FIRST AIRED: July 26, 2019

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ECB president Mario Draghi has set the stage this outlook is set getting worse and worse for growth that is next week three more central banks will tell us if they agree policy decisions to you in the US UK and Japan first stop Tokyo might decline the central bank will take into account economic price and financial conditions available until the last minute , most analysts expect the bank of Japan to hold for now , on domestic Dimond is offsetting weak exports it may want to save its ammunition for when there is real trouble one problem , if it does nothing events the following day you could see a soaring yen and more painful exporters federal reserve expected to cut rates Wednesday for the first time in a decade for weeks now markets have been pricing in a twenty five basis point reduction the bottom line for me is that the uncertainties around global growth in trade continue to weigh on the outlook is better than expected GDP numbers on Friday added to bets on just a modest move things a bigger question is what to do about the fed's huge bond holdings it's been whittling down the pile in a process dump quantitative tightening but policy makers point out that just works against any rate cuts , then there is the bank of England on Thursday it has long wanted to gradually raise rates an ongoing tightening of monetary policy over the forecast period at a gradual pace in to a limited extent would be appropriate now bank watches on looking for any signs of a change in tone U. K. growth is stuttering and new prime minister Boris Johnson seems serious about a no deal breaks it as a result markets now price in our rate cuts this year but the bank may first polls before making a U. turn