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Bowman: Supporting Entrepreneurship & Small Businesses
Good afternoon and welcome to the third day of the Federal Reserve's Uneven Outcomes in the Labor Market Conference. It is a pleasure to join so many researchers, policymakers, and practitioners interested in understanding the labor market and its implications for the overall economy and the financial well-being of workers. At the Federal Reserve, the labor market is often top of mind. As many of you are aware, the Federal Open Market Committee (FOMC) has a mandate to effectively promote maximum employment and price stability. My FOMC colleagues and I strive to find the balance between these objectives, and when ... (full story)
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The dollar slid overnight by 0.3% against sterling and 0.2% relative to the euro, Canadian dollar and as measured by the DXY weighted index. A further rise in sovereign debt ...
This is an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on January 24, 2024. This summary reflects discussions and deliberations by members of Governing Council in stage three of the Bank’s monetary policy decision-making process. This stage takes place after members have received all staff briefings and recommendations. Governing Council’s policy decision-making meetings began on January 16. The Governor presided over these meetings. Members in attendance were Governor Tiff Macklem, Senior Deputy Governor Carolyn Rogers and Deputy Governors Toni Gravelle, Sharon Kozicki, Nicolas Vincent and Rhys Mendes. Governing Council members began their deliberations by discussing recent global economic developments. Global growth had slowed, but not by as much as projected in the October Monetary Policy Report, mainly because of stronger-than-expected growth in the United States. Inflation had eased further across most economies. Consumer spending in the United States had been surprisingly resilient. However, members said they expect spending to slow in the coming quarters as consumers adjust to higher interest rates, having already spent a good deal of their pandemic-related savings. Nevertheless, members agreed there was a risk that US consumer spending could continue to be stronger than expected. Euro area growth remained weak, and members expected a mild contraction in the area before growth picks up gradually over the next two years. Factors contributing to this slowdown include past interest rate increases, weak demand for Euro area exports and higher energy costs. In China, economic activity was expected to remain subdued, reflecting economic policy uncertainty, low consumer confidence and ongoing issues in the property sector. post: BOC MINUTES: THE GOVERNING COUNCIL SAW RISK OF INFLATION BEING MORE PERSISTENT THAN EXPECTED, REQUIRING RATES TO STAY RESTRICTIVE FOR LONGER. post: BOC MINUTES: THE GOVERNING COUNCIL DISCUSSED RISK THAT MONETARY POLICY COULD HAVE GREATER THAN EXPECTED IMPACT ON CONSUMER SPENDING, REQUIRING LOWER RATES EARLIER AND MORE QUICKLY. post: BOC MINUTES: THE BOC IS PARTICULARLY CONCERNED ABOUT PERSISTENT INFLATION AND LOWERING RATES PREMATURELY IN THE JANUARY POLICY-SETTING MEETINGS.
post: FED'S BARKIN: I AM WAITING TO SEE IF DISINFLATION BECOMES MORE BROAD BASED || SAYS I DIDN'T EXPECT THE STRENGTH OF LAST JOBS REPORT || SAYS I AM IN NO PARTICULAR HURRY ON POLICY RATE post: FED'S BARKIN: I DON'T THINK MASSIVE DAMAGE IS NEEDED TO GET 2% INFLATION. post: MORE RICHMOND FED'S BARKIN Q&A/ECON CLUB DC: DON'T USUALLY SEE CONSUMER SENTMENT SO NEGATIVE WHILE SPENDING SO STRONG; CAUSE SEEMS TO BE INFLATION #Barkin #FederalReserve #economy
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Canada’s merchandise trade balance recorded its first monthly deficit since July, due to a combination of higher imports of pharmaceutical products and the appreciation of the ...
EUR/USD saw a thin grind higher on Wednesday before a late break to the downside in the US market session followed by a slim recovery into the day’s mid-range. The pair tested ...
Four Fed officials suggested Wednesday they don’t see an urgent case for lowering interest rates, adding to a roster of policymakers in recent days who made clear a cut isn’t ...
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- Posted: Feb 7, 2024 2:00pm
- Submitted by:Category: Low Impact Breaking NewsComments: 0 / Views: 2,616
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