ECB CHIEF ECONOMIST HINTS AT FURTHER EURO ZONE STIMULUS
By Laurie Laird LONDON (MaceNews) – The European Central Bank may be forced to enact further extraordinary measures to lift inflation toward its target following the shock of the coronavirus, according to the Bank’s chief economist Thursday. “For the ECB to deliver on its mandate [the bank may resort] to additional monetary stimulus,” Lane told […]
ANALYSIS: FED CAN NOW HAVE FULL-THROATED RECOVERY FOCUS ON JOBS
By Denny Gulino WASHINGTON (MaceNews) – The pandemic’s destruction of U.S. employment was not the trigger for the new Federal Reserve policy framework, in the works long before the virus hit. However the jobs crisis is a perfectly appropriate context for the focus on employment. That focus had already become the hallmark of the Jay […]
POWELL: FED WILL BE FLEXIBLE WITH AVERAGE INFLATION TARGETING, ACT AS NEEDED
By Steven K. Beckner (MaceNews) – Federal Reserve Chair Jerome Powell said Thursday the Fed will be “flexible” in pursuing a new “average inflation targeting” regime and not use any set “mathematical formula.” Powell, elaborating on what he called a “robust” new monetary policy strategy framework adopted earlier by the Fed’s policy-making Federal Open Market […]
TEXT: FED’S GUIDE TO LONGER-RUN GOALS, MONPOL STRATEGY
WASHINGTON (MaceNews) – The following is the text of the Federal Reserve’s guide to the changes in its longer-run goals and monetary policy strategy that was released along with Fed Chair Jay Powell’s remarks Thursday morning: In the revised Statement on Longer-Run Goals and Monetary Policy Strategy shown below, bold red text shows additions and […]
BoA GLOBAL FUND MNGR SURVEY: INVESTORS INCREASE EQUITY HOLDINGS, TRIM BOND UNDERWEIGHT
–Inflation Concerns Broaden –US Election Deemed 3rd Biggest Tail Risk, Behind Covid/US-China Trade By Vicki Schmelzer NEW YORK (MaceNews) – Global investors polled in August were confident enough about global growth to increase their equity holdings and pare back their bond underweight, according to the findings of the BofA Global Research’s monthly fund manager survey, […]
DATA FLASH: US JULY CPI SURGED 0.6%, ECHOING PPI INFLATION
–Core Prices Jump 0.6%; Ex. Only Energy, CPI Rose 0.5%.–Energy Prices Rose 2.5%, Food Prices Down 0.4% By Kevin Kastner WASHINGTON (MaceNews) – Following Tuesday’s surprisingly large gains in business prices, there was a question of whether those prices rebounds would feed down to the consumer level. That was answered Wednesday morning with an extraordinarily […]
STATUS CHECK: BAD VIBES ACCUMULATE RE CHINA
WASHINGTON (MaceNews) – The following is Monday’s status check of developments in the U.S. that can influence economic, health and political outcomes: A new week filled with echoes of last week. Weekend rioting, Chicago after midnight looted stores. A police shooting in the afternoon and mistaken rumors about that shooting was the spark. There was […]
BOE HOLDS POLICY, KEEPS SUB-ZERO RATES UNDER REVIEW DESPITE CONSUMER RECOVERY
— Bank predicts 18% gain in Q3 GDP By Laurie Laird LONDON (MaceNews) – The Bank of England maintained its current policy stance at its latest rate setting meeting, but admitted that negative interest rates remain under review, despite forecasting a sharp economic rebound in the third quarter. Bank forecasters predict an 18% surge in […]
DATA FLASH: US JUNE PERSONAL INCOME DROPS AS STIMULUS WINDS DOWN
–US June Personal Income -1.1% After -4.4% in May–Savings Rate 19.0%, Nominal PCE +5.6%, Real PCE +5.2%, Core Prices +0.2%–Chicago PMI Jumped to 51.9 from 36.6 in June, Highest Since May 2019–July Michigan Sentiment Index Revised Down to 72.5, Well Below 78.1 in June By Kevin Kastner WASHINGTON (MaceNews) – Personal income fell further in […]
DATA FLASH: US SECOND QUARTER GDP CONTRACTS BY 32.9% ON FULL COVID IMPACT
—Second Quarter PCE Plunged by 34.6% After 6.9% Drop in First Quarter–First Quarter GDP Unrevised at 5.0% Decline, Fourth Quarter GDP Revised Up To 2.4% Gain–Initial Jobless Claims Rise By 12,000 to 1.434 Mln, 4-Week Average Up For First Time Since April By Kevin Kastner WASHINGTON (MaceNews) – As expected, the U.S. economy contracted sharply […]