Contact Mace News President
Tony Mace tony@macenews.com
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No matter the area being covered, the reporter is always only a telephone call or message away. We check with you frequently to see how we can improve. Have a question, need to be briefed via video or audio-only on a topic’s state of play, keep us on speed dial. See the list of interest areas we cover elsewhere
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Tony Mace was the top editorial executive for Market News
International for two decades.
Washington Bureau Chief Denny Gulino had the same title at Market News for 18 years.
Similar experience undergirds our service in Ottawa, London, Brussels and in Asia.
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–Overnight Rate Target Raised to A Range of 0% to 0.1% from -0.1% in 7-to-2 Vote
–BOJ Stops Targeting 10-Year JGB Yield After Capping it Around 1% But Continues Buying JGBs in 8-to-1 Vote
By Max Sato
(MaceNews) – The Bank of Japan said Tuesday its nine-member board decided in a majority vote to end its seven-year-old yield curve control framework and lift the overnight interest rate target to a range of zero to 0.1% from minus 0.1%, its first rate hike since February 2007.
Many board members believe that the risk of Japan’s economy slipping back into deflation has been reduced and inflation is likely to be led by sustained wage hikes, instead of a spike in import costs, following news on Friday that wage hikes for fiscal 2024 that begins next month are set to well surpass the pace of increase seen in the previous year.
But the vote on the short-term rate target was 7 to 2. Board member Toyoaki Nakamura voted against the rate hike, urging the board to wait until the bank can confirm smaller firms also have the ability to raise wages. Asahi Noguchi also dissented, arguing ending the negative rate and yield curve control at the same time could disrupt financial conditions.
The board decided to no longer target the yield on 10-year Japanese government bonds (JGBs), which had been capped at around 0.1% under the bank’s official target of “around zero” under the yield curve control framework adopted in September 2016. It is now allowing a natural uptick in long-term interest rates that reflects economic recovery with substantial wage hikes.
The board decided in an 8 to 1 vote to continue its purchases of JGBs “with broadly the same amount as before,” which is currently about 6 trillion yen a month. In case of a rapid rise in long-term rates, the bank will “make nimble responses by, for example, increasing the amount of JGB purchases and conducting fixed-rate purchases of JGBs.” Board member Nakamura voted against the change in the way the bank targets long-term rates.
On the bank’s large-scale asset purchases that it has been using to support market and economic sentiment, the board decided unanimously to stop new purchases of exchange-traded funds (ETFs) and Japan real estate investment trusts (J-REITS), and discontinue the purchases of commercial paper and corporate bonds in about a year by reducing them gradually.
The BOJ board also decided to drop its “inflation-overshooting commitment” under which it expanded the monetary base until the year-on-year rate of increase in the core CPI (excluding fresh food) would exceed 2% and stay above the target in a stable manner.
The bank downgraded its view on current conditions, saying, “Japan’s economy has recovered moderately, although some weakness has been seen in part.” It is in line with a similar move by the government last month. The economy narrowly averted a second straight quarterly drop in October-December, and thus recession last year, but GDP for the January-March quarter is expected to contract as consumption has turned weaker amid elevated costs and production has been hit by suspended vehicle output over a safety test scandal.
Unlike other central banks, the BOJ is not raising rates to cool off an overheating economy or elevated consumer inflation. It is taking the first step toward unwinding massive cash injections into the financial system after nearly 11 years of trying to reflate the economy and turn around the deflationary mindset among households and businesses. Both Governor Kazuo Ueda and Deputy Governor Shinichi Uchida have said financial conditions will remain accommodative even after the bank decides to lift the negative short-term interest rate.
The BOJ board “assessed the virtuous cycle between wages and prices, and judged it came into sight that the price stability target of 2 percent would be achieved in a sustainable and stable manner toward the end of the projection period of January 2024 Outlook Report (throughout fiscal 2025 ending March 2026),” the bank said. “The bank considers that the policy framework of quantitative and qualitative monetary easing (QQE) and yield curve control and the negative interest rate policy to date have fulfilled their roles.”
Under the negative interest rate policy introduced in a tight 5-to-4 vote in January 2016 (effective the following month), the BOJ charged 0.1% interest on a small portion of cash reserves parked at the bank by financial institutions, which was designed to encourage banks to lend more but was unpopular among lenders as it squeezed their profit margins.
The bank will update its economic outlook and risk analysis in the next quarterly Outlook Report due in late April. Until then, it is basically repeating its assessment used in the January report.
“Japan’s economy is likely to continue recovering moderately for the time being,supported by factors such as the materialization of pent-up demand, although it is expected to be under downward pressure stemming from a slowdown in the pace of recovery in overseas economies,” the bank said.
