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The Philippine peso is trading precariously close to its all-time low against the US dollar. This is driven by the nation’s central bank signaling a potential policy shift toward looser monetary policy. The dovish pivot comes amidst a fragile economic recovery and persistent inflation. The current strong US dollar environment is also putting pressure on the peso and most currencies worldwide.
HONG KONG, China — Markets fell in Asia and Europe on Friday, tracking a sell-off on Wall Street sparked by a string of better-than-expected US data that added to worries the Federal Reserve will hold off on cutting interest rates this year.
The US Federal Reserve (the Fed) [link] released the minutes of the meetings held by the Federal Open Markets Committee (FOMC), the body charged with making the decision on interest rates, and a reading of the minutes revealed concern by officials that “recent monthly data had showed significant increases in components of both goods and services price inflation”, and that “in recent months there had been a lack of further progress toward the Committee’s 2 percent objective.” The notes also revealed that “various” meeting participants were willing to raise rates further “should risks to inflation materialize in a way that such an action became appropriate.” Some participants “noted signs that the finances of low- and moderate-income households were increasingly coming under pressure”, which the FOMC considered to be a “downside risk to the outlook for consumption”. The FOMC noted the rise in the use of “credit cards and buy-now-pay-later services” and “increased delinquency rates for some types of consumer loans” as evidence of this trend.MB BOTTOM-LINE: The US situation is not exactly like ours, so I hesitate to draw direct comparisons, but how the FOMC thinks and acts do tend to lead the global narrative on the high-level approach to fighting this inflationary problem. It’s interesting to me to hear the FOMC participants mention the worsening situation of low/middle-income households and point to the use of credit cards and predatory lending services as signals to be used to monitor this problem. This stood out to me because that’s what I’ve been noticing here. The low/middle-income families that I know are all stretched way too thin (and have been for years now), and are juggling multiple forms of informal and predatory debt to make ends meet. We’ve been seeing credit card use statistics skyrocket, and I’ve noted (when I can) the language that sometimes accompanies those reports cheering credit growth which mentions, in a throw-away kind of way, that the use of credit card debt to finance the purchase of groceries and other household essentials is both significant and on the rise. Is this just a continuation of the “k-shaped” recovery from the pandemic? How
HONGKONG , China — Markets in Asia and Europe suffered a downturn Tuesday after racking up a series of gains as profit-takers stepped in, while traders were also spooked by a surge in commodity prices.
HONG KONG, China — Equities rose Monday, extending a rally in New York that saw the Dow close at a record high, with sentiment boosted by China's plan to support its struggling property sector and hopes for a US interest rate cut.
"Tulungan natin ang mahihirap nating kababayan, yung mga helpless at yung mga hopeless. Sino pa bang magtutulungan kundi tayong kapwa Pilipino," Senator Christopher "Bong" Go stressed in a video message during his Malasakit Team's relief effort for indigents at the municipal gymnasium of Nagcarlan in Laguna on Tuesday, May 14.
MONETARY authorities will likely hold fire anew during today's policy meeting given the latest inflation and growth results, Finance Secretary Ralph Recto said.
HONG KONG, China — Asian markets wobbled Wednesday ahead of key US inflation data later in the day, with traders struggling to pick up the baton after a record performance on Wall Street.