- Story Log
User | Time | Action Performed |
---|---|---|
-
NatGas drops after EIA report
US Energy Information Administration (EIA) issued a weekly report on US natural gas inventories Analysts were expecting a 59 billion cubic feet drop in inventories, following a 49 billion cubic feet decline in the previous week. Actual report almost exactly matched those expectations, showing a 60 billion cubic feet decline. NATGAS pulled back slightly following the release. Price closed the rollover price gap and is attempting to break below $1.78 area.
- Comments
- Subscribe
-
- Older Stories
The European Central Bank is not really known as a central bank that makes swift shifts in its policy decisions. The minutes of the ECB’s January meeting nicely illustrate the ...
Existing-home sales grew in January, according to the National Association of REALTORS®. Among the four major U.S. regions, sales accelerated in the Midwest, South and West, and ...
Thank you, Adam, and thank you to Peterson for the opportunity to speak to you today. Before I begin, let me remind you that the views I will express today are my own and are not necessarily those of my colleagues in the Federal Reserve System. I will take this opportunity to share with you my outlook on the U.S. economy and some upside and downside risks to which I am paying special attention. Also, I will review past monetary policy cycles and discuss what lessons we may learn from them. With that, let me turn to my outlook for the U.S. economy. Aggregate Economic Activity Growth in real gross domestic product in 2023 came in much higher than expected by most professional forecasters, buoyed by strength in consumer spending. Toward the end of 2023, however, household balance sheets began to weaken, as indicated by higher delinquency rates and a further decline in savings. These developments lead me to expect slower growth in spending and output in 2024. Even so, without a clear understanding of why consumer spending has been so resilient, I see continuing strength in spending as an important upside risk to my forecast. One possible explanation is that consumers do not want to give up previous levels of consumption, perhaps because of habit formation as described by Robert Pollak (1970) and an optimistic view of future income prospects. Another possibility is the one raised in pioneering work by James Duesenberry (1949) 75 years ago and later developed in the context of modern macroeconomics by Jordi Gali (1994). Socially motivated consumption—or "keeping up with the Joneses"—could cause individuals to consume more than what is predicted by models that only consider household wealth and income. The Labor Market post: Fed’s Jefferson: Likely to Be Appropriate to Begin Cutting Policy Rate Later This Year Fed’s Jefferson: January CPI Data ‘Disappointing,' Shows Path Down Likely to Be Bumpy Fed’s Jefferson Says as Labor Mkt Cools, He Expects Core Services Inflation Will Continue to Moderate post: FED'S JEFFERSON: THE FED NEEDS TO REMAIN VIGILANT AND NIMBLE, SHOULD NOT BE SURPRISED IF AN UNEXPECTED SHOCK OCCURS. post: The Fed's vice chair said the January CPI report shows disinflation could be "bumpy" but overall tells a story of progress on inflation, highlighting how 3- and 6-month annualized rates of core inflation are still running below 12-month rates https://t.co/6WB5p4uQYm https://t.co/8DOe5y3qiD post: Jefferson devotes the bulk of his speech to looking at Fed easing cycles since 1989. Two takeaways: -Current PCE inflation is not particularly elevated when compared to these cycles -Cuts without growth scares are very rare (but he cites 1995 as an example)
-
- Newer Stories
Comments from the Fed's Jefferson • Household balance sheets have weakened, over time they will normalize and be less of a factor in driving consumption • Labor market seems to be rebalancing in a way that is allowing lower inflation without unemployment • Recent rise in productivity suggests supply side healing form the pandemic • Perhaps potential GDP growth has risen • Will be looking at the totality of data in making rate cut call, wants to see evidence that inflation is 'sustainably' headed to target. post: Fed’s Jefferson: Not Looking At One Particular Indicator; Need A Body Of Evidence That Would Weigh In The Direction Of A Rate Cut - Fed Wants To Move In A Way That Would Not Lead To Stops And Starts In Policy And Increase Policy Uncertainty
US manufacturing activity expanded at the fastest pace since September 2022, powered by stronger orders growth and suggesting producers are breaking out of an extended slump. The ...
U.S. crude oil refinery inputs averaged 14.6 million barrels per day during the week ending February 16, 2024, which was 31 thousand barrels per day more than the previous week’s ...
- Story Stats
- Posted: Feb 22, 2024 10:37am
- Submitted by:Category: Low Impact Breaking NewsComments: 0 / Views: 2,732
- Linked event: