Archive July 2023

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Week InAdvance: July 31, 2023

Tue Aug 1 China celebrates the 96th foundation anniversary of the People’s Liberation Army. Reserve Bank of Australia rate decision. | Wed Aug 2 Earth Overshoot Day. | Thu Aug 3 UK Bank of England rate decision. | Fri Aug 4 US employment report for July.



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Week InReview: July 28, 2023

Hottest month ever.


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Week InAdvance: July 24, 2023

Mon Jul 24 Taiwan holds annual Han Kuang military drills. | Wed Jul 26 CFTC derivatives clearing rule. SEC cyber rule. MSRB board meeting Fed policy decision. | Thu Jul 27 Fed Basel III meeting. White House visit by Italy’s prime minister. US GDP. ECB policy decision. | Fri Jul 28 FSOC meets. G20 sustainability meeting. BOJ policy decision.


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Week InReview: July 21, 2023

Slow-burning Minsky moments.

"We seem to live in an era of rolling financial crisis. I suspect this is the result of a massive build-up of private-sector debt. Sometimes these build-ups are accompanied by very high rates of credit growth, giving rise to a credit bubble. On other occasions, these build-ups sit simmering in the background, largely unnoticed until the proverbial s**t hits the fan, when they suddenly act as an amplifier causing a much steeper decline than would otherwise have been the case. I call these systemic vulnerabilities 'slow burn Minsky moments.' Sadly, most markets appear to carry the fingerprints of these moments today."


— Financial Times


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Week InAdvance: July 17, 2023

Mon Jul 17 G20 finmins, central bankers in India. China update on economy. ECB conference on central, eastern, and south-eastern Europe. | Tue Jul 18 The Islamic new year begins. | Wed Jul 19 SEC's 2024 budget in the Senate. UK inflation data. | Thu Jul 20 AI at the OECD. | Fri Jul 21 Belgium National Day.


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Week InReview: July 14, 2023

Capital rules.

The Fed, led by Chair Jerome Powell, has pushed through a historic run of rate increases over the past year. Photo: Nathan Howard | Bloomberg News

Wall Street banks are facing one of the biggest regulatory overhauls since the financial crisis. The Fed’s Michael Barr proposed lowering the threshold for new capital requirements to $100 billion from $700 billion, and wants more standardization in risk assessments. The top regulator said financial firms must set aside more cash to act as a cushion to protect against losses. Barr was also one of three Fed officials calling for more tightening this year, saying “We still have a bit of work to do.”


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Week InAdvance: July 10, 2023

Mon Jul 10 CFTC Market Risk Advisory Committee meets. | Tue Jul 11 NATO summit. | Wed Jul 12 SEC to vote on new money market fund regs. FSB, IOSCO liquidity risk event. | Thu Jul 13 EU-Japan summit. EU finmins meet. | Fri Jul 14 ESG in the House. Bastille Day in France, financial markets closed. G20 finmins, central bank guvs meet in India.


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Week InReview: July 7, 2023

Fed minutes reveal divisions?.

Federal Reserve officials struck a tenuous agreement to pause interest-rate increases at their June meeting, all but committing to hike again later this month in a bid to keep fighting stubborn inflation. The minutes from the Fed’s June 13-14 meeting show that while almost all officials deemed it “appropriate or acceptable” to keep rates unchanged in a 5% to 5.25% target range, some would have supported a quarter-point increase instead. The minutes also showed that a large majority of policymakers – “almost all” – agreed that more tightening will likely be needed this year. It provided ample evidence that the Fed likely isn’t done. 


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Week InAdvance: July 3, 2023

Mon Jul 3 The year's 1st supermoon. Canada Day national holiday. | Tue Jul 4 US Independence Day national holiday, financial markets closed. Reserve Bank of Australia interest rate decision. | Wed Jul 5 FOMC minutes. OPEC seminar in Vienna. | Thu Jul 6 UN's 'AI for Global Good' in Geneva. May CFA Level II results. | Fri Jul 7 US jobs data.


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