Key highlights of the week ended September 18

Note: This section contains information in English only.
Source: Dukascopy Bank SA
US
The Fed maintained interest rates unchanged at its crucial September meeting in light of worries about the global economy, financial markets turbulence and tepid domestic inflation. Yet, the US central bank left the door open for a modest policy tightening later this year. Even though the Fed's post-meeting statement said Jeffrey Lacker, the hawkish President of the Federal Reserve Bank of Richmond, insisted on increasing the Fed's target range on overnight rates, the overall tone of the statement was dovish.  Fed Chair Janet Yellen said that the main drag on the US economy came from a precipitous decrease in oil prices over the past year, which restrained business investment due to considerable contraction in oil drilling activity. Moreover, Yellen highlighted that a recent decline in US stock prices and an increase in the value of the Dollar already were tightening conditions in financial markets, which could hamper US economic growth regardless of how the Fed acts. 

Australia
RBA Governor Glenn Stevens delivered another optimistic assessment of the Australian economy, highlighting it could weather a serious China's slowdown. Stevens' statement appeared to lower the chances of the central bank cutting the official cash rate further from its current all-time low level of 2%. Moreover, the central bank's Governor even said that a hard landing for the world's second largest economy, where annual growth would decline below 7%, may not be enough to trigger another rate cut. Australia slashed rates twice this year to a record-low 2% to underpin investment and consumption as economic growth remains below its long-term average of more than 3%. 

Japan
The Bank of Japan refrained from boosting stimulus, as the policy board decided by an 8-1 majority vote to leave its monetary policy unchanged. As widely expected, the central bank will keep increasing the monetary base at an annual pace of 80 trillion yen. In the statement, the BoJ maintained optimism on Japan's economic outlook, claiming that domestic demand remained firm despite external headwinds such as China's slowdown. 

Europe
The Euro zone inflation unexpectedly eased in August, reinforcing the view the European Central Bank will expand its bond-buying programme to deal with economic risks associated with weak prices. The annual rate of inflation fell to 0.1% in August from 0.2% July. Meanwhile, the core measure, which strips out alcohol, tobacco, food and energy, climbed 0.9% in the reported month, after the 1.0% increase seen in July.

UK
The UK annual rate of inflation returned to zero in August after a positive reading in July, driven by falls in fuel and clothing prices. According to the ONS, British consumer prices remained flat in the reported period, compared with a year earlier, following an annual 0.1% gain in the prior month and staying in line with expectations. Month-on-month, the CPI rose to 0.2% in the reported month after dropping into negative territory in July.

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