In the United States, the authority to set interest rates is divided between the Board of Governors of the Federal Reserve (Board) and the Federal Open Market Committee (FOMC). The Board decides on changes in discount rates after recommendations submitted by one or more of the regional Federal Reserve Banks. The FOMC decides on open market operations, including the desired levels of central bank money or the desired federal funds market rate.

Fed Waller Speech

Inflation Rate MoM measures month over month change in the price of goods and services.

Inflation Rate MoM

In Japan, the core inflation rate tracks changes in prices that consumers pay for a basket of goods which excludes prices of fresh food.

Core Inflation Rate YoY

In Japan, the most important categories in the consumer price index are Food (26 percent of total weight) and Housing (21 percent). Transportation and communications account for 15 percent; Culture and recreation for 9 percent; Fuel, light and water charges for 7 percent; Miscellaneous goods and services for 6 percent; and Medical care for 5 percent.  Furniture and household utensils, Clothes and footwear, and Education account for the remaining 10 percent of total weight.

Inflation Rate YoY

G20 Finance Ministers and Central Bank Governors Meeting

In Germany, the Producer Price Inflation MoM measures a month-over-month change in the price of goods and services sold by manufacturers and producers in the wholesale market.

PPI MoM

Producer prices change refers to year over year change in price of goods and services sold by manufacturers and producers in the wholesale market during a given period.

PPI YoY

Spain runs systemic trade deficits due to high imports of fuel and high added value goods. Spain’s main exporting sectors are chemicals, capital goods, food, beverages & tobacco, vehicles, and non-chemical semi-manufactures. The largest export partners are the European Union (63 percent of total exports), in particular France (15 percent) and Germany (10 percent), the rest of Europe (11 percent), in particular the United Kingdom (6 percent), the United States (5 percent), Morocco (3 percent) and China (2 percent). The largest shares by sector of Spain’s imports are those of energy products, capital goods, chemicals, food, beverages and tobacco, and consumer manufactured goods. Spain's major import partner is the EU (45 percent of total imports), in particular Germany and France (9 percent each), followed by China (11 percent), the US (7 percent), the UK (3 percent), and Turkey, Brazil and Morocco (2 percent each).

Balance of Trade

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