FOMC Minutes Reflect Undimmed Dedication to Quenching Inflation Regardless of Slow Growth Consequences
WASHINGTON (MaceNews) – Federal Open Market Committee policymakers agreed on maintaining anti-inflation momentum with a continuing tolerance for any economic slowdown that may result this year without any premature easing. The Fed staff told the committee anticipated this year will see growth “slow markedly” and that GDP growth will be “subdued” through 2025. “No participants […]
Minneapolis Fed’s Kashkari: Pause Rate Hikes at 5.4%; Consider Cutting If Inflation Falls
By Steven K. Beckner (MaceNews) – Minneapolis Federal Reserve Bank President Neel Kashkari laid out a roadmap for monetary policy Wednesday that calls for a pause in interest rate hikes, followed by rate cuts, but not until the federal funds rate reaches 5.4%. Kashkari, who will be voting on the Fed’s policy-making Federal Open Market […]
<strong>White House and Other Schedules for Wednesday, Jan 4</strong>
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. data and Federal Reserve events: DAILY GUIDANCE AND PRESS SCHEDULE FOR WEDNESDAY, JANUARY 4, 2023 In the morning, the President will receive the President’s Daily Brief. This meeting will be closed press. Later, the President […]
<strong>FOMC Hikes Funds Rate 50 BP to 4.25-4.50%; ‘Ongoing Increases’ Foreseen</strong>
– Powell Stresses Fed Commitment Tt Lower Inflation Despite Slower Pace ……. – Officials Raise 2023 Funds Rate Projection to Median 5.1%, Up From 4.6% – Officials Also Revise Up Inflation, Unemployment Forecasts; Revise GDP Growth Down By Steven K. Beckner (MaceNews) – The Federal Reserve closed out an eventful year with a seventh straight […]
TRANSCRIPT: Fed’s Powell Answers Reporters’ Questions after FOMC Decision
WASHINGTON (MaceNews) – The following is the Federal Reserve’s transcript of Fed Chair Jerome Powell’s news conference Wednesday, which followed the Federal Open Market Committee police statement: OPENING STATEMENT IN PROGRESS: substantially more evidence to give confidence that inflation is on a sustained downward path. Price pressures remain evident across a broad range of […]
FOMC Raises Fed Funds Rate by 50 BPS As Expected; ‘Dot Plot’ More Hawkish Than Expected
WASHINGTON (MaceNews) – The Federal Open Market Committee Wednesday announced a 50 -basis point rate hike, just as expected, with the participants’ quarterly projections slightly more hawkish than expected. The “dot plot’ raised expectations for the so-called terminal rate, where the fed funds rates will rest at the end of the hiking cycle: Otherwise, the […]
<strong>White House and Other Schedules for Wednesday, Dec 14</strong>
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. data and Federal Reserve events: DAILY GUIDANCE AND PRESS SCHEDULE FOR WEDNESDAY, DECEMBER 14, 2022 In the morning, the President will receive the President’s Daily Brief. This meeting will be closed press. In the […]
<strong>FOMC, Powell Face Tricky Communication Task in Slowing Rate Hike Pace</strong>
– Key To Watch Is How Much Higher Fed Officials Move Their 2023 Rate Dots By Steven K. Beckner (MaceNews) – The Federal Reserve has well prepared financial markets for another “unusually large” interest rate increase in mid-December – just not quite as aggressive as we’ve seen since the spring. The Fed, nevertheless, is struggling […]
Fed’s Beige Book Survey Takes Negative Turn; Seven Districts Flat or Down
WASHINGTON (MaceNews) – After years of readings of “modest to moderate” expansion, the latest Federal Reserve Beige Book survey of economic conditions coast to coast Wednesday assumed a negative cast, with a majority of Fed regional banks reported no expansion or declines. “Interest rates and inflation continued to weigh on activity” the survey found. Consumers […]
FOMC Minutes See Participants Acknowledge Possible Need to Slow Pace of Tightening
WASHINGTON (MaceNews) – Wednesday’s minutes of the latest Federal Open Market Committee meeting contained several references to a possibility the pace of rate hikes could soon slow while emphasizing the more important consideration is the still unspecified ultimate terminal rate. The less-hawkish-than expected minutes turned U.S. stock markets from mild negatives to moderate positives, at […]