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  • Powell: Inflation and the Labor Market

    From federalreserve.gov

    Today I will offer a progress report on the Federal Open Market Committee's (FOMC) efforts to restore price stability to the U.S. economy for the benefit of the American people. The report must begin by acknowledging the reality that inflation remains far too high. My colleagues and I are acutely aware that high inflation is imposing significant hardship, straining budgets and shrinking what paychecks will buy. This is especially painful for those least able to meet the higher costs of essentials like food, housing, and transportation. Price stability is the responsibility of the Federal Reserve and serves as the ... (full story)

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Nothing in here to support the dollar.
Wages growth to high for the government ?
Easy -raise inflation, induce recession; causing businesses to close, thereby throwing more workers onto the scrap heap. That should stop the population gaining higher incomes, reduce their power and influence in the economy, and keep the prices of assets lower.
Oh -they are doing that already !
Not a good time to buy the dollar maybe ?
every Saint has a past. Every Sinner has a Future
As long as fiscal policy is used by governments to score political points recessions and depressions will be with us forever.
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    Powell: Fed Will Need to Hold Policy at Restrictive Levels 'For Some Time'

    From @DeItaone|Nov 30, 2022|14 comments

    tweet at 1:30pm: Powell: Fed Will Need to Hold Policy at Restrictive Levels 'For Some Time' Powell: Ongoing Rate Increases Will Be Appropriate to Bring Inflation Down Powell: Fed Has 'A Long Way to Go' in Bringing Inflation Down tweet at 1:30pm: Powell: Fed Likely to Need 'Somewhat Higher' Rates in 2023 than Anticipated in September Projections tweet at 1:31pm: Powell: Expects PCE Inflation to Decelerate to 6% in Oct from 6.2% in Sept Powell: Expects Core PCE Inflation to Ease to 5% in Oct from 5.1% in Sept tweet at 1:31pm: Fed’s Powell: Far Too Early to Declare Goods Inflation Vanquished, but if Trend Continues, Goods Prices Should Begin to Exert Downward Pressure on Overall Inflation in Coming Months Fed’s Powell: Have so Far Seen Only ‘Tentative’ Signs of Moderation in Labor Demand, Wage Growth tweet at 1:31pm: POWELL: TIME FOR MODERATING HIKE PACE MAY COME AS SOON AS DEC.

    Federal Reserve Chair Jerome Powell: The economic outlook and the labor market

    From youtube.com/brookingsinstitution|Nov 30, 2022

    Federal Reserve Chair Jerome Powell will speak at the Hutchins Center on Fiscal and Monetary Policy on the outlook for the economy and the changing labor market. Following his ...

    Geopolitical tensions key consideration for future China-UK relations

    From omfif.org|Nov 30, 2022

    A pattern of light and shade runs through the China-UK relationship, illuminated in different ways at the OMFIF China forum on 22 November in London. At present, shade seems to ...

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    Powell: For most workers now increases in wages are being offset by inflation

    From @breakingmkts|Nov 30, 2022|3 comments

    tweet at 1:50pm: POWELL: FOR MOST WORKERS NOW INCREASES IN WAGES ARE BEING OFFSET BY INFLATION tweet at 1:52pm: Fed’s Powell: A Possibility Labor Market Can Return to Balance Through Decline in Job Openings, Still to Early To Tell tweet at 1:55pm: Powell: In This Situation Fed Continues to Think Number of Vacancies Versus Number of Unemployed Is Important tweet at 1:56pm: FED'S POWELL: EVEN IF SUPPLY CONDITIONS CHANGE, THE FED MUST MAINTAIN ITS 2% INFLATION TARGET. tweet at 1:57pm: Powell: Difficult To Forecast Inflation Now Given Circumstances Remain Unusual

    Powell: Slowing Down At This Point Is A Good Way To Balance Risks

    From @sevenloI|Nov 30, 2022|4 comments

    tweet at 1:58pm: Powell: Slowing Down At This Point Is A Good Way To Balance Risks tweet at 2:04pm: Powell: Still Thinks There Is A Path To A Soft Or "Softish" Landing, Without A Severe Recession tweet at 2:05pm: Powell: Path To That Is Pretty Clear, That Labor Market Softens, Goods And Housing Inflation Decline tweet at 2:08pm: Powell: In Hindsight Would Not Tie Rate Liftoff To Achieving Conditions Of Maximum Employment And Achievement Of Inflation Target tweet at 2:10pm: FED'S POWELL: ONE RISK MANAGEMENT TECHNIQUE IS TO GO SLOWER, ANOTHER IS TO HOLD ON LONGER

    Beige Book - November 30, 2022

    From federalreserve.gov|Nov 30, 2022

    Economic activity was about flat or up slightly since the previous report, down from the modest average pace of growth in the prior Beige Book period. Five Districts reported slight or modest gains in activity, and the rest experienced either no change or slight-to-modest declines. Interest rates and inflation continued to weigh on activity, and many contacts expressed greater uncertainty or increased pessimism concerning the outlook. Nonauto consumer spending was mixed but, on balance, eked out slight gains. Inflation pushed low-to-moderate income consumers to substitute increasingly to lower-priced goods. Travel and tourism contacts, by contrast, reported moderate gains in activity, as restaurants and high-end hospitality venues enjoyed robust demand. Auto sales declined slightly on average, but sales increased significantly in a few Districts in response to higher inventories. Manufacturing activity was mixed across Districts but up slightly on average. Demand for nonfinancial services was flat overall but softened in some Districts. Higher interest rates further dented home sales, which declined at a moderate pace overall but fell steeply in some Districts; apartment leasing started to slow, as well. Residential construction slid further at a modest pace, while nonresidential construction was mixed but down slightly on average. Commercial leasing weakened slightly, and office vacancies edged up. Bank lending saw modest further declines amid increasingly weak demand and tightening credit standards. Agricultural conditions were flat or up a bit, and energy sector activity increased slightly on balance. tweet at 2:00pm: Fed Beige Book: Economic Activity Was About Flat or Up Slightly Since the Previous Report, Down From the Modest Average Pace of Growth in the Prior Beige Book Period. Fed Beige Book: Consumer Prices Rose at a Moderate or Strong Pace in Most Districts. tweet at 2:03pm: Fed’s Beige Book: - Employment Grew Modestly in Most Districts, but Two Districts Reported Flat Headcounts and Labor Demand Weakened Overall - Opinions About the Outlook Pointed to Stable or Slowing Employment Growth and at Least Modest Further Wage Growth Moving Forward

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