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Customs data showed that Switzerlands gold exports to the United States in August fell sharply by more than 99% from the previous month to 0.3 tons.1. Decision Background: Wednesdays data showed that UK inflation remained high at 3.8% in August, nearly double the Bank of Englands 2% target. Services inflation remained elevated, while inflation expectations rose. Economic growth slowed in the second quarter, with demand showing signs of weakness. 2. Interest Rate Level: The market generally expects the Bank of England to hold interest rates steady at 4% at this meeting. Key focus will be on guidance for further easing this year. 3. Vote Split: The market expects a 7-2 vote to keep interest rates unchanged (compared to a 5-4 split in August), with Taylor and Dhingra dissenting (Taylor voted for a 50 basis point cut in August); Deputy Governor Ramsden may also join the dissenting vote. 4. Forward Guidance: The Bank of England stated in August that "the restrictiveness of monetary policy has decreased," which the market interpreted as hawkish. This meeting will highlight whether this statement appears again or is removed or weakened. 5. Quantitative Tightening: Due to heightened bond market volatility (earlier this month, 20- and 30-year bond yields rose to their highest levels since 1998), the market expects the Bank of England to reduce its annual bond reduction from £100 billion to £60 billion to £75 billion. It is also likely to limit sales of long-term UK government bonds, favoring shorter-term bonds. 6. Market Expectations: Currently, the market generally expects the Bank of England to maintain interest rates unchanged this year, with a small chance of a 25 basis point cut. A sustained cycle of rate cuts will begin in 2026, with cumulative reductions of approximately 50 basis points.On September 18th, economists at ING Bank stated in a report that downside risks to the US job market were the primary rationale for the Federal Reserves decision to cut interest rates; this rationale is unsurprising given recent weak employment data. Federal Reserve Chairman Powell described the rate cut as a "risk-management-based rate cut" because, on the surface, the US economy appears to be in decent shape. However, economists noted that a deeper analysis reveals a shift in the situation, most notably in the job market. The economists also stated that the Feds upward revision of its growth and inflation forecasts, while simultaneously lowering its unemployment forecast, suggests that policymakers believe that swift and forceful action in the coming months will yield tangible results for the economy. They believe the Fed will ultimately cut interest rates by more than currently implied.Novo Nordisk (NVO.N) continued to rise in pre-market trading, currently up 4.7%, after the company released results of a study on semaglutide.On September 18th, after the Federal Reserve cut interest rates by 0.25 percentage points on Wednesday, market sentiment improved and the cost of insuring euro-denominated credit against default declined. The Feds rate cut is boosting global investment appetite for risky assets. Data from S&P Global Market Intelligence showed that the European Cross Credit Default Swap Index, a measure of credit default swaps on euro high-yield bonds, fell 3 basis points to 248 basis points.

Governor DeSantis of Florida Bolsters His Conservative Credentials With Disney Dispute

Aria Thomas

Apr 22, 2022 09:45

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At the governor's request, the Republican-led state legislature promptly adopted a measure this week during a special session that would de-designate Walt Disney Co as a self-governing institution.


The action follows the company's objection to a new state legislation restricting classroom discussion of LGBTQ topics. The policy was branded the "don't speak gay" law by critics and labeled as bigoted, but DeSantis defended it as necessary to safeguard parents and children.


DeSantis, 43, has been at the center of a slew of political battles that have raged around the nation.


He fought against COVID-19 limitations, praising Florida as a "citadel of liberty" in the face of the epidemic. He called for the establishment of a first-of-its-kind electoral police agency to investigate election violations and signed a ban on abortions beyond 15 weeks of pregnancy into law last week.


His growing national prominence fuels speculation that the former federal prosecutor, who is running for re-election this November, is also considering a presidential candidacy.


This might put him against former President Donald Trump, who backed DeSantis, then a low-profile congressman, in his 2018 gubernatorial race in Florida. Trump, who was defeated in his re-election bid in 2020, has regularly indicated his desire to run for president again.


DeSantis shares many of Trump's policies but would provide a new face and a less confrontational manner to the Republican Party.


"DeSantis represents the developing middle ground. DeSantis would be the heavyweight in the 2024 primary if Trump were to resign tomorrow "Dan Eberhart, a significant Republican contributor and CEO of oilfield services firm Canary, LLC, said as much.


DeSantis' feud with Disney, on the other hand, bears dangers for both moderate voters and companies.


DeSantis is anticipated to approve the bill repealing a special tax district established by a 1967 statute that permits Disney to self-govern the approximately 25,000-acre Orlando region that contains its Walt Disney World theme park complex.


The legislation's financial effect on Disney is unknown, but it might spell the end of the company's decades-long autonomy at its huge Orlando amusement parks. Additionally, it might devolve into a long legal battle between DeSantis and Disney.


Democrats in the Orlando region might paint the Disney bill as "anti-economic," Eberhart said, adding that DeSantis is "in risk of overplaying his hand on Disney."


Nick Iarossi, a Tallahassee lobbyist who represents business interests and is a supporter of DeSantis who welcomed his Disney legislation, said the action was "raising concerns" among Florida businesses.


"Companies are contacting me and asking, 'What happens if I weigh in on this?' These businesses are undoubtedly rethinking their approach to, or absence from, legislative problems in Florida, since there will be negative implications "As Iarossi said.


Democrats around the country are campaigning against DeSantis on his views on Disney and LGBTQ rights.


Governor Gavin Newsom of California said Tuesday that "punishing companies for speaking out against intolerance" was a characteristic of an authoritarian administration.


Christina Pushaw, the governor's spokesman, did not reply to a request for comment.


She said on Twitter (NYSE:TWTR) that Disney had abandoned its family-friendly image in order to support opponents of a Florida legislation that prohibits school education on sexual orientation and gender identity for kindergarten through third grade students.


"Go up, get out," she tweeted.


DeSantis maintained his stance in a fundraising email sent to supporters on Wednesday.


"If Disney is looking for a battle, they picked the wrong person," the email read, as published by numerous media sources. "Now is the moment to reclaim power for Floridians and keep it out of the wallets of woke CEOs."

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