FOMC Keeps 5-5.25% Funds Rate but Warns Hikes Will Resume If Inflation Disappoints
– Powell: Not Enough Progress on Core Inflation; ‘Have to Keep at It’ – Fed Will Do ‘Whatever It Takes’ To Reduce Inflation to 2% – FOMC Participants Revise Funds Rate Projections Higher: FFR Seen At 5.6% End 2023 By Steven K. Beckner (MaceNews) – Interrupting its long campaign of anti-inflationary monetary tightening measures, the […]
TRANSCRIPT: Federal Reserve Chair Jerome Powell’s Post-FOMC News Conference
WASHINGTON (MaceNews)- The following is the transcript of Federal Reserve Chair Jerome Powell’s news conference held after the Federal Open Market Committee meeting that concluded Wednesday: Since early last year, the FOMC has tightened the stance of monetary policy. We have raised our policy interest rate by five percentage points and continued to reduce our […]
FOMC Hints at Further Rate Hikes This Year While Holding Steady This Time
WASHINGTON (MaceNews) – The Federal Open Market Committee Wednesday said it is “maintaining” its current rate stance to allow an assessment of “additional information” but quarterly “dot plot” projections suggested perhaps two more rate hikes this year and a terminal rate around 5.6%. The policy statement follows: Recent indicators suggest that economic activity has continued […]
White House and Other Schedules for Wednesday, June 14
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, JUNE 14, 2023In the morning, the President will receive the President’s Daily Briefing. The Vice President will attend. This […]
BofA Global Research Fund Manager Survey: Global Investors Add To Equity Shorts, Pare Bonds and Cash Longs in June
— Investors Eye Improved World Growth Outlook, Fret ‘Big Tech’ Longs, AI/Tech Bubble By Vicki Schmelzer NEW YORK (MaceNews) –Global investors added to equity short positions and pared bond and cash long positions in June, with the latter driven by an improved world growth outlook, according to the findings of BofA Global Research’s monthly fund […]
FOMC Faces Tough Choice of Policy Options: Hike, Skip or Pause
– At Issue: The Funds Rate May Be ‘Restrictive,’ But Is it ‘Sufficiently Restrictive‘? By Steven K. Beckner (MaceNews) – In the run up to the Federal Reserve’s mid-June monetary policy meeting we’ve been witnessing a kind of clinic on central bank communication or, some would say, miscommunication. With key data yet to arrive and […]
Bank of Canada Surprises Market with 25 BP Rate Hike; Warns Policy-makers More Worried Inflation Could Get Stuck Well Above 2%
–BOC Decision Reflects Its View: Policy Not Sufficiently Restrictive to Bring Supply/Demand Back into Balance, Return Inflation Sustainably To 2% Target –BOC: Canada’s Labor Market Remains Tight; Overall, Excess Demand Looks to Be More Persistent Than Anticipated By Max Sato (MaceNews) – The Bank of Canada on Wednesday raised its policy interest rate – the […]
Preview: Bank of Canada Expected to Pause for 3rd Time in a Row to See Effects of Tightening but Likely to Warn It Is Prepared to Hike If Needed
By Max Sato (MaceNews) – The Bank of Canada on Wednesday is expected to leave its policy interest rate – the target for overnight lending rates – unchanged at 4.50% for the third consecutive meeting in a “conditional” pause during the current tightening cycle that began in March last year aimed at bringing elevated inflation […]
EXCLUSIVE: Ex-BOJ Momma Says BOJ May Raise Rates at Year End if Outlook for Sustained Wage Hikes Emerges; Initial Rate Move More Likely Next Spring or Summer
–Momma Sees 20% Chance of BOJ Achieving Stable 2% Inflation in A Year, Up from Zero 6 to 12 Months Ago –Momma: Cost-Push Inflation Prompting Wage Hikes Amid Labor Shortages By Max Sato TOKYO (MaceNews) – The Bank of Japan is focused on riding the wave of wage hikes to achieve stable 2% inflation by […]
Fed’s Beige Book Survey Sees Little Slowing With Consumption Higher In Most Districts
WASHINGTON (MaceNews) – The Federal Reserve’s Beige Book survey of economic conditions coast-to-coast Wednesday found little change overall, with consumption “steady or higher,” labor still tight, manufacturing “flat to up” and supply conditions continuing to improve. The survey, assembled by the Chicago Fed, was tempered by some downsides, saying “high inflation and the end of […]