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Week ahead: All Eyes on FOMC and BoE Rate Statement

March 20, 2023

This week, the financial world eagerly anticipates crucial events, including the FOMC meeting and the BoE Rate Statement. Additionally, vital economic data, including CPI and PPI figures, will be published by major economies like Canada and the UK. Keeping a close watch on these indicators can empower traders to make more well-informed decisions.

Here are key events to watch out for:

Consumer Price Index (CPI) | Canada (March 21)

Canada’s CPI increased 0.5% in January 2023 from the previous month. 

Analysts anticipate a 0.3% increase in February.

Producer Price Index (PPI) | UK (March 22)

The PPI in the UK fell 0.6% month-on-month in January 2023, the first decline in a year and the biggest drop since January of 2019.

Analysts expect a 0.5% increase in February.

FOMC Rate Statement (March 23)

The Fed raised the target range for Fed funds by 25bps to 4.5%-4.75% in its February 2023 meeting.

Analysts anticipate the Fed will raise another 25bps to 5% at its next meeting. 

Swiss National Bank Rate Statement | Switzerland (March 23)

The SNB brought its interest rate out of the negative territory with two rate hikes in September and December 2022, ending the year with a 1% interest rate. The central bank also indicated that future rate hikes may be required to maintain price stability over the medium term.

Analysts predict that SNB will increase interest rates by 50bps to 1.5% at this month’s meeting.

Bank of England (BoE) Rate Statement | UK (March 23)

During its February meeting, the BoE voted 7-2 to raise interest rates by 50bps to 4%.

Analysts predict that the next increase will be at 25bps to 4.25%.

UK and US Flash Services and Manufacturing PMI (March 24)

In February 2023, the UK Services PMI was revised up to 53.5 from 48.7, and the UK Manufacturing PMI was revised up to 49.3 from 47. Meanwhile, the US Services PMI came in at 50.6 during the same period, above January’s 46.8. 

Analysts anticipate lower releases of the UK Flash Manufacturing and Services PMIs for February, at 48.3 and 50.7, respectively. The US Flash Services is expected to be released lower at 50.1.