Eamonn Sheridan

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Central Banks
scissors cut snip 27 August 2025 2
Central Banks

Fed rate cuts pushed to late 2026 as Middle East war fuels inflation surge

  • The delay in expected rate cuts represents a meaningful shift in the macro backdrop for risk assets. With nearly a third of economists now pencilling in no cuts at all this year, almost double the share from the previous survey, markets face a higher-for-longer rate environment underpinned by war-related energy shocks rather than structural overheating. The Fed leadership transition adds a further layer of uncertainty, though analysts broadly agree that a single new appointee is unlikely to shift policy direction materially in the near term.
Central Banks
USD/onshore yuan daily candles
Central Banks

PBOC sets USD/ CNY reference rate for today at 6.8650 (vs. estimate at 6.8294)

  • PBOC CNY reference rate setting for the trading session ahead.
News
fake news tehran attack 23 April 2026
News

Fake news (social media) on an attack on Tehran sent oil up, stocks down. Unwound now.

  • Tehran was testing air defences
News
usdyen update 23 April 2026
News

Japan PMI shows manufacturing surge as services slowdown caps growth

  • The divergence between strong manufacturing and softer services complicates the outlook for Japan. While the industrial rebound supports growth and exports, weakening domestic momentum and rising inflation pressures reinforce a cautious policy stance. The surge in costs and falling confidence also raise risks of a less sustainable growth trajectory.
Central Banks
USD/onshore yuan daily candles
Central Banks

PBOC is expected to set the USD/CNY reference rate at 6.8294 – Reuters estimate

  • PBOC CNY reference rate setting for the trading session ahead.
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