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The Most Important Central Bank Releases This Week
Although only four of the G-10 currency central banks are active this week amid the typical summer doldrums, two of them—the RBA and RBNZ—are having policy meetings. Both banks are likely to hold rates and issue neutral remarks, though the remarks could skew a bit dovish for the RBA and a touch hawkish for the RBNZ. Neither policy meeting is likely to cause much of a stir.
Policy meetings aside, the biggest market mover of the week could be the BOJ Summary of Opinions from its July meeting, during which policymakers widened the yield target for treasury bonds. This gave policymakers the flexibility to taper—or tighten—within a wider range, and this week’s Summary of Opinions could clarify how policymakers intend to utilize this flexibility.
Finally, new Richmond Fed President Tom Barkin will speak for the first time since assuming the role. Barkin may provide insight into his outlook, but he is unlikely to wander too far from the Fed’s recent neutral tone.
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The Prattle Team