THE JULY FOMC AND BEYOND – WHAT TO EXPECT FROM THE FED
By Steven K. Beckner (MaceNews) – Even though the U.S. economy’s partial recovery has lately shown signs of faltering in face of renewed anti-coronavirus restrictions, it would be little short of astonishing if the Federal Reserve’s policy making Federal Open Market Committee were to announce any new monetary stimulus initiatives at the conclusion of its […]
FED’S BEIGE BK: SOME BOUNCEBACK FROM STILL VERY LOW LEVELS
WASHINGTON (MaceNews) – The latest Federal Reserve Beige Book survey of economic conditions in all 12 Districts published Wednesday was particularly uninformative this time around, providing little insight beyond generally available information on what’s happening to guide the upcoming meeting of the Federal Open Market Committee. The summary and District-by-District snapshots, assembled by the Chicago […]
EXCERPTS: BOC’S MACKLEM: REOPENING SURGE TO GIVE WAY TO BUMPINESS
OTTAWA (MaceNews) – Bank of Canada Gov. Tiff Macklem Wednesday said the decision to hold the policy rate at the lower bound and maintain the pace of quantitative easing was based on the assessment that the current rebound of economy activity will give way to a “slower and bumpier recuperation phase.” The following are excerpts […]
DATA FLASH: US JUNE CPI RISES 0.6% ON ENERGY PRICE REBOUND
–Core Prices Up 0.2%; Ex-Energy, CPI Up 0.3%;–Energy Prices Up 5.1% –NFIB Survey Shows Continued Improvement, Sales Outlook Sharply Improved–Redbook Weekly Retail Sales Show July Up 3.0% From June, Down 5.5% Y/Y By Kevin Kastner WASHINGTON (MaceNews) – U.S. consumer prices were above expectations as energy prices rebounded, food prices rose further and core prices […]
DATA PREVIEW: JUNE DATA SOLID, BUT COVID REBOUND LOOMS
By Kevin Kastner WASHINGTON (MaceNews) – The U.S. data for June have been generally positive, with a solid gain in nonfarm payrolls and the above-50 ISM readings for both the manufacturing and nonmanufacturing sectors. Of course, much of this was before several large states reported rebounds in their COVID-19 cases, so the silver cloud comes […]
DATA FLASH: US JUNE PPI A SURPRISE, DOWN 0.2% ON FOOD REVERSAL
–Prices Ex-Food/Energy -0.3%; Up 0.3% Excluding Trade Services as Well–Energy Prices Rise Further 7.7% on a 26.3% Jump in Gasoline Prices–Food Prices Plunge 5.2% After a 6.0% Jump in May By Kevin Kastner WASHINGTON (MaceNews) – U.S. business prices fell 0.2% in June, a fourth decline in the last five months. The June drop was […]
FED’S DALY/BARKIN SEE HUGE PANDEMIC-CAUSED ECONOMIC CHALLENGES STILL TO COME
By Denny Gulino WASHINGTON (MaceNews) – The presidents of the Richmond and San Francisco Federal Reserve Banks Tuesday saw huge challenges ahead as government virus response programs ebb, landlords without rent payments pressure banks, displaced workers stay unemployed and customers get less enthusiastic about visits to bricks and mortar establishments as the pandemic hangs on. […]
DATA PREVIEW: SERVICES SECTOR CONDITIONS HEADLINE LIGHT DATA WEEK AHEAD
By Kevin Kastner WASHINGTON (MaceNews) – After a very busy data week that finished off with a 4.80 million June payrolls gain and a decline in the unemployment rate to 11.1%, analysts and the markets can look forward to a three-day weekend and a very light data week ahead. Monday’s nonmanufacturing data for June starts […]
DATA FLASH: US MAY PERSONAL INCOME SLOWS, SPENDING SOARS
–US May Personal Income -4.2% After Stimulus-Led Surge in April–Savings Rate 23.2%, Nominal PCE +8.2%, Real PCE +8.1%, Core +0.1%–June Michigan Sentiment Revised Down to 78.1, Still Up From 72.3 in May By Kevin Kastner WASHINGTON (MaceNews) – Personal income fell in May after a large runup in April on government stimulus payments, while spending […]
FED’S ROSENGREN: MORE POLICY STIMULUS NEEDED; 2H REBOUND WEAK GIVEN VIRUS SPREAD
NEW YORK (MaceNews) – More fiscal and monetary stimulus will probably be needed given rising new Covid-19 cases in many states and a slower-than-hoped recovery, Boston Federal Reserve President Eric Rosengren said Friday. Rosengren, in remarks prepared for delivery at an online event, predicted the unemployment rate will remain in double digits through year end, […]