FOMC, CHAIR POWELL HOLDING ON TIGHT, ALL IN FOR DURATION
–‘Not Going To Run Out of Money’ –Time to Use the ‘Great Fiscal Power’ Of the Country By Denny Gulino WASHINGTON (MaceNews) – The Federal Open Market Committee, echoed by Federal Reserve Chair Jay Powell, Wednesday signaled only firm determination to fight the damage from the economic shutdown, whatever it takes, reassuring the markets, Wall […]
WHITE HOUSE WATCH COMMENTARY: STRUCTURAL CHANGE NOT ALWAYS INTENTIONAL
By Denny Gulino WASHINGTON (MaceNews) – Huge disruptions, pandemics and wars, can cause fundamental changes down the line that were not anticipated and which were hard to recognize at the time. Which brings us to the Federal Reserve in this time of crisis. Wednesday afternoon Chairman Jerome Powell will be explaining to the world the […]
FULL COVID SHUTDOWN IMPACT WILL BE ON DISPLAY IN NEXT WEEK’S US DATA
By Kevin Kastner WASHINGTON (MaceNews) – After a week that showcased weakness in the U.S. housing market, analysts and financial market participants should prepare themselves for even more disappointing data next week. The mid-week FOMC meeting gives the Committee an opportunity to offer more consoling words, but any new actions would be even more appreciated. […]
NY FED’S WILLIAMS: TOO SOON TO KNOW SCALE OF ECONOMIC DISRUPTION
NEW YORK (MaceNews) – The full scale of economic fallout from the COVID-19 pandemic remains unknown, but the Federal Reserve has acted decisively to support recovery, New York Fed President John Williams said Thursday. “Although stresses in financial markets will not entirely abate until the pandemic is behind us, we have seen material improvements in […]
BANK OF CANADA’S POLOZ: BETTER ECONOMIC OUTLOOK IS ACHIEVABLE
By Gloria Galloway OTTAWA (MaceNews) – The Bank of Canada is laying out two economic prospects for the country as it recovers from devastating effects of the global pandemic – one positive and one negative – but the bank’s governor says he is optimistic that the better-case scenario is achievable. In its Monetary Policy Report […]
FED LAUNCHES NEW PACKAGE OF $2.3 TRILLION IN CREDITS
By Steven K. Beckner (MaceNews) – The Federal Reserve’s aggressive credit easing measures since early March have steadied financial markets, though not the economy, but not content to rest on its laurels, the Fed continues to innovate and explore the full extent of its emergency lending powers. The Fed, in conjunction with the U.S. Treasury, […]
FOMC CONF CALL MINUTES DOCUMENT START OF A NEW ERA
-Fed’s Mester Wanted Smaller Cut March 15 Meet; March 2 Unanimous WASHINGTON (MaceNews) – The Federal Open Market Committee conference call meeting minutes from the beginning of the central bank’s massive reaction to the corona virus demand destruction, released Wednesday, are interesting history but relatively irrelevant given the evolution since of the crisis. Facing deteriorating […]
WHITE HOUSE WATCH COMMENTARY: FEDERAL GOVT STILL CATCHING UP WITH VIRUS NEEDS
By Denny Gulino WASHINGTON (MaceNews) – What’s become a literal American deathwatch was a grinding slog on Wednesday with whatever major progress being made behind the scenes obscured by the questions on why progress is not faster. The evening’s Corona Virus Task Force briefing seemed more bogged down with vague answers rather than being illuminated […]
BANK OF CANADA CUTS RATES ANOTHER 50 BPS
By Gloria Galloway OTTAWA (MaceNews) – The Bank of Canada has dropped its target overnight rate for the third time in less than a month as it tries to mitigate the financial and economic damage of the COVID-19 pandemic. Stephen Poloz, the bank’s governor, announced Friday morning that the rate would fall 50 basis points […]
DRAGHI: ECB COUNCIL ‘UNIFIED’ DESPITE POLITICAL PRESSURE ON RATE SETTERS
By Laurie Laird FRANKFURT (MaceNews) – European Central Bank rate setters have largely settled their policy disagreements, according to ECB President Mario Draghi, while acknowledging that global central banks are coming under increasing political pressure. Addressing reporters after his final meeting, Draghi described a “general call for unity” among governing council members, after a number […]