This week was the battle of the Fed member statements. In various interviews to the press different members of the press issued statements that make clear that they are not on the same page. Fisher and Bullard suggested, in separate interviews, that the Fed could adopt a single mandate tied to controlling inflation. This is a direct response to the topic which Kocherlakota from the Minnesota Fed. He argues that the central bank should keep rates low until the unemployment rate is around 5.5%.
IMF Chief is more concerned about the impending US fiscal cliff and the potential impact to global growth if there is a standoff like last time.
Americas
- IMF Chief Warns About US Fiscal Cliff | OANDA Forex Blog
- Fed Kocherlakota Suggest suggests holding rates until employment above 5.5 percent | OANDA Forex Blog
- EUR / USD – Can it now hang on to 1.30 | OANDA Forex Blog
- US Jobless Claims and Weak Manufacturing Signal QE3 was Needed | OANDA Forex Blog
- Fed’s dual mandate on the table in wake of QE3 | OANDA Forex Blog
- Housing Expected to Improve Regardless of Fed | OANDA Forex Blog
- Fed Policymakers Debate QE3 | OANDA Forex Blog
- White House details fiscal cliff spending cuts | OANDA Forex Blog
- QE3 Hit by Mortgage Processing Delays | OANDA Forex Blog
- EUR / USD – Is there new life above 1.30 | OANDA Forex Blog
WEEK AHEAD
- JPY BOJ Minutes of Aug. 8–9 Meeting to Be Released
- EUR German Consumer Price Index (YoY)
- EUR German Consumer Price Index – EU Harmonised (YoY)
- EUR German Unemployment Change
- GBP Gross Domestic Product (QoQ)
- GBP Gross Domestic Product (YoY)
- USD Gross Domestic Product Price Index
- USD Gross Domestic Product (Annualized)
- USD Durable Goods Orders
- USD Personal Consumption Expenditure Core (YoY)
- CAD Gross Domestic Product (YoY)
