BoJ Monetary Policy Meeting Minutes

In Japan, interest rates are set by the Bank of Japan's Policy Board in its Monetary Policy Meetings. The BoJ's official interest rate is the discount rate. Monetary Policy Meetings produce a guideline for money market operations in inter-meeting periods and this guideline is written in terms of a target for the uncollateralized overnight call rate.

Core Inflation Rate YoY

In Japan, the core inflation rate tracks changes in prices that consumers pay for a basket of goods which excludes prices of fresh food.

Inflation Rate YoY

3.3%

In Japan, the most important categories in the consumer price index are Food (26 percent of total weight) and Housing (21 percent). Transportation and communications account for 15 percent; Culture and recreation for 9 percent; Fuel, light and water charges for 7 percent; Miscellaneous goods and services for 6 percent; and Medical care for 5 percent. Furniture and household utensils, Clothes and footwear, and Education account for the remaining 10 percent of total weight.

Inflation Rate MoM

0.7%

Inflation Rate MoM measures month over month change in the price of goods and services.

Inflation Rate Ex-Food and Energy YoY

In Japan, the "core core" inflation rate tracks changes in prices that consumers pay for a basket of goods which excludes prices of fresh food and energy.

5-Year TIPS Auction

2.44%

10-Year Bond Auction

Generally, a government bond is issued by a national government and is denominated in the country`s own currency. Bonds issued by national governments in foreign currencies are normally referred to as sovereign bonds. The yield required by investors to loan funds to governments reflects inflation expectations and the likelihood that the debt will be repaid.

15-Year Mortgage Rate

30-Year Mortgage Rate

The Primary Mortgage Market Survey (PMMS) is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. The interest rate a lender would charge to lend mortgage money to a qualified borrower exclusive of the fees and points required by the lender. This commitment rate applies only to conventional financing on conforming mortgages with loan-to-value rates of 80 percent or less.

8-Week Bill Auction

4-Week Bill Auction

Kansas Fed Composite Index

-2

The Federal Reserve Bank of Kansas City Survey of Manufacturers provides information on current manufacturing activity in the Tenth District (Colorado, Kansas, Nebraska, Oklahoma, Wyoming, northern New Mexico, and western Missouri). The monthly survey consists of approximately 150 manufacturing plants across the district of which about 110 respond. Survey results reveal changes in several indicators of manufacturing activity including production, shipments, new orders, and employment along with changes in prices of raw materials and finished products. The diffusion index is calculated as the difference between the percentage of total reporting increases and the percentage reporting decreases.

Kansas Fed Manufacturing Index

-3

The Federal Reserve Bank of Kansas City Survey of Manufacturers provides information on current manufacturing activity in the Tenth District (Colorado, Kansas, Nebraska, Oklahoma, Wyoming, northern New Mexico, and western Missouri). The monthly survey consists of approximately 150 manufacturing plants across the district of which about 110 respond. Survey results reveal changes in several indicators of manufacturing activity including production, shipments, new orders, and employment along with changes in prices of raw materials and finished products. The diffusion index is calculated as the difference between the percentage of total reporting increases and the percentage reporting decreases.

EIA Natural Gas Stocks Change

Natural Gas Stocks Change refers to the weekly change of the natural gas supply situation.

Retail Sales YoY

2.7%

In Canada, the year-over-year change in Retail sales compares the aggregated sales of retail goods and services during a certain month to the same month a year ago.

Retail Sales MoM

0.6%

In Canada, the Retail sales report provides an aggregated measure of sales of retail goods and services over a specific time period. In Canada, Retail sales are seasonal, volatile and relatively important to the overall economy.

Retail Sales Ex Autos MoM

0.2%

Retail Sales Ex Autos report in Canada provides aggregated measure of sales of retail goods and services excluding the automobile sector over a period of a month.

New Housing Price Index MoM

0%

In Canada, New Housing Price Index (NHPI) measures changes over time in the contractors' selling prices of new residential houses, where specifications of each house remain the same between two consecutive periods.

