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Former Kansas City Fed Pres. Hoenig: 'Not super concerned' about Trump putting pressure on the Fed
From youtube.com/cnbctelevision
Former Kansas City Fed President Thomas Hoenig joins 'Squawk Box' to discuss the Federal Reserve's independence, whether President-elect Donald Trump will try to influence Fed policy in his second term, and more.
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- From federalreserve.gov|Dec 2, 2024|3 comments
Thank you, Lydia, and thank you for the opportunity to speak to you today. I thought I might use my time with you to address the Federal Open Market Committee's (FOMC) ongoing effort to return inflation to our 2 percent target while keeping the labor market and the economy strong. After significant progress in reducing inflation and evident moderation in the labor market, in September the Committee judged that the time had come to begin easing monetary policy toward a more neutral setting to limit the risk of unduly weakening the labor market as progress continues toward 2 percent inflation. After reducing the policy rate 75 basis points since our September meeting, I believe that monetary policy is still restrictive and putting downward pressure on inflation without creating undesirable weakness in the labor market. I expect rate cuts to continue over the next year until we approach a more neutral setting of the policy rate. But recent data have raised the possibility that progress on inflation may be stalling at a level meaningfully above 2 percent. This risk has raised concerns that the FOMC should consider holding the policy rate constant at our upcoming meeting to collect more information about the future path of inflation and the economy. Based on the economic data in hand today and forecasts that show that inflation will continue on its downward path to 2 percent over the medium term, at present I lean toward supporting a cut to the policy rate at our December meeting. But that decision will depend on whether data that we will receive before then surprises to the upside and alters my forecast for the path of inflation. Let me turn to the economic outlook. Real gross domestic product (GDP) grew at a strong annual pace of 2.8 percent in the third quarter of 2024, and indications are that growth in the fourth quarter will be a bit slower. An average of private sectors forecasts predicts 2.2 percent, while based on fairly limited data so far, the Atlanta Fed’s GDPNow model currently predicts 3.2 percent. On the consumer side of the economy, real personal consumption expenditures (PCE) increased 0.1 percent in October after a 0.5 percent rise in September. Given the recent volatility in these numbers, I won't read too much into the monthly swing. The modest increase in October might partially reflect some payback to the stronger growth in September. Overall, household balance sheets continue to be in generally good shape, and this position should help maintain spending going forward. post: Fed’s Waller Says Leaning Towards Rate Cut In December, Absent Data Surprise https://t.co/iyPgiSmydc post: Waller: “At present, I lean toward supporting a cut to the policy rate at our December meeting.” Because of recent inflation stickiness, “one could argue that there is a case for skipping a rate cut at the next meeting.” But … “policy is still restrictive enough that an… post: FED'S WALLER: I AM LESS PLEASED ABOUT UPTICK IN INFLATION, BUT DON'T WANT TO OVERREACT. post: FED'S WALLER/AIER: DON'T KNOW IF INFLATION UPTICK WILL PERSIST AND LABOR DATA 'CLOUDY' SO DATA COULD ARGUE AGAINST A DEC CUT #Waller #FederalReserve
- From fastcompany.com|Dec 2, 2024
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- From the5ers.com|Dec 2, 2024|1 comment
Central Bank Digital Currency (CBDCs) are just a digital version of a country’s money that the central banks issue and keep in check, giving them legal status similar to ...
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- From newyorkfed.org|Dec 2, 2024
It’s great to be with you here today. Queens is a special place. There are so many features that make it unique. It’s one of the country’s most diverse areas. It’s home to not one, but two airports. And it’s the birthplace of so many famous actors and musicians. That said, getting around can be complicated. The hyphenated numbers in street addresses. The avenues, roads, and drives that all start with the same number. The fact that you can have a 58th Street that meets a 58th Drive. Navigating through Queens can be quite a journey. And as the past few years have shown, the same can be said for the economy. To give you a roadmap today, I’m going to discuss the rise and fall of inflation—from unacceptably high to within striking distance of the Fed’s 2 percent longer-run goal—as well as the labor market’s return to balance. I’ll also talk about how monetary policy is working to achieve our dual mandate of maximum employment and price stability. And I’ll provide my economic outlook. But before I continue the journey, I will give the standard Fed disclaimer that the views I express today are mine alone and do not necessarily reflect those of the Federal Open Market Committee (FOMC) or others in the Federal Reserve System. post: FED’S WILLIAMS: THE US ECONOMY IN GOOD PLACE, LABOR MARKET IS SOLID, IN BALANCE. post: FED’S WILLIAMS: FURTHER PROGRESS ON INFLATION MAY BE UNEVEN. post:
FED’S WILLIAMS: I EXPECT US INFLATION AROUND 2.25% FOR 2024. post: NYFED'S WILLIAMS/C OF C: LIKE WALLER EARLIER, INDICATES LEADING TOWARD A DECEMBER CUT, BUT PENDING DATA CRUCIAL IN MAKING DECISION #Williams #FederalReserve
- From cityindex.com|Dec 2, 2024
USD/CAD may test the November high (1.4178) as it appears to be defending the rally following the US election, but the Relative Strength Index (RSI) seems to be diverging with ...
- From stats.govt.nz|Dec 2, 2024
Key facts: Quarterly goods and services by country • Total exports of goods and services for the September 2024 quarter were $22.2 billion, up from $21.5 billion in the September ...
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- Posted: Dec 2, 2024 3:47pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 3,519