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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Economists widely anticipate a rate cut by the Swiss National Bank (SNB) during its upcoming monetary policy assessment, with discussions centered on whether it will be 25 or 50 basis points. The Swiss economy is facing challenges, including low inflation and rising unemployment, prompting calls for a more substantial cut to stimulate growth. Analysts suggest that the SNB's previous communication has set expectations for a reduction, making a 50-basis-point cut necessary to address the current economic landscape.
U.S. job growth experienced a significant increase in November, rebounding from previous constraints caused by hurricanes and strikes. However, this surge is unlikely to indicate a substantial change in the labor market, which continues to show steady easing, paving the way for potential interest rate cuts by the Federal Reserve this month.
Payrolls surged by 227,000 in November, surpassing expectations, while the unemployment rate rose to 4.2% as the labor force participation rate declined. Job gains were primarily in health care, leisure and hospitality, and government, though retail trade saw a drop of 28,000 jobs. Average hourly earnings increased by 0.4% from the previous month, supporting expectations for a potential interest rate cut by the Federal Reserve in December.
Canada's jobless rate surged to 6.8%, the highest in three years, despite adding 51,000 jobs in November. This increase, driven by a rise in job seekers and temporary layoffs, suggests a stronger case for the central bank to accelerate rate cuts. Economists had anticipated a smaller job gain and a lower unemployment rate of 6.6%.
The Reserve Bank of India (RBI) has raised the interest rate ceiling for foreign currency non-resident (FCNR-B) deposits to attract more forex inflows as the rupee faces pressure. NRIs can now open term deposit accounts in foreign currencies without exchange rate risk. The new rates apply to deposits with maturities between 1 and less than 3 years, capped at the relevant reference rate plus 400 basis points.
Kenya's central bank Governor Kamau Thugge urged commercial banks to aggressively reduce loan rates to align with falling borrowing costs, aiming to stimulate the economy. Despite a cumulative 175 basis points cut in the policy rate over three meetings, banks have been slow to adjust their rates.
Swati Dhingra, a member of the Bank of England's Monetary Policy Committee, has expressed concerns over the current high interest rates, stating they are excessively restrictive and negatively impacting consumer spending and business investment. She emphasized the risks of weak consumption and investment, advocating for a policy easing to support economic stability.
The European Central Bank is investigating the use of debt leverage by investors in significant risk transfers (SRTs) as part of its oversight of this growing financial tool. A questionnaire has been sent to leading European banks to gather insights on the conditions and policies related to leveraging SRT purchases. The ECB aims to understand the terms under which banks are willing to extend leverage against these holdings.
UK Prime Minister Keir Starmer indicated that his government may need to consider tax increases in response to unforeseen economic shocks, diverging from Chancellor Rachel Reeves's earlier commitment to businesses not to raise taxes during this Parliament. In an interview, Starmer acknowledged the unpredictability of events like Covid and the Ukraine crisis, emphasizing that circumstances could arise that would necessitate a change in fiscal policy.
Pantera Capital's Bitcoin Fund has achieved a staggering 1,000x return since its 2013 launch, while Bitcoin recently faced a correction after nearing $100,000. Major acquisitions by firms like MicroStrategy and Jiva Technologies highlight ongoing institutional interest, despite bearish on-chain metrics suggesting potential consolidation ahead.
Central Bank Actions
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Swiss National Bank Expected to Cut Rates Significantly Amid Economic Concerns
Swiss Franc
Raiffeisen-Osteuropa-Rent
Julius Bär
J. Safra Sarasin Anlagestiftung 2
CHE
Martin Schlegel
Karsten Junius
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14:46 06.12.2024
US Job Growth Surges in November Amid Easing Labor Market Conditions
14:40 06.12.2024
US Payrolls Surge in November but Unemployment Rate Edges Higher
United States Dollar
Morgan Stanley
The Goldman Sachs Group, Inc.
USA
Jerome Powell
Lindsay Rosner
Ellen Zentner
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14:30 06.12.2024
Canada Jobless Rate Rises to 6.8 Percent Despite Employment Gains
14:30 06.12.2024
RBI Increases Interest Rate Ceiling for FCNR-B Deposits to Attract Forex Inflows
13:38 06.12.2024
Kenya Central Bank Urges Banks to Cut Loan Rates to Boost Economy
13:16 06.12.2024
Bank of England Official Calls for Rate Cuts to Boost Economy
13:11 06.12.2024
ECB Investigates Bank Policies on Leverage for Significant Risk Transfers
13:04 06.12.2024
Starmer Signals Potential Tax Increases Amid Economic Uncertainties
13:02 06.12.2024
bitcoin surges towards 100k as market dynamics shift and firms invest
Microsoft Corporation
JIVA Technologies Inc.
MARA Holdings, Inc.
MicroStrategy Inc
Boyaa Interactive International Ltd
Ryan Chowdhury
Michael J. Saylor
Gary Gensler
Brian Armstrong
Charles Haywire Patoshik
Jane Adams
Avik Roy
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13:00 06.12.2024
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