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 […]
US JUNE BUDGET DEFICIT -$8 BLN; AFTER ADJUSTMENT, -$55 BLN
–Fiscal Year to Date Deficit -$747 Bln; Outlays/Receipts Records –No New Guidance on Debt Limit X-Date; Still Late Summer WASHINGTON (MaceNews) – The June U.S. budget deficit was only $8 billion – until adjustment for shifted benefit payments that boosted it to $55 billion, on the way to what the White House expects will be […]
FED’S POWELL HINTS AN INSURANCE RATE CUT; MUCH DATA YET TO COME
–‘Committed to Using Our Tools’ to Keep Expansion Going By Denny Gulino WASHINGTON (MaceNews) – Federal Reserve Chairman Jerome Powell came to Capitol Hill Wednesday to emphasize those cross currents of uncertainty still “weigh on the economy” and while never uttering the words “insurance” or “rate cut,” he repeated how important he feels it is […]
BANK OF CANADA SEES UNCERTAIN OUTLOOK ON GLOBAL WORRIES
By Gordon Isfeld OTTAWA (MaceNews) – Growing pressure on the global economy may not have seriously dented the outlook for Canada’s near-term growth, but other factors – such as international trade frictions and lingering squabbles over how to resolve the Brexit crisis – are continuing to contribute to growth uncertainty. “Evidence has been accumulating that ongoing […]
PACE OF CANADIAN HIRING SLOWS IN JUNE
By Gordon Isfeld OTTAWA (MaceNews) – Canada’s economy continued to churn out jobs in June, although at a weaker pace than most previous months, while the unemployment rate edged up to 5.5% as more people were looking for work, Statistics Canada said Friday. The jobless rate had been lower in May, at 5.4%, but that followed […]
US JUNE PAYROLLS +224K, CONFOUNDING FORECASTERS AND IMPERILING RATE CUT
By Denny Gulino WASHINGTON (MaceNews) – The carefully wrought July rate-cut scenario is now challenged by the blockbuster 224,000 surprise payrolls total for June, with Friday’s report pitting economic pessimists against prospects for renewed strength for the longest U.S expansion in history. Many forecasters who were confounded by a return to 200,000 plus payrolls growth […]
FED’S MESTER: U.S. Q2 SLOWDOWN NOT SUFFICIENT TO TRIGGER RATE CUT
By Laurie Laird LONDON (MaceNews) – While U.S. growth appears to have weakened over the second quarter, the current slowdown is insufficient to trigger a reduction in interest rates, according to Cleveland Federal Reserve President Loretta Mester. “Given the current level of the funds rate and my current baseline outlook,” interest rates represent an “appropriate […]
TRUMP-XI MAINTAIN CURRENT TARIFFS, RESTART TALKS FOR 12TH ROUND
–US Chipmakers Can Again Sell to Huawei; China Can Resume U.S. Ag Buys (MaceNews) – The Osaka Castle weekend agreement between U.S. President Donald Trump and China’s Xi Jinping altered the immediate trade landscape significantly, held new tariffs in abeyance “for the time being” and opened the way for another round of talks while freezing […]