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Eve echoes market10/29/2023 ![]() This is a festival that assembles people from all walks of life and unites them with a celebration of great music, art and culture, while upholding the leave no trace policy, entailing a deep commitment to the sustenance and preservation of the Earth. ![]() Nestled among lush greenery, the festival presents a stellar line-up featuring over 40 International and Indian musicians performing on four uniquely designed stages, celebrating one Earth. With assistance from Kati Pohjanpalo and Niclas Rolander.Echoes of Earth continues to be India's greenest music festival. “The Committee does not want to raise the policy rate more than is necessary to tackle the high level of inflation.” “Monetary policy is now having a tightening effect on the economy,” Norges Bank policymakers said. Switzerland’s growth already stalled in the second quarter, and the SNB now predicts it will be “weak for the rest of the year.” In Norway meanwhile, expansion has also slowed, and officials are increasingly conscious that their actions are contributing to that. ![]() The Riksbank on Thursday predicted that the biggest Nordic economy now faces two years of contraction, shrinking 0.8% in 2023 followed by another drop in gross domestic product of 0.1%. Lagarde last week told reporters that “the difficult times are now,” in a quarter when officials’ new forecasts show the euro zone is currently stagnating. Investor focus will now turn to London, where BOE officials will decide whether to call a halt to a string of 14 consecutive rate increases.Ī surprise slowdown in inflation to an 18-month low on the eve of the decision fueled doubts among traders that policymakers will follow through on a hike that was previously expected with greater confidence in financial markets.Įarlier this month, Governor Andrew Bailey hinted that tightening may not have further to run, as he said borrowing costs are probably “near the top of the cycle.”įor all European economies, cooling or even contracting economies are increasingly worrying policymakers. “We will not hesitate to tighten our monetary policy further if necessary.” ![]() “It takes a certain amount of time for increases in the SNB policy rate and the appreciation of the Swiss franc to fully transmit to economic activity and inflation,” he told reporters. Swiss National Bank President Thomas Jordan also offered a hawkish message that gave no hint of loosening anywhere on the horizon. “Monetary policy needs to be contractionary for a longer period of time,” Riksbank officials said in their statement, while Norges Bank Governor Ida Wolden Bache declared that “there will likely be a need to maintain a tight stance for some time ahead.” His intention to keep rates “higher for longer” found eager echoes throughout Europe. Meanwhile in the US, Federal Reserve Chair Jerome Powell said on Wednesday that officials will now shift to “proceed carefully,” suggesting tightening is almost finished. She declined to exclude another move if needed. That would chime with the neighboring euro zone, where European Central Bank President Christine Lagarde last week signaled that borrowing costs will be left to work through the economy for now after a close-run rate hike. While diverging in detail and immediate direction, the overarching theme in the announcements from all three countries, each of whose currencies features among the 10 most-traded in the world, is of a mature tightening phase that may not have much longer to run. The trio of central banks at the periphery of the euro region offered investors a prelude of action just hours before a suspenseful decision by Bank of England officials who are also weighing the tradeoff between persisting inflation pressures and languishing growth. Its Norwegian neighbor also raised and hinted that only one more increase will be needed to quell inflation.īoth the Swiss and the Swedes signaled that they’ll keep selling foreign currencies, a policy that will further reduce balance sheets and could help contain imported price growth. Sweden’s Riksbank lifted borrowing costs and said that another step is possible, but far from certain. The Swiss National Bank surprised investors by avoiding a hike while refusing to rule out more action. (Bloomberg) - Central banks from Switzerland to the Nordics delivered contrasting monetary moves with a converging message of higher-for-longer interest rates and limited appetite to keep tightening.
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