CNB Interest Rate Decision

7%

In Czech Republic benchmark interest rate is set by the Czech National Bank (Ceská Národní Bank CNB). The official interest rate is the two-week repo rate, a rate at which commercial banks are allowed to place excess funds at the end of the day with the Central Bank.

Initial Jobless Claims

Initial jobless claims have a big impact in financial markets because unlike continued claims data which measures the number of persons claiming unemployment benefits, Initial jobless claims measures new and emerging unemployment.

Philadelphia Fed Manufacturing Index

-5.9

Philadelphia Fed Manufacturing Index is based on The Business Outlook Survey of manufacturers in the Third Federal Reserve District. Participants report the direction of change in overall business activity and in the various measures of activity at their plants: employment, working hours, new and unfilled orders, shipments, inventories, delivery times, prices paid, and prices received. The index above 0 indicates factory-sector growth, below 0 contraction.

GDP Growth Rate QoQ Final

2.1%

On the expenditure side, personal consumption expenditures accounts for 68 percent of total GDP out of which purchases of goods constitute 23 percent and services 45 percent. Private investment accounts for 16 percent of GDP and government consumption and investment for 18 percent. As the value of goods exported (13.5 percent) is lower than the value of goods imported (16.5 percent), net exports subtracts 3 percent from the total GDP value.

GDP Price Index QoQ Final

1.7%

The GDP Deflator measures the change in prices of final goods and services and it is considered as a key indicator for inflationary pressures, that provides insight into the future direction of monetary policy.

Continuing Jobless Claims

Continuing Jobless Claims refer to actual number of unemployed and currently receiving unemployment benefits who filed for unemployment benefits at least two weeks ago.

Jobless Claims 4-week Average

Philly Fed New Orders

1.3

Philadelphia Fed Manufacturing Index is based on The Business Outlook Survey of manufacturers in the Third Federal Reserve District. Participants report the direction of change in overall business activity and in the various measures of activity at their plants: employment, working hours, new and unfilled orders, shipments, inventories, delivery times, prices paid, and prices received. The index above 0 indicates factory-sector growth, below 0 contraction.

Philly Fed Prices Paid

14.8

Philadelphia Fed Manufacturing Index is based on The Business Outlook Survey of manufacturers in the Third Federal Reserve District. Participants report the direction of change in overall business activity and in the various measures of activity at their plants: employment, working hours, new and unfilled orders, shipments, inventories, delivery times, prices paid, and prices received. The index above 0 indicates factory-sector growth, below 0 contraction.

Philly Fed Business Conditions

-2.1

Philadelphia Fed Manufacturing Index is based on The Business Outlook Survey of manufacturers in the Third Federal Reserve District. Participants report the direction of change in overall business activity and in the various measures of activity at their plants: employment, working hours, new and unfilled orders, shipments, inventories, delivery times, prices paid, and prices received. The index above 0 indicates factory-sector growth, below 0 contraction.

Philly Fed CAPEX Index

-1.3

Philadelphia Fed Manufacturing Index is based on The Business Outlook Survey of manufacturers in the Third Federal Reserve District. Participants report the direction of change in overall business activity and in the various measures of activity at their plants: employment, working hours, new and unfilled orders, shipments, inventories, delivery times, prices paid, and prices received. The index above 0 indicates factory-sector growth, below 0 contraction.

Philly Fed Employment

0.8

Philadelphia Fed Manufacturing Index is based on The Business Outlook Survey of manufacturers in the Third Federal Reserve District. Participants report the direction of change in overall business activity and in the various measures of activity at their plants: employment, working hours, new and unfilled orders, shipments, inventories, delivery times, prices paid, and prices received. The index above 0 indicates factory-sector growth, below 0 contraction.

GDP Sales QoQ Final

2.1%

In the United States, final sales of domestic product equals GDP less change in private inventories. It is also equal to the sum of personal consumption expenditures, gross private fixed investment, government consumption expenditures and gross investment, and net exports of goods and services.

Real Consumer Spending QoQ Final

0.8%

In the United States, personal consumption expenditure (PCE) is the primary measure of consumer spending in the U.S. economy. It is the National Income and Product Account (NIPA) final-demand component that measures the value of the goods and services purchased by, or on the behalf of, persons who reside in the United States.

