FED’S GEORGE: MOVING AHEAD WITH FEDNOW PAYMENTS SYSTEM
By Suzanne Cosgrove CHICAGO (MaceNews) – The Federal Reserve is moving quickly to design and implement its real-time payment system, known as FedNow, Kansas City Federal Reserve Bank President Esther George said Tuesday. “Work is under way now to engage with industry participants on the initial design and features of the service,” George said. George’s […]
FED OFFICIALS IN MORE CAUTIOUS, PATIENT MOOD AS FOMC MEETING NEARS
By Steven K. Beckner (MaceNews) – Those hoping for further aggressive credit easing by the Federal Reserve or for an indefinite continuation of interest rate cuts are likely to be disappointed, barring a weaker than expected U.S. economic performance or some event that significantly darkens the economic outlook beyond what Fed officials now envision. The […]
FED’S BULLARD: HOPES CAN TAKE BACK RATE CUT INSURANCE IN 2020
By Laurie Laird LONDON (MaceNews) – Recent U.S. rate cuts have exerted an oversized dose of stimulus, potentially paving the way for moderate monetary tightening as early as next year, according to a noted Federal Reserve dove. “I am hopeful that the Fed has taken out enough insurance,” St. Louis Federal Reserve President James Bullard […]
FOMC MINUTES: ROBUST DISCUSSION AND WEAK CONSENSUS
WASHINGTON (MaceNews) – The weak consensus for another rate cut at the most recent FOMC meeting did not appear to be reinforced by any large enthusiasm for more accommodation to come although participants were willing to keep an open mind about future data, according to the minutes of the meeting published Wednesday. The uncertainty seen […]
CHICAGO FED’S EVANS: ‘WOULDN’T MIND’ ANOTHER RATE CUT
By Suzanne Cosgrove CHICAGO (MaceNews) – Chicago Federal Reserve President Charles Evans told reporters Tuesday that he “wouldn’t mind” another 25 basis point interest rate cut at the next FOMC meeting, depending on what the data suggests ahead of the meeting. Speaking to reporters following a luncheon address to the Rotary Club at the Union […]
US JOBS RPT SHOWS WAGE GROWTH SLOWS EVEN AS UNEMP RATE IMPROVES
By Denny Gulino WASHINGTON (MaceNews) – The September jobs report Friday, with 136,000 payroll slots added, was modestly positive for hiring and the 50-year-low unemployment rate of 3.5% was everything a labor market economist could hope for, yet there was a shadow cast overall, a slowing of wage growth that suggested prosperity is ebbing. Manufacturing […]
FED’S EVANS SEES CURRENT RATES AT APPROPRIATE LEVELS, BUT LEAVES EASING DOOR OPEN
By Laurie Laird FRANKFURT (MaceNews) – U.S. interest rates currently reflect the “fundamental” resilience of the economy, according to an influential Federal Reserve policy maker, in line with the latest outlook provided by the central bank, suggesting a holding pattern for monetary policy. “The setting of the funds rate at the moment is appropriate for […]
US BEA: SOURCES OF REVISION TO 2Q US GDP
WASHINGTON (MaceNews) – The following is the technical note explaining the offsetting elements of change in the third reading of second quarter U.S. GDP which kept the growth rate at 2.0%, as expected: Sources of Revision to Real GDP Real GDP increased 2.0 percent (annual rate) in the second quarter of 2019, the same as […]
CHICAGO FED’S CHARLES EVANS: CURRENT RATES ‘WELL-POSITIONED,’ BUT REMAINS OPEN TO DISCUSSION
By Suzanne Cosgrove Lake Forest, Illinois (MaceNews) – Chicago Federal Reserve President Charles Evans said Wednesday the Fed was “well-positioned from a risk-management standpoint,” following the September quarter-point interest rate cuts. However, Evans said he would continue to evaluate incoming data through the end of the year, and is open-minded to its discussion. He cited […]
ST. L FED BULLARD: SLOWING ECON, LOW INFL JUSTIFIED MORE EASE
By Steven K. Beckner EFFINGHAM, ILL. (MaceNews) – St. Louis Federal Reserve Bank President James Bullard. warning an already slowing economy could continue to slow more than expected, strongly suggested Monday that more credit easing is needed, but said it is possible the Fed will be able to “take back” some or all of its […]