September 21, 2023

The Gist

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Your Morning Fix

  • US treasuries and equity indices continued to decline as investors digested the Federal Reserve’s remarks as well as lower-than-expected initial jobless claims at 201,000 vs. 225,000 forecast, which shows a still strong labor market.
  • The Bank of England (BOE) decided to pause its policy rate at 5.25% after a tight 5-4 vote. The central bank has been hiking rates at every monetary policy meeting since November 2021.
  • The Bangko Sentral ng Pilipinas (BSP) kept its policy rate unchanged at 6.25% as expected, but it signaled another rate hike in November should inflation pressures persist.
  • The BSP revised its full-year average inflation forecasts from 5.6% to 5.8% for 2023 and 3.3% to 3.5% for 2024, reflecting the impact of weather disturbances, rising oil prices, and the depreciation of the peso.
  • The National Economic and Development Authority (NEDA) has drafted an executive order that will expedite the processing and implementation of infrastructure flagship projects. There are 197 approved projects worth PHP 8.71 trillion, 12 of which are expected to be completed by year-end.
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Fine Living 4 MIN READ

Everyday outfits for the office: A guide to power casual dressing

Casual dressing is the perfect go-to outfit anytime and anywhere, even at work. Here’s how we can get the right match for your power casual dressing looks.

By Angela Kiara S. Brillantes, BusinessWorld September 22, 2023
Economy 3 MIN READ

The continuing challenge of rising rice prices 

Rice makes up 8.9% of the basket of goods and services used to measure inflation. How we manage the price of rice in periods of volatility is critical.

By Ina Judith Calabio September 22, 2023
Economy 2 MIN READ

Back-to-back US Fed and BSP action: Still higher for longer

Despite benchmark interest rates remaining steady, rate hikes are not yet off the table.

By Metrobank Research September 22, 2023
Economy 2 MIN READ

Peso GS Weekly: Keeping an eye on the 10-year auction 

This week, the 10-year auction takes center stage. It is an opportunity for those who were priced out of the 7-year offering last week to take positions.

By Geraldine Wambangco September 19, 2023
Economy 6 MIN READ

September 2023 Updates: Upward revisions to inflation

August inflation has risen anew due to supply-driven shocks, prompting us to revise our 2023 outlook.

By Metrobank Research September 19, 2023
Equities 2 MIN READ

Companies’ earnings expected to slow down in 2024

Inflation and high oil prices are hampering the ability of companies to generate revenues.

By Anthony O. Alcantara September 19, 2023

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Explainer Articles
Explainer 3 MIN READ

In looking at inflation, why do real rates matter? 

Nominal and real interest rates are two sides of the same coin. Knowing the differences can help you understand the real return of an asset and help investors and borrowers chart their course.

Key Points
  • What is the difference between real vs. nominal interest rate?
  • How do we calculate the real interest rate?
  • How do we interpret positive or negative real rates?
  • How does monetary policy affect real interest rates?
Strategy Updates

Strategy Update July 2023

This contains the strategy update of Metrobank as of July 12, 2023.

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