Previous Trading Days Events 14.06.2024

The Bank of Japan BOJ announced a quantitative tightening plan next month and kept interest rates unchanged. The BOJ said on Friday it would start trimming its bond purchases and announce a detailed plan to reduce its nearly 5 trillion balance sheet in July. It maintained its shortterm policy target at 00.1.

BOJ is expected to raise interest rates at its next policy meeting on July 3031. While the BOJ could hike rates in July, the hurdles of doing it simultaneously with bondbuying tapering are quite high considering their impact on the market, said Yoshimasa Maruyama, chief market economist at SMBC Nikko Securities in a research note on Monday. He projected the next rate hike would come in October.

Source httpswww.reuters.commarketsratesbondseconomistsremainsplittimingbojsnextratehike20240617

U.S. consumer sentiment declined in June. The University of Michigans preliminary reading on the overall index of consumer sentiment came in at 65.6 this month, compared to a final reading of 69.1 in May.

Assessments of personal finances dipped, due to modestly rising concerns over high prices as well as weakening incomes, said Surveys of Consumers Director Joanne Hsu. Overall, consumers perceive few changes in the economy from May.

The surveys reading of oneyear inflation expectations was unchanged at 3.3. Its fiveyear inflation outlook edged up to 3.1 from 3.0 in the prior month.

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