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Yellen: US Budget doesn't need to be balanced to be on fiscally sustainable path
US Treasury Secretary Yellen is on a wires saying: • US budget does not need to be balanced to be on a fiscally sustainable path • Critical to reduce deficits to stay on fiscally sustainable path • We are not looking for a capital increase at World Bank at this time. • US is strongly opposed to World Bank lending to China. Speaking of the U.S. Treasury, they will auction $54 billion of three-year notes at 1 PM ET today. That will be followed by auctions fo 10 and 30 year coupon issues tomorrow and on Thursday. The US auction - depending on demand - influence rates and other unusual instruments including ... (full story)
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The European Central Bank doesn't need to rush cutting interest rates, policymaker Boris Vujcic told Reuters, arguing it will be better for its credibility to be sure that ...
The Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit. The report shows total household debt increased by $212 billion (1.2%) in the fourth quarter of 2023, to The report is based on data from the New York Fed’s nationally representative Consumer Credit Panel. The New York Fed also issued an accompanying Liberty Street Economics blog post examining the composition of auto loan balances and performance by age and income. The Quarterly Report also includes a one-page summary of key takeaways and their supporting data points. “Credit card and auto loan transitions into delinquency are still rising above pre-pandemic levels,” said Wilbert van der Klaauw, economic research advisor at the New York Fed. “This signals increased financial stress, especially among younger and lower-income households.” Mortgage balances rose by $112 billion from the previous quarter and stood at $12.25 trillion at the end of December. Balances on home equity lines of credit (HELOC) increased by $11 billion, the seventh consecutive quarterly increase after Q1 2022, and now stand at $360 billion. Credit card balances increased by $50 billion to $1.13 trillion. Auto loan balances rose by $12 billion, continuing the upward trajectory seen since 2020, and now stand at $1.61 trillio post: New York Fed Sees Signs Of Trouble In Auto Borrowing As Overall Debt Level Rises - Delinquency Transition Rates Up For All Borrowing Types Except Student Loans post: ? NEW YORK FED: TOTAL HOUSEHOLD DEBT UP $212 BLN TO $17.5 TRILLLION IN FOURTH QUARTER OF 2023 ? NEW YORK FED: DELIQUENCY RATES ROSE IN Q4 2023 BUT REMAIN BELOW PRE-PANDEMIC LEVEL
Chinese stocks staged their biggest rally in years Tuesday, after the country’s sovereign wealth fund said it would step up buying shares as officials scramble to draw a line ...
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This report contains information on the Bank of England’s Asset Purchase Facility (APF) for 2023 Q4, describing operations from 1 October 2023 to 31 December 2023. It also ...
post: ? FED'S MESTER SAYS EXPECT FED TO GAIN CONFIDENCE TO CUT “LATER THIS YEAR" post: FED’S MESTER: WHEN THE FED CUTS RATES, IT WILL LIKELY BE AT A GRADUAL PACE. post: FED’S MESTER: THE FED CAN LOWER RATES LATER THIS YEAR IF THE ECONOMY PERFORMS AS EXPECTED. post: ? MESTER: IF INFLATION DOESN’T FALL FED CAN MAINTAIN CURRENT POLICYMester: Views on the Economy and Monetary Policy: In a Good Place and Ensuring We Reach an Even Better One I thank Michael Adelman, CEO of the Ohio Bankers League, for the opportunity to speak at this year’s Economic Summit. Of course, the views I present today will be my own and not necessarily those of the Federal Reserve System or of my colleagues on the Federal Open Market Committee. The last time I spoke at an OBL event was in September 2021. At that time, a strong economic recovery was underway, but it was an uneven one and there were still many challenges and risks, including the Delta variant of the coronavirus, which was emerging. People were starting to return to the workforce but only slowly. The number of payroll jobs and the labor force participation rate were still well below where they were prior to the pandemic, and the unemployment rate, while down from its peak of nearly 15 percent early in the pandemic, was still near 5 percent. Inflation had moved up to over 4 percent. It was expected to rise further and remain elevated until supply constraints and pent-up demand eased, which would take some time. Monetary policy had not yet begun to tighten. The economy and monetary policy have certainly been on quite a journey since then. Characterizing both today, I would say that the economy and monetary policy are in a good place. Inflation is still above our goal of 2 percent, but it has moved down considerably from its high level in 2022 and labor markets and economic growth remain strong. The FOMC’s job now is to ensure that the economy reaches an even better place by calibrating monetary policy to achieve our dual mandate goals of price stability and maximum employment. In order to do that calibration, we will need to continue to monitor and assess incoming economic and financial information and its implications not only for the baseline forecast but also for the risks around that forecast. Risk management will take center stage.
Everyone wants a piece of the action when the Super Bowl comes to town, but this year’s edition in Las Vegas has a different feel when it comes to the big game. Approximately 68 ...
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- Posted: Feb 6, 2024 11:18am
- Submitted by:Category: Low Impact Breaking NewsComments: 0 / Views: 3,414