News

PA Market Report: Overview (Mar 15 – Mar 18) & Upcoming Events March’22

priceactionadmin 3 years ago

Mar 15

Retail Sales y/y (China)

China reported Tuesday better-than-expected growth in retail sales, fixed-asset investment and industrial production to start the year. Retail sales grew by 6.7% year-on-year, topping expectations of analysts polled by Reuters for growth of 3% from a year ago.

PPI m/m (USA)

The Producer Price Index for final demand increased 0.8 percent in February, seasonally adjusted, the U.S. The Bureau of Labor Statistics reported today.

Mar 16

CPI m/m (Canada)

In February, Canadian consumer prices increased 5.7% year over year, up from a 5.1% gain in January. This was the largest gain since August 1991 (+6.0%).

Core Retail Sales m/m (USA)

Retail Sales in the US rose by 0.3% on a monthly basis in February to $658.1 billion, the data published by the US Census Bureau showed on Wednesday. This reading fell short of the market expectation for an increase of 0.4%.

Neutrality Plan To End War (USA)

Ukraine and Russia have made significant progress on a tentative peace plan including a ceasefire and Russian withdrawal if Kyiv declares neutrality and accepts limits on its armed forces, according to five people briefed on the talks.

Mar 17

FOMC Economic Projections (USA)

Fed raises IOR by 25 basis points to 0.4%, the discount rate increased to 0.5%. Indicators of economic activity and employment have continued to strengthen. Job gains have been strong in recent months, and the unemployment rate has declined substantially.

Employment Rate (Australia)

Seasonally adjusted estimates for February 2022: the unemployment rate fell to 4.0%. The participation rate increased to 66.4%. Employment increased to 13,372,000. The employment to population ratio increased to 63.8%. The underemployment rate decreased to 6.6%. Monthly hours worked increased by 149 million hours.

Monetary Policy Summary, March 2022 (London)

The MPC sets monetary policy to meet the 2% inflation target, and in a way that helps to sustain growth and employment. At its meeting ending on 16 March 2022, the MPC voted by a majority of 8-1 to increase Bank Rate by 0.25 percentage points, to 0.75%. One member preferred to maintain the Bank Rate at 0.5%.

Mar 18

Existing Home Sales (USA)

In February, existing-home sales fell to a seasonally adjusted annual rate of 6.02 million. Sales were down 7.2% from the prior month and 2.4% from one year ago.

‘Aggressive’ Rate Hikes To Combat Inflation (USA)

The US central bank should move more quickly to increase the benchmark lending rate in order to contain high prices despite the uncertainty surrounding the war in Ukraine, Federal Reserve Governor Christopher Waller said Friday.