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Powell's rare TV moment: Fed chair urges patience with high interest rates
Federal Reserve chair Jerome Powell asked Americans to be patient as the effects of high interest rates ripple through the economy, while noting he still anticipates multiple interest rate cuts this year. Why it matters: In a rare television interview with CBS' "60 Minutes," Powell acknowledged the side effects of the Fed's inflation-fighting efforts in recent years have resulted in difficulties for prospective homebuyers. • But Powell, who said the central bank was debating when to lower interest rates, underscored the importance of making sure inflation is defeated. What they're saying: It's important ... (full story)
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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 ...
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%
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post: BOE'S PILL: UK ECONOMIC ACTIVITY HAS BEEN QUITE WEAK. post: BoE’s Pill: Economic Activity Has Been Quite Weak - Supply Side Constrains Limit UK GDP Growth - Supply Side Might ‘Improve A Little Bit’ - Pick Up In GDP Isn’t Going To Be Dramatic post: MORE BOE'S PILL: VACANCIES, WAGE GROWTH HAVE FALLEN 'A LITTLE', SERVICES PRICE INFLATION HAS BEGUN TO STABILISE, MAY BE SHOWING EARLY SIGNS OF FALLING #bankofengland #monetarypolicy #huwpill #ukeconomy #inflation post: - Inflation Drop Is ‘Good News’ For UK Economy - Expect To Fall ‘Close To Or Even Below Target’ - Rates Rates Would Be Restrictive Even After Cuts - Rates Will Gall As We See Progress On Inflation post: BOE'S PILL: I AM NOT YET CONFIDENT IN INFLATION TO REDUCE RATES.
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- Posted: Feb 5, 2024 10:50am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 3,792
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