{"id":595217,"date":"2019-09-19T04:12:34","date_gmt":"2019-09-19T04:12:34","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/19\/what-were-tracking-on-19-september\/"},"modified":"2019-09-19T04:12:34","modified_gmt":"2019-09-19T04:12:34","slug":"what-were-tracking-on-19-september","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/19\/what-were-tracking-on-19-september\/","title":{"rendered":"What we\u2019re tracking on 19 September"},"content":{"rendered":"

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As expected, the Fed gave the market what it wanted:<\/b> The US Federal Reserve Open Market Committee decided yesterday to enact its second interest rate cut of the year with a 25 bps reduction to 1.75-2%, citing \u201cuncertainties\u201d about the economic outlook, according to a statement<\/a>. While the decision came in line with market expectations, it also highlighted growing dissent within the Fed on its monetary policy moving forward: One committee member wanted to push through a deeper cut, while two wanted to keep rates where they were. \u201cSometimes the path ahead is clear, and sometimes less so,\u201d Fed Chair Jerome Powell said at a presser following the meeting, according to the Financial Times<\/a>. \u201cThis is a time of difficult judgments, as you can see, disparate perspectives. I really do think that\u2019s nothing but healthy.\u201d<\/p>\n

The decision is a reflection of the pessimism over the global economic growth outlook<\/b>, of which the inverted yield curve is one of the symptoms, the New York Times explains<\/a>. Manufacturing activity has been weakening, political tension is \u201ccreating uncertainty for business,\u201d and sentiment among consumers \u2014 who have been driving the economy forward \u2014 \u201cmay be wavering.\u201d<\/p>\n

You can all but pencil in a rate cut here at home when the CBE\u2019s Monetary Policy Committee meets a week from today.<\/b> Analysts already saw low inflation figures for August providing the MPC with breathing room to move ahead with further monetary easing. Look for our comprehensive interest rate poll next week for an in-depth analysis of the factors at play.<\/p>\n

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Foreign Minister Sameh Shoukry is heading to New York today ahead of the United Nations General Assembly high-level meetings<\/b>, which get underway on 24 September, according to a ministry statement<\/a>. Shoukry is set to lay the groundwork for President Abdel Fattah El Sisi\u2019s arrival in New York in a few days\u2019 time.<\/p>\n

Conference season continues here at home, with the Egyptian Private Equity Association<\/b> having kicked off its venture capital event (pdf)<\/a> yesterday at the Conrad Hotel. Events coming up this month, include:<\/p>\n