Fed’s Beige Book Survey Finds Modest Expansion in Eight of Twelve Districts; Hiring Slows
WASHINGTON (MaceNews) – The Federal Reserve’s latest Beige Book survey of coast-to-coast economic conditions Wednesday found slower hiring, expanded auto sales, less prices growth that amounted to “modest” expansion in most Fed districts. _ The tone of the report, assembled by the Kansas City Fed, seemed less dynamic than those in the recent past, somewhat […]
Bank of Canada Keeps Policy Rate at 22-Year High of 5% After Surprise Contraction in Q2 GDP but Keeps Door Open for Further Tightening
–Governing Council Remains Concerned About Sticky Underlying Inflationary Pressures, Prepared to Hike Policy Rate further if needed By Max Sato (MaceNews) – The Bank of Canada on Wednesday maintained its policy interest rate – the target for overnight lending rates – at a 22-year high of 5.0% on Wednesday after two consecutive rate hikes in […]
White House and Other Schedules for Wednesday, Sept 6
WASHINGTON (MaceNews) – The following are Wedesday’s schedules for the White House, Treasury, USTR, the State Department and Capitol Hill as well as U.S. economic data and Federal Reserve events: DAILY GUIDANCE AND PRESS SCHEDULE FOR WEDNESDAY, SEPTEMBER 6, 2023 In the morning, the President will receive the President’s Daily Brief. This meeting will be closed press. […]
Preview: Bank of Canada Expected to Keep Policy Rate at 5% Wednesday after Weak Q2 GDP Data
By Max Sato (MaceNews) – The Bank of Canada is expected to leave its policy interest rate at a 22-year high 5.0% on Wednesday after raising it by 25 basis points each in June and July in the wake of weak second quarter GDP data, but the outlook remains uncertain as to whether the bank […]
US August ISM Manufacturing in Contraction for 10th Straight Month on Slow New Orders but Output Balanced, Job Cuts Less Severe
–ISM’s Fiore: We Are in A Trough, Moving Toward Stability –Fiore: Firms Managing Head Counts Primarily Through Attrition By Max Sato (MaceNews) – U.S. manufacturing activity was in contraction territory for the 10th straight month in August as new orders remained sluggish but the pace of overall slowdown eased from July, raising hopes that the […]
Powell: Fed Ready to Raise Rates Further To Reduce Inflation To 2%
– Funds Rate Now ‘Restrictive’ But Unsure If It’s ‘Sufficiently Restrictive’ – FOMC Can Afford to Proceed ‘Carefully’ – Will Watch for Evidence of Progress on Inflation, Labor Market Tightness By Steven K. Beckner (MaceNews) – Federal Reserve Chair Jerome Powell expressed a mild, but clear bias toward additional monetary tightening in an anxiously awaited […]
Japan August Tokyo Core CPI Annual Rate Slips to 11-Month Low of 2.8% from 3.0% in July as Utility Costs Slump, Processed Food Prices Show Signs of Easing
–Processed Food Prices Continue to Lead Consumer Inflation, Pushing Up CPI Annual Rate by Nearly 2 Percentage Points –Total CPI Annual Rate Also Moderates to 11-Month Low of 2.9% from 3.2% in July after Hitting 41-Year High of 4.4% in January –Narrow CPI (Ex-Fresh Food, Energy) Annual Rate Remains at 41-Year High of 4.0% By […]
White House and Other Schedules for Friday, Aug 18
WASHINGTON (MaceNews) – The following are Friday’s schedules for the White House, Treasury, USTR, the State Department and Capitol Hill as well as U.S. economic data and Federal Reserve events: DAILY GUIDANCE AND PRESS SCHEDULE FOR FRIDAY, AUGUST 18, 2023 In the morning, the President will receive the President’s Daily Brief. This meeting will be closed press. Later, […]
FOMC Minutes Reflect Uncertainty, Data Dependency as Economy Refuses to Adhere to Slow-Growth Scenario
WASHINGTON (MaceNews) – The minutes of July’s Federal Open Market Committee Meeting Wednesday underlined the central bank policymakers’ continued uncertainty and dependence on data yet to come as the economy resisted the Fed staff’s outlook for below-trend growth. The Fed Board members and regional bank presidents generally acknowledged inflation – particularly minus food, energy and […]
Fed’s Kashkari: Not Ready To Say Fed Has Hiked Rates Enough To Curb Inflation
– But Says ‘Positive Signs’ Let FOMC ‘Take A Little More Time’ – Says FOMC ‘Long Way From Cutting Rates’ – Allows For Nominal Cuts at Some Point To Prevent Inadvertent Tightening of Real Rates – Warns Of Possible Bank Stress If Fed Has to Keep Raising Rates By Steven K. Beckner (MaceNews) – Minneapolis […]