Latest news with #QT
The Hindu
15-05-2025
- Business
- The Hindu
Japan's fiscal woes put BOJ bond taper plans to test
While the BOJ is unlikely to ramp up bond buying, the rise in super-long yields could affect its decision on the pace and composition of future quantitative tightening (QT), say analysts and sources familiar with the central bank's thinking. "Having ditched yield curve control last year, long-term interest rates are no longer monetary policy tools for the BOJ," one of the sources said. "The key would be whether the rise in super-long rates affects yields for other maturity zones." Yields on super-long Japanese government bonds (JGB) have risen steadily since April even as those on other maturities remain stable, with the 40-year yield hitting a record high of 3.445% on Thursday. While the rise is driven partly by dwindling demand from life insurers, it also reflects market expectations of Japan's worsening finances as lawmakers escalate calls for huge spending and tax cuts ahead of an upper house election slated for July. "Investors are shunning super-long bonds on worries about Japan's fiscal problems. That's eroding liquidity and causing market distortions unseen in the past," said Katsutoshi Inadome, senior strategist at Sumitomo Mitsui Trust Asset Management. While the BOJ's QT plan is unlikely to have a direct effect on its rate-hike path, a spike in bond yields could hurt business confidence and make it harder to convince the public of the need to push up short-term borrowing costs. The market rout comes at a delicate time for the BOJ, which will review at next month's policy meeting an existing QT programme running through March, and come up with a bond taper plan for April 2026 onward. Under the current plan laid out last year, the BOJ has been slowing bond purchases by around 400 billion yen ($2.74 billion) per quarter to halve monthly buying to 3 trillion yen by March 2026 - a pace that will diminish the bank's $3.9 trillion balance sheet by up to 8%. Next week, the BOJ will conduct consultations with banks, insurers and other market participants for their views on the desirable pace of tapering. The findings will serve as a basis for the board's decision on the QT plans at the June 16-17 rate review. No quick fix The QT plan is a crucial part of the central bank's strategy to wean the economy off decades of ultra-loose monetary policy. After a fairly smooth start with an end to negative rates and bond yield control last year, its policy normalisation has been disrupted by U.S. President Donald Trump's tariffs, which are expected to cause some delay in raising short-term rates from 0.5%. Many analysts expect the central bank to make no change to its current QT plan, and roughly maintain or slightly slow the pace of tapering from fiscal 2026, to avoid upending markets. The recent spike in super-long bond yields could draw calls from market participants for the BOJ to fine-tune the composition of the bonds it buys. It may also discourage the BOJ from pursuing a faster taper in future QT plans, analysts say. Taking note of the "significant rise" in super-long yields, one board member said the BOJ must pay attention to liquidity conditions for each maturity at the June QT review, according to a summary of opinions at the April 30-May 1 meeting. "The hurdle for changing the current taper size is extremely high," though the rise in super-long yields could affect discussions on future QT plans, another source said. As with the existing QT plan, the new programme extending beyond April will seek to give markets predictability on the tapering pace, while leaving the BOJ some flexibility in adjusting purchases, the sources said. That may prove tricky if market distortion persists, or leads to a broader bond sell-off driven by waning market trust over Japan's finances, analysts say. Although Prime Minister Shigeru Ishiba has resisted calls to cut the consumption tax rate, he is under pressure from within his party to compile a fresh spending package - a move that will add to Japan's huge public debt. Mari Iwashita, executive rates strategist at Nomura Securities, points to structural factors that may keep bond markets fragile, such as the BOJ's diminishing presence, waning appetite for super-long bonds and a political over-reliance on fiscal spending. "Such structural factors are irreversible, and not something the BOJ alone can fix," she said.
