ISM: US Services Sector Expands for 3rd Straight Month in September on Solid Output, New Orders
–ISM Services Index at 54.9 Vs. 51.5 in August, Well Above Median Forecast 51.5 –ISM’s Miller: Slowe Employment Follows Some Active Hiring in Summer –Miller: Inflationary Trend Moderating Despite Uptick in September –Fed Rate Cuts to Underpin Sector Toward Yearend, Port Strikes Wild Card By Max Sato (MaceNews) – Business activity in the U.S. services […]
Japan’s New PM Ishiba Forms Stability First Cabinet, Seeks Smooth Ties with Central Bank
By Max Sato (MaceNews) – Prime Minister Shigeru Ishiba is seeking to establish close coordination with Bank of Japan policymakers as he was sworn in on Tuesday with an aging, male-dominated cabinet that still symbolizes stability among a largely conservative voting population. Hailing from a political family, Ishiba, 67, vowed to provide a sense of […]
US September ISM Manufacturing in Contraction for 6th Straight Month as Uncertainty over Fed Rate Policy, Election Weighs on Investment, Demand
–ISM Manufacturing Index Flat at 47.2, Just Under Median Forecast of 47.6 –ISM’s Fiore: October Report to Show Hurricane Helen’s Full Impact on Supply Chains, Output –Fiore: Fed’s As-Expected September Rate Cut Likely to Aid New Orders in Early 2025 –Fiore: Whichever Party Wins, US Pressure on China to Continue on Trade Front By Max […]
Powell: Fed in No Rush To Cut Rates; Will Move Faster Or Slower As Data Dictate …
– Powell Sees No More than 50 Basis Points of Further Cuts by End-2024 By Steven K. Beckner (MaceNews) – Federal Reserve Chair Jerome Powell said Monday that he and his fellow monetary policymakers will adjust the pace of future interest rate cuts based upon the pace of economic growth, employment and inflation, but are […]
Three Fed Presidents Defend FOMC’s 50 BP Rate Cut; Vague About Future Cuts
– Bostic: Lower Inflation, Bigger Job Risk Justified Big Cut but Must Be ‘Patient’ – Goolsbee Foresees ‘Many More Rate Cuts’; FFR Hundreds of Basis Points Over Neutral – Kashkari: Balance of Risks Has Shifted From Inflation to Unemployment By Steven K. Beckner (MaceNews) – Three Federal Reserve Bank presidents said Monday they are prepared […]
FOMC Cuts Federal Funds Rate 50 Basis Points, Says Next Steps To Be Decided Meeting by Meeting
– Fed Officials Project 4.4% By End 2024; 3.4% End 2025; 2.9% End 2026 – Powell Says FOMC ‘In No Rush’ To ‘Recalibrate’ to ‘More Neutral’ Stance – Longer Run ‘Neutral’ Funds Rate Raised Further to 2.9% By Steven K. Beckner (MaceNews) – The Federal Reserve undertook a major shift in the direction of monetary […]
Fed Officials Agree It’s Time to Start Lowering Federal Funds Rate
– But Williams, Waller Won’t Say Size or Pace of Rate Cuts By Steven K. Beckner (MaceNews) – Two top Federal Reserve policy-makers strongly signaled Friday that the Fed will be cutting short-term interest rates for the first time since March 2020 when its rate-setting Federal Open Market Committee meets in mid-September. However, neither New […]
Japan July Overall Household Spending Up Just 0.1% Y/Y, Core Reading Dips 0.8%; Air Conditioner Demand Strong but Too Hot to Stay Outdoors
–High Wage Hikes amid Labor Shortages Lead to 3rd Straight Rise in Real Average Household Income–Real Wages Up 0.4% Y/Y in July After Marking 1st Rise in 27 Months in June By Max Sato (MaceNews) – Japan’s real household spending posted its first year-over-year rise in three months in July but with a sluggish undertone […]
Heat Wave Boosts Japanese Consumer Inflation in July, Hitting Many Households as Government Ends Utility Subsidies
–Retail Sales Up on Seasonal Demand but Somewhat Slower as It is Dangerous to Stay Outdoors for Long –Factory Output Rebounds, Government Upgrades View –Unemployment Rate Up on Surge in Quits for Better Positions Amid Widespread Labor Shortages By Max Sato (MaceNews) – The killer heat wave is wreaking havoc across Japan, claiming many lives […]
Japan Government Slightly Upgrades Its View on Economic Recovery after BOJ Conducts 2nd Rate Hike in July
By Max Sato (MaceNews) – Japan’s government upgraded its overall economic assessment for the first time in six months, noting consumer spending is supported by wage hikes and temporary income tax credits, but the change in wording is subtle and it continues to say the economy is recovering “moderately.” In its monthly report for August […]