BOE’S HALDANE: MPC MULLING SUB-ZERO RATES DESPITE STRONG ECONOMIC RECOVERY
By Laurie Laird LONDON (MaceNews) – The Bank of England is continuing to assess the efficacy of negative interest rates, despite a stronger-than-expected economy recovery, the bank’s chief economist said Monday. Sub-zero interest rates are “actively under review,” said Andy Haldane, addressing the UK’s Treasury Select Committee. The bank could also consider expanding its quantitative […]
DATA PREVIEW: US HOME SALES CENTER STAGE IN QUIET DATA WEEK
By Kevin Kastner WASHINGTON (MaceNews) – In the lighter data week ahead, the focus will be on new and existing homes sales for June, reflecting the extremely low level of mortgage rates offset by continued uncertainty due to the resurgence of COVID cases and the elevated unemployment rate. In May, existing home sales plunged by […]
DATA FLASH: JUNE HOUSING STARTS JUMP, BUT FUTURE UNCERTAIN
By Kevin Kastner WASHINGTON (MaceNews) – The U.S. June home building data, released Friday, were overwhelmingly positive, as low mortgage rates and continued state reopenings boosted confidence. However, the resurgence of COVID-19 cases in several states in early-July, ongoing uncertainty, and extremely high unemployment may keep home building contained for the next few months. The […]
DATA FLASH: US JUNE RETAIL SALES STRONGER THAN EXPECTED, UP 7.5%
-Retail Sales Excluding Motor Vehicles Rise 7.3%; Vehicle Sales Up 8.2%-Initial Jobless Claims Fall by 10,000 to 1.310m in the July 11 Week-Philadelphia Fed Index Dips to 24.1 in July from 27.5 in June-NAHB Index Rises To 72 in July From 58 in June, Almost Pre-COVID Level-Business Inventories Fall 2.3% in May, Business Sales Up […]
FED’S BEIGE BK: SOME BOUNCEBACK FROM STILL VERY LOW LEVELS
WASHINGTON (MaceNews) – The latest Federal Reserve Beige Book survey of economic conditions in all 12 Districts published Wednesday was particularly uninformative this time around, providing little insight beyond generally available information on what’s happening to guide the upcoming meeting of the Federal Open Market Committee. The summary and District-by-District snapshots, assembled by the Chicago […]
EXCERPTS: BOC’S MACKLEM: REOPENING SURGE TO GIVE WAY TO BUMPINESS
OTTAWA (MaceNews) – Bank of Canada Gov. Tiff Macklem Wednesday said the decision to hold the policy rate at the lower bound and maintain the pace of quantitative easing was based on the assessment that the current rebound of economy activity will give way to a “slower and bumpier recuperation phase.” The following are excerpts […]
DATA FLASH: US JUNE INDUSTRIAL PRODUCTION SURGES ON VEHICLES
-Industrial Production Up 5.4%, Motor Vehicle Production Jumps 105%-Manufacturing Production Up 7.2%, Rises 3.9% Excluding Motor Vehicles-Utilities Production Up 4.2%, Mining Production Down 2.9%-Empire State Index Rises to 17.2 in July from -0.2, First Positive Under COVID By Kevin Kastner WASHINGTON (MaceNews) – Industrial production, released by the Federal Reserve Wednesday, rose by 5.4% in […]
BofA GLOBAL RESEARCH FUND MANAGER SURVEY: INVESTORS OPTIMISTIC RE REBOUND
–Nevertheless, Fret Second COVID-19 Wave By Vicki Schmelzer NEW YORK (MaceNews) – Global investors polled in July were optimistic about a rebound in economic activity, according to the findings of BofA Global Research’s monthly fund manager survey, released Tuesday. In July, a net 72% of fund managers looked for global growth to strengthen in […]
DATA FLASH: US JUNE CPI RISES 0.6% ON ENERGY PRICE REBOUND
–Core Prices Up 0.2%; Ex-Energy, CPI Up 0.3%;–Energy Prices Up 5.1% –NFIB Survey Shows Continued Improvement, Sales Outlook Sharply Improved–Redbook Weekly Retail Sales Show July Up 3.0% From June, Down 5.5% Y/Y By Kevin Kastner WASHINGTON (MaceNews) – U.S. consumer prices were above expectations as energy prices rebounded, food prices rose further and core prices […]
WHITE HOUSE WATCH COMMENTARY: AN AMERICAN METEMPSYCHOSIS?
By Denny Gulino WASHINGTON (MaceNews) – Some say Donald Trump has turned himself into a cultural anachronism. Some say his single-minded push to reopen schools is grotesque as the virus resurges. All the lies, or self deceptions or delusions – China is paying the tariffs; the virus spikes are because of all the testing; it […]