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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) -0.01% 0.6923 Delayed Quote.-2.20%
BRITISH POUND / US DOLLAR (GBP/USD) 0.39% 1.2711 Delayed Quote.-0.68%
EURO / US DOLLAR (EUR/USD) 0.01% 1.1202 Delayed Quote.-2.46%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.05% 0.655 Delayed Quote.-2.92%
US DOLLAR / ARGENTINE PESO (USD/ARS) 0.16% 44.819 Delayed Quote.19.65%
US DOLLAR / BRAZILIAN REAL (USD/BRL) 0.10% 4.0211 Delayed Quote.4.38%
US DOLLAR / CANADIAN DOLLAR (USD/CAD) 0.02% 1.3434 Delayed Quote.-0.92%
US DOLLAR / CHINESE YUAN RENMINBI (USD/CNY) 0.14% 6.8996 Delayed Quote.0.48%
US DOLLAR / CROATIAN KUNA (USD/HRK) 0.03% 6.624 Delayed Quote.2.34%
US DOLLAR / CZECH KORUNA (USD/CZK) -0.02% 23.038 Delayed Quote.3.07%
US DOLLAR / DANISH KRONE (USD/DKK) 0.00% 6.664 Delayed Quote.2.53%
US DOLLAR / DIRHAM (USD/AED) 0.03% 3.6726 Delayed Quote.0.00%
US DOLLAR / HONGKONG-DOLLAR (USD/HKD) 0.01% 7.8477 Delayed Quote.0.24%
US DOLLAR / HUNGARIAN FORINT (USD/HUF) 0.04% 290.15 Delayed Quote.4.29%
US DOLLAR / INDIAN RUPEE (USD/INR) 0.00% 69.36 Delayed Quote.0.15%
US DOLLAR / INDONESIAN RUPIAH (USD/IDR) 0.09% 14385 Delayed Quote.-0.17%
US DOLLAR / ISRAELI NEW SHEKEL (USD/ILS) -0.17% 3.598 Delayed Quote.-3.50%
US DOLLAR / JAPANESE YEN (USD/JPY) 0.02% 109.3 Delayed Quote.-0.07%
US DOLLAR / KUWAITI-DINAR (USD/KWD) 0.16% 0.30395 Delayed Quote.0.33%
US DOLLAR / LITHUANIAN LITAS (USD/LTL) 0.00% 2.8345 Delayed Quote.0.00%
US DOLLAR / MEXICAN PESO (USD/MXN) 0.08% 19.039 Delayed Quote.-3.21%
US DOLLAR / MOROCCAN DIRHAM (USD/MAD) -0.07% 9.687 Delayed Quote.1.50%
US DOLLAR / NORWEGIAN KRONER (USD/NOK) 0.05% 8.6799 Delayed Quote.1.26%
US DOLLAR / OMANI RIAL (USD/OMR) 0.34% 0.3847 Delayed Quote.-0.05%
US DOLLAR / POLISH ZLOTY NEW (USD/PLN) 1.55% 3.8285 Delayed Quote.2.87%
US DOLLAR / ROMANIAN LEU NEW (USD/RON) 0.03% 4.2448 Delayed Quote.4.94%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.05% 64.419 Delayed Quote.-6.38%
US DOLLAR / SAUDI RIYAL (USD/SAR) 0.12% 3.7498 Delayed Quote.-0.04%
US DOLLAR / SINGAPORE-DOLLAR (USD/SGD) 0.04% 1.3749 Delayed Quote.1.19%
US DOLLAR / SOUTH AFRICAN RAND (USD/ZAR) 0.16% 14.3898 Delayed Quote.0.99%
US DOLLAR / SRI-LANKA-RUPEE (USD/LKR) -0.17% 176.3 Delayed Quote.-3.42%
US DOLLAR / SWEDISH KRONA (USD/SEK) 0.07% 9.539 Delayed Quote.8.61%
US DOLLAR / SWISS FRANC (USD/CHF) 0.03% 1.0016 Delayed Quote.1.93%
US DOLLAR / THAI BAHT (USD/THB) 2.30% 31.82 Delayed Quote.-1.12%
US DOLLAR / TURKISH LIRA (USD/TRY) 0.09% 6.082 Delayed Quote.16.02%

Romain Fournier
© MarketScreener.com 2018
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