“Thereafter, as a virtuous cycle from income to spending gradually intensifies, Japan’s economy is projected to continue growing at a pace above its potential growth rate,” which is estimated to be zero to 0.5%, the bank said.
Looking ahead, the bank also repeated its recent assessment that “there are extremely high uncertainties” surrounding Japan’s economy including developments in overseas economic activities and prices, commodity prices as well as domestic firms’ wage- and price-setting behavior.
“Under these circumstances, it is necessary to pay due attention to developments in financial and foreign exchange markets and their impact on Japan’s economic activity and prices,” the BOJ said, also repeating its past statements.
The BOJ maintained its latest inflation outlook that the year-on-year increase in the core CPI (excluding fresh food prices) is likely to be above 2% through fiscal 2024 ending in March 2025, due to the remaining pass-through effects of cost increases led by the past rise in import prices, but that the rate of increase will decelerate thereafter as those effects wane.
“Meanwhile, underlying CPI inflation is likely to increase gradually toward achieving the price stability target, as the output gap turns positive and as medium- to long-term inflation expectations and wage growth rise,” the bank said, repeating the January Outlook Report.
WASHINGTON (MaceNews) – The following are Tuesday’s schedules for the White House, Treasury, USTR, the State Department and Capitol Hill as well as U.S. economic data and Federal Reserve events:
DAILY GUIDANCE AND PRESS SCHEDULE FOR
TUESDAY, MARCH 19, 2024
In the morning, the President will receive the President’s Daily Brief. This meeting will be closed press.
Then, the President will travel to Reno, Nevada. The departure from the South Lawn will be open press. The departure from Joint Base Andrews will be covered by the out-of-town pool. The arrival at Nevada Air National Guard, Reno, Nevada will be open press.
After, the President will participate in a campaign event. This event in Reno, Nevada will be covered by the out-of-town pool.
In the afternoon, the President will depart Reno, Nevada en route Las Vegas, Nevada. The departure from Nevada Air National Guard, Reno, Nevada and the arrival at Harry Reid International Airport, Las Vegas, Nevada will be open press.
Then, the President will deliver remarks on lowering costs for American families. These remarks will be open press.
In the evening, the President will depart Las Vegas, Nevada en route Phoenix, Arizona. The departure from Harry Reid International Airport, Las Vegas, Nevada will be open press and the arrival at Phoenix Sky Harbor International Airport, Phoenix, Arizona will be open press.
After, the President will participate in a campaign event. This event in Phoenix, Arizona will be covered by the out-of-town pool.
In-Town Pool
Wires: AP, Reuters, Bloomberg
Wire Photos: AP, Reuters, AFP, NYT
TV Corr & Crew: CBS
Print: USA Today
Radio: BBC
Out-of-Town Pool
Wires: AP, Reuters, Bloomberg
Wire Photos: AP, Reuters, AFP, NYT
TV Corr & Crew: ABC
Print: Politico
Radio: NPR
EDT
7:45 AM Out-of-Town Pool Call Time
Joint Base Andrews Overhang
8:00 AM In-Town Pool Call Time
8:00 AM THE PRESIDENT receives the Presidential Daily Briefing
Closed Press
8:40 AM THE PRESIDENT departs the White House en route Joint Base Andrews
South Lawn
Open Press (Gather 8:25 AM – Palm Room Doors)
9:00 AM THE PRESIDENT departs Joint Base Andrews en route Nevada Air National Guard, Reno, Nevada
Joint Base Andrews
Out-of-Town Pool
PDT
11:00 AM THE PRESIDENT arrives in Reno, Nevada
Nevada Air National Guard, Reno, Nevada
Open Press
11:15 AM THE PRESIDENT participates in a campaign event
Reno-Tahoe area, Nevada
Out-of-Town Pool
12:45 PM THE PRESIDENT departs Reno, Nevada en route Las Vegas, Nevada
Nevada Air National Guard, Reno, Nevada
Open Press
1:55 PM THE PRESIDENT arrives in Las Vegas, Nevada
Harry Reid International Airport, Las Vegas, Nevada
Open Press
3:00 PM THE PRESIDENT delivers remarks on lowering costs for American families
Las Vegas area, Nevada
Open Press
4:15 PM THE PRESIDENT departs Las Vegas, Nevada en route Phoenix, Arizona
Harry Reid International Airport, Las Vegas, Nevada
Open Press
MST
5:15 PM THE PRESIDENT arrives in Phoenix, Arizona
Phoenix Sky Harbor International Airport, Phoenix, Arizona
Open Press
5:35 PM THE PRESIDENT participates in a campaign event
Phoenix area, Arizona
Out-of-Town Pool
Briefing Schedule
EDT
Press Secretary Karine Jean-Pierre will gaggle aboard Air Force One en route Reno, Nevada
TREASURY DEPT –
Tuesday – -– Secretary Yellen has no public engagements
STATE DEPT
Tuesday – Secretary Blinken is on travel to Austria, the Republic of Korea, and the Philippines from March 14-20, 2024.
