1 February 2024
Money in the Market: March rate cut shut down - Why investors may need to brace for more volatility
“Not so soon” - That’s what Chair Jerome Powell signalled in his speech, following the latest interest rate decision, to the traders eagerly hoping for an interest rate cut to begin soon. Policymakers once again cemented the end of their aggressive campaign to push up interest rates, and sought to reset expectations for how soon and how fast they’ll cut this year. On Money in the Market, Hongbin Jeong speaks to Vishnu Varathan, Head of Economics & Strategy, Asia at Mizuho Bank, to find out more about the latest interest rate decision and when we could expect a rate cut now.

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2 November 2023
Money in the Market: Are we finally done with interest rate hikes?
As widely expected, the US Federal Reserve held interest rates steady, but once again left the door open to further increase in borrowing costs.
But this time, there was a dovish pivot from Fed Chair Jerome Powell.
He’s hinted that the central bank may now be finished with the most aggressive tightening cycle in four decades.
On Money in the Market, Hongbin Jeong speaks to Vishnu Varathan, Head of Economics & Strategy, Asia at Mizuho Bank, to find out more.

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5 June 2023
Money in the Market: What does the US debt ceiling deal mean for global markets?
The US has averted a catastrophic debt default. The deal that's been brokered limits federal spending for two years and suspends the debt ceiling through the 2024 election. What does this mean?
How are markets likely to react if the US Federal Reserve opts for another rate hike - and what kind of impacts will that have on the US economy?
On Money in the Market, Hongbin Jeong speaks to Vishnu Varathan, Head of Economics & Strategy, Asia at Mizuho Bank to find out more.

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5 May 2023
Money in the Market: If the Fed doesn’t cut rates - will this trigger a recession? Or even a stagflation?
Wall Street’s excitement about a potential pause in the Federal Reserve’s aggressive tightening campaign was not enough to keep the stock rally going, with chair Jerome Powell says it may be too soon to cut rates.
So what does that mean? If the Fed does not cut rates by the end of this year, would that be enough to trigger a recession? Or perhaps even a stagflation?
On Money in the Market, Hongbin Jeong speaks to Vishnu Varathan, Head of Economics & Strategy, Asia at Mizuho Bank, to dive deeper into this latest interest rate decision by the Fed.

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23 March 2023
Money in the Market: Fed opts for 25 basis points - is this dovish?
The Fed opted for a 25 basis point hike. Officials, though, did consider pausing increases in the days leading up to the meeting but in the end the hike got unanimous support. Fed Chair Jerome says the bottom line is inflation is still too high and more interest rate increases are needed. So what does this mean now for the banking sector? Will the Fed pause soon? Or will rates continue to go higher for longer? On Money in the Market, Hongbin Jeong speaks to Vishnu Varathan, Head of Economics & Strategy, Asia at Mizuho Bank to find out more.

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2 February 2023
Money in the Market: Why are markets ignoring Fed chair Powell's repeated warning?
The Federal Reserve has raised its target interest rate by a quarter of a percentage point, yet policy makers have continued to promise “ongoing increases” in borrowing costs. But despite another warning that rate hikes are here to stay for longer - investors took heart from the chair’s remarks acknowledging that price pressures have started to ease. On Money in the Market, Hongbin Jeong speak to Vishnu Varathan, Head of Economics & Strategy, Asia at Mizuho Bank on how markets have reacted after this decision and what we can make of Jerome Powell’s speech.

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4 January 2023
Bigger Picture: Singapore's Q4 growth slump a sign of more
Vishnu Varathan, Head of Economics & Strategy, Asia at Mizuho Bank discusses the pressures and bright spots for Singapore's economy in 2023, amid China's reopening boost but also the rising risk of a global recession.

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14 December 2022
Money in the Market: Does the US CPI data change the course of the Fed's rate hike path?
US Consumer-price data suggests the worst of US inflation may have passed, making it easier for officials to downshift to a smaller rate increase this week. Will the US Fed deliver a 50 basis point hike? But even if they do, will they continue its hike path for longer? On Money in the Market, Vishnu Varathan, Head of Economics & Strategy, Asia at Mizuho Bank joins us to help break down those inflation numbers and to tells us what to expect for the US Fed rate hike decision.

