Category: Pandemic

BOE’S HALDANE SOUNDS CAUTIOUS NOTE ON NEGATIVE UK RATES

— Sees “Modest” Recovery in Recent Consumer Spending LONDON (MaceNews) – The Bank of England’s chief economist sounded a decidedly cautious note on the possibility of negative interest rates in the UK, just a week after BoE Governor Andrew Bailey confirmed that sub-zero rates are actively under review.  “Reviewing and doing are different things,” said […]

BANK OF CANADA TAKING RISK MANAGEMENT APPROACH DURING ‘UNKNOWABLE TIMES’

NEW YORK (MaceNews) – The Bank of Canada continues to pursue a risk management approach to policy-making as it faces multiple challenges and uncertainties stemming from the Covid-19 pandemic, retiring Governor Stephen Poloz said Monday. The risk management approach to implementing the bank’s inflation mandate means the bank considers multiple economic models and incorporates soft […]

DATA PREVIEW: US REGIONAL DATA, CONFIDENCE KEY RELEASES

By Kevin Kastner WASHINGTON (MaceNews) – The May 25 week starts off with the Memorial Day holiday, but it quickly speeds up from there. Regional conditions data for May are the highlight of the week, with reports from the Philadelphia, Dallas, Richmond and Kansas City Federal Reserve banks and the Chicago PMI on tap ahead […]

US ENERGY SECRETARY: MAY LEASE ADDITIONAL CRUDE OIL STORAGE IN SPR

By Brai Odion-Esene, SW4 Insights, for Mace News WASHINGTON (MaceNews) – The Trump administration is pleased with initial results of its actions to secure crude oil for the national stockpile while easing storage pressures on the struggling oil companies, and might conduct similar operations in the near future, Energy Secretary Dan Brouillette said Thursday. Speaking […]

FED’S WILLIAMS: OUTLOOK UNCERTAIN; TO USE TOOLS ‘TO THE UTMOST’ FOR RECOVERY

NEW YORK (MaceNews) – The Federal Reserve remains open to taking more steps as needed to support the recovery, though negative interest rates are not on the table, New York Fed President John Williams said Thursday. Williams, answering questions during a webcast with a regional business group, said the economic outlook and the likely course […]

DATA FLASH: US INITIAL CLAIMS SLOW; EXISTING HOME SALES PLUNGE

–Initial Claims -249,000 to 2.438 Mln; 35.3 Mln Unadjusted Under COVID–May Philly Fed Manufacturing Index Improved to -43.1 From -56.6 in April–April Existing Home Sales Fell to 4.33 Mln from 5.27 Mln In March By Kevin Kastner WASHINGTON (MaceNews) – The U.S. data released on Thursday were a mixed bag, with data for May showing […]

WHITE HOUSE WATCH COMMENTARY: AN INCONSEQUENTIAL VIRUS OBITUARY

By Denny Gulino WASHINGTON (MaceNews) –  With by one count 93,382 deaths blamed on the corona virus through Wednesday, each one a life-altering  tragedy for a family, there is hardly any point chronicling the death of an inanimate process which few could care about or should. Yet the passing of the early morning ritual of […]

BANK OF CANADA’S LANE SEES ECONOMY, INFLATION DEPRESSED POST-COVID

NEW YORK (MaceNews) – Canada’s economy is likely to emerge from the Covid-19 shutdown period with weaker supply and demand, and lower inflation, due to shutdown “scarring,” Bank of Canada Deputy Governor Tim Lane said Wednesday. “While the steps we have taken should help, we are likely to emerge from the shutdown with both demand […]

BOE’S BAILEY ADMITS TO ‘CHANGING HIS POSITION;’ WON’T RULE OUT NEGATIVE LENDING RATES

By Laurie Laird LONDON (MaceNews) – Bank of England Governor Andrew Bailey declined Wednesday to rule out further reductions in lending rates, admitting that he has “changed his position” on sub-zero rates since mid-March. Facing a question on negative rates posed by Felicity Buchan, a Conservative Member of Parliament serving on the Treasury Select Committee, […]