Qatar Tribune
12-05-2025
- Business
- Qatar Tribune
QT hosts 1st Qatar Tourism Awards Alumni Network gathering
Tribune News Network Doha Qatar Tourism (QT) hosted the inaugural Qatar Tourism Awards Alumni Network event on May 12, at Mandarin Oriental, Doha – winner of the Outstanding 5-Star Hotel 2024 Qatar Tourism Awards. The Qatar Tourism Awards Alumni Network brings together winners from the first two editions of the Awards, alongside industry leaders and senior management from Qatar Tourism. During his welcome speech, Chairman of Qatar Tourism, Saad bin Ali Al Kharji, said, 'Through this forum, we create a platform for the exchange of ideas, success stories, and opportunities for collaboration, with the goal of drawing insights from the achievements of the Qatar Tourism Award recipients. These shared experiences serve to enhance the quality of tourism services and support the development of a more competitive and distinguished sector at both regional and international levels. At Qatar Tourism, we firmly believe that recognition should not end with the award itself but rather serve as the foundation for a continued partnership – one that fosters professional growth and reinforces the culture of excellence we strive to embed across all facets of our tourism sector.' The event featured a panel discussion on leadership, sustainable innovation, and the role of professional recognition in advancing organisational growth and excellence. The conversation highlighted participants' experiences in promoting Qatari identity, expanding the reach of digital tourism, and enhancing the overall experience for residents and visitors. Moderated by Jassim Mahmoud, director of PR and Communications at Visit Qatar, the panellists included Eng. Ali Mohammed Al Kuwari, CEO of Msheireb Properties, winner of the 'Leading Tourism Facility Sustainability Award', 'Iconic Local Attractions Award', 'Smart Solutions Award' and 'Cultural Experience Award', Nada Al Sulaiti, founder of Hairaat and winner of the Leading Local Retail Brand award, Saoud Al Kuwari, Tourism Influencer of the Year; Ammar Samad, general manager of Zulal Wellness Resort, winner of Exceptional Resort Experience and Exceptional Spa Experience for both Year 1 and Year 2; Shane Eldstrom and CEO of Place Vendôme, winner of the Premier Shopping Mall Experience award. The panellists shared perspectives on how to leverage the awards to support institutional development and concluded the session with practical advice and encouragement for prospective applicants of the next edition of the awards.
Qatar Tribune
03-05-2025
- Business
- Qatar Tribune
Strategic partnerships at ATM 2025 to boost Qatar's global tourism growth
DOHA: Qatar Tourism (QT) and Visit Qatar have successfully concluded their participation in the 32nd edition of Arabian Travel Market (ATM) 2025, held recently at the Dubai World Trade Centre. The event provided Qatar with a significant platform to highlight its growing position as a leading global tourism destination. QT said in a statement, that leading a delegation of 46 partners, including hotels, resorts, and destination management companies, Visit Qatar and Qatar Tourism showcased the country's diverse tourism offerings through a 600 sqm pavilion. Activations included the 'Explore Qatar' digital experience, live demonstrations of traditional calligraphy, Sadu weaving, pottery, a cafe experience by Qinwan, and a thrilling 4Dx activation bringing Meryal Waterpark to life, said QT. Several high-level meetings were also held, with prominent figures in the regional and global tourism sector, to discuss bilateral cooperation and means ofآenhancing prospects for strategic partnerships. Qatar's pavilion was also recognised with the Sustainability award by ATMآfor its innovative design, which incorporated eco-friendly materials, energy-efficient fittings, and smart digital technologies, reflecting Qatar's commitment to responsible tourism development. Qatar's participation at ATM 2025 was further marked by several major announcements. Qatar Tourism revealed a partnership with Celestyal Cruises to deploy two ships, MS Celestyal Journey and MS Celestyal Discovery, for the Winter 2025 cruise season, expected to bring over 40,000 additional visitors to Doha. A new twin-centre holiday initiative, launched in collaboration with the Department of Culture and Tourism in Abu Dhabi, offers seamless multi-city travel packages through Qatar Airways Holidays and Etihad Holidays, targeting key European and North American markets. In addition, Visit Qatar signed a memorandum of Understanding (MoU) with Huawei to develop data-driven marketing strategies across China, Europe, and the GCC, using Huawei's advanced digital platforms and AI-powered travel tools. Another MoU with Flynas was signed to enhance air connectivity and boost tourist traffic between Qatar and Saudi Arabia, particularly during major events. A partnership with Satguru Travel was also established to expand Qatar's presence in African markets and tailor promotional efforts for these regions. Qatar Tourism and Visit Qatar's participation in ATM 2025 marks a significant step forward in promoting Qatar's tourism landscape, strengthening international partnerships, and supporting the long-term success of Qatar's economic and tourism goals.