10:25 a.m. LOCAL Secretary Blinken participates in a tour of Amkor Technology in Manila, the Philippines.
(POOLED PRESS COVERAGE)
11:35 a.m. LOCAL Secretary Blinken meets with Philippine Foreign Secretary Enrique Manalo in Manila, the Philippines.
(POOLED CAMERA SPRAY AT TOP)
11:50 a.m. LOCAL Secretary Blinken participates in a working lunch with Philippine Foreign Secretary Enrique Manalo in Manila, the Philippines.
(POOLED CAMERA SPRAY AT TOP)
1:20 p.m. LOCAL Secretary Blinken holds a joint press availability with Philippine Foreign Secretary Enrique Manalo in Manila, the Philippines.
(OPEN PRESS COVERAGE)
2:30 p.m. LOCAL Secretary Blinken holds a meet and greet with employees and families of U.S. Embassy Manila in Manila, the Philippines.
(CLOSED PRESS COVERAGE)
4:00 p.m. LOCAL Secretary Blinken participates in an Emerging Voices Exchange Impact Event in Manila, the Philippines.
(POOLED CAMERA SPRAY AT TOP)
5:00 p.m. LOCAL Secretary Blinken meets with Philippine President Ferdinand Romualdez Marcos Jr. in Manila, the Philippines.
(POOLED CAMERA SPRAY AT TOP)
6:00 p.m. LOCAL Secretary Blinken participates in a working dinner with Philippine President Ferdinand Romualdez Marcos Jr. in Manila, the Philippines.
Headquarters press briefings, when held on weekdays, occur around 1:15p ET and are livestreamed at State.gov.. The transcript of Monday’s 12:34p ET briefing is at: https://www.state.gov/briefings/department-press-briefing-march-18-2024/
USTR –
Tuesday, March 19
Ambassador Tai will participate in a moderated conversation on the President’s 2024 Trade Policy Agenda at the State International Development Organizations’(SIDO) 2024 Washington Leadership Forum. This event is closed press.
Wednesday, March 20
Ambassador Tai will participate in a White House Women’s History Month labor roundtable. This event is closed press.
Ambassador Tai will participate in a fireside chat at Georgetown University Law Center’s Asian Pacific American Law Students Association’s (APALSA) Trailblazers event. This event will be closed press.
.US HOUSE –
Tuesday –. Back at noon ET. Once again, House faces a partial govt shutdown midnight Friday. Meanwhile, votes on barring data brokers from selling sensitive personal data to foreigners.. Two-week recess coming up, likely leaving Ukrain-Israel aid hanging till April at least.
US SENATE
Tuesday – Back 3:00 p.m.: Convene and proceed to executive session to resume consideration of the nomination of Nicole G. Berner, of Maryland, to be United States Circuit Judge for the Fourth Circuit.
UPCOMING US, JAPAN, CANADA ECONOMIC REPORTS AND FEDERAL RESERVE EVENTS
Tuesday, March 19 – 8:30a ET US housing starts
Tuesday, March 19 – 8:30a ET Canada CPI
Tuesday, March 19 – 13:00 ET US Treasury 20-year bond auction
Tuesday, March 19 – 16:00 ET US Treasury TICS
Tuesday, March 19 – 16:00 ET US API weekly oil inventories
—
Wednesday, March 20 – 7a ET US Mortgage Bankers Assoc mortgage applications
Wednesday, March 20 – 10a ET US Atlanta Fed business inflation expectations
Wednesday, March 20 – 10:30a ET US EIA petroleum status
Wednesday, March 20 – 14:00 ET US FOMC policy announcement
Wednesday, March 20 – 14:30 ET US Fed chair press conference
Wednesday, March 20 – 19:50 ET Japan merchandise trade
Wednesday, March 20 – 20:30 ET Australia employment
—
Thursday, March 21 – 8a ET UK Bank of England policy announcement
Thursday, March 21 – 8:30a ET US jobless claims
Thursday, March 21 – 8:30a ET US Philadelphia Fed manufacturing
Thursday, March 21 – 8:30a ET US current account
Thursday, March 21 – 9:45a ET US PMI composite flash
Thursday, March 21 – 10a ET US NAR existing home sales
Thursday, March 21 – 10a ET US index of leading indicators
Thursday, March 21 – 10:30a ET US EIA weekly natural gas inventories
Thursday, March 21 – 13:00 ET US 10-year TIPSs auction
Thursday, March 21 – 12:00 ET US Freddie Mac weekly mortgage rates