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31 October 2022
Money in the Market: Will the US Fed make a dovish pivot?
A slew of economic data out today - Japan's factory output fell in September for the first time in four months, while South Korea's industrial output fell in September for the third month in a row. Disappointing data out from China as well - with factory and services activity falling on relentless COVID curbs. On Money in the Market, Vishnu Varathan, Head of Economics & Strategy, Asia at Mizuho Bank, tells us what this means for their respective economy and what we can also expect for that upcoming US Fed interest rate decision.

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8 September 2022
Money in the Market: What will a 75 basis point rate hike mean for Asian markets?
Investors will be closely watching Federal Reserve Chair Jerome Powell’s speech later today as markets brace for another 75 basis-point hike later this month. And the European Central Bank is set to raise its own interest rate hike later this evening as well - and markets are placing their bets on a 75 basis point rate hike. But what does this mean for markets in the region? On Money in the Market, Vishnu Varathan, Head of Economics & Strategy, Asia at Mizuho Bank, joins us to tell give us more insights on what to expect.

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15 August 2022
In today's Breakfast Brief, we discuss with Vishnu Varathan, Head of Economics & Strategy, Asia, Mizuho Bank about signs of inflation easing up from last week’s data, what to expect from China's data dump that will include new home prices, retail sales and industrial production.

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12 July 2022
Money in the Market: Can we see US inflation data for June to cool after seeing it hit the highest in 4 decades in May?
On Money in the Market, Hongbin Jeong speaks to Vishnu Varathan, Head of Economics & Strategy, Asia, Mizuho Bank to talk about another hot inflation report and the start of earnings season, which are expected to make this week a bumpy ride in markets; with focus on expectations for US inflation data for June; Bank of Korea's expected 50 basis point rate hike; and Japan's central bank committing to its ultra-loose monetary policy even as the yen weakens.

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22 June 2022
Market View: Why are Asian currencies hitting multi-year lows today?
On Market View, Melissa Hyak is joined by Vishnu Varathan, Head of Economics & Strategy, Asia at Mizuho Bank to talk about the growing concern that a US recession is imminent as Goldman Sachs economists double their expectations on the potential for a US recession over the next year to 30%; with focus on how this will affect Singapore and markets in the region; whether Philippines and Indonesia will raise their rates following the Fed interest rate hike; and more about why Asian currencies are falling further.

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8 July 2022
Market View: How do the recent interest rate hikes affect markets in the region?
On Market View, Melissa Hyak is joined by Vishnu Varathan, Head of Economics & Strategy, Asia at Mizuho Bank to discuss interest rate hikes, with focus on Australia's more-than-expected interest rate hike; Reserve Bank of India also raising its interest rate to 50 basis points; analysts cutting their Singapore 2022 growth forecast; and European Central Bank's expected rate hikes.

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1 June 2022
Market View: How can China's stimulus policies help support its virus-hit economy?
On Market View, Melissa Hyak speaks to Vishnu Varathan, Head of Economics & Strategy of Asia at Mizuho Bank to talk about market movements as several COVID-19 restrictions ease today in the region, with a focus on how China's detailed stimulus policies can support its virus-hit economy; President Joe Biden's meeting with Fed chair Jerome Powell; and whether oil prices will continue to rise.

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5 April 2022
Bigger Picture: Danger of a weakening yen
Vishnu Varathan, Head of Economics and Strategy at Mizuho Bank discusses why the Japanese currency has been under much more pressure recently, the implications for investors, as well as the country's economy since exports will become more competitive, though import costs will increase.

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4 March 2022
Forex Fridays: The Invasion of Ukraine Continues to Roil FX Markets
The Russian invasion of Ukraine extends into its second week, and its military assault coupled with mounting sanctions on Moscow are boosting oil prices, stoking inflationary fears, and roiling markets and currencies. JP Ong spoke to Vishnu Varathan, Mizuho's Head of Economics and Strategy, to discuss the risks of stagflation, how the Federal Reserve may respond, and his outlook on both the Chinese Yuan and the Thai Baht.