Yahoo
30-04-2025
- Automotive
- Yahoo
Wichita Mountains ride unites faith and community members
WICHITA FALLS (KFDX/KJTL) — Ride to the Wichita Mountains with family and friends for a prayer gathering for the Citywide Ride to the Wichita Mountains. This ride is open to all bikers, including those riding two- and three-wheel bikes. Riders should gather at the QT at 1526 Old Iowa Park Road by 9 a.m., Saturday, May 10, and kickstand up at 9:30 a.m. After riding through Grandfield and Chattanooga, there will be a prayer gathering at the Holy City with a message from the chaplain and prayer rings. Riders are free to enjoy the mountain and return home on their own time. This event is free to attend. Organizers said this is a great opportunity for people who ride by themselves or in a small group. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Economic Times
24-04-2025
- Business
- Economic Times
Fed's Hammack sees more runway for Fed balance sheet cuts
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Conditions still support ongoing reductions in the Federal Reserve's balance sheet, Cleveland Fed President Beth Hammack said on Wednesday, as she also noted that amid great uncertainty now is not the time to change monetary policy."This is not a good time to be preemptive" with monetary policy, she said, adding that now is a time to be patient and see how the data come in before acting on interest at a meeting of the Money Marketeers of New York University, spoke at length on her views on the Fed's balance sheet."We still appear to have more than enough reserves in the system so that active management isn't needed," Hammack more room to run on shrinking Fed holdings - the process widely referred to as quantitative tightening , or QT - Hammack said there are risks for financial stability in keeping Fed holdings too large."To the extent that a large balance sheet with more-than-ample reserves dampens money market volatility , it also promotes risk-taking in financial markets," she said that over time, temporary market interventions by the Fed to manage short-term swings in volatility could be warranted."There may be scenarios in which the Federal Reserve would need to add temporary liquidity," she said. "In that case," she said, "nothing would prevent" the New York Fed "from using its standard tools of open market operations to maintain the fed funds target range even if reserves were ample."The Fed last month decided to substantially slow the ongoing drawdown of its holdings of Treasury and mortgage bonds. Since 2022 the Fed has been allowing bonds it owns to mature and not be replaced. It has twice slowed the pace of that contraction to better allow policymakers to ensure they are not pulling out liquidity too said she supported the slower drawdowns. While there were still enough reserves in the system to press forward, "I expect that by slowing the pace of runoff, we will be able to let the process continue for longer," she said."I interpret this slower pace to emphatically not be a signal of a permanently larger balance sheet than would have been the case without a slowdown."Via QT, the Fed has been withdrawing money it added during the COVID-19 pandemic and its aftermath. Bond purchases aimed at stabilizing markets and providing stimulus more than doubled the size of Fed holdings to $9 trillion. The contraction process has brought the balance sheet down to $6.8 is unclear how far the Fed will be able to shrink its holdings, as it works toward a landscape where there is enough liquidity to allow for normal market volatility and for the Fed to retain firm control over its short-term interest rate officials believe the newly reduced pace of drawdown will allow QT to reach its natural endpoint without creating market from Hammack ahead of the Fed's March policy meeting suggest she would have preferred another path for the balance sheet. In a February Reuters interview, she noted her desire for a steady QT pace and the use of repo operations to deal with any liquidity needs the market might have around market volatility tied to government efforts to manage its on the Fed balance sheet has been renewed amid high levels of market volatility tied to the twists and turns of President Donald Trump's tariff regime. Stress has been such that some have wondered if the Fed might have to intervene with market-stabilizing bond purchases if trading became truly said that markets have appeared orderly amid the high levels of volatility, with investors being able to reposition money. Echoing recent comments from Fed Chairman Jerome Powell, Hammack said, "I think there has to be incredibly high bar for the Fed to step in and say things aren't working. We need to be there" to support markets.
