US: Industrial Production rises by 0.4% in March vs. 0.2% expected
Industrial Production in the US expanded by 0.4% in March following February's increase of 0.2% (revised from 0%), the US Federal Reserve reported on Friday. This reading came in slightly better than the market expectation for a growth of 0.2%. "In March, manufacturing and mining output each fell 0.5 percent," the Fed further noted in its publication. "Capacity utilization moved up to 79.8 percent in March, a rate that is 0.1 percentage point above its long-run (1972–2022) average." The US Dollar stays resilient against its rivals after this report and the US Dollar Index was last seen rising 0.2% on the day at ... (full story)
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Thank you, Kathy, it's a pleasure to be with you today. I am going to focus my remarks on the economic outlook, including how the recent turmoil in banking has affected that outlook.1 Relative to the Federal Open Market Committee's (FOMC) economic objectives, data for the first quarter indicate that economic output and employment are continuing to grow at a solid pace while inflation remains much too high. The FOMC raised its target range for the federal funds rate to 4-3/4 to 5 percent at its March meeting, and our statement noted that recent banking developments are likely to result in tighter credit conditions and to weigh on economic activity, hiring, and inflation. We didn't know then, and still don't know, the extent of these possible effects. So, perhaps even more closely than usual, I will be watching the data to evaluate the appropriate path of monetary policy. post at 8:47am: FED'S WALLER: LONGER THAN EXPECTED BY THE MARKETS, MONETARY POLICY WILL NEED TO REMAIN STRICT FOR A "SUBSTANTIAL" AMOUNT OF TIME. post at 8:47am: *FEDíS WALLER: INFLATION STILL TOO HIGH AND MY JOB IS NOT DONE *FEDíS WALLER: CORE INFLATION NOT SHOWN MUCH IMPROVEMENT post at 8:45am: *WALLER: EXTENT OF FURTHER TIGHTENING TO HINGE ON INCOMING DATA *FEDíS WALLER: CORE INFLATION NOT SHOWN MUCH IMPROVEMENT *FEDíS WALLER: INFLATION STILL TOO HIGH AND MY JOB IS NOT DONE
post at 8:41am: *CHICAGO #FEDíS AUSTAN GOOLSBEE INTERVIEWED ON CNBC *GOOLSBEE: TIGHTER CREDIT CONDITIONS CAN HELP DO FED JOB FOR IT *GOOLSBEE: LATEST RETAIL SALES DATA SHOWS A BIT OF THAT LAG post at 8:41am: CHI FED'S GOOLSBEE Q&A/CNBC: SHOULD PAY MORE ATTENTION TO PRICES THAN TO WAGES; CREDIT TIGHTENING EQUIVALENT TO SOME LEVEL OF RATE HIKES BUT UNCERTAIN #Goolsbee #FederalReserve
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