Thursday, March 21 – 16:30 ET US Fed weekly balance sheet
Thursday, March 21 – 19:30 ET Japan CPI
—
Friday, March 22 – 8:30a ET Canada retail sales
Friday, March 22 – 9a ET Fed’s Powell at Fed Listens event
Friday, March 22 –13:00 ET US Baker Hughes Rig count
Friday, March 22 –16:00 ET Fed’s Bostic moderated conversation on household finance at Atlanta Fed
—
Content may appear first or exclusively on the Mace News premium service. For real-time delivery contact tony@macenews.com. X (Twitter) headlines @macenewsmacro
WASHINGTON (MaceNews) – The following are Monday’s schedules for the White House, Treasury, USTR, the State Department and Capitol Hill as well as U.S. economic data and Federal Reserve events:
DAILY GUIDANCE AND PRESS SCHEDULE FOR
MONDAY, MARCH 18, 2024
The President and the First Lady will host a Women’s History Month reception at the White House. The President will announce the most comprehensive set of executive actions ever taken to advance women’s health research and innovation. The First Lady and the Vice President will also deliver remarks, and the Second Gentleman will attend. This event in the East Room will be pooled for TV and open to pre-credentialed media.
In the afternoon, the President will receive the President’s Daily Brief. This meeting in the Oval Office will be closed press. The Vice President will join.
In-Town Pool
Wires: AP, Reuters, Bloomberg
Wire Photos: AP, Reuters, AFP, NYT
TV Corr & Crew: ABC
Print: TIME
Radio: AURN
EDT
10:00 AM In-Town Pool Call Time
11:30 AM THE PRESIDENT, THE FIRST LADY, and THE VICE PRESIDENT deliver remarks at a Women’s History Month reception at the White House; THE SECOND GENTLEMAN attends
East Room
Pre-Credentialed Media (Gather 11:15 AM – Palm Room Doors)
3:15 PM THE PRESIDENT receives the Presidential Daily Briefing; THE VICE PRESIDENT attends
Oval Office
Closed Press
Briefing Schedule
EDT
1:30 PM Press Briefing by Press Secretary Karine Jean-Pierre and National Security Advisor Jake Sullivan
TREASURY DEPT –
Monday -– Secretary Yellen has no public engagements
STATE DEPT
Monday – Secretary Blinken is on travel to Austria, the Republic of Korea, and the Philippines from March 14-20, 2024.
Headquarters press briefings, when held on weekdays, occur around 1:15p ET and are livestreamed at State.gov..
USTR –
Monday –
United States Trade Representative Katherine Tai will participate in a virtual ministerial meeting of the Americas Partnership for Economic Prosperity (APEP). This meeting is closed press.
Tuesday, March 19
Ambassador Tai will participate in a moderated conversation on the President’s 2024 Trade Policy Agenda at the State International Development Organizations’(SIDO) 2024 Washington Leadership Forum. This event is closed press.
Wednesday, March 20
Ambassador Tai will participate in a White House Women’s History Month labor roundtable. This event is closed press.
Ambassador Tai will participate in a fireside chat at Georgetown University Law Center’s Asian Pacific American Law Students Association’s (APALSA) Trailblazers event. This event will be closed press.
.US HOUSE –
Monday – Out. Back Tuesday at noon ET. Once again, House faces a partial govt shutdown midnight Friday. Meanwhile, votes on barring data brokers from selling sensitive personal data to foreigners.. Two-week recess coming up, likely leaving Ukrain-Israel aid hanging till April at least.
US SENATE
Monday – Out. Back Tuesday3:00 p.m.: Convene and proceed to executive session to resume consideration of the nomination of Nicole G. Berner, of Maryland, to be United States Circuit Judge for the Fourth Circuit.
UPCOMING US, JAPAN, CANADA ECONOMIC REPORTS AND FEDERAL RESERVE EVENTS
Monday, March 18 – 10a ET US NAHB homebuilders index
Monday, March 18 – 10:30a ET Japan BOJ policy announcement with expectations for an historic rate hike. In anticipation Nikkei was up 2.5% or 979 points at 2a ET Monday.
