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"It's real": What a top Fed official says drove America's productivity boom
In 2023, economic output surged considerably faster than the number of hours Americans worked. A top policymaker attributes the shift to companies acting more aggressively in a tight job market. The big picture: The open question for 2024 is whether last year's improvement in labor productivity — which allowed inflation to come down alongside strong growth — will continue. By the numbers: In the first quarter, economic output was 3.2% higher than a year earlier, while the number of hours Americans worked was up only 0.3%. That adds up to a 2.9% gain in labor productivity. • That's better than in any 12-month ... (full story)
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- From bnnbloomberg.ca|May 22, 2024|5 comments
For one Citigroup Inc. trader in London, the morning of May 2, 2022 went from bad to worse. It was a public holiday in the UK, so it should have been a quiet day in the markets. A ...
- From @DBNewswire|May 22, 2024|2 comments
post: UK PM Sunak: Calls National Election UK PM Sunak: General Election Will Be on July 4 UK PM Sunak:Now is the Moment for Britain to Choose UK PM Sunak: Economic Stability is Only the Beginning - Question Now is Who Do You TrustRishi Sunak confirms July 4 General Election and reveals he decided on vote after hitting 2 major milestones Rishi Sunak today called a make-or-break general election, as he rolled the dice on a July 4 showdown. The PM will battle for his political life as millions take to the polls at the height of British summer time. He will take on Sir Keir Starmer's Labour Party in what is set to be a historic fight for the keys to No10, centred on the economy. Speaking from Downing St before hoards of cameras in the soaking rain, Mr Sunak said: "The last five years have been the most challenging times since the Second World War. "Now is the moment to choose to decide whether we want to build on the progress we have made, or risk going back to square one with no plan and no certainty." Drowned out by protestors blasting D:Ream's Things Can Only Get Better, the PM added: "Earlier today, I spoke with His Majesty the King to request the dissolution of Parliament. "The King has granted this request, and we will have a general election on July 4. This election will take place at a time when the world is more dangerous than it has been since the end of the Cold War." Issuing a stark warning to millions of voters, Mr Sunak said: "On July 5, either Keir Starmer or I will be Prime Minister. "He has shown time and time again, that he will take the easy way out and do anything to get power. "If he was happy to aban
- From cnbc.com|May 22, 2024
Sales of previously owned homes fell 1.9% in April from March to 4.14 million units, on a seasonally adjusted annualized basis, according to the National Association of Realtors. ...
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- From @DBNewswire|May 22, 2024|30 comments
post: FOMC Minutes: Fed Officials Note 'Disappointing' Inflation Readings in First Quarter FOMC Minutes: Officials Discuss Holding Rates Steady For Longer if Inflation Doesn't Fall FOMC Minutes: Officials Still Think Monetary Policy Is Restrictive, But Uncertain About DegreeMinutes of the Federal Open Market Committee April 30–May 1, 2024 Developments in Financial Markets and Open Market Operations The manager turned first to a review of developments in financial markets. Domestic data releases over the intermeeting period pointed to inflation being more persistent than previously expected and to a generally resilient economy. Policy expectations shifted materially in response. The policy rate path derived from futures prices implied fewer than two 25 basis point rate cuts by yearend. The modal path based on options prices was quite flat, suggesting at most one such rate cut in 2024. The median of the modal paths of the federal funds rate obtained from the Open Market Desk’s Survey of Primary Dealers and Survey of Market Participants also indicated fewer cuts this year than previously thought. Respondents’ baseline expectations for the timing of the first rate cut—which had been concentrated around June in the March surveys—shifted out significantly and became more diffuse. Treasury yields rose materially over the intermeeting period. At shorter maturities, the increase appeared to largely reflect higher inflation compensation, while at longer maturities, it was attributable mostly to a higher expected path for the real policy rate and higher real risk premiums. Model estimates suggested that inflation expectations rose some, but mostly at post:
FED MINUTES: PARTICIPANTS AT THE MEETING ASSESSED IT WOULD TAKE LONGER THAN PREVIOUSLY ANTICIPATED TO GAIN GREATER CONFIDENCE IN INFLATION MOVING SUSTAINABLY TO 2%. post:
FED MINUTES: VARIOUS PARTICIPANTS MENTIONED WILLINGNESS TO TIGHTEN POLICY FURTHER SHOULD RISKS TO OUTLOOK MATERIALIZE AND MAKE SUCH ACTION APPROPRIATE. post: Fed Staff’s Economic Projection Was Similar to March Outlook, but Noted That Deteriorating Household Financial Positions, Especially for Lower-Income Households, Might Prove to Be Bigger Drag on Activity Than Anticipated
- From cnbc.com|May 22, 2024|5 comments
Federal Reserve officials grew more concerned at their most recent meeting about inflation, with members indicating that they lacked the confidence to move forward on interest ...
- From goldmansachs.com|May 22, 2024|3 comments
The Japanese yen has been steadily depreciating since the beginning of the year, thanks in part to the delayed prospect of rate cuts by the US Federal Reserve and the strength of ...
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- Posted: May 22, 2024 1:35pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 3,279