FED’S DALY: READY TO ‘PIVOT’ TO STIMULUS WHEN VIRUS CRISIS ENDS
WASHINGTON (MaceNews) – The Federal Reserve’s emergency relief programs will give way to stimulus and a focus on lowering unemployment whenever the coronavirus crisis has ebbed, San Francisco Fed President Mary Daly said Monday. Speaking at a National Press Club-sponsored event and later to reporters, Daly said it would make no sense to focus on […]
FED’S KAPLAN Q&A: DUBIOUS ON YIELD CURVE TARGETING
–Dallas Fed President Says Businesses Face ‘Gut Check’ in August/September NEW YORK (MaceNews) – Dallas Fed President Robert Kaplan said Monday he is dubious about suggestions the Fed target interest rate levels along the US Treasury yield curve as a policy tool. Kaplan, responding to a question during a web appearance, said he would not […]
DATA PREVIEW: WAS MAY THE TURNING POINT? LET’S FIND OUT
By Kevin Kastner WASHINGTON (MaceNews) – The May U.S. data have been modestly uplifting to this point, specifically the surprise payrolls gain and lower unemployment rate, improved inflation data, and a smaller contraction in manufacturing conditions. None of it came close to making up for the terrible March and April readings, but it’s a start. […]
COVID-19 CRISIS SPEEDS UP USE OF DIGITAL PAYMENTS
–Wider Use Of Central Bank Digital Currencies Explored By Vicki Schmelzer NEW YORK MaceNews) – The coronavirus pandemic has forced world central banks, already struggling to deal with cryptocurrencies, stable coins and other non-traditional monies, to up their game on the use of digital currencies and other new technologies. “COVID-19 has forced an unprecedented experiment in […]
DATA FLASH: US INITIAL CLAIMS SLOW FURTHER; MAY PPI ABOVE EXPECTED
–Initial Claims -355,000 to 1.542 Mln; 40.4 Mln Unadj Total Under COVID–May PPI Up 0.4%, But Down 0.1% Ex Food and Energy; Gasoline +43.9%. By Kevin Kastner WASHINGTON (MaceNews) – The U.S. jobless claims data released earlier Thursday pointed to continued improvement for both new filings and existing filings, but the levels of both remain extremely […]
FED’S POWELL: DOING ALL WE CAN; WILL IT BE ENOUGH?
–‘Dot Plot’ Shows Assumptions of No Rate Hikes Through 2022 –To Sustain Pace of Treasuries, MBS Purchases By Denny Gulino WASHINGTON (MaceNews) – Federal Reserve Chair Jay Powell Wednesday offered reassurance policymakers are not even “thinking about thinking” about raising rates and shared his worries about possible long-term post-crisis unemployment. Answering questions after the Federal […]
FOMC POLICY STATEMENT JUNE 10, 2020
The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals. The coronavirus outbreak is causing tremendous human and economic hardship across the United States and around the world. The virus and the measures taken to […]
BOE’S CUNLIFFE CONFIRMS NEGATIVE UK RATES REMAIN UNDER CONSIDERATION
By Laurie Laird LONDON (MaceNews) – The Bank of England is still considering the efficacy of sub-zero interest rates as it battles the economic shock of the coronavirus, a leading member of the bank’s rate-setting body said Tuesday. “Negative interest rates is one possible tool to support demand going forward,” said Sir Jon Cunliffe, deputy […]
DATA PREVIEW: PROTESTS COMPLICATE FOMC STATEMENT AMID RECOVERY
By Kevin Kastner WASHINGTON (MaceNews) – After the May employment report showed slight improvement after the overwhelmingly negative April report, the attention in the week ahead turns to the monthly U.S. inflation reports and Wednesday’s FOMC meeting, as well as the first look at June consumer confidence. The FOMC meets Tuesday and Wednesday at a […]
DATA FLASH: US MAY PAYROLLS RISE BY 2.5 MLN, UNEMPLOYMENT RATE 13.3%
–Employ Data Still Show Considerable COVID Impact Even as Data Turns Up–Food Services, Retail, Medical Jobs Lead Gain; Hourly Earnings -1.0% By Kevin Kastner WASHINGTON (MaceNews) – The May employment report showed further impact of the COVID-19 shutdown, but there was no question that the surprisingly positive data point to a turning point after […]