FED’S POWELL: DOING ALL WE CAN; WILL IT BE ENOUGH?
–‘Dot Plot’ Shows Assumptions of No Rate Hikes Through 2022 –To Sustain Pace of Treasuries, MBS Purchases By Denny Gulino WASHINGTON (MaceNews) – Federal Reserve Chair Jay Powell Wednesday offered reassurance policymakers are not even “thinking about thinking” about raising rates and shared his worries about possible long-term post-crisis unemployment. Answering questions after the Federal […]
ECB’S SCHNABEL HINTS AT FURTHER GEOGRAPHIC TARGETING OF PEPP PURCHASES
— ECB to Deviate from Capital Key For Countries Facing ‘Severe Risks of Fragmentation’ By Laurie Laird LONDON (MaceNews) – The European Central Bank will continue to bend its rules on the geographic allocation of emergency sovereign bond purchases, deviating from its capital key to support nations in financial distress. “We raise the share of […]
DATA FLASH: US MAY CPI FALLS 0.1% BEFORE JUNE DEMAND PICKUP
–Core Prices Also Down 0.1%; Ex. Only Energy, CPI Up 0.1%.–Energy Prices Again Down Sharply; Foods Prices Rise on Food at Home–Owners’ Equivalent Rents Up 0.3%, Lodging Away from Home Down 1.5% By Kevin Kastner WASHINGTON (MaceNews) – U.S. consumer prices were below the flat reading expected, as energy prices declined further, but demand is […]
BOE’S CUNLIFFE CONFIRMS NEGATIVE UK RATES REMAIN UNDER CONSIDERATION
By Laurie Laird LONDON (MaceNews) – The Bank of England is still considering the efficacy of sub-zero interest rates as it battles the economic shock of the coronavirus, a leading member of the bank’s rate-setting body said Tuesday. “Negative interest rates is one possible tool to support demand going forward,” said Sir Jon Cunliffe, deputy […]
DATA PREVIEW: PROTESTS COMPLICATE FOMC STATEMENT AMID RECOVERY
By Kevin Kastner WASHINGTON (MaceNews) – After the May employment report showed slight improvement after the overwhelmingly negative April report, the attention in the week ahead turns to the monthly U.S. inflation reports and Wednesday’s FOMC meeting, as well as the first look at June consumer confidence. The FOMC meets Tuesday and Wednesday at a […]
DATA FLASH: US MAY PAYROLLS RISE BY 2.5 MLN, UNEMPLOYMENT RATE 13.3%
–Employ Data Still Show Considerable COVID Impact Even as Data Turns Up–Food Services, Retail, Medical Jobs Lead Gain; Hourly Earnings -1.0% By Kevin Kastner WASHINGTON (MaceNews) – The May employment report showed further impact of the COVID-19 shutdown, but there was no question that the surprisingly positive data point to a turning point after […]
USTR LIGHTHIZER CASTS CHINA RELATIONSHIP IN ROSY HUES
–Doing OK in Adherence to Phase 1 Commitments –China Pullback in Ag Purchases ‘Not True.’ NEW YORK (MaceNews) – President Trump’s top trade negotiator Thursday cast U.S.-China relations, at least in his sphere, in unexpectedly positive terms and called reports of a setback in purchases of U.S. soybeans perhaps the result of “disinformation.” U.S. Trade […]
BANK OF CANADA’S GRAVELLE: POLICY-MAKERS ‘HOPEFUL,’ WATCHING DATA AS ECONOMY REOPENS
NEW YORK (MaceNews) – Bank of Canada policy-makers are hopeful the pandemic’s economic impact has peaked, but admit there’s much uncertainty how the recovery will unfold, BOC Deputy Governor Toni Gravelle said Thursday. Gravelle, in remarks prepared for delivery during an online meeting, said the bank will be watching economic data closely to gauge the […]
ECB EXPANDS BOND BUYING PROGRAM, DECLINES FURTHER EASING MEASURES
By Laurie Laird LONDON (MaceNews) – The European Central Bank expanded its emergency asset purchase program but declined to activate any further measures in what it calls its “policy toolkit,” despite forecasting a fall in inflation to just above zero. The ECB’s pandemic emergency purchase program, or PEPP, will increase by €600 billion to €1.35 […]
DATA FLASH: US INITIAL CLAIMS SLOW FURTHER; APRIL TRADE GAP WIDENS
-–Initial Claims -249,000 to 1.877 Mln; 38.8 Mln Total Under COVID–-Int’l Trade Gap $49.4 Bln vs $42.3 Bln In March; China Gap Surges-–Nonfarm Productivity Rev Up to -0.9%, Unit Labor Costs Rev Up to +5.1%. By Kevin Kastner WASHINGTON (MaceNews) – The U.S. initial claims data came in above expectations Thursday but still posted a ninth […]