FxWirePro: Daily Commodity Tracker - 21st March, 2022 
BOJ Rate Decision in Focus as Yen Weakness and Inflation Shape Market Outlook 
Fed Confirms Rate Meeting Schedule Despite Severe Winter Storm in Washington D.C. 
Asian Markets Wobble as AI Fears Rattle Stocks, Oil and Gold Rebound 
U.S. Stock Futures Rise as Investors Eye Big Tech Earnings and AI Momentum 
Bank of England Expected to Hold Interest Rates at 3.75% as Inflation Remains Elevated 
Oil Prices Climb as Middle East Tensions and U.S. Inventory Data Boost Market Sentiment 
BOJ Holds Interest Rates Steady, Upgrades Growth and Inflation Outlook for Japan 
Markets React as Tensions Rise Between White House and Federal Reserve Over Interest Rate Pressure 
S&P 500 Rises as AI Stocks and Small Caps Rally on Strong Earnings Outlook 
RBA Raises Interest Rates by 25 Basis Points as Inflation Pressures Persist 
Speaking at Bloomberg’s European headquarters in London on Wednesday, Bank of England (BoE) policy maker Gertjan Vlieghe said that there is no need for interest rate rise soon. He warned that consumer finances are increasingly squeezed and the rise in inflation appears temporary.
Vlieghe, an external member of the BoE’s rate-setting committee, suggested financial markets had overestimated the chances of an interest rate rise in the year ahead. He warned that slowdown in U.K. is more likely to intensify than fade away.
Mr Vlieghe said wages showed “no sign of sustained upward momentum yet”, suggesting that “despite better than expected growth, we have not had higher-than-expected underlying inflation pressure”. He warned that consumers who have been the powerhouse of economic growth are starting to slow their spending and businesses could have a greater reaction to uncertainty as Britain moves closer to leaving the European Union.
With the benchmark rate at a record-low 0.25 percent and asset purchases “an imperfect substitute,” the BOE’s nine-member policy setting committee has less room to ease measures than to tighten, said Vlieghe.
