EXCLUSIVE-DALLAS FED’S KAPLAN FOR ‘RESTRAINT’ IN DOING MORE MONETARY STIMULUS
–‘Quite A Ways’ From Considering Rate Hikes, But Cautions About More QE –Concerned About Dollar, Potential Longer Run Inflation, Financial Instability By Steven K. Beckner (MaceNews) – Dallas Federal Reserve Bank President Robert Kaplan said the Fed is “quite a ways” from considering raising interest rates, but advocated “restraint” in doing more to stimulate the […]
FED’S BARKIN: NEED FISCAL PACKAGE TO SUPPORT US CONSUMER, RECOVERY
NEW YORK (MaceNews)– Consumer spending and the economic recovery are vulnerable if Congress and the president fail to deliver another round of federal relief spending,Richmond Fed President Thomas Barkin said Tuesday. Barkin, responding to questions during an online event hosted by the Center for Regional Competitiveness, said consumption, especially by blue-collar workers with a high […]
BOE DEFENDS FORECASTS AS AGENTS QUERY OPTIMISTIC ASSUMPTIONS
By Laurie Laird LONDON (MaceNews) – Top Bank of England officials Friday reiterated the downside risks to forecasts of a smart economic rebound under questioning from the BoE’s regional representatives about the Bank’s baseline forecasting assumptions. The central forecast released Thursday “is sensible,” albeit with “very substantial” downside risk, said Governor Andrew Bailey, addressing a […]
BOE HOLDS POLICY, KEEPS SUB-ZERO RATES UNDER REVIEW DESPITE CONSUMER RECOVERY
— Bank predicts 18% gain in Q3 GDP By Laurie Laird LONDON (MaceNews) – The Bank of England maintained its current policy stance at its latest rate setting meeting, but admitted that negative interest rates remain under review, despite forecasting a sharp economic rebound in the third quarter. Bank forecasters predict an 18% surge in […]
FED’S MESTER: HIGH-FREQUENCY DATA SUGGEST ECONOMY SLOWED WITH UPTICK IN VIRUS CASES
NEW YORK (MaceNews) – High-frequency economic data suggest the economy slowed again in June in response to an uptick in the number of virus cases, Cleveland Fed President Loretta Mester said Wednesday. “In late June, virus cases in many parts of the country began rising again and, in response, some states have hit the pause […]
CHI FED’S EVANS: FED CAN’T MAKE WORKPLACES SAFE
–Economic Activity Seems to be Leveling Off By Suzanne Cosgrove CHICAGO (Mace News) — Chicago Federal Reserve President Charles Evans, hosting a virtual roundtable for news media Monday, said that while the second-quarter gross domestic product was the worst on record, declining at an annualized rate of 32.9 percent, with about 18 million unemployed workers, […]
FED’S BULLARD: US RECOVERY SLOWED IN JULY; WILL BE ‘UPS AND DOWNS’ AS ECONOMY ADJUSTS
NEW YORK (MaceNews) – The U.S. economy slowed in July after surprising to the upside in May and June as it bounced back from its low in April,St. Louis Fed President James Bullard said Monday. Bullard, in webinar remarks at an event hosted by the St. Louis Fed’s Memphis branch, repeated that he expects the […]
STATUS CHECK: NO HAPPY TALK FROM POWELL; VIRUS STATS GRIM
WASHINGTON (MaceNews) – The following is Wednesday’s status check of developments in the U.S. that can influence economic, health and political outcomes: The VIX mood ring turned a more mellow shade Wednesday, improving a notable 5.27% to settle at 24.10 by day’s end. U.S stocks finished the day’s session +0.61% or 160.29 points, and in […]
FED’S POWELL: PROBABLE ‘LONG TAIL’ OF THOSE SLOW TO GET JOBS BACK
By Denny Gulino WASHINGTON (MaceNews) – Federal Reserve Chair Jay Powell, following a hold-in-place policy meeting, Wednesday stayed away from any happy talk about progress against the virus and unemployment, saying it will be quite a while before low jobless rates return. Referring to the “tail” outside the bulk of the reemployment distribution curve, Powell […]
TEXT OF FOMC POLICY STATEMENT JULY 29, 2020
The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals. The coronavirus outbreak is causing tremendous human and economic hardship across the United States and around the world. Following sharp declines, economic activity and employment […]