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 […]
WHITE HOUSE WATCH: WORSENING VIRUS NEWS GETS FILTERED THROUGH PENCE
–Extreme Isolation of Patients Will End as Containment Moves to ‘Mitigation’ By Denny Gulino THE WHITE HOUSE (MaceNews) – The fourth and worst day of U.S. stocks losses this week toggled all remaining alarm bells on the Wall Streets of the world, lifting expectations for a Fed rate cut in three weeks above 60% while […]
US REVISED 4Q GDP BEA TECH NOTE; 3Q COMP DOWN
WASHINGTON (MaceNews) – The following is the text of the Bureau of Economic Analysis technical note on the updates to source material underlying Thursday’s first revision of fourth quarter GDP, unchanged at 2.1%. Sources of Revision to Real GDP Real GDP increased 2.1percent (annual rate) in the fourth quarter of 2019, the same as in […]
PRES TRUMP: ‘NOT INEVITABLE’ THAT CORONA VIRUS TO GET WORSE IN US BUT MAY
–‘Incompetent’ Speaker Pelosi Trying to Create a ‘Panic’ –CDC Official: ‘We Do Expect More Cases’ –HHS’s Azar: ‘The Degree of Risk Has the Potential to Change Quickly’ By Denny Gulino THE WHITE HOUSE (MaceNews) – President Trump Wednesday evening held a rare inside-the-briefing-room news conference to urge Americans to wash their hands and “stay clean” […]
FED’S CLARIDA SKIPS ANY COMFORTING WORDS; ‘LOOKING’ AT DATA
–‘This is Obviously a Complex and Rapidly Evolving Situation’ By Denny Gulino WASHINGTON (MaceNews) – The vice chair of the Federal Reserve Board, answering questions at the NABE’s economic policy conference Tuesday, stoutly resisted efforts to draw him out on the corona virus or the 2,000 point drop in the Dow industrials over two days. […]
FED’S MESTER: BUSINESS CONTACTS SAY VIRUS NOT YET CUTTING US DEMAND
–Virus Still a Supply Issue; Too Early to Assess Ultimate Effect –Can’t ‘Extrapolate’ One Bad Day in the Markets into the Future By Denny Gulino WASHINGTON (MaceNews) – Cleveland Federal Reserve President Loretta Mester Monday told reporters at the annual NABE economic policy conference that business contacts, whose views become more important with the lack […]
BOE’S HALDANE DOWNPLAYS WORRIES OVER DEBT LEVELS, ASSET BUBBLES
LONDON (MaceNews) – The Bank of England’s chief economist has downplayed concerns that years of low interest rates have allowed the buildup of unsustainable debt levels across the developed world. “I don’t see balance sheets being overstretched … I see a great deal of caution” among companies and households, said Andy Haldane, addressing a conference organized […]