ANALYSIS: UNDER PRESSURE FED APT TO STAY ON EASING COURSE
By Steven K. Beckner (MaceNews) – Whatever one may think of the wisdom of the Federal Reserve’s March 3 interest rate cut, it has embarked on a preemptive easing of credit in response to economic threats posed by the corona virus and seems likely to remain on that course. Not only did the Fed’s policymaking […]
IMF: VIRUS CAUSING ‘GENERALIZED WEAKENING DEMAND’
WASHINGTON (MaceNews) – IMF Managing Director Kristalina Georgieva Wednesday said her institution and the World Bank are mobilizing their resources to coordinate a global response to the corona virus outbreak, with well more than $1 trillion available for a “people first” approach to mitigation. “The disease is spreading quickly with over one third of our […]
CANADA ECHOES FED WITH HALF-POINT RATE CUT
By Gloria Galloway OTTAWA (MaceNews) – Canada has followed the United States by substantially lowering interest rates to buffer the shock of the COVID-9 virus that is reverberating through financial markets around the world. The Bank of Canada Wednesday lowered its target overnight rate by 50 basis points to 1.25%, its largest single rate cut […]
FED’S MESTER: FOMC TO CONSIDER INCOMING DATA AHEAD OF MARCH FOMC MEETING
By Laurie Laird LONDON (MaceNews) – The Federal Reserve will continue to monitor economic data closely ahead of its rate setting meeting March 17-18 according to Cleveland Federal Reserve President Loretta Mester, raising the prospect of another rate cut at that meeting. Addressing a group of economists in London Tuesday night, Mester stressed that members […]
WHITE HOUSE WATCH: STRUGGLING TO GET AHEAD OF MYSTERY CURVE
–Fed Half-Point Rate Cut, G7 Statement Can’t Turn Stocks Positive By Denny Gulino THE WHITE HOUSE (MaceNews) – Tuesday’s next step into the unknown was accompanied by major moves, from the credit markets to the Federal Reserve, and meanwhile the testing kits necessary to gauge the spread of the corona virus are closer to wide […]
STATEMENT FROM FED’S POWELL AT PRESS CONFERENCE AFTER RATE CUT
CHAIR POWELL. Good morning. Earlier today, the Federal Open Market Committeeannounced a 1/2 percentage point reduction in the target range for the federal funds rate, bringingthe range to 1 to 1-1/4 percent. My colleagues and I took this action to help the U.S. economykeep strong in the face of new risks to the economic outlook.The […]
Fed Statement on Emergency Rate Cut; Approved Unanimously
The fundamentals of the U.S. economy remain strong. However, the coronavirus poses evolving risks to economic activity. In light of these risks and in support of achieving its maximum employment and price stability goals, the Federal Open Market Committee decided today to lower the target range for the federal funds rate by 1/2 percentage point, […]
WHITE HOUSE WATCH: A TRANSITION TO VIRUS ‘MITIGATION’ FROM CONTAINMENT
–‘Blending’ Two Strategies as Numbers Climb By Denny Gulino THE WHITE HOUSE (MaceNews) – The stock markets Monday seemingly resigned themselves to the long slog of bad virus news ahead, gaining around 4.5% to 5.1% as the drastic repricing of last week was recalibrated somewhat in the opposite direction. At the White House, the first […]
PRES TRUMP ANNOUNCES 1ST US VIRUS DEATH, NEW IRAN/ITALY TRAVEL BANS
By Denny Gulino WASHINGTON (MaceNews) – President Trump Saturday held a news conference to announce the first coronavirus fatality, a Washington State resident not linked to travel, and a higher total, 22, of those confirmed infected apart from several dozen Americans repatriated from Japan. “There is no reason to panic at all,” Trump said. While […]
WHITE HOUSE WATCH: FINALLY, RELIEF, WITH DOW DOWN ONLY 357 POINTS
By Denny Gulino THE WHITE HOUSE (MaceNews) – Sure, it was the worst week for stocks since the financial crisis and there was more bad virus news from around the world but for those looking for any tiny bit of good news, how about that buying surge at the end of Friday’s trading? What was […]