JULY JOBS RPT HO MUM; WAITING FOR CHINA COUNTERPUNCH
–No Turnaround in Year’s Worsening Trade Deficit Trend –Treasury 10-Year Keeps 1.88% Yield, Cut By New Tariff Threat By Denny Gulino WASHINGTON (MaceNews) – July’s moderate increase in payrolls reported Friday – 164,000 – was balanced by a cutback in hours and no acceleration in sub-par wage growth, headlining a U.S. jobs report overshadowed by […]
FED’S POWELL VAGUE ABOUT WHAT HAPPENS NEXT
–A Quarter-Point Cut and Then Maybe Another One – But Not a ‘Long’ Series By Denny Gulino WASHINGTON (MaceNews) – Federal Reserve Chairman Jerome Powell Wednesday said the day’s first rate cut in a decade is not necessarily the opening gun in an extended series but also not necessarily the only one, depending on whether […]
FOMC DELIVERS ITS QTR POINT CUT DESPITE ‘RISING’ ECONOMY
WASHINGTON (MaceNews) – The Federal Open Market Committee Wednesday delivered a bare-bones statement that aside from the expected quarter-point rate cut information contained less than usual characterizations of the economy, other than activity is “rising,” the labor market continues to be strong and inflation remains below target. The one additional nugget was that the balance […]
US TBAC RPT: 1-YR SOFR LINKER COULD PRICE ‘BETTER’ THAN TSY 1-YR
–US Treasury’s Quarterly Refunding As Expected, Raises $26.7 Bln New Cash WASHINGTON (MaceNews) – In their quarterly refunding announcements Wednesday morning, U.S. Treasury officials again said no decision has been reached on a SOFR 1-year floating rate note while the private-sector Treasury Borrowing Advisory Committee suggested it’s looking forward to it. Treasury has said a […]
FOMC BEGINS WITH CASE FOR RATE CUT STILL NOT CLEAR CUT
–The Boeing 737 MAX Rate Cut? By Denny Gulino WASHINGTON (MaceNews) – If the Federal Open Market Committee wanted some cover to back out of a rate cut Wednesday it could look no farther than toward the Treasury Department which Monday declared, “Downside risks in the second half of 2019 appear to be lessening.” Of […]
US 2ND QTR GDP: TECHNICAL NOTE EXCERPTS
WASHINGTON (MaceNews) – The following are excerpts from the U.S. Bureau of Economic Analysis technical notes which accompany Friday’s report on second-quarter GDP: GDP increased 2.1 percent (annual rate) in the second quarter of 2019, following an increase of 3.1percent in the first. The increase in second quarter real GDP primarily reflected increases in consumer […]
ECB SIGNALS LOWER RATES AHEAD, TO CONSIDER NEW QE
By Laurie Laird FRANKFURT (MaceNews) – The European Central Bank signaled its intention to loosen monetary policy in response to the slowing euro zone economy, adding the possibility of lower interest rates to its forward guidance and pledging to examine a new round of quantitative easing. In a statement issued after Thursday’s governing council meeting, […]
IMF WEO UPDATE: GLOBAL GROWTH REMAINS SUBDUED
–Trade Tensions, Brexit Trim Tenth From Global Growth to 3.2% This Year –Growth Projections for 2020 ‘Is Precarious’ –Risks ‘Mainly to the Downsides –Chides US for Using Tariffs Vs Bilateral Trade Balances WASHINGTON (MaceNews) – The International Monetary Fund’s mid-year update to its World Economic Outlook Tuesday saw only extremely modest downgrades in growth projections, […]
FED’S BEIGE BK: ‘MODEST PACE’ WITH SOME STAGNATION
–No Growth Reported for Chicago, Cleveland Districts. –Some Manufacturers, Information Firms in Northeast Cut Jobs WASHINGTON (MaceNews) – The Federal Reserve’s “Beige Book” summary Wednesday of economic activity through July 8 showed “modest” advances along with stagnation in some Districts, with an overall reading that was positive although little changed. Compiled by the San Francisco […]
FED’S POWELL REINFORCES THE ASSUMPTIONS OF A JULY RATE CUT
–Fed Wants to ‘Use its Tools’ To Keep Expansion Going By Denny Gulino WASHINGTON (MaceNews) Market assumptions of a July 31 rate cut became even more entrenched Thursday with Federal Reserve Chairman Jerome Powell’s renewed assertion the central bank is ready to consider more accommodation in the face of signs of weakness elsewhere in the […]