Text of President Biden’s Announcement of Intent to Nominate Powell to Again be Fed Chair, and Brainard as Vice Chair
WASHIINGTON (MaceNews) – The following is the text of Monday morning’s announcement by President Biden that he intends to nominate Jay Powell for another term as Federal Reserve chair, with Lael Brainard vice chair. Both intended nominees will appear with the president at 1:20 p.m. ET for remarks: Today, President Biden announced his intent to […]
MaceNewsViews – Commentary: President Biden-President Xi Talked For Nearly Four Hours – Exactly What Happened?
By Eric Ham WASHINGTON (MaceNews) – The long-awaited meeting between leaders of the two largest economies talked for nearly four hours Monday night and some of the exchanges were “incredibly direct.” There were several readouts afterwards by the U.S. side, a brief appearance Tuesday at the Brookings Institution think tank by National Security Adviser Jake […]
San Fran Fed’s Daly Calls For ‘Patience’ Regarding Monetary Tightening
–Wants More ‘Clarity” Before Adjusting Taper Pace, Funds Rate –Moved Liftoff Date From 2024 to 2023; Not Sure About 2022 Given Delta –Data Too ‘Cloudy’; Tightening Policy Further Could Be ‘Costly,’’Mistake’ By Steven K. Beckner (MaceNews) – San Francisco Federal Reserve Bank President Mary Daly called Tuesday for “patience” and urged the Fed to await […]
White House Transcript of Biden-Xi Backgrounder Briefing
WASHINGTON (MaceNews) – The following is the White House transcript of the late Tuesday background teleconference in which reporters were briefed on the three-hour virtual meeting of Pres Biden and China’s President Xi: Background Press Call by Senior Administration Officials on President Biden’s Virtual Meeting with President Xi of the People’s Republic of China Via […]
US Data Preview Commentary: Retail Sales, Housing Starts, and More Angst About Threats of Partisan Violence
By Denny Gulino WASHINGTON (MaceNews) – A week of ordinary and not too consequential economic data, like October retail sales and housing starts, a US-China summit chat, the signing of BIF (Amtrak fans rejoice) and more socioeconomic angst reflected in a flurry of essays about America’s threatened civil war. No one needs to be told […]
MaceNewsViews: Commentary – Democrats Celebrating (Perhaps Fleeting) Victory
By Eric Ham WASHINGTON (MaceNews) – On Monday, President Biden will sign into law the $1.2 trillion bipartisan infrastructure bill, a cornerstone of the president’s agenda, in a lavish ceremony with many supporters and even a few Republicans present. The bill provides billions for roads and bridges across the nation and much more, for instance […]
US House-Passed Infrastructure Bill Gets Presidential Signature in Coming Days
By Eric Ham WASHINGTON (MaceNews) – After months of wrangling and tense back-and-forth negotiations, the House of Representatives finally passed the $1.2 trillion infrastructure spending bill shortly before midnight Friday. Saturday morning President Biden hailed it as an inflection point toward winning “the competition of the 21st century., The legislation passed 228-206 with 13 Republicans […]
FOMC: Tapering to Begin This Month at the Expected Pace
WASHINGTON (MaceNews) – The Federal Open Market Committee Wednesday fulfilled expectations that tapering will get underway, starting the process this month while making no reference to the timeline of eventual liftoff other than the usual goals of maximum employment and 2% inflation. The policy announcement follows: With progress on vaccinations and strong policy support, indicators […]
US FCC Targeting More Chinese Telecom Companies
By Eric Ham WASHINGTON (MaceNews) – The United States continues its crackdown on Chinese Telecom companies that began with severe U.S.restrictions imposed on commerce with Huawei. China Telecom, the largest Chinese telecommunications company, Tuesday had its license revoked by the Federal Communications Commission after operating in the United States for almost 20 years. The FCC […]
Fed’s Beige Book Sees ‘Significantly Elevated Prices’
WASHINGTON (MaceNews) – The Federal Reserve’s survey of economic conditions coast to coast Wednesday found “significantly elevated prices” and some regional Fed districts in which growth slowed, hampered by labor shortages, supply disruptions and, of course, the Delta variant. Auto sales declined and some districts “noted increased uncertainty and more cautious optimism than in previous […]