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4 February 2022
Forex Fridays: Taking Stock of Recent USD Softness and Recent Central Bank Decisions
In the last week, we've seen the US Dollar weaken significantly, despite the prospect of tighter monetary policy from the Federal Reserve. There were also a number of major central banks that made key policy decisions. Vishnu Varathan, Head of Economics and Strategy at Mizuho Bank, joined us on Forex Fridays to take stock of the broader FX space at the start of the Year of the Tiger.

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3 January 2022
Why It Matters: Previewing Budget 2022, GST hike
Vishnu Varathan, Head of Economics and Strategy, Mizuho Bank shares Singapore's growth expectations for 2022, his assessment of rolling out a GST hike in the current environment, how likely a form of wealth tax would be introduced, and other major issues to watch out for.

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29 October 2021
Bigger Picture: Central Banks eyeing inflation to be transitory
Vishnu Varathan, Head of Eoonomic and Strategy, Mizuho Bank recaps their policy decisions this week with the focus on boJ, ECB, BoC and FOMC.

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10 September 2021
Forex Fridays: Taper Talk Stirring the Forex Pot
More central bankers have begun talking about starting to taper monetary support extended during the height of the pandemic, while some like the Bank of Korea have also begun hiking rates, with more possibly down the road. Vishnu Varathan, Head of Economics and Strategy at Mizuho Bank, joined us on Forex Fridays to discuss.

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9 July 2021
Forex Fridays: Assessing the Recent Flight to Safe Havens
The week that was saw markets look a bit more jittery than they have in recent months - -with safe havens like US Treasuries and the Japanese Yen finding favor once more. Vishnu Varathan, Mizuho's Head of Economics and Strategy, joined us on Forex Fridays to discuss the safe haven play, how the COVID resurgence in Thailand is hitting the Baht, and the currencies he's watching in the second half of the year.

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15 June 2021
Bigger Picture: Stronger but uneven recovery for Singapore's 2021 growth
Vishnu Varathan, Head, Economics & Strategy, Mizuho Bank, discusses why private sector economists are confident enough to raise their growth forecasts for the year from 5.8% to 6.5% - above the official forecast range of 4% to 6%, and whether he agrees with critics who have labelled the G7, "a selfie summit".

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14 May 2021
Forex Fridays: Singapore's Tighter COVID Restrictions, and Inflationary Fears Hitting FX Markets
While broader markets grapple with continued worrying over inflation, Singapore tightened COVID restrictions til mid-June to try and curb the recent rise in infections. Vishnu Varathan, Mizuho Bank's Head of Economics and Strategy, joined us on Forex Fridays to discuss the country's tighter COVID measures, how it may weigh on the economy and the Singapore dollar, along with how inflationary worries are shaping the USD's path and the broader FX landscape.

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5 April 2021
Bigger Picture: Singapore business boost as WFH restrictions ease
Vishnu Varathan, Head of Economics & Strategy, Mizuho Bank gives his outlook for the Singapore economy as WFH restrictions get lifted, as well as the potential risk of asset bubbles building up in China.

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16 February 2021
Bigger Picture: Previewing Budget 2021 priorities
Vishnu Varathan, Head, Economics & Strategy, Mizuho Bank shares what he expects to see in Budget 2021, including when the GST hike should kick in and whether there might be property-related measures.

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8 January 2021
Forex Fridays: Making Sense of Fiscal Stimulus and Steepening Yield Curves
Rising prospects of more US fiscal stimulus from the incoming Biden administration may further the US dollar's continued weakness. But how do we reconcile this with the sight of a steepening yield curve that sees 10-year yields hit 1% for the first time in 10 months? Vishnu Varathan, Head of Economics and Strategy at Mizuho, joined us on the first episode of Forex Fridays to hash out what this might mean for the greenback, and to get his outlook on the Chinese Yuan, the Japanese Yen and the Singapore Dollar.

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20 November 2020
Forex Fridays: Balancing Vaccine Hopes against COVID-19 Waves
Markets are dealing with positive developments regarding COVID-19 vaccines that are being dampened by the resurgence of COVID-19 infections, with fears that things could get worse before they get better. Vishnu Varathan, Head of Economics and Strategy at Mizuho, joined us on Forex Fridays to talk about how these two drivers are influencing the forex space, along with his views on the Greenback, the Yen, the Aussie and Gold.

