Markets
Typically, in a week with and would be cause for some excitement, but the current central bank apparatus is atypical. The BoJ passed without fanfare as they continue to play the yields against the numbers game. The FOMC has so many new programs in play; it is doubtful they follow with anything new. Besides, since the US economy is still contracting and the bottom trench is not apparent, the Fed probably is not ready to shift its focus to medium-term policy
The ECB could do something though it is not clear what they would do or why they would do anything as the fiscal integration story continues to be the main narrative. But there remains a surprising amount of chatter yesterday, but today it’s bordering in the idle variety.
Hence the reason FX markets are stuck in neutral today ahead of the two leading central banks that drive global currency policy
spot has been confined to a 7.08-7.10 range, largely following broad moves, though the RMB index continues to trade…
