Bank of Canada Holds Interest Rate at 2.25% Amid Trade and Global Uncertainty 
ECB Signals Steady Interest Rates as Fed Risks Loom Over Outlook 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
Bank of England Expected to Hold Interest Rates at 3.75% as Inflation Remains Elevated 
Jerome Powell Attends Supreme Court Hearing on Trump Effort to Fire Fed Governor, Calling It Historic 
Japan Declines Comment on BOJ’s Absence From Global Support Statement for Fed Chair Powell. Source: Asturio Cantabrio, CC BY-SA 4.0, via Wikimedia Commons 
FxWirePro: Daily Commodity Tracker - 21st March, 2022 
U.S. Urges Japan on Monetary Policy as Yen Volatility Raises Market Concerns 
Data released earlier today showed euro area headline inflation fell back in February to a one-year low of -0.2% y/y, while core inflation slowed to 0.7% from 1.0%. February's drop in euro-zone CPI inflation back into negative territory piles pressure on the ECB to deploy more stimulus at next week's council meeting.
Data liekly causes causes jitters at the ECB, which fears "second round effects from the oil price decline" because trade unions would in the future demand fewer wage increases due to the lower energy prices, which are increasingly reflected also in the core rate of inflation. The ECB Council may now decide rather more than fewer additional expansionary measures next week.
Societe Generale Economics forecasts 20bp cut in the deposit rate, introduction of two-tier interest rate charge on excess reserves, extension of the 3y TLTRO at March ECB meet.
