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Central bank communication - a guide

| Posted by: Paul Donovan | Tags: Paul Donovan

  • China's central bank appears to be taking communication lessons from the US Fed (that is not necessarily a compliment) with a quick barrage of coordinated comment suggesting markets are not interpreting the PBoC currency policy correctly.
  • The Fed's Lockhart communicated a sense of indifference to the moves of equity markets – with the current stage of the US recovery perhaps more small business than listed business in focus, this seems an appropriate position.
  • On the subject of smaller businesses we have the release of the NFIB survey – sentiment surveys come loaded down with health warnings, especially around the headline measures, but the details of this survey have shown a stabilisation of the inventory cycle lately.
  • The UK is offering industrial and manufacturing production data, of some minor interest for those still looking at the balance of the UK economy. The Japanese have already given us bank lending numbers (nothing very interesting) with consumer confidence due.