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NAFTA Concerns Overshadow GDP Data | BOJ Leaves Policy Unchanged

Published July 31, 2018
  • Canadian Foreign Minister Chrystia Freeland was excluded from the most recent round of talks regarding the North American Free Trade Agreement, prompting fresh concerns over Canada’s future as a party to the free trade treaty. This comes despite Canadian GDP data releasing this morning which is expected to show a sharp increase in economic growth during the month of May.
  • The Bank of Japan left its main stance unchanged. It’s holding the short-term policy rate at minus 0.1% and is still targeting a 10-year government bond yield at around zero percent. The central bank now says that yields may move upward and downward to some extent.
  • The euro area’s economic expansion entered a sixth year but growth slowed to just 0.3%, the weakest in two years. Inflation accelerated further above the European Central Bank’s goal, though this was largely driven by stronger energy prices. Unemployment remained at the lowest since 2008.
  • The US Bureau of Economic Analysis will publish the latest report on Core Personal Consumption Expenditures. The report will include the personal income/spending data, as markets are predicting a modest m/m rise of 0.1% for the core PCE price index in June, with the yearly rate holding steady at 2.0%.