US ISM Rpt Shows a Greater-Than-Expected Improvement for the Services Economy But Hiring Still Softened in October
WASHINGTON (MaceNews) – The momentum of the dominant services sector of the economy showed improvement beyond expectations in October, at 52.4 reading after September’s 50.0 index level, but hiring had continued to soften and suggests more of that to come. The chief of the purchasing managers survey, Steve Miller, told reporters that in the context […]
TRANSCRIPT: Fed Chair Powell Says December Rate Cut ‘Not a Foregone Conclusion’
–‘Strongly Differing Views’ About December FOMC WASHINGTON (MaceNews) – The following is a transcript of most of Federal Reserve Chair Jerome Powell’s Wednesday post-FOMC meeting news conference: … Beyond the next year or two, or so; however, most measures of longer-term expectations remain consistent with our 2% inflation goal. For monetary policy actions are guided […]
Powell Cites ‘Significant Downside Risks’ To Jobs; Puts Less Emphasis On Inflation
– Can’t Ease Too Quickly, But Easing Too Slowly Would Mean ‘Painful” Job Losses By Steven K. Beckner (MaceNews) – Federal Reserve Chairman Jerome Powell avoided giving an overt signal about what the Fed will do with interest rates later this month, but clearly leaned toward greater concern about a softening labor market than about […]
BofA Global Research: Managers Dumped Bonds in October Despite Expectations of Rate Cuts
By Vicki Schmelzer NEW YORK (MaceNews) – Global investors dumped bonds in October, despite expectations of future Fed cuts and continued concern about rising inflation, according to Bank of America Global Research’s monthly fund manager survey, released Tuesday. In October, a net 24% of portfolio managers were underweight bonds, versus a net 3% underweight in […]
Fed Officials Wrestle with Appropriate Policy Path amid Data Fog
By Steven K. Beckner (MaceNews) – As they move closer to their penultimate monetary policy meeting of the year later this month, Federal Reserve policymakers continue to give mixed signals on the path of interest rates. While there have been overt calls for additional rate cuts, and while some officials have indicated an openness to […]
‘It’s Not a Good Trajectory’ ISM’s Chief Says of Services Economy as Tariffs on Goods Spills Over
WASHINGTON (MaceNews) – The September Institute of Supply Management report on the momentum of the services economy – showing some slippage in the index to 50 – is part of a slowdown three years in the making, now burdened with spillovers from goods tariffs, the purchasing managers survey chief said Friday. The latest reading of […]
US Sept Manufacturing ISM Weaker Overall as Tariff and Pricing Uncertainty Combines with Supply Chain Disruptions, Fewer Foreign Customers
WASHINGTON (MaceNews) – The Institute of Supply Management September reading of U.S. manufacturing showed overall momentum slowing though the index improved slightly to a still contractionary 49.1 and the report’s organizer warned that the weakening could be a leading indicator. “The panelists are clearly saying that their customers are just not ordering,” said Susan Spence […]
NY Fed’s Williams: FOMC Has ‘Balancing Act’ Between Inflation, Employment
– Monetary Policy Still Restrictive; To Make Meeting-by-Meeting Judgment on Risks – Employment Risks Up; Inflation Pressure Lessening; Tariffs Not As Bad As Feared – Other Fed Officials More Hesitant To Cut Funds Rate Furthermore By Steven K. Beckner (MaceNews) – After cutting interest rates mid-month to guard against “undue” weakness in the labor market […]
US TARIFFS STATE OF PLAY – Punishing 50% Tariff on India Products Takes Effect; Online Shoppers to be Hit With Tariffs Friday
WASHINGTON (MaceNews) – There was no last-minute reprieve for India, as of midnight ET hit with one of the highest tariff rates in the world. The implementation of a 50% rate shuts off most trade with the U.S. and there have been many accounts of sectors of the Indian economy already feeling the severe effect. […]
Fed Officials Still Divided, Unsure About When and How Much To Cut Interest Rates
By Steven K. Beckner (MaceNews) – Federal Reserve officials have continued this week to muse about cutting interest rates for the first time since December when the Fed’s rate-setting Federal Open Market Committee meets in mid- September, but the FOMC remains divided and unsure. Despite an uptick in inflation, labor market worries have come to […]