DATA PREVIEW: PROTESTS COMPLICATE FOMC STATEMENT AMID RECOVERY
By Kevin Kastner WASHINGTON (MaceNews) – After the May employment report showed slight improvement after the overwhelmingly negative April report, the attention in the week ahead turns to the monthly U.S. inflation reports and Wednesday’s FOMC meeting, as well as the first look at June consumer confidence. The FOMC meets Tuesday and Wednesday at a […]
SIFMA SURVEY: ’20 GDP -5.5%; ’21 +4.7%; NO NEGATIVE RATES
NEW YORK (MaceNews) – A survey of 26 chief economists of global and regional financial institutions Tuesday saw U.S. fourth quarter to fourth quarter GDP falling 5.5% this year and rebounding strongly next year with a 4.7% gain. The survey, taken through May 28, also found no expectation for the Federal Reserve to purposely employ […]
FED’S BEIGE BK: SEVERE DISRUPTIONS CONTINUE; NO QUICK RECOVERY SEEN
–Some Recent Improvement in Autos –Not Seeing Full Hirebacks WASHINGTON (MaceNews) – The Federal Reserve’s latest Beige Book survey of economic activity across the country Wednesday chronicled the continuing – and in some regions, deepening – severe disruption caused by the pandemic with some Districts finding low expectations for a quick rebound and complete rehirings. […]
FED’S CLARIDA: HAVEN’T CHANGED MIND VS NEGATIVE RATES
NEW YORK (MaceNews) – Federal Reserve Vice Chair Richard Clarida Thursday said he has not changed his mind, that there’s no upside to purposely move to negative rates. Speaking in a webinar sponsored by the New York Association for Business Economics, Clarida also underlined the points made Wednesday and previously by Fed Chair Jay Powell, […]
FED’S WILLIAMS: OUTLOOK UNCERTAIN; TO USE TOOLS ‘TO THE UTMOST’ FOR RECOVERY
NEW YORK (MaceNews) – The Federal Reserve remains open to taking more steps as needed to support the recovery, though negative interest rates are not on the table, New York Fed President John Williams said Thursday. Williams, answering questions during a webcast with a regional business group, said the economic outlook and the likely course […]
FED’S ROSENGREN: MUST NOT GIVE UP PROGRESS ON CONTAINING VIRUS IN RUSH TO REOPEN
NEW YORK (MaceNews) – U.S. economic challenges reflect public health concerns, and it’s critical that progress on containing Covid-19 not be undone as businesses and other activities reopen, Boston Fed President Eric Rosengren said Tuesday. “Public health solutions are paramount – without them, it will be virtually impossible to return to full employment,” Rosengren said […]
FED’S POWELL WARNS OF DANGERS OF LONG SHALLOW RECOVERY
–Emergency Aid So Far May Be Only the Beginning –‘Recovery May Take Some Time to Gather Momentum’ — ‘Additional Fiscal Support Could Be Costly’ –Negative Rates ‘Not Something That We’re Looking At.” By Denny Gulino WASHINGTON (MaceNews) – The battle of recovery narratives – swift and sharp versus shallow and long – Wednesday saw one […]
FED’S HARKER: FED TO KEEP RATES LOW UNTIL A ‘DEMONSTRABLE MOVE’ TOWARD NORMAL ECONOMY
By Jon Hurdle PHILADELPHIA (MaceNews) – Philadelphia Federal Reserve President Patrick Harker said on Tuesday that interest rates will remain low until policy-makers see clear evidence that the economy is recovering from the Covid-19 pandemic. “We have committed in the FOMC to move rates to essentially zero. The Fed Funds rate is between zero and […]
ST. LOUIS FED’S BULLARD: US ECONOMIC REBOUND LIKELY IN 2H; NO NEGATIVE RATES
NEW YORK (MaceNews) – After its record drop in the second quarter, the US economy is likely to see a record rebound in the third quarter, St. Louis Federal Reserve President James Bullard said Tuesday. Bullard, answering questions during a webcast, said a record rebound in the third quarter is likely, a “big plus number,” […]
FED’S CLARIDA, BULLARD LOOK FOR ECONOMIC RECOVERY THIS YEAR
–US Stocks Sag When Clarida Reminds Fed Emergency Lending Only Temporary WASHINGTON (MaceNews) – Federal Reserve Vice Chair Richard Clarida Tuesday said recovery from the economic shutdown “can commence in the second half” while St. Louis Fed President James Bullard said he sees the fourth quarter as when the virus can be put “behind us.” […]