FED’S POWELL: FIXATED ON DATA POINTS IN ‘EVENTFUL’ PRELUDE TO FOMC
WASHINGTON (MaceNews) – Key excerpts of Federal Reserve Chair Jerome Powell’s Jackson Hole speech Friday, “Challenges for Monetary Policy” with boldfaced emphasis added: People who live and work in low- and middle-income communities tell us that this job market is the best anyone can recall. We increasingly hear reports that employers are training workers who […]
JULY CPI’S POP QUICKLY KNOCKED INTO IRRELEVANCE AS MKTS MOVE
–July CPI Core +0.3%; Y/Y +2.2% By Denny Gulino WASHINGTON (MaceNews) – Tuesday’s CPI pop, an excursion a tenth higher than the inflation comfort level, had no sooner depressed stock futures than the White House signaled a major softening of the impending tariff attack on China, igniting an explosion of share prices and halting the […]
FED’S BULLARD: NEED TO WAIT, SEE IF MORE EASING NEEDED
By Steven K. Beckner WASHINGTON (MaceNews) – St. Louis Federal Reserve Bank President James Bullard said Tuesday the Fed “took out insurance” against trade-related risks to the economy by cutting interest rates last week and must now determine if more credit easing is needed.. In cutting rates, Bullard told the National Economics Club the central […]
JULY JOBS RPT HO MUM; WAITING FOR CHINA COUNTERPUNCH
–No Turnaround in Year’s Worsening Trade Deficit Trend –Treasury 10-Year Keeps 1.88% Yield, Cut By New Tariff Threat By Denny Gulino WASHINGTON (MaceNews) – July’s moderate increase in payrolls reported Friday – 164,000 – was balanced by a cutback in hours and no acceleration in sub-par wage growth, headlining a U.S. jobs report overshadowed by […]
FOMC DELIVERS ITS QTR POINT CUT DESPITE ‘RISING’ ECONOMY
WASHINGTON (MaceNews) – The Federal Open Market Committee Wednesday delivered a bare-bones statement that aside from the expected quarter-point rate cut information contained less than usual characterizations of the economy, other than activity is “rising,” the labor market continues to be strong and inflation remains below target. The one additional nugget was that the balance […]
US TBAC RPT: 1-YR SOFR LINKER COULD PRICE ‘BETTER’ THAN TSY 1-YR
–US Treasury’s Quarterly Refunding As Expected, Raises $26.7 Bln New Cash WASHINGTON (MaceNews) – In their quarterly refunding announcements Wednesday morning, U.S. Treasury officials again said no decision has been reached on a SOFR 1-year floating rate note while the private-sector Treasury Borrowing Advisory Committee suggested it’s looking forward to it. Treasury has said a […]
US JUNE BUDGET DEFICIT -$8 BLN; AFTER ADJUSTMENT, -$55 BLN
–Fiscal Year to Date Deficit -$747 Bln; Outlays/Receipts Records –No New Guidance on Debt Limit X-Date; Still Late Summer WASHINGTON (MaceNews) – The June U.S. budget deficit was only $8 billion – until adjustment for shifted benefit payments that boosted it to $55 billion, on the way to what the White House expects will be […]
FED’S POWELL HINTS AN INSURANCE RATE CUT; MUCH DATA YET TO COME
–‘Committed to Using Our Tools’ to Keep Expansion Going By Denny Gulino WASHINGTON (MaceNews) – Federal Reserve Chairman Jerome Powell came to Capitol Hill Wednesday to emphasize those cross currents of uncertainty still “weigh on the economy” and while never uttering the words “insurance” or “rate cut,” he repeated how important he feels it is […]
US JUNE PAYROLLS +224K, CONFOUNDING FORECASTERS AND IMPERILING RATE CUT
By Denny Gulino WASHINGTON (MaceNews) – The carefully wrought July rate-cut scenario is now challenged by the blockbuster 224,000 surprise payrolls total for June, with Friday’s report pitting economic pessimists against prospects for renewed strength for the longest U.S expansion in history. Many forecasters who were confounded by a return to 200,000 plus payrolls growth […]
FED’S MESTER: U.S. Q2 SLOWDOWN NOT SUFFICIENT TO TRIGGER RATE CUT
By Laurie Laird LONDON (MaceNews) – While U.S. growth appears to have weakened over the second quarter, the current slowdown is insufficient to trigger a reduction in interest rates, according to Cleveland Federal Reserve President Loretta Mester. “Given the current level of the funds rate and my current baseline outlook,” interest rates represent an “appropriate […]