—
Tuesday, March 19 – 8:30a ET US housing starts
Tuesday, March 19 – 8:30a ET Canada CPI
Tuesday, March 19 – 13:00 ET US Treasury 20-year bond auction
Tuesday, March 19 – 16:00 ET US Treasury TICS
Tuesday, March 19 – 16:00 ET US API weekly oil inventories
—
Wednesday, March 20 – 7a ET US Mortgage Bankers Assoc mortgage applications
Wednesday, March 20 – 10a ET US Atlanta Fed business inflation expectations
Wednesday, March 20 – 10:30a ET US EIA petroleum status
Wednesday, March 20 – 14:00 ET US FOMC policy announcement
Wednesday, March 20 – 14:30 ET US Fed chair press conference
Wednesday, March 20 – 19:50 ET Japan merchandise trade
Wednesday, March 20 – 20:30 ET Australia employment
—
Thursday, March 21 – 8a ET UK Bank of England policy announcement
Thursday, March 21 – 8:30a ET US jobless claims
Thursday, March 21 – 8:30a ET US Philadelphia Fed manufacturing
Thursday, March 21 – 8:30a ET US current account
Thursday, March 21 – 9:45a ET US PMI composite flash
Thursday, March 21 – 10a ET US NAR existing home sales
Thursday, March 21 – 10a ET US index of leading indicators
Thursday, March 21 – 10:30a ET US EIA weekly natural gas inventories
Thursday, March 21 – 13:00 ET US 10-year TIPSs auction
Thursday, March 21 – 12:00 ET US Freddie Mac weekly mortgage rates
Thursday, March 21 – 16:30 ET US Fed weekly balance sheet
Thursday, March 21 – 19:30 ET Japan CPI
—
Friday, March 22 – 8:30a ET Canada retail sales
Friday, March 22 – 9a ET Fed’s Powell at Fed Listens event
Friday, March 22 –13:00 ET US Baker Hughes Rig count
Friday, March 22 –16:00 ET Fed’s Bostic moderated conversation on household finance at Atlanta Fed
—
Content may appear first or exclusively on the Mace News premium service. For real-time delivery contact tony@macenews.com. X (Twitter) headlines @macenewsmacro
—Producer Inflation Has Slowed from Recent Peak of +10.6% in December 2022 –Producer Prices +0.2% M/M on Utilities, Non-Ferrous Metals; Fuel Costs Still Down By
WASHINGTON (MaceNews) – The following are Monday’s schedules for the White House, Treasury, USTR, the State Department and Capitol Hill as well as U.S. economic
–Upward Revision to Business Investment from Slight Drop Smaller Than Expected; Domestic Demand Still Down–Private Consumption Weaker, Private-Sector Inventories Revised Down–Net Exports Rebound Intact, Public
–Q4 Growth to Be Led by Sharp Upward Revision to Business Investment from Slight Drop–Net Exports Rebound Seen Intact, Public Works May See Sharper Decline–Q1
WASHINGTON (MaceNews) – The following are Friday’s schedules for the White House, Treasury, USTR, the State Department and Capitol Hill as well as U.S. economic
–Home Maintenance, Repairs Also Down; Pent-Up Demand for Travel Wanes–Eating Out Continues Growing; Tuition, Medical Costs Also Rise on Year–Real Household Income Posts 16th Straight
By Silvia Marchetti ROME (MaceNews) – Italian business lobbies and Democrat opposition forces voiced concern over foreign investors avoiding Italian bonds, though this is increasingly
WASHINGTON (MaceNews) – The following are Thursday’s schedules for the White House, Treasury, USTR, the State Department and Capitol Hill as well as U.S. economic
Contact Mace News President
Tony Mace tony@macenews.com
to find a customer- and markets-oriented brand of news coverage with a level of individualized service unique to the industry. A market participant told us he believes he has his own White House correspondent as Mace News provides breaking news and/or audio feeds, stories, savvy analysis, photos and headlines delivered how you want them. And more. And this is important because you won’t get it anywhere else. That’s MICRONEWS. We know how important to you are the short advisories on what’s coming up, whether briefings, statements, unexpected changes in schedules and calendars and anything else that piques our interest.
No matter the area being covered, the reporter is always only a telephone call or message away. We check with you frequently to see how we can improve. Have a question, need to be briefed via video or audio-only on a topic’s state of play, keep us on speed dial. See the list of interest areas we cover elsewhere
on this site.
—
You can have two weeks reduced price no-obligation trial for $199. No self-renewing contracts. Suspend, renew coverage at any time. Stay with a topic like trade while its hot and suspend coverage or switch coverage areas when it’s not. We serve customers one by one 24/7.
—
Tony Mace was the top editorial executive for Market News International for two decades.
Washington Bureau Chief Denny Gulino had the same title at Market News for 18 years.
Similar experience undergirds our service in Ottawa, London, Brussels and in Asia.