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 […]
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 […]
BOJ Keeps Basic Easing Stance to Seek Stable 2% Inflation, Wage Growth but Makes 10-Year Yield Reference Range More Flexible
–BOJ Repeats: To Patiently Continue with Easing while Nimbly Responding to Developments in Economic Activity, Prices, Financial Conditions By Max Sato (MaceNews) – The Bank of Japan said Friday its policy board decided unanimously to maintain its monetary easing stance, keeping its zero to slightly negative interest rate targets along the yield curve as well […]
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 […]
Bank of Canada Raises Policy Rate to 22-Year High of 5% After Policymakers Debate Option of Keeping Rate at 4.75%
–BOC Governor Macklem: Monetary Policy Working but Underlying Inflationary Pressures More Stubborn –Macklem: Our Job is Not Done Until Inflation is Centered on 2% Target –Macklem: Trying to Balance Risks of Under- and Over-Tightening Policy –BOC Quarterly Report: CPI to Slow to 2% Target in mid-2025, About 6 months Later Than Expected in April By […]
Preview: Bank of Canada Expected to Raise Policy Rate 25 BP to 5% Wednesday but Outlook for Future Action Uncertain
By Max Sato (MaceNews) – The Bank of Canada is widely expected to top up its surprise June rate hike on Wednesday, taking the policy interest rate to a fresh 22-year high, but it remains uncertain whether the bank is done with 16 months of credit tightening aimed at guiding inflation lower to its 2% […]