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International News – Sep 27th, 2022

  1. The U.S. House of Representatives introduced a bill that would allow the Department of Energy to sell oil high and buy low: buy oil below $60 and sell above $90.
  2. The EU plans to delay the implementation of the Russian oil price cap Some member states push for a price cap for natural gas.
  3. The U.S. Financial Stability Oversight Board will vote on the digital asset report at its meeting on October 3.
  4. British Prime Minister Truss, who has not yet been full moon in 10 Downing Street, may face a no-confidence vote from the Conservative Party.
  5. German Chancellor Scholz has tested positive for the new crown virus, has mild symptoms, and is isolating at home.
  6. The U.S. Federal Reserve’s U.S. dollar trade-weighted exchange rate index climbed to a record high; the commodity index hit an 8-month low; European corporate bond refinancing costs hit a record high; %.
  7. Federal Reserve official Collins said that U.S. inflation is likely to be near or peaked. Mester said it would take a few more months to see inflation peaking and that restrictive measures would need to remain in place for a longer period of time. Both were voted members of the FOMC this year.
  8. The OECD lowered its forecast for global economic growth in 2023 to 2.2% from 2.8%, and said central banks need to continue raising interest rates.
  9. The pound fell to a record low against the dollar, with a one-day fluctuation of 500 points or 5%. The Bank of England (BOE) said it would conduct a full assessment of the government’s announcement and the impact of the fall in the pound on demand and inflation at its next meeting. The pound fell sharply after the talk, as the market had actively priced in an emergency rate hike by BOE. The JPMorgan index shows that the currency volatility of developed countries has exceeded that of emerging markets.
  10. The president of the European Central Bank said that further rate hikes are expected in the next few meetings. Once the normalization of interest rates is complete, the ECB will consider quantitative tightening. Traders have fully priced in a 75 basis point rate hike from the ECB in October.
  11. Many countries start foreign exchange intervention: The Bank of Japan will increase bond purchases in routine operations. It is estimated that the size of Japan’s foreign exchange market intervention last week is estimated to be about 3.6 trillion yen. Indonesia’s central bank intervened in currency markets to ease volatility in the rupiah. Chile’s central bank said the foreign exchange intervention program will end on September 30. The Korea Foreign Exchange Administration agreed to reach a $10 billion foreign exchange swap with NPS.
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