Fed’s Powell: Fed Will Be ‘Patient’ About Lessening Monetary Support for the Recovery
By Steven K. Beckner (MaceNews) – Federal Reserve Chairman Jerome Powell pledged Tuesday the Fed will move “patiently” and with plenty of advance notice before it firms monetary policy. Powell, testifying before the Senate Banking Committee on the Fed’s semi-annual Monetary Policy Report to Congress, downplayed risks of excessive inflation and financial instability. He largely […]
US Data Preview: Fed’s Powell Testimony, Durable Goods Orders, Revised GDP, Personal Income, New Home Sales
WASHINGTON (MaceNews) – The week ahead features a little look-ahead and a lot of look back, with perhaps some hints at how the first quarter is performing and a lot about how the patient Federal Reserve hopes to see a continuing recovery. The least informative of the lot may be Thursday’s update of the fourth […]
Fed’s Rosengren: Bond Buying Will Continue Until ‘Substantially More’ Job, Inflation Gains
—Rosengren: Employment Remains ‘Well Below” Year Ago Levels By Steven K. Beckner (MaceNews) – Boston Federal Reserve Bank President Eric Rosengren advocated continued aggressive monetary and fiscal stimulus Friday. Given unsatisfactory labor market conditions, he suggested, the Fed will need to keep buying $120 billion of bonds for the foreseeable future. “Despite a potentially difficult […]
FOMC Minutes: ‘Likely Take Some Time’ For ‘Substantial Further Progress’ To Taper QE
–‘Economy Still Far From’ Fed’s Employment, Inflation Goals –Must ‘Clearly Communicate’ ‘Well in Advance’ of LSAPs Tapering –‘Important To Abstract’ from ‘Temporary’ Factors Pushing Up Inflation By Steven K. Beckner (MaceNews) – Federal Reserve officials seemingly were looking far down the road when thinking about slowing the pace of asset purchases at their Jan. 26-27 […]
FOMC Minutes Show Same Stand-Still Philosophy Described by Chair Powell
FOMC Minutes Show Same Stand-Still Philosophy Described by Chair Powell WASHINGTON (MaceNews) – Federal Open Market Committee participants mulled the possibility of upside and downside risks on inflation, the pandemic and the uncertain future course of the economy, giving no hint they were even beginning to consider any policy changes. The minutes, in fact, seemed […]
FED’S POWELL: WILL SHRINK BALANCE SHEET GRADUALLY, TRANSPARENTLY AND NOT ANY TIME SOON
By Steven K. Beckner — Economy far From Strong Labor Market; Downside Risks Predominate— Doesn’t Foresee Sustained Pick-up In Inflation (MaceNews) – Federal Reserve Chairman Jerome Powell strongly suggested Wednesday that the Fed will reduce the pace of its bond buying only very gradually, with ample warning and not anytime soon. Powell, in a webcast […]
WEDNESDAY WHITE HOUSE SCHEDULES FROM MaceNews
WASHINGTON (MaceNews) – The following are the Wednesday public schedules for the White House, Treasury, the Capitol and upcoming economic statistics: The White House DAILY GUIDANCE AND PRESS SCHEDULE FORWEDNESDAY, FEBRUARY 10, 2021 In the morning, the President and the Vice President will receive the President’s Daily Brief in the Oval Office. This meeting will […]
DATA PREVIEW: INFLATION SPECTER REAPPEARS EVERYWHERE BUT THE DATA
–CPI on Wednesday; UMich on Friday WASHINGTON (MaceNews) – The Consumer Price Index is reported on Wednesday by the Bureau of Labor Statistics and is not expected to exhibit any sudden acceleration, particularly since its driving force, the shelter index, has been moderating for five months. The consumer price measure plays a big role in […]
FRIDAY WASHINGTON SCHEDULES FROM MaceNews
WASHINGTON (MaceNews) – The following are Friday’s schedules for the White House, Treasury, the Capitol and for upcoming economic data: The White House DAILY GUIDANCE AND PRESS SCHEDULE FORFRIDAY, FEBRUARY 5, 2021 In the morning, the President and the Vice President will receive the President’s Daily Brief in the Oval Office. This meeting will be […]
FED’S EVANS TO REPORTERS: WANT TO SEE DATA SHOWING INFLATION ACTUALLY GOING UP
By Steven K. Beckner (MaceNews) – Chicago Federal Reserve Bank President Charles Evans said Wednesday evening that he and his colleagues will be putting much more emphasis on “contemporaneous data” than on economic projections in deciding when to start reducing the pace of Fed asset purchases. Evans, a 2021 voting member of the Fed’s policy-making […]