Bank of Canada Governor Tiff Macklem said on Thursday that the decision to hike interest rates means ending reinvestments and moving towards Quantitative Tightening (QT) as “a natural next step”.The timing and pace of QT will be fully transparent, Macklem added, saying that when we initiate quantitative tightening, we do …

Federal Reserve Chairman Jerome Powell, in the second day of his semi-annual testimony before the US Congress, said that the rise in energy prices will work its way through to the US economy and there will subsequently be upwards pressure on inflation for a while. Key Quotes:“We could see people …

The headline ISM Services PMI figure slid to 56.5 in February from 59.9 in January, below the expected rise to 61.0, according to the latest release by the Institute for Supply Management.Economic activity in the services sector grew in February for the 21st month in a row, with the Services …

The most significant driver across financial markets on Wednesday was the testimony by Fed Chair Jerome Powell before Congress. Powell’s testimony will continue on Thursday with hints on determination to adopt QT and decide interest rate hilke in FOMC’s 16 March meeting. Economic DataPrivate employers hired more workers than expected …

Private employers hired more workers than expected in February and data for the prior month was revised sharply higher to show strong job gains instead of losses, aligning with other reports that have produced a positive picture of the US labour market.The ADP National Employment Report on Wednesday suggest that …

“We’ve certainly seen recent developments lead to notable volatility and declines in market liquidity,” Lorie K. Logan, an executive vice president with the New York Fed, said recently during a virtual event organized by New York University.“But so far, outside of Russian markets … our sense is that broader markets …

US equities staged a decent rebound on Wednesday, with the S&P 500 breaking above last week’s highs to test 4400. Markets took reassurance from the tone of Fed Chair Powell’s remarks at his testimony before the US Congress.US equities rose on Wednesday as traders digested remarks from Fed Chair Jerome …

US crude oil benchmark, WTI, rallies by 4.67% in the day, aiming to close above the USD 100 mark for the second day of the year as Wall Street closed, with US equities printing gains. The market sentiment is positive, though it would be subject to Ukraine-Russia tussles as it …

OPEC+ met on Wednesday and will not to break from its plan to add 400,000 bpd to quotas each month, largely as expected, despite soaring oil prices amid Russia’s invasion of Ukraine.Russia is estimated to have increased its crude oil production by 0.2 percent in February compared to January, but …

Bank of England Deputy Governor for Financial Stability Jon Cunliffe said on Wednesday that sanctions will do severe damage to the Russian economy, but should not pose material risks to financial stability more broadly.Cunliffe said that heightened perceptions of geopolitical risk and its potential impact on growth and inflation can …