Japan December Household Spending Posts 10th Straight Y/Y Drop as Inflation Bites, Milder Weather Dampens Demand for Winter Clothing, Heaters
–Households Seeking Savings by Switching to Low-Cost Mobile Phone Plans–Eating Out Continues Growing, Vehicle Purchases, Car Services Rebound–Real Household Income Posts 15th Straight Y/Y Drop on Elevated Costs By Max Sato (MaceNews) – Japan’s real household spending posted its 10th straight drop on the year in December, down a deeper-than-expected 2.5%, following a 2.9% dip […]
US January ISM Manufacturing in Contraction for 15th Straight Month but Picks Up Toward Growth on Unexpected Jump in New Orders, Stable Output
–ISM Manufacturing Index 49.1 Vs. Downwardly Revised 47.1 in December–ISM’s Fiore: This Could be Beginning of Growth–Fiore: Still Bullish Main Index Will Go Above Neutral Line of 50 in March–Fiore: Customer Inventories Still Too Low, Positive for Future New Orders–Fiore: Member Firms Generally Agree to Pay Higher Prices in January By Max Sato (MaceNews) – […]
FOMC Abandons Tightening Bias For Neutral Stance While Holding Rates Steady
– Powell: Unlikely FOMC Would Cut Rates As Soon As March Meeting- FOMC Now Speaks of ‘Any Adjustments’ To Federal Funds Rate – FOMC Advises No Rate Cuts Until Confident Inflation Sustainably On Way to 2% – FOMC: Risks ‘Moving Into Better Balance,’ But Outlook ‘Uncertain’ – FOMC Gives No Sign Ready to Dial Back […]
TRANSCRIPT: Fed’s Powell Dampens Hopes for March Rate Cut
WASHINGTON (MaceNews) – The following is a transcript of Federal Reserve Chair Jerome Powell’s news conference Wednesday, following the meeting of the Federal Open Market Committee: CHAIRMAN JEROME POWELL: Good afternoon. My colleagues and I remain squarely focus on our dual mandate to promote maximum employment and stable prices for the American people. The economy […]
FOMC Warns More Progress on Inflation Needed Before Any Rate Cuts
WASHINGTON (MaceNews) – The Federal Open Market Committee Wednesday added a warning to its stand-still policy statement, saying it does not “expect” to cut rates until it has “gained greater confidence” that inflation is moving sustainably lower toward the 2% target. The statement follows: Recent indicators suggest that economic activity has been expanding at a […]
Japan January Tokyo Core CPI Annual Rate Eases Sharply on Further Energy Price Drop, Slower Food Markups, Hotel Fee Rise
–Total CPI, Core (Ex-Fresh Food), Both +1.6% Y/Y, Slowest in 22 Months–Core-Core CPI (Ex-Fresh Food, Energy) Moderates to 11-Month Low of +3.1% By Max Sato (MaceNews) – Consumer inflation in Tokyo, the leading indicator of the national average, eased at a much faster pace than expected in January in all three key measures as food […]
Bank of Canada Keeps Policy Rate at 5%, Softens Hawkish Tone Amid Slowing Economy but Warns About High Wage Growth
–Governing Council Still Concerned About Inflationary Risks, Particularly Persistent Underlying Price Pressures –BoC Statement Stops Saying It Remains Prepared to Hike Policy Rate Further if Needed–Governor Macklem: Premature to Discuss Lowering Interest Rates By Max Sato (MaceNews) – The Bank of Canada on Wednesday maintained its policy interest rate — the target for overnight […]
Preview: Bank of Canada Expected to Keep Policy Rate at 5% amid Sticky Inflation
–Governing Council Likely to Remain Concerned About Inflationary Risk–Governor Macklem Has Repeatedly Said It is Too Early to Discuss a Rate Cut By Max Sato (MaceNews) – The Bank of Canada is widely expected to maintain its policy interest rate — the target for overnight lending rates — at 5.0% on Wednesday for the fourth […]
Japan December Core CPI Annual Rate Decelerates to 18-Month Low of 2.3% from November’s 2.5% on Utility Subsidies, Slower Processed Food Markups
–Total CPI Y/Y Rise Slows to 17-Month Low of 2.6% from 2.8% –Core-Core CPI (Ex-Fresh Food, Energy) Annual Rate Eases Further to 10-Month Low of 3.7% from 3.8% –Services Costs Up 3.3% Y/Y Due to Wage Hikes Vs. Goods Prices Up 2.3% By Max Sato (MaceNews) – Consumer inflation in Japan continued easing in December […]
Fed’s Beige Book Survey Finds Little Additional Momentum as National Economy Generally Retains Status Quo
–Five Districts Fine Price Increases ‘Subsided’ WASHINGTON (MaceNews) – The Federal Reserve’s survey of economic activity coast-to-coast Wednesday saw little significant change in the past six weeks although consumers met or exceeded expectations and some retailers were finding their profit margins squeezed by consumer sensitivity to higher prices. The survey, to be among the data […]