Cleveland Fed’s Mester: Fed Ready To Launch ‘FedNow’ Payments System Mid-2023
– Fed Digital Currency Further Off: Fed Studying Monetary, Other Implications By Steven K. Beckner (MaceNews) – Cleveland Federal Reserve Bank President Loretta Mester said Tuesday that the Fed will launch a new instant payments system or “FedNow” in a matter of months, but said the Fed has not yet decided whether it makes sense […]
St. Louis Fed’s Bullard: Strong Labor Market Gives Fed ‘Room to Maneuver’
– To Reduce Inflation Rates Must Rise ‘Pretty Rapidly,’ Stay ‘Higher For Longer’ – Slower Growth Raises Recession Risk In Event Of Shock; Might Require Adjustment – Once Appropriate Rate Level Reached Can Move To ‘Ordinary,” Data-Dependent Policy By Steven K. Beckner (MaceNews) – Were some “shock” to tip the U.S. economy into recession, the […]
St Louis Fed President Bullard: ‘Abrupt, Forceful’ Action Needed to Lower Inflation
Rates Will Need to Stay ‘Higher For Longer’ – ‘For Some Time’ Strong Labor Market, Other ‘Bullish Factors’ Give Fed ‘Room” To Battle Inflation Rejects ‘Bad Idea’ Of Settling for Inflation Above 2% U.S. ‘Vulnerable’ to Recession but Should Be Able To Avoid It, Barring Major Shocks By Steven K. Beckner (MaceNews) – St. Louis […]
White House and Other Schedules for Thursday, Sept 22
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. data and Federal Reserve events: COMPREHENSIVE TRIP GUIDANCE AND PRESS SCHEDULE FOR THURSDAY, SEPTEMBER 22, 2022 Thursday, September 22, 2022 In the morning, the President will host a bilateral meeting with President […]
FOMC Lifts Funds Rate 75 Basis Points, Projects More Rate Increases Before Pause
– Powell Vows ‘Quickly’ To Get To ‘Restrictive’ Stance; Stay There ‘Til Job Is Done’ – SEP Revises Rate Projections Sharply Higher: Median 4.4% End-22; 4.6% End-23 – Unemployment Projected to Rise to 4.4% Next Year As GDP Growth Slows to 1.2% By Steven K. Beckner (MaceNews) – The Federal Reserve took another momentously aggressive […]
Transcript: Fed Chair Powell’s Post-FOMC Q&A
WASHINGTON (MaceNews) – Federal Reserve Chair Jerome Powell’s opening statement at his post-Federal Open Market Committee news conference Wednesday followed by his answers to reporters’ questions: Price stability is the responsibility of the Federal Reserve and serves as the bedrock of our economy. Without it the economy does not work for anyone. In particular, we […]
FOMC Does the Expected, a 0.75% Rate Hike Along With a By-the-Numbers Policy Statement
WASHINGTON (MaceNews) – The Federal Open Market Committee Wednesday delivered its third consecutive 0.75% federal funds rate hike as expected, limiting its policy statement mostly the language already used on July 27. There were no dissents. The policy statement follows: Recent indicators point to modest growth in spending and production. Job gains have been robust […]
White House and Other Schedules for Wednesday, Sept 21
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: COMPREHENSIVE TRIP GUIDANCE AND PRESS SCHEDULE FOR WEDNESDAY, SEPTEMBER 21, 2022 – THURSDAY, SEPTEMBER 22, 2022 Wednesday, September 21, 2022 In the morning, the President will deliver […]
White House and Other Schedules for Tuesday, Sept 20
WASHINGTON (MaceNews) – The following are Tuesday’s schedules for the White House, Treasury, USTR, the State Department and Capitol Hill as well as U.S. data and Federal Reserve events: COMPREHENSIVE TRIP GUIDANCE AND PRESS SCHEDULEFOR TUESDAY, SEPTEMBER 20, 2022 – THURSDAY, SEPTEMBER 22, 2022 Tuesday, September 20, 2022 In the afternoon, the President will deliver […]
Analysis: Fed to Stay on Aggressive Tightening Path Sept. 21
By Steven K. Beckner (MaceNews) – Federal Reserve policymakers are unlikely to find a reason to slow their monetary tightening campaign at their Federal Open Market Committee meeting next week, and increasingly the expectation is that they will raise interest rates at least as aggressively as they did at their previous two meetings. Although hopes for a […]