Romain Fournier

Chief Editor
Having worked in the British, French and Swiss financial press, Romain is able to report on local and international issues, as comfortable in French as in the language of Shakespeare, Romain Fournier leads the editorial team at Marketscreener. Fine connoisseur of the English-speaking markets, Romain delivers an editorial every day on US and UK markets.

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

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".

© 2018
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.13% 0.7032 Delayed Quote.-3.01%
BRITISH POUND / US DOLLAR (GBP/USD) 0.19% 1.24866 Delayed Quote.-7.89%
EURO / BRITISH POUND (EUR/GBP) -0.15% 0.8442 Delayed Quote.1.03%
EURO / US DOLLAR (EUR/USD) -0.11% 1.0548 Delayed Quote.-6.97%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.38% 0.64048 Delayed Quote.-6.67%
US DOLLAR / ARGENTINE PESO (USD/ARS) 0.00% 118.48 Delayed Quote.15.25%
US DOLLAR / BRAZILIAN REAL (USD/BRL) -0.32% 4.863 Delayed Quote.-12.31%
US DOLLAR / CANADIAN DOLLAR (USD/CAD) 0.00% 1.2837 Delayed Quote.1.47%
US DOLLAR / CHINESE YUAN RENMINBI (USD/CNY) 0.00% 6.6921 Delayed Quote.5.67%
US DOLLAR / CROATIAN KUNA (USD/HRK) -0.34% 7.0993 Delayed Quote.6.89%
US DOLLAR / CZECH KORUNA (USD/CZK) 0.00% 23.292 Delayed Quote.6.79%
US DOLLAR / DANISH KRONE (USD/DKK) 0.12% 7.0429 Delayed Quote.7.61%
US DOLLAR / DIRHAM (USD/AED) 0.00% 3.6726 Delayed Quote.0.00%
US DOLLAR / HONGKONG-DOLLAR (USD/HKD) 0.00% 7.8474 Delayed Quote.0.67%
US DOLLAR / HUNGARIAN FORINT (USD/HUF) 0.00% 363.72 Delayed Quote.11.98%
US DOLLAR / INDIAN RUPEE (USD/INR) 0.00% 77.855 Delayed Quote.3.94%
US DOLLAR / INDONESIAN RUPIAH (USD/IDR) 0.00% 14657 Delayed Quote.3.17%
US DOLLAR / ISRAELI NEW SHEKEL (USD/ILS) 0.00% 3.356 Delayed Quote.8.72%
US DOLLAR / JAPANESE YEN (USD/JPY) 0.00% 127.85 Delayed Quote.11.11%
US DOLLAR / LITHUANIAN LITAS (USD/LTL) 0.00% 2.8345 Delayed Quote.0.00%
US DOLLAR / MEXICAN PESO (USD/MXN) 0.00% 19.851 Delayed Quote.-2.80%
US DOLLAR / MOROCCAN DIRHAM (USD/MAD) 0.00% 10.017 Delayed Quote.8.35%
US DOLLAR / NORWEGIAN KRONER (USD/NOK) 0.55% 9.7414 Delayed Quote.10.06%
US DOLLAR / OMANI RIAL (USD/OMR) 0.00% 0.3847 Delayed Quote.0.03%
US DOLLAR / POLISH ZLOTY NEW (USD/PLN) 0.00% 4.3769 Delayed Quote.8.88%
US DOLLAR / ROMANIAN LEU NEW (USD/RON) 0.10% 4.6796 Delayed Quote.8.30%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.00% 61.75 Delayed Quote.-17.11%
US DOLLAR / SAUDI RIYAL (USD/SAR) 0.00% 3.751 Delayed Quote.-0.10%
US DOLLAR / SINGAPORE-DOLLAR (USD/SGD) -0.05% 1.38 Delayed Quote.2.35%
US DOLLAR / SOUTH AFRICAN RAND (USD/ZAR) 0.00% 15.8232 Delayed Quote.-1.03%
US DOLLAR / SRI-LANKA-RUPEE (USD/LKR) 1.27% 359.77 Delayed Quote.75.11%
US DOLLAR / SWEDISH KRONA (USD/SEK) 0.18% 9.94101 Delayed Quote.9.65%
US DOLLAR / SWISS FRANC (USD/CHF) 0.08% 0.9745 Delayed Quote.6.59%
US DOLLAR / THAI BAHT (USD/THB) 0.00% 34.39 Delayed Quote.3.55%
US DOLLAR / TURKISH LIRA (USD/TRY) -0.05% 15.8951 Delayed Quote.19.43%