Corporate Profits QoQ Final

0.5%

Corporate profits represents the portion of the total income earned from current production that is accounted for by U.S. corporations. It is one of the most closely watched U.S. economic indicators, as it provides a summary measure of corporate financial health and thus serves as an essential indicator of economic performance.

Core PCE Prices QoQ Final

3.7%

PCE Prices QoQ Final

2.5%

The Personal Consumption Expenditure (PCE) Prices measure the changes in the price of goods and services purchased by consumers for the purpose of consumption. Prices are weighted according to total expenditure per item.

Federal Tax Revenues

215600000000

Government Revenues refer to all receipts the government gets, including taxes, custom duties, revenue from state-owned enterprises, capital revenues and foreign aid. Government Revenues are part of government budget balance calculation.

New Housing Price Index YoY

-0.8%

Mid-month Inflation Rate YoY

4.32%

Mid-month Inflation Rate MoM

0.63%

Mid-month Core Inflation Rate MoM

0.2%

Foreign Exchange Reserves

In Turkey, Foreign Exchange Reserves refer to gross foreign exchange reserves held or controlled by the country's central bank, excluding gold.

CBI Industrial Trends Orders

-35

In the United Kingdom, the Confederation of British Industry‘s Industrial Trends Survey of total order book balance tracks changes in the level of factory orders from around 500 companies across 38 sectors of manufacturing industry. The survey covers domestic and export orders, stocks, price, investment intentions and output expectations. For each variable, manufacturers are asked if present situation is above normal, normal or below normal. The results are presented as a weighted percentage balance, that is, the difference between the percentage of respondents replying more or up to each question minus the percentage replying less or down.

CBI Distributive Trades

-11

The Confederation of British Industry (CBI) Distributive Trades Survey (DTS) measures the health of the retail sector. The reading is compiled from a survey of about 150 retail and wholesale companies. It includes measures of sales activity across the distributive trades. It is a leading indicator of consumer spending. The figure is the difference between the percentage of retailers reporting an increase in sales and those reporting a decrease.

TCMB Interest Rate Decision

40%

In Turkey, benchmark interest rates are set by the Central Bank of the Republic of Turkey Monetary Policy Committee (Türkiye Cumhuriyet Merkez Bankasi - TCMB). From June 1st 2018, the main interest rate is the one-week repo rate and the overnight borrowing and lending rates will be determined at 150 bps below/above the one-week repo rate. The central bank simplified its monetary policy framework on May 28th 2018 from a different system with four main key rates, with the late liquidity window lending rate being one of the most followed.

Overnight Borrowing Rate

In Turkey, the Overnight Borrowing Rate refers to the rate under which banks lend or deposit money to the Central Bank.

Overnight Lending Rate

In Turkey, lending rate refers to central bank overnight lending rate.

PPI YoY

-9.5%

In Italy, the industrial producer price index measures the evolution of output prices for goods manufactured in Italy and sold on the domestic and non-domestic markets.

PPI MoM

1.5%

In Italy, the Producer Price Inflation MoM measures a month-over-month change in the price of goods and services sold by manufacturers and producers in the wholesale market.

Construction Output YoY

0%

The production index in construction measures the evolution of output within the construction sector, including building construction and civil engineering.

External Debt

184630000000

In Czech Republic, external debt is a part of the total debt that is owed to creditors outside the country.

Current Account

-404000000

Current Account is the sum of the balance of trade (exports minus imports of goods and services), net factor income (such as interest and dividends) and net transfer payments (such as foreign aid).

Unemployed Persons

53100

In Norway, unemployed persons are individuals who are without a job and actively seeking to work.

Registered Jobless Rate

Retail Sales YoY

2.8%

In Poland, the year-over-year change in Retail sales compares the aggregated sales of retail goods and services during a certain month to the same month a year ago.

Consumer Price Index CPI

In Hong Kong, the Consumer Price Index or CPI measures changes in the prices paid by consumers for a basket of goods and services.

