FOMC Minutes Reflect Undimmed Dedication to Quenching Inflation Regardless of Slow Growth Consequences
WASHINGTON (MaceNews) – Federal Open Market Committee policymakers agreed on maintaining anti-inflation momentum with a continuing tolerance for any economic slowdown that may result this year without any premature easing. The Fed staff told the committee anticipated this year will see growth “slow markedly” and that GDP growth will be “subdued” through 2025. “No participants […]
Minneapolis Fed’s Kashkari: Pause Rate Hikes at 5.4%; Consider Cutting If Inflation Falls
By Steven K. Beckner (MaceNews) – Minneapolis Federal Reserve Bank President Neel Kashkari laid out a roadmap for monetary policy Wednesday that calls for a pause in interest rate hikes, followed by rate cuts, but not until the federal funds rate reaches 5.4%. Kashkari, who will be voting on the Fed’s policy-making Federal Open Market […]
<strong>BOJ December Meeting Summary: Must Keep Easing Stance to Help Wage Hikes, Stable 2% Inflation</strong>
–Concerned About Weakened Bond Market Functions, Board Members Argue for Expanding JGB Yield Trading Range –Members See JGB Range Adjustment as Not Tightening –Members Also Discuss Eventual Exit from Easing in Future with No Specifics By Max Sato (MaceNews) – Bank of Japan board members argued that the bank should maintain its easing stance to […]
<strong>BOJ Keeps Basic Easing Stance, Expands 10-Year JGB Trading Range to 0.5 Pct Point Around Zero from 0.25 Point</strong>
–BOJ Sees Current Spike in Core CPI to Ease Toward Mid-FY23 on Easing Effects of Energy, Food, Durable Goods Markups By Max Sato (MaceNews) – The Bank of Japan said Tuesday its policy board decided unanimously to allow the yield on the 10-year Japanese government bonds to rise to 0.5% from the current cap of […]
<strong>FOMC Hikes Funds Rate 50 BP to 4.25-4.50%; ‘Ongoing Increases’ Foreseen</strong>
– Powell Stresses Fed Commitment Tt Lower Inflation Despite Slower Pace ……. – Officials Raise 2023 Funds Rate Projection to Median 5.1%, Up From 4.6% – Officials Also Revise Up Inflation, Unemployment Forecasts; Revise GDP Growth Down By Steven K. Beckner (MaceNews) – The Federal Reserve closed out an eventful year with a seventh straight […]
TRANSCRIPT: Fed’s Powell Answers Reporters’ Questions after FOMC Decision
WASHINGTON (MaceNews) – The following is the Federal Reserve’s transcript of Fed Chair Jerome Powell’s news conference Wednesday, which followed the Federal Open Market Committee police statement: OPENING STATEMENT IN PROGRESS: substantially more evidence to give confidence that inflation is on a sustained downward path. Price pressures remain evident across a broad range of […]
FOMC Raises Fed Funds Rate by 50 BPS As Expected; ‘Dot Plot’ More Hawkish Than Expected
WASHINGTON (MaceNews) – The Federal Open Market Committee Wednesday announced a 50 -basis point rate hike, just as expected, with the participants’ quarterly projections slightly more hawkish than expected. The “dot plot’ raised expectations for the so-called terminal rate, where the fed funds rates will rest at the end of the hiking cycle: Otherwise, the […]
<strong>White House and Other Schedules for Wednesday, Dec 14</strong>
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. data and Federal Reserve events: DAILY GUIDANCE AND PRESS SCHEDULE FOR WEDNESDAY, DECEMBER 14, 2022 In the morning, the President will receive the President’s Daily Brief. This meeting will be closed press. In the […]
<strong>Bank of Canada’s Macklem Vows to Bring High Inflation All the Way Back to 2%</strong> <strong>Target</strong>
–Governor Says Under-Tightening Will Pose Greater Risk Than Over-Tightening –Macklem Declines Comment on How Long Restrictive Interest Rates Will Last –Macklem: Rate Hikes Could Work Faster Than Before, Watching New Sets of Data By Max Sato (MaceNews) – The Bank of Canada is determined to bring elevated inflation “all the way back” to its 2% […]
Bank of Canada’s Kozicki: Always Data-Dependent But Policy Environment Different Now
—Deputy Governor: With Rates Higher, Inflation Lower, Policy Question Now is Whether More Rate Increases Needed –Will Be Prepared to Act Forcefully on Upside Surprise but That’s Hypothetical –High Inflation Largely from Global Factors but Strong Domestic Demand Becoming More Important By Max Sato (MaceNews) – The Bank of Canada has been making policy decisions […]