A blog post by the NY Fed yesterday was pretty interesting. A naïve extrapolation of the trends in the chart suggests that NAIRU would be hit sometime in mid 2016:
- RBA removed its easing bias:
- Looking ahead, the Bank expects growth to remain below trend for a time yet and unemployment to rise further before it peaks.
- Inflation is expected to be somewhat higher than forecast three months ago, but still consistent with the 2–3 per cent target over the next two years.
- On present indications, the most prudent course is likely to be a period of stability in interest rates.
UK PMI Construction improved to 64.6 vs 61.5 exp and 62.1 prev
House Speaker Boehner To GOP Colleagues" ‘No Sense Picking A Fight’ On Debt Hike – MNI
Kuroda on Tuesday stressed that the country will see 2 percent inflation around the latter half of fiscal 2014 through early fiscal 2015 – Reuters
- Wed: EU Services PMI, US ADP, CanadaBuilding Permits, ISM Non-Mfg, Australia Retail Sales,
- Thu: BoE, ECB, Canada Trade, US Jobless Claims, Unit Labor Costs, RBA Statement, China HSBC Services PMI
- Fri: US Employment, Canada Employment,
- Mon: Canada Housing Starts, USDA Ag report, Australia Home Loans, NAB Business Confidence
- Tue: Japan Money Supply