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A Reuters poll shows that 14 of 27 economists expect the Reserve Bank of New Zealand (RBNZ) to raise the official cash rate to 2.50% or higher by the end of the third quarter; the median forecast for the official cash rate at year-end is 2.75% (compared to 2.50% in the April survey). 28 of the 29 economists expect the RBNZ to keep the cash rate at 2.25% on May 27.On May 22, Li Chao, Deputy Director of the Policy Research Office and Spokesperson of the National Development and Reform Commission, stated at a press conference that the core technologies and application demands in the field of artificial intelligence are showing rapid growth. We consistently adhere to a systematic approach, sector-specific policies, openness and sharing, and security and controllability, promoting the extensive and deep integration of artificial intelligence with all sectors of the economy and society. We guide domestic large-scale models to increase their adaptation to domestic computing chips, ensuring independent control, ethical development, and steady progress while maintaining rapid development, so that all people can share the fruits of artificial intelligence development. This is also a prominent feature of my countrys artificial intelligence development.The main fuel oil contract fell by 2.00% during the day, and is currently trading at 4037.00 yuan/ton.On May 22, Li Chao, Deputy Director of the Policy Research Office of the National Development and Reform Commission, stated at a press conference that the Commission, in conjunction with relevant departments, has formulated lists of integrated circuit companies or projects eligible for tax incentives, as well as lists of software companies, for six consecutive years. Overall, the tax incentive policies have effectively reduced costs, promoted R&D, and stabilized expectations, powerfully driving the rapid development of industries such as integrated circuits, basic software, industrial software, and artificial intelligence software.On May 22, Li Chao, Deputy Director of the Policy Research Office of the National Development and Reform Commission, stated at a press conference that supporting loans for technological upgrading and equipment renewal is one of the important measures to promote the implementation of the "two new" policies (new industries and new business models). In recent years, various departments have focused on the needs of enterprises and continuously optimized and improved relevant policies and measures. For example, in terms of expanding the scope, this years re-lending quota for technological innovation and technological upgrading has increased from 500 billion yuan to 1.2 trillion yuan, and the scope of support has been expanded to 14 fields, including electronic information, artificial intelligence, facility agriculture, and consumer commercial facilities. These are all key areas with active equipment renewal, which are conducive to the transformation and upgrading of traditional industries or the incubation of new productive forces. At the same time, private small and medium-sized enterprises with high R&D investment levels have also been included in the support scope. In terms of improving quality, this years interest rate for re-lending for technological innovation and technological upgrading has been reduced from 1.75% to 1.25%, and the fiscal subsidy standard for equipment renewal loans has been increased from 1 percentage point to 1.5 percentage points.

USD / JPY Strikes Above 136.20 As Fed Rate Increase Worries Return

Daniel Rogers

Mar 02, 2023 16:07

 

 

The USD / JPY pair is battling in the Asian session to maintain its auction above 136.40, while the downside looks to be supported around 136.00. The asset is expected to continue rising and surpass the 136.40 resistance mark as investors foresee the Federal Reserve (Fed) raising interest rates to strengthen its defense against persistent inflation.

 

Following a down day on Wednesday, S&P500 futures recorded modest gains during the Asian session, signaling a minor improvement in investors' risk appetite. Despite this, the market as a whole is very risk adverse. The spread of the US Dollar Index (DXY) is expected to narrow after a period of chaotic swings.

 

It indicates that the Federal Reserve's (Fed) officials' hawkish stance has revived US Treasury prices.

 

Raphael Bostic, President of the Atlanta Fed, predicted that the central bank would increase the terminal rate to a level of 5.00% to 5.25% in view of the Consumer Price Index's (CPI) enduring nature. The Fed policymaker also thinks the central bank will continue to have a high final rate after 2023. Additionally, Fed Chief Jerome Powell has reaffirmed that an early rate cut could have disastrous consequences for the inflation scenario.

 

It is clear that a future rise in the price index is expected after Wednesday's release of the US ISM Manufacturing PMI. The New Orders Index and Manufacturers' Prices Paid were able to show that the inflation scenario is getting more complicated despite the February PMI figures' failure to wow the market. Figures increased to 47.0 from 43.7 anticipated and 42.5 earlier published, indicating a strong order book. The Manufacturing Price Paid increased to 51.3 from 45.0, as opposed to the average forecast of 45.0, and from 44.5 in the previous report, suggesting that the Producer Price Index (PPI) may soon show a surprise increase.

 

On the Tokyo front, the Japanese Yen is being impacted by a string of dovish remarks from Bank of Japan (BoJ) officials. Following dovish remarks from BoJ Governor-nominee Kazuo Ueda and BoJ Deputy Governor Ryozo Himino, board member Junko Nakagawa also considered the present monetary policy appropriate. "An expansionary strategy is absolutely essential for maintaining the economy and increasing earnings," he said.


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