Powell: Fed Ready to Raise Rates Further To Reduce Inflation To 2%

– Funds Rate Now ‘Restrictive’ But Unsure If It’s ‘Sufficiently Restrictive’ – FOMC Can Afford to Proceed ‘Carefully’ – Will Watch for Evidence of Progress on Inflation, Labor Market Tightness By Steven K. Beckner (MaceNews) – Federal Reserve Chair Jerome Powell expressed a mild, but clear bias toward additional monetary tightening in an anxiously awaited […]

FOMC Minutes Reflect Uncertainty, Data Dependency as Economy Refuses to Adhere to Slow-Growth Scenario

WASHINGTON (MaceNews) – The minutes of July’s Federal Open Market Committee Meeting Wednesday underlined the central bank policymakers’ continued uncertainty and dependence on data yet to come as the economy resisted the Fed staff’s outlook for below-trend growth. The Fed Board members and regional bank presidents generally acknowledged inflation – particularly minus food, energy and […]

White House and Other Schedules for Wednesday, Aug 16

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, AUGUST 16, 2023  In the morning, the President will receive the President’s Daily Brief. This meeting in the Oval Office […]

Fed’s Kashkari: Not Ready To Say Fed Has Hiked Rates Enough To Curb Inflation

– But Says ‘Positive Signs’ Let FOMC ‘Take A Little More Time’ – Says FOMC ‘Long Way From Cutting Rates’ – Allows For Nominal Cuts at Some Point To Prevent Inadvertent Tightening of Real Rates    – Warns Of Possible Bank Stress If Fed Has to Keep Raising Rates By Steven K. Beckner (MaceNews) – Minneapolis […]

FOMC Resumes Rate Hikes as Powell Hints at Higher Rates To Come

– Ups Funds Rate 25 Bp to 5.25-5.5%; ‘Extent of Additional Policy Firming’ Referenced – Powell: FOMC Could Hike Again in September or Keep ‘Steady’ Depending on Data – Powell Rules Out 2023 Rate Cuts – FOMC Repeats ‘Inflation Remains Elevated’ – FOMC Repeats Bank Credit Tightening to Weigh on Firms and Households By Steven […]

TRANSCRIPT: Fed’s Powell Post-FOMC Meeting Q&A

WASHINGTON (MaceNews) – The transcript of Federal Reserve Chair Jerome Powell’s post-FOMC meeting press conference Wednesday follows: Since early last year the FOMC has significantly tightened the stance of monetary policy. Today we took another step by raising our policy interest rate a quarter percentage point. And we are continuing to reduce our securities holdings […]

FOMC Raises Fed Funds Rate Another Quarter Point as Expected; Repeats Previous Language

WASHINGTON (MaceNews)- The Federal Open Market Committee had no surprises to offer Wednesday, fulfilling expectations for another quarter point increase in the fed funds rate, to 5.25% to 5.50%, and using well-worn phraseology to remain committed to 2% inflation. The policy statement follows: Recent indicators suggest that economic activity has been expanding at a moderate […]

White House and Other Schedules for Wednesday, July 26

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, JULY 26, 2023  In the morning, the President will receive the President’s Daily Brief. This meeting will be closed […]

FOMC Seems Certain To Resume Rates Hikes July 26; What Comes Next Less Sure

By Steven K. Beckner (MaceNews) – Before Federal Reserve policymakers convened in mid-June, officials openly talked about wanting to “skip” raising interest rates at that Federal Open Market Committee meeting, and by all indications that’s just what the FOMC will have done. After taking a break from raising the federal funds rate at their June […]

Fed’s Daly, Mester Argue for Further Fed Rate Hikes To Reduce Inflation

– Daly: 2 Rate Hikes ‘A Very Reasonable Projection’; Could Do More or Less – Mester Urges ‘Somewhat Tighter Monetary Policy’ For ‘More Timely’ Inflation Fall – Daly: Banks Not Curbing Credit More Than Expected in Slowing Economy By Steven K. Beckner (MaceNews) – Senior Federal Reserve officials largely concurred Monday on the need for […]