US While leaving rates unchanged, the Fed’s statement noted the downside risks to growth from global economic and financial developments. Just as important, the Fed’s dot projections moved the expected pace of rate hikes down significantly, with the median estimate falling 50 basis points to just 0.9% at the end of 2016, implying two rate [...]
US Disappointing trade data from China briefly reignited concerns about global growth. Exports slumped by 25.4% year-on-year in February in US dollar terms, marking the largest decline since May 2009. Imports also fared poorly, falling by a larger than expected 13.8% year-on-year. The FOMC meeting next week is expected to be less contentious. The Fed [...]
US US Payroll employment expanded a stronger-than-expected 242,000 with 30,000 in net upward revisions. The multi-period growth trends are strong and remarkably consistent: three months at 228,000, six months at 235,000 and one year at 223,000. Even more impressive, US household-surveyed employment expanded 530,000 after racking up 1.1 million in the prior two months. The [...]
