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'Catastrophic' flooding to hit California as bad weather continues
Mudslides, flooding and strong winds are battering southern California as a second day of storms drenches one of the most populous parts of the US. Heavy rain of up to 1in (2.54cm) an hour could hit areas around Los Angeles for at least 24 hours from Monday. The "atmospheric rivers" causing the storms have already seen swathes of the state hit by rain, wind and snow. The storm killed one man in Sacramento Valley, who died after a tree fell on him due to fierce winds. A state of emergency has been declared in 10 of the state's counties. Forecasters have said torrential rain is the main risk facing California on Monday. ... (full story)
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post: ? GOOLSBEE: WON'T SPECULATE ON POTENTIAL FOR 50 BPS CUT post: CHI FED'S GOOLSBEE Q&A/BBG BROADCAST: NEVER LIKE 'TYING OUR HANDS' ON PREDICTING WHAT FOMC WILL DO IN MARCH; INFLATION RPTS BEEN GOOD, HOPE FOR MORE #Goolsbee #ChiFed #FederalReserve #economy post: ? GOOLSBEE: STRONG JOBS DATA DOESN'T NECESSARILY MEAN OVERHEATING post: ? GOOLSBEE: INVERTED YIELD CURVE NOT RELIABLE RECESSION SIGN NOWFed's Goolsbee: March cut is unlikely (but does not rule it out either) March cut is unlikely • Economy has been quite strong • If we keep getting inflation going down despite strong jobs in GDP growth, then we might be in a period like mid-1990s • He does not want to rule out a March cut but does want to see more data and not tie the Fed's hands • Fed's goal is PCE measure of 2% • Inverted yield curve, as a rule of thumb, is not applicable as a recession indicator • Does not see widening problems in the regional banking system. Goolsbee tends to be more of a dove but seems to be straddling the fence as he speaks the facts.
Economic activity in the services sector expanded in January for the 13th consecutive month as the Services PMI® registered 53.4 percent, say the nation's purchasing and supply executives in the latest Services ISM® Report On Business®. The sector has grown in 43 of the last 44 months, with the lone contraction in December 2022. The report was issued today by Anthony Nieves, CPSM, C.P.M., A.P.P., CFPM, Chair of the Institute for Supply Management® (ISM®) Services Business Survey Committee: "In January, the Services PMI® registered 53.4 percent, 2.9 percentage points higher than December's seasonally adjusted reading of 50.5 percent. The composite index indicated growth in January for the 13th consecutive month after a seasonally adjusted reading of 49 percent in December 2022, which was the first contraction since May 2020 (45.4 percent). The Business Activity Index registered 55.8 percent in January, matching the seasonally adjusted reading of 55.8 percent in December. The New Orders Index expanded in January for the 13th consecutive month after contracting in December 2022 for the first time since May 2020; the figure of 55 percent is 2.2 percentage points higher than the seasonally adjusted December reading of 52.8 percent. "The Supplier Deliveries Index registered 52.4 percent, 2 post: *US ISM SERVICES PRICES-PAID INDEX RISES TO NEAR ONE-YEAR HIGHISM nonmanufacturing PMI for January 53.4 versus 52.0 estimate Prior month 50.5 • ISM nonmanufacturing PMI 53.4 versus 52.0 estimate • Nonmanufacturing business activity January 55.8 vs 55.8 last • Employment.50.5 vs 43.8 last month • New orders 55.0 vs 52.8 last month • Prices Paid 64.0 vs 57.4 last month. The US dollar has moved higher after the report with the EURUSD making a new session low at 1.0727. The GBPUSD is also making a new low trading down to 1.2527. The USDJPY is trading at 148.64 as it moves back toward the 148.80 resistance target area. In the US debt market, 10 year yield is trading up your 11 basis points at 4.142%. The two year yield is up nine basis points at 4.46%
The US services economy signalled a stronger start to the year as business activity expanded at the fastest pace since June 2023, according to the latest PMI® data from S&P ...
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- Posted: Feb 5, 2024 10:15am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 2,370