SF Fed’s Daly: Yield Curve Control a Tool Fed Could Use If Needed; Must Choose Price or Quantity
By Steven K. Beckner (MaceNews) – San Francisco Federal Reserve Bank President Mary Daly said Tuesday that monetary policy is “in a good place” presently, but said the Fed could decide to extend the maturity of its asset purchases if necessary – for example if it decided that long-term interest rates were moving too high. […]
Fed’s Powell Again Signals No Rush to Taper Asset Purchases
By Steven K. Beckner Want to See ‘Actual Progress’ Toward Employment, Inflation Goals Downplays Inflation, Financial Stability, Dollar Risks (MaceNews) – Federal Reserve Chairman Jerome Powell again Wednesday signaled that the Fed will maintain its ultra-easy monetary policy stance unabated for the foreseeable future. Powell, testifying for a second straight day on the Fed’s semiannual […]
Wednesday Washington Schedules from MaceNews
WASHINGTON (MaceNews) – The following are Wednesday’s public schedules for the White House, Treasury, the Capitol and for upcoming economic data: The White House DAILY GUIDANCE AND PRESS SCHEDULE FORWEDNESDAY, FEBRUARY 24, 2021 In the morning, the President will receive the President’s Daily Brief in the Oval Office. This meeting will be closed press. In the […]
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 […]
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 […]
DATA PREVIEW: JOBS REPORT, ISMS, FACTORY ORDERS
WASHINGTON (MaceNews) – After a week full of GameStop drama, the upcoming week’s data doesn’t seem to have nearly as much surprise potential, including the jobs report which few expect to contain much good news. Friday’s employment situation report is unlikely to paint a picture much different than the broad outlines depicted by the weekly […]
FED’S POWELL: PREMATURE TO TALK ABOUT EXIT FROM EASY MONETARY POLICY
By Steve Beckner –Vows Clear Communication Well Ahead of Any Tapering of QE–Downplays Concerns About Inflation, Asset Bubbles (MaceNews) – Federal Reserve Chairman Jerome Powell showed some impatience with talk of “exiting” from the Fed’s exceptionally easy monetary policies Wednesday and vowed to continue providing support to the economic recovery “until the job is done.” […]