Fed’s Bostic: Fed Far From Goals; Need to Keep ‘Accommodative Mode’
By Steven K. Beckner GDP Level Almost 100% Back, But 8 Million Jobs Short Would Want Adjust Policy If Economy Overheats But ‘Far In Future’ Brainard Urges Patience to Generate Enough Momentum To Reach Goals (MaceNews) – Although the economy has come a long way, it still has far to go to return to full […]
Bank of England to Slow Pace of Bond Purchases After Sharp Upward Revision to 2021 Growth
By Laurie Laird LONDON (MaceNews) – The Bank of England will reduce its pace of asset purchases as the UK’s aggressive vaccine campaign has allowed the gradual reopening of the economy. “As envisaged since the announcement of [the emergency quantitative easing programme in November 2020] and consistent with developments in financial markets since then, the pace […]
FOMC Stands Pat; Powell Gives No Hint of Less Easy Monetary Stance
By Steven K. Beckner (MaceNews) – Despite mounting signs of economic recovery, Federal Reserve policymakers voted Wednesday to maintain their super loose credit policies, and Chairman Jerome Powell gave no hint the Fed is ready to become less aggressively expansionary. The Fed’s rate-setting Federal Open Market Committee FOMC did make significant changes in its policy […]
Wednesday Washington Schedules from MaceNews
WASHINGTON (MaceNews) – The following are Wednesday’s schedules for the White House, Treasury, the State Department, the Capitol and for upcoming economic data and Federal Reserve events: The White House DAILY GUIDANCE AND PRESS SCHEDULE FORWEDNESDAY, APRIL 28, 2021 In the morning, the President will receive the President’s Daily Brief in the Oval Office. This meeting […]
US Economy Roaring Back, But FOMC Not Ready To Respond … Yet
By Steven K. Beckner (MaceNews) – The economy may be at “an inflection point,” as Federal Reserve Chairman Jerome Powell has said, but monetary policy remains more reflexive than anything, which is to say he and his fellow Fed policymakers are still very much in emergency response mode, concentrating on helping the economy recover from […]
ECB To Accelerate PEPP Purchases With Immediate Outlook Still Subject to Downside Risks
By Laurie Laird — April meeting Affirms Conclusions of March gathering LONDON (MaceNews) – The European Central Bank will continue to accelerate purchases through its emergency quantitative easing programme, with the eurozone economy still facing immediate downside risks. An “ample degree” of monetary accommodation remains necessary, said ECB President Christine Lagarde, briefing reporters after Thursday’s […]
Clarida Keys On Inflation Expectations As Determining Shape of Monetary Policy
By Steven K. Beckner (MaceNews) – Federal Reserve Vice Chairman Richard Clarida put heavy emphasis Wednesday on the behavior of inflation expectations in determining the proper response of monetary policy as the economy evolves in coming years, Clarida, whose monetary economics bona fides have made him an influential lieutenant to legally trained Fed Chairman Jerome […]
Fed’s Powell: Economic Recovery Uneven, Incomplete; Fed Must Keep Providing Support
By Steven K. Beckner (MaceNews) – Federal Reserve Chairman Jerome Powell hailed recent strong economic indicators Thursday, but said the recovery is uneven and incomplete and vowed continued monetary support “until the job is done.” Powell, addressing an International Monetary Fund Debate on the Global Economy, repeated that he and his fellow policy-makers on the […]
FOMC Minutes Show Determination to Stay the Course and Stick With Message Until Outcomes Improve
WASHINGTON (MaceNews) – The minutes of the most recent Federal Open Market Committee released Wednesday only reinforced the central bank’s pandemic-era’s message, that it is standing pat on its highly accommodative stance until employment has fully recovered while it carefully monitors the Treasuries market for signs of stress. Government pandemic relief is hastening recovery, several […]
Fed’s Evans To Reporters: Too Early To Start Talking About Enough Progress To Taper Bond Buying
By Steven K. Beckner (MaceNews) – Chicago Federal Reserve Bank President Charles Evans was upbeat about the economic outlook Wednesday, but said the Fed is still “some ways” from achieving its employment and inflation goals and therefore needs to retain its ultra-loose monetary policy stance. Evans, a 2021 voting member of the Fed’s policy making […]