BOE’S BAILEY REFUSES TO RULE OUT NEGATIVE UK INTEREST RATES IN MEDIUM TERM
By Laurie Laird LONDON (MaceNews) – Bank of England Governor Andrew Bailey surprised investors on Thursday, refusing to rule out negative interest rates in the U.K., even as he repeated his hopes of a robust economic recovery before year end. Answering a question about sub-zero rates posed by a Financial Times journalist at a web […]
DATA FLASH: US INITIAL CLAIMS DIP; 36.5 MLN SINCE MID-MARCH
–Initial Claims Fall 195,000 to 2.981 Mln; Signs Backlogs Winding Down–Import Prices Fall 2.6% in April; Still Down 0.5% Excluding Fuels By Kevin Kastner WASHINGTON (MaceNews) – The rate of initial claims growth slowed further in the May 9 week as backlogs are worked down, but there is no indication that the number of people […]
WHITE HOUSE WATCH COMMENTARY: FIGHTERS, HATERS AND UNSUNG HEROES
By Denny Gulino WASHINGTON (MaceNews) – There is a basic problem in news coverage of the pandemic, the fact that the virus culture wars are much more interesting than the fight against the virus itself. When President Trump calls an answer from NIH’s Tony Fauci “unacceptable” as he did Wednesday, the president’s fans are cheering […]
FED’S POWELL WARNS OF DANGERS OF LONG SHALLOW RECOVERY
–Emergency Aid So Far May Be Only the Beginning –‘Recovery May Take Some Time to Gather Momentum’ — ‘Additional Fiscal Support Could Be Costly’ –Negative Rates ‘Not Something That We’re Looking At.” By Denny Gulino WASHINGTON (MaceNews) – The battle of recovery narratives – swift and sharp versus shallow and long – Wednesday saw one […]
DATA FLASH: US APRIL PPI FALLS 1.3% ON ENERGY; Y/Y RATE TURNS NEGATIVE
-Prices Ex. Food/Energy -0.3%; Down 0.9% Ex-Trade Services as Well-Energy Prices Drop 19.0% on a 56.6% Plunge in Gasoline Prices By Kevin Kastner WASHINGTON (MaceNews) – Wholesale prices declined more than expected in April, led by energy prices again, the Labor Department reported Wednesday. The inflation data are all moving in the same downward direction, […]
WHITE HOUSE WATCH COMMENTARY: ONE WORD SAID IT ALL – ‘INEVITABLE’
By Denny Gulino WASHINGTON (MaceNews) – The testimonies of Fauci, Redfield, Hahn and Giroir Tuesday seemed to many, perhaps even a lot of investors and traders, like something new when in fact there was not only nothing new, but what was there was way too late. The testimonies, if anything, just demonstrated again it’s not […]
FED’S HARKER: FED TO KEEP RATES LOW UNTIL A ‘DEMONSTRABLE MOVE’ TOWARD NORMAL ECONOMY
By Jon Hurdle PHILADELPHIA (MaceNews) – Philadelphia Federal Reserve President Patrick Harker said on Tuesday that interest rates will remain low until policy-makers see clear evidence that the economy is recovering from the Covid-19 pandemic. “We have committed in the FOMC to move rates to essentially zero. The Fed Funds rate is between zero and […]
ST. LOUIS FED’S BULLARD: US ECONOMIC REBOUND LIKELY IN 2H; NO NEGATIVE RATES
NEW YORK (MaceNews) – After its record drop in the second quarter, the US economy is likely to see a record rebound in the third quarter, St. Louis Federal Reserve President James Bullard said Tuesday. Bullard, answering questions during a webcast, said a record rebound in the third quarter is likely, a “big plus number,” […]
DATA FLASH: US APRIL CPI FALLS 0.8%, CORE -0.4%, LARGEST DROP EVER
–Energy Prices Account for Most of Headline Decline; Foods Prices Up–Owners’ Equivalent Rents Up 0.2%, Lodging Away from Home Cut 7.1% By Kevin Kastner WASHINGTON (MaceNews) – Consumer prices fell as expected in April, with a plunge in energy prices the key factor due to severely reduced demand for gasoline as consumers stayed off the […]
WHITE HOUSE WATCH: AMID THE TESTING HAZE, A BREAKTHROUGH
By Denny Gulino WASHINGTON (MaceNews) – It has been a little more than two weeks since there has been a Corona Virus Task Force briefing and Monday’s substitute, a presidential briefing, was intended to illustrate vast progress made in making virus testing widely available. The Rose Garden even had added to the background two large […]