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The yield on the two-year U.S. Treasury note fell to a six-month low of 3.6550% and was last at 3.6611%.On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."Bank of Japan Governor Kazuo Ueda: Non-weather factors may push up food prices.

Bets on policy divergence between the BOE and BOJ heighten, pushing GBP/JPY above 162.00

Alina Haynes

Aug 22, 2022 14:55

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As investors prepare for a further widening of the policy gulf between the BOE and the BOJ, the GBP/JPY pair has broken firmly above the 162.00 mark (BOJ). Assuming the cross maintains its footing above the pivotal 162.00 level, further gains are likely.

 

As a result of a significant increase in Average Earnings in the United Kingdom zone, policymakers at the Bank of England have decided to hike interest rates without delay. As for labor costs, they came in at 4.7%, which is higher than both the 4.5% forecast and the 4.4% number that was reported earlier.

 

Earlier, Bank of England policymakers fretted over low wage growth in households. The United Kingdom is located in an area where inflation is rising rapidly; as a result, wage growth has been sluggish as workers try to compensate for rising wages. For this reason, the quantitative tightening measures were not unilaterally implemented by Bank of England personnel. Governor Andrew Bailey of the Bank of England is pleased with the recent surge in the labor cost index, which he will use to his advantage when formulating monetary policy.

 

The new estimated number of UK claimants is 10.5k, down from both the prior announcement's 26.8k and the expected 32k. The unemployment rate has stayed stable at 3.8%.

 

The currency bulls in Tokyo showed no buying activity despite an uptick in the National Consumer Price Index (CPI). Both the median forecast of 2.2% and the most recent reading of 2.4% were surpassed by the actual economic data, which came in at 2.6%. An inflation rate above 2% for an extended period of time may eventually force the Bank of Japan (BOJ) to take a neutral posture, but policy divergence is going to increase.

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