aim of reforming financial regulation worldwide. The President is appointed for three years.

The Fed's monetary policy normalization rate could slow in 2019. According to economists interviewed by Reuters in a survey, the Fed is expected to raise its rates by a quarter of a percentage point (to 2.25%-2.50%) in December. Nevertheless, of 102 interviewees, only 54 still believe that three increases will take place next year. The others expect two increases, due to low inflation and recession expectations in the next two years (probability of 35%, compared to 30% in the previous survey).

Back in the House. The White House yesterday issued a new accreditation to CNN journalist Jim Acosta, after withdrawing it following a tense exchange with Donald Trump in early November.

The European Commission will issue its verdict tomorrow. The head of the overall strategy for the management company Muzinich & Co Fabrizio Pagani said in an interview that even if the European Commission were to open an excessive deficit disciplinary procedure against Italy, it would not apply severe economic sanctions to the third largest economy in the euro zone, as this would be "counterproductive to European interests". For his part, Italian Council Vice-President Luigi Di Maio believes that a solution can be found if Brussels does not remove "the (main) measures from the budget".

Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.07% 0.67692 Delayed Quote.-3.70%
BRITISH POUND / US DOLLAR (GBP/USD) -0.06% 1.24713 Delayed Quote.-1.78%
EURO / US DOLLAR (EUR/USD) 0.03% 1.10177 Delayed Quote.-3.68%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.20% 0.62639 Delayed Quote.-6.32%
US DOLLAR / ARGENTINE PESO (USD/ARS) -0.03% 56.66 Delayed Quote.49.92%
US DOLLAR / BRAZILIAN REAL (USD/BRL) 0.10% 4.148 Delayed Quote.7.65%
US DOLLAR / CANADIAN DOLLAR (USD/CAD) 0.09% 1.32707 Delayed Quote.-2.50%
US DOLLAR / CHINESE YUAN RENMINBI (USD/CNY) -0.06% 7.0908 Delayed Quote.3.21%
US DOLLAR / CROATIAN KUNA (USD/HRK) 0.27% 6.7179 Delayed Quote.3.25%
US DOLLAR / CZECH KORUNA (USD/CZK) 0.13% 23.4719 Delayed Quote.4.51%
US DOLLAR / DANISH KRONE (USD/DKK) -0.01% 6.77761 Delayed Quote.3.81%
US DOLLAR / DIRHAM (USD/AED) 0.00% 3.6728 Delayed Quote.0.00%
US DOLLAR / HONGKONG-DOLLAR (USD/HKD) 0.02% 7.8362 Delayed Quote.0.01%
US DOLLAR / HUNGARIAN FORINT (USD/HUF) 0.10% 302.82 Delayed Quote.7.54%
US DOLLAR / INDIAN RUPEE (USD/INR) -0.26% 71.059 Delayed Quote.2.60%
US DOLLAR / INDONESIAN RUPIAH (USD/IDR) -0.37% 14050 Delayed Quote.-2.93%
US DOLLAR / ISRAELI NEW SHEKEL (USD/ILS) 0.04% 3.5186 Delayed Quote.-5.94%
US DOLLAR / JAPANESE YEN (USD/JPY) 0.07% 107.653 Delayed Quote.-1.43%
US DOLLAR / KUWAITI-DINAR (USD/KWD) 0.08% 0.3034 Delayed Quote.0.23%
US DOLLAR / LITHUANIAN LITAS (USD/LTL) 0.00% 2.8345 Delayed Quote.0.00%
US DOLLAR / MEXICAN PESO (USD/MXN) -0.01% 19.4253 Delayed Quote.-1.16%
US DOLLAR / MOROCCAN DIRHAM (USD/MAD) 0.06% 9.703 Delayed Quote.1.37%
US DOLLAR / NORWEGIAN KRONER (USD/NOK) 0.61% 9.06255 Delayed Quote.3.84%
US DOLLAR / OMANI RIAL (USD/OMR) 0.35% 0.3848 Delayed Quote.0.00%
US DOLLAR / POLISH ZLOTY NEW (USD/PLN) -0.04% 3.9705 Delayed Quote.5.06%
US DOLLAR / ROMANIAN LEU NEW (USD/RON) 0.23% 4.3076 Delayed Quote.5.94%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.05% 63.9425 Delayed Quote.-7.62%
US DOLLAR / SAUDI RIYAL (USD/SAR) 0.02% 3.7508 Delayed Quote.-0.01%
US DOLLAR / SINGAPORE-DOLLAR (USD/SGD) 0.06% 1.37701 Delayed Quote.1.19%
US DOLLAR / SOUTH AFRICAN RAND (USD/ZAR) 0.13% 14.9063 Delayed Quote.3.24%
US DOLLAR / SRI-LANKA-RUPEE (USD/LKR) 0.18% 181.254 Delayed Quote.-0.87%
US DOLLAR / SWEDISH KRONA (USD/SEK) 0.05% 9.70419 Delayed Quote.9.44%
US DOLLAR / SWISS FRANC (USD/CHF) 0.06% 0.99137 Delayed Quote.0.90%
US DOLLAR / THAI BAHT (USD/THB) 0.09% 30.48 Delayed Quote.-5.28%
US DOLLAR / TURKISH LIRA (USD/TRY) -0.01% 5.7404 Delayed Quote.8.44%

Romain Fournier
© MarketScreener.com 2018
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