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25 September 2020
Forex Fridays: How low will the Aussie dollar go?
In Forex Friday, Vishnu Varathan, Head of Macroeconomics and FX Strategy Research, Mizuho Bank shares his outlook on the Australian dollar and Sterling.

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28 August 2020
Forex Fridays: Talking SGD Strength and the Yen After Abe's Resignation
The Singapore Dollar has been steadily firming up against the greenback, but hasn't had as much luck against the Australian Dollar. Vishnu Varathan, Mizuho's Head of Macroeconomics and FX Strategy Research, joined us on Forex Fridays to talk about his outlook on the local currency, and what's in store for the Japanese Yen after Prime Minister Shinzo Abe's resignation.

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26 June 2020
Forex Fridays: Dollar Smiles and Downside Risks to the Aussie, Rupee and Rupiah
We're nearing the tail end of the first half of the year, and lots of questions remain in the forex markets. Will the dollar smile once again in the last 6 months of the year? Will rising COVID-19 cases and growing frictions with China weigh on the Aussie? Is 80 to the greenback possible for the Indian Rupee? And how have bond inflows supported the Indonesian Rupiah despite economic weakness and an accommodative policy in that country? Mizuho's Head of Macroeconomic Research and FX Strategy Vishnu Varathan joined us on Forex Fridays to discuss.

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26 May 2020
Bigger Picture: SG Q1 GDP Revision and Preview of Fortitude Budget
Here in Singapore, first-quarter GDP decline was revised to a narrower 0.7 percent, from an earlier flash estimate of 2.2 per cent contraction. Yet, GDP is projected to shrink by between 7 percent and 4 percent this year. And later today Deputy Prime Minister and Finance Minister Heng Swee Keat will table the Fortitude Budget. What can we expect? Vishnu Varathan, Head, Economics & Strategy, Mizuho Bank gives his analysis.

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6 April 2020
Economist reactions to new support measures
Howie Lim and Bernard Lim speak to Vishnu Varathan, Head of Economics and Strategy at Mizuho Bank on his thoughts on the Solidarity Budget announced by Deputy Prime Minister Heng Sweee Keat.

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27 March 2020
Bigger Picture: Fighting COVID-19's economic impact
Vishnu Varathan, Head, Economics & Strategy, Mizuho Bank looks at whether Singapore's Resilience Budget will be enough to stave off a recession.

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27 Dec 2019
Bigger Picture: Relative calm, duck syndrome
Vishnu Varathan, Head of Economics & Strategy at Mizuho Bank talks to us about the good year in stocks, Phase 1 of the trade deal between the US and China and if the deal to go smoothly.

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5 July 2019
Forex Fridays’ with Mizuho Bank’s Vishnu Varathan
With monetary policy makers expected to ease even further in the second half, how might this impact global currencies in the coming months? Mizuho’s Head of Economics and Strategy Vishnu Varathan joins us on Forex Fridays to highlight what they’re looking at in the second half, and if the Singapore dollar could see some potential weakness. He also touches on whether Trump’s accusations of currency manipulation are making his job more difficult.

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5 Apr 2019
Mizuho's Vishnu Varathan on Forex Fridays
Mizuho's Head of Economics & Strategy Vishnu Varathan joins us on Forex Fridays to survey the Chinese Yuan and the US dollar at the start of the year, as well as the Indian Rupee and some ASEAN currencies ahead of a slew of elections this April. He also gives us Mizuho's outlook on the Singapore Dollar.

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11 July 2018
US-China Trade War
"Trade chest-thumping!" That's what new US tariffs are, Vishnu Varathan tells Michael Switow.

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12 Oct 2018
Inflation, Markets & The Fed
Will lower than expected inflation numbers ease investor fears or lead the Fed to adjust course?  Mizuho Bank’s Vishnu Varathan discusses with Michael Switow.

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5 July 2018
The Economic Three Bears & Property 'Euphoria'
Vishnu Varathan & Michael Switow discuss MAS' outlook on property, the economy & foreign reserves.

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