Bank of England Lifts Rates by 50 Basis Points Despite Looming Recession

–Governor Andrew Bailey Vows to Tame Inflation Despite Economic Cost By Laurie Laird LONDON (MaceNews) – The Bank of England lifted its benchmark rate by 50 basis points on Thursday – the biggest rise in 27 years – despite warning of recession later this year. That takes the Bank Rate to 1.75%, the highest since […]

Fed’s Barkin Asserts Fed Commitment To Lowering Inflation Even It Means Recession

Fed Will ‘Do What It Takes’ By Steven K. Beckner (MaceNews) – Richmond Federal Reserve Bank President Thomas Barkin said Wednesday the Fed is determined to beat down inflation – even it means recession. Barkin gave no indications of how much more monetary tightening he thinks will be needed to bring inflation down to the […]

UPDATE-ISM: US July Service Sector Growth Picks Up on New Orders Despite Labor Shortages, High Costs 

–Price Index Falls for Third Month; ‘Inflation is Peaking’–ISM’s Nieves: Fed Not Overtightening, Market Reaction Favorable to Latest Hike–ISM’s Nieves: Services Sector Expects Continued Growth in 2022 on Pent-Up Demand–ISM: Supply Chain Constraints Keeping Firms from Replenishing Inventories–ISM: Employment Remains in Contraction Mainly Due to Limited Labor Pool By Max Sato (MaceNews) – U.S. service […]

White House and Other Schedules for Friday, July 29

WASHINGTON (MaceNews) – The following are Friday’s schedules for the White House, Treasury, USTR, the State Department and Capitol Hill as well as US data and Federal Reserve events:    DAILY GUIDANCE AND PRESS SCHEDULE FORFRIDAY, JULY 29, 2022 In the morning, the President will receive the President’s Daily Brief. This meeting will be closed press. In-Town Pool Wires: […]

FOMC Lifts Funds Rate Another 75 Bp to Near ‘Neutral’ 2.25-2.50% Range

– Powell Signals More Hikes to Come but Unclear About Pace, Level – Powell Repeats Fed Needs ‘Compelling Evidence’ Inflation Heading To 2% Target – Amid Slowing, Powell Cites Risk of ‘Doing Too Much’ Or ‘Too Little’ Tightening – Powell Repeats Need ‘Moderately Restrictive’ 3-3.5% Funds Rate Range End-22 By Steven K. Beckner (MaceNews) – […]

FOMC Hikes By 0.75 Pt As Expected; Bare-Bones Statement Cites Elevated Inflation

WASHINGTON (MaceNews) – The Federal Open Market Committee Wednesday did the expected, a three-quarter point rate hike which brings monetary policy to the brink of tightening instead of simply removing accommodation. In a bare-bones statement, the FOMC saw spending and production “softened” along with still-robust job gains and elevated inflation. “The Committee is highly attentive […]

BOJ Kuroda Repeats No Plans for Rate Hike, Rapid Yen Drop Undesirable

By Max Sato (MaceNews) – Bank of Japan Governor Haruhiko Kuroda made it clear once again that the bank’s policymakers are “not considering raising interest rates at all” given their latest outlook that domestic inflation is unlikely to be anchored around its 2% target in the next few years. He told a post-meeting news conference […]