PBOC Governor Pan Gongsheng met Goldman Sachs president and COO John Waldron on October 9, the central bank said, with the two exchanging views on global financial conditions and China’s macroeconomic policy. The meeting is routine diplomacy, but the timing, amid the global bond selloff and a weakening yuan debate, makes it worth noting.
Fed Vice Chair Michelle Bowman sat down with the Atlantic Council on October 8 for a podcast on rates, regulation and AI. The conversation was light on fresh rate signals, her October 6 speech had already covered the regulatory modernization agenda, but it keeps the vice chair’s framework visible two and a half weeks before the October 27-28 FOMC.
The Bank of Canada announced a fireside chat with Governor Tiff Macklem on October 14, his next public outing ahead of the BoC’s October 28 decision, one of the meeting dates markets are watching across the G10.
Today’s data point to watch is the preliminary October University of Michigan consumer sentiment survey at 10am ET, the first read on household expectations since the NY Fed put one-year inflation expectations at 3.9 percent, the highest since May 2023.
In Asia, the Bank of Japan held the 25th meeting of its Council for Cooperation on Financial Stability on October 9, the standing macroprudential forum with the FSA and MOF, with no market-relevant output. The RBI ran its usual liquidity plumbing: a 10-day and a 3-day variable rate reverse repo auction on October 9 under the LAF, routine reserve management with no policy signal.
On the regulatory front, the Federal Reserve Board announced an enforcement action against American Express on October 8 addressing supervisory findings, routine supervisory plumbing rather than a rates event. And the Treasury conducted a buyback operation in 20- to 30-year securities on Thursday, the program the FOMC minutes cited as one of the contributors to higher term premiums.