The keypoints of this report include, - The Bank of Japan has abandoned the pretense that it can achieve its 2% inflation target in two years, or any other particular timeframe - In the face of pressure from private banks, it refrained from going more deeply into negative rate territory regarding bank reserves at the BOJ - In another so-called “new framework” it has switched its main operating target: from an increase in the monetary base to keeping 10-year bond yields at zero - The BOJ also issued a Comprehensive Assessment of why it failed to meet its 2% target, but there is not a lot of culpa in its mea culpa; it keeps insisting that its policy will eventually work - There is no talk of what is really needed: a fiscal-monetary combination
FMI’s FOMC September Snapshot with the likely highlights of tomorrow’s meeting.
FMI’s analyses of today’s August Housing Starts report plus notes on the September Philadelphia Fed regional non-manufacturing survey.
FMI’s Commentary on the today’s Minutes of the Fed’s recent discount rate meetings.
FMI’s Commentary on today’s quite revealing Minutes of the July FOMC meeting.
FMI’s commentary on today’s FOMC post-meeting statement.
FMI’s commentary on today’s FOMC post-meeting statement and Yellen news conference.