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, […]
BANK OF ENGLAND SLOWS ASSET PURCHASES AS CONSUMER SPENDING PICKS UP
— Base Rate Remains at Record-Low 0.1% By Laurie Laird LONDON (MaceNews) – The Bank of England will decrease the pace of its emergency quantitative easing program, noting that the UK has not suffered as much as feared during the economic shutdown implemented in late March. “Recent payments ant other high frequency data suggested that […]
FED’S MESTER: ‘VERY ACCOMMODATIVE POLICY NEEDED’ WITH FUNDS RATE UNCH. THROUGH END 2022
NEW YORK MaceNews) – Cleveland Federal Reserve President Loretta Mester said monetary policy needs to stay “very accommodative” and she agrees with her colleagues that the federal funds target should remain unchanged through 2022. In remarks for delivery on a webinar, said she and her colleagues agree a recovery is under way beginning in the […]
DATA FLASH: US INITIAL CLAIMS SLOW FURTHER; MAY PPI ABOVE EXPECTED
–Initial Claims -355,000 to 1.542 Mln; 40.4 Mln Unadj Total Under COVID–May PPI Up 0.4%, But Down 0.1% Ex Food and Energy; Gasoline +43.9%. By Kevin Kastner WASHINGTON (MaceNews) – The U.S. jobless claims data released earlier Thursday pointed to continued improvement for both new filings and existing filings, but the levels of both remain extremely […]
FED’S POWELL: DOING ALL WE CAN; WILL IT BE ENOUGH?
–‘Dot Plot’ Shows Assumptions of No Rate Hikes Through 2022 –To Sustain Pace of Treasuries, MBS Purchases By Denny Gulino WASHINGTON (MaceNews) – Federal Reserve Chair Jay Powell Wednesday offered reassurance policymakers are not even “thinking about thinking” about raising rates and shared his worries about possible long-term post-crisis unemployment. Answering questions after the Federal […]
FOMC POLICY STATEMENT JUNE 10, 2020
The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals. The coronavirus outbreak is causing tremendous human and economic hardship across the United States and around the world. The virus and the measures taken to […]
DATA FLASH: US MAY CPI FALLS 0.1% BEFORE JUNE DEMAND PICKUP
–Core Prices Also Down 0.1%; Ex. Only Energy, CPI Up 0.1%.–Energy Prices Again Down Sharply; Foods Prices Rise on Food at Home–Owners’ Equivalent Rents Up 0.3%, Lodging Away from Home Down 1.5% By Kevin Kastner WASHINGTON (MaceNews) – U.S. consumer prices were below the flat reading expected, as energy prices declined further, but demand is […]
ECB EXPANDS BOND BUYING PROGRAM, DECLINES FURTHER EASING MEASURES
By Laurie Laird LONDON (MaceNews) – The European Central Bank expanded its emergency asset purchase program but declined to activate any further measures in what it calls its “policy toolkit,” despite forecasting a fall in inflation to just above zero. The ECB’s pandemic emergency purchase program, or PEPP, will increase by €600 billion to €1.35 […]