FOMC Minutes See Near Unanimity on Need for Future Rate Hikes This Year But No Clues on Frequency
WASHINGTON (MaceNews) – The minutes of the most recent Federal Open Market Committee policy meeting Wednesday saw wide agreement on the need for more rate hikes this year but lacked clues on their frequency or intensity. While participants saw the balance of supply and demand improving over time, so far the progress against aggressive inflation […]
Powell Repeats Further Rate Hike Signal; Objects to ‘Pause’ Description
– Outlines Fed’s Balance Sheet Reduction Strategy By Steven K. Beckner (MaceNews) – Federal Reserve Chair Jerome Powell reaffirmed Wednesday his strong message that the Fed will be raising short-term interest rates again in all probability. Testifying on the Fed’s semi-annual Monetary Policy Report to Congress, Powell largely reiterated what he said last Wednesday after the Fed’s […]
White House and Other Schedules for Thursday, June 15
WASHINGTON (MaceNews) – The following are Thursday’s schedules for the White House, Treasury, USTR, the State Department and Capitol Hill as well as U.S. economic data and Federal Reserve events: DAILY GUIDANCE AND PRESS SCHEDULE FOR THURSDAY, JUNE 15, 2023 In the morning, the President will receive the President’s Daily Briefing. This meeting will be closed […]
FOMC Keeps 5-5.25% Funds Rate but Warns Hikes Will Resume If Inflation Disappoints
– Powell: Not Enough Progress on Core Inflation; ‘Have to Keep at It’ – Fed Will Do ‘Whatever It Takes’ To Reduce Inflation to 2% – FOMC Participants Revise Funds Rate Projections Higher: FFR Seen At 5.6% End 2023 By Steven K. Beckner (MaceNews) – Interrupting its long campaign of anti-inflationary monetary tightening measures, the […]
TRANSCRIPT: Federal Reserve Chair Jerome Powell’s Post-FOMC News Conference
WASHINGTON (MaceNews)- The following is the transcript of Federal Reserve Chair Jerome Powell’s news conference held after the Federal Open Market Committee meeting that concluded Wednesday: Since early last year, the FOMC has tightened the stance of monetary policy. We have raised our policy interest rate by five percentage points and continued to reduce our […]
FOMC Hints at Further Rate Hikes This Year While Holding Steady This Time
WASHINGTON (MaceNews) – The Federal Open Market Committee Wednesday said it is “maintaining” its current rate stance to allow an assessment of “additional information” but quarterly “dot plot” projections suggested perhaps two more rate hikes this year and a terminal rate around 5.6%. The policy statement follows: Recent indicators suggest that economic activity has continued […]
White House and Other Schedules for Wednesday, June 14
WASHINGTON (MaceNews) – The following are Wednesday’s schedules for the White House, Treasury, USTR, the State Department and Capitol Hill as well as U.S. economic data and Federal Reserve events: DAILY GUIDANCE AND PRESS SCHEDULE FOR WEDNESDAY, JUNE 14, 2023In the morning, the President will receive the President’s Daily Briefing. The Vice President will attend. This […]
FOMC Faces Tough Choice of Policy Options: Hike, Skip or Pause
– At Issue: The Funds Rate May Be ‘Restrictive,’ But Is it ‘Sufficiently Restrictive‘? By Steven K. Beckner (MaceNews) – In the run up to the Federal Reserve’s mid-June monetary policy meeting we’ve been witnessing a kind of clinic on central bank communication or, some would say, miscommunication. With key data yet to arrive and […]
Fed’s Beige Book Survey Sees Little Slowing With Consumption Higher In Most Districts
WASHINGTON (MaceNews) – The Federal Reserve’s Beige Book survey of economic conditions coast-to-coast Wednesday found little change overall, with consumption “steady or higher,” labor still tight, manufacturing “flat to up” and supply conditions continuing to improve. The survey, assembled by the Chicago Fed, was tempered by some downsides, saying “high inflation and the end of […]
FOMC Minutes Show Uncertainty About Any June Rate Hike
WASHINGTON (MaceNews) – The Federal Open Market Committee participants were not sure what is their most likely policy decision at their June meeting as the Fed staff repeated its outlook for a mild recession at year end or early next year, the meeting minutes showed Wednesday. In fact, the staff told the meeting that the […]