Briefings

Archive June 2023

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Week InReview: June 30, 2023

Bond selloff.

Asian stocks declined today, trimming a first-half rally in global equities. Treasury yields steadied following a surge Thursday on bets for further rate hikes, which cast a shadow over markets. Asian stocks were set for a mixed open on the last day of the quarter after a choppy session for US equities, while Treasury yields soared on bets on further tightening by the Federal Reserve. Contracts for benchmarks in Hong Kong and Japan posted modest declines while those for Australia pointed to a small gain. As the first half draws to a close, Japan’s Topix has ratcheted up a gain of more than 20%. In the US a selloff in bonds saw two-year yields jump 15 basis points as investors moved closer to Fed’s view for tighter monetary policy in the coming months.

 

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Week InAdvance: June 26, 2023

Mon Jun 26 Launch of two ISSB standards. ECB's global banking forum in Portugal. | Tue Jun 27 'Summer Davos' in Tianjin, China. CFTC EEMAC meets. | Wed Jun 28 Fed stress tests. | Thu Jun 29 EU leaders summit. | Fri Jun 30 Euro-area inflation reading caps three days of CPI data for Europe’s largest economies, including Germany, France, and Italy.

 

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Week InReview: June 23, 2023

Unrelenting inflation.

Janet Yellen. Photo: Al Drago | Bloomberg

Treasury Secretary Janet Yellen said she sees a diminishing risk of the US falling into recession, suggesting that a slowdown in consumer spending may be the price to pay for finishing the campaign to contain inflation. Her comments came after Federal Reserve Chair Jerome Powell said returning US inflation to 2% was crucial to support the long-term health of the US economy, and that one or two more interest-rate increases may be needed this year. Meanwhile, rate hikes are echoing around the world as global inflation proves unrelenting.

 

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Week InAdvance: June 19, 2023

Mon Jun 19 US Juneteenth holiday commemorating emancipation of slaves. | Tue Jun 20 Climate-finance talks in Johannesburg. | Wed Jun 21 Summer Solstice. Powell in the House. | Thu Jun 22 SEC investor advisors meet. House SEC oversight hearings. Powell in the Senate. Interest rate decisions expected in Beijing, Ankara, and London. | Fri Jun 23 BIS annual conference.

 

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Week InReview: June 16, 2023

FSOC meets today.

(Jun 16) — Treasury Secretary Janet Yellen will preside over a meeting of the Financial Stability Oversight Council at the Treasury Department today. The meeting will consist only of an executive session. The preliminary agenda for the executive session includes an update on financial stability vulnerabilities, an update on developments in the commercial real estate market, and an update on developments in the banking sector. Readouts for past Council meetings are available here.

 

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Week InAdvance: June 12, 2023

Mon Jun 12 UN climate change conference. | Tue Jun 13 IOSCO annual meeting. Yellen in the House. CFPB director in the Senate. | Wed Jun 14 Flag Day. FOMC rate decision. | Thu Jun 15 ECB rate decision. | Fri Jun 16 FSOC meeting. BOJ rate decision. | Sun Jun 18 Father’s Day celebrated in various countries.

 

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Week InReview: June 9, 2023

FSOC update.

The Financial Stability Oversight Council webpage below has recently been updated.

 

CFRAC

Established in October 2022, the Climate-related Financial Risk Advisory Committee is FSOC's first external advisory committee. CFRAC assists the Council in gathering information on, conducting analysis of, and making recommendations to identify, assess, and mitigate climate-related risks to the financial system.

 

CFRAC meeting materials

During the first CFRAC meeting, members heard from Secretary of the Treasury Janet Yellen and received information on both the staff-level Climate-related Financial Risk Committee and the charge model that will be used to assign future work to CFRAC members.

 

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Week InAdvance: June 5, 2023

Mon Jun 5 World Environment Day. COP28 prep in Bonn. | Tue Jun 6 Basel Committee meets. | Wed Jun 7 DCOs on CFTC agenda. Annual EC/ECB conference. | Fri Jun 9 76th Tony Awards.

 

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Week InReview: June 2, 2023

let's recap...

Photo: Pixabay | Financial Times

Don’t stress about the trillion-dollar TGA rebuild

Now that the US debt ceiling deal is wending its way through the Hill, some people are worried about the financial stresses that could come from the Treasury rebuilding its cash reserves with a deluge of debt sales. But Deutsche Bank’s George Saravelos argues people need to chillax. (Financial Times | Jun 1)

 

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