Inflation Rate YoY

2.7%

In Hong Kong, the composite consumer price index is based on a monthly survey conducted throughout the territory. The indicator consists of 980 consumer goods and services classified into 9 major groups. Housing accounts for 40.3 percent of total weight, Food for 27.4 percent and Miscellaneous Services such as education, communications, information and medical care for 13.1 percent. Transport constitutes 6.2 percent of total index; Durable Goods for 4 percent; Miscellaneous Goods for 3.3 percent and Clothing and Footwear for 2.4 percent. Electricity, Gas and Water account for 2.8 percent and Alcoholic Drinks and Tobacco for the remaining 0.5 percent.

Inflation Rate MoM

1%

Inflation Rate MoM measures month over month change in the price of goods and services.

Current Account

47500000000

Current Account is the sum of the balance of trade (exports minus imports of goods and services), net factor income (such as interest and dividends) and net transfer payments (such as foreign aid).

Consumer Confidence

72.8

In Sweden, the Consumer Confidence indicator is based on a survey of 1500 households that are interviewed each month. The questions cover consumers’ assessment of their personal finances and the Swedish economy, expectations for interest rates and inflation, and plans for major purchases and savings.

Business Confidence

85.2

In Sweden, the confidence indicator for the business sector is intended to provide a quick qualitative indication of actual outcomes, current situation and future expectations of Swedish companies. The variables in the survey include new orders, output, and employment. The survey covers 6,000 firms in the business sector.

Business Confidence

99

In France, Business Climate measures industrial entrepreneurs’ sentiment about current business situation and expectation about business conditions. The survey sample comprises about 4,000 enterprises in the manufacturing and mining industries. The indicator is calculated using factor analysis technique. The index is then calculated in a way to measure the current sentiment in relation to the historic index values of the period 1993-2011. A value over 110 indicates unusually high optimism and a value under 90 indicates unusually high pessimism. The value 100 indicates neutrality.

Business Climate Indicator

97

In France, the Business Climate Composite Indicator summarizes the information provided by the surveys in manufacturing, services, trade (retail and wholesale), and construction. The business climate is built from 26 balances of opinion from these surveys.

Gross Wage YoY

14.1%

Gross wage measures the year over year change in gross monthly average earnings of full-time employees in the national economy.

Interest Rate Decision

In Indonesia the interest rate decisions are taken by The Central Bank of Republic of Indonesia. In April of 2016, policymakers announced the replacement of the official discount interest rate with new 7-day reverse repurchase rate in August 2016. This is the rate at which central banks lend or discount eligible paper for deposit money banks, typically shown on an end-of-period basis.

Deposit Facility Rate

5.25%

The Deposit Interest Rate is the average rate paid by commercial banks to individuals or corporations on deposits.

Lending Facility Rate

6.75%

In Indonesia, lending rate refers to central bank lending facility rate.

Loan Growth YoY

8.99%

In Indonesia, loan growth refers to year over year change in total value of outstanding credits of commercial banks.

Business Confidence

-16

In Denmark, the tendency survey in manufacturing provides information on the current situation as well as expectations for the coming three months for the manufacturing industries. The most important variables used in the survey are production, employment, new orders, sales prices, investment plans and limits to production.

Public Sector Net Borrowing

-13970000000

In the UK, public sector net borrowing measures the change in the public sectors accruing net financial indebtedness. This represents the balance for the financial account: the difference between the net acquisition of financial assets and the net incurrence of liabilities. Public sector net borrowing (PSNB) is often referred to by commentators as “the deficit”.

Public Sector Net Borrowing Ex Banks

-14890000000

In the UK, public sector net borrowing excluding public sector banks (PSNB ex) measures the gap between revenue raised (current receipts) and total spending. Total spending refers to current expenditure plus net investment (capital spending less capital receipts). Public sector net borrowing (PSNB) is often referred to by commentators as “the deficit”.

Unemployment Rate

3.6%

In Norway, the unemployment rate measures the number of people actively looking for a job as a percentage of the labour force.

Unemployment Rate

3.6%

In Netherlands, the unemployment rate measures the number of people actively looking for a job as a percentage of the labour force.

Credit Card Spending YoY

-2.9%