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San Francisco Fed president Mary Daly told Axios on Friday that it's not clear whether inflation is definitively receding and there is no "urgency" to adjust interest rates. Why it matters: Inflation cooled for the first time in 2024 last month, relieving economists that progress might not have stalled out. But one month of data has not convinced Fed officials that price pressures are evaporating in a way that puts near-term interest rates back on the table. What they're saying: "Fortunately, policy is in a very good place. We are in what I call the ready position," Daly told Axios at the University of San Francisco. "We can adjust policy as we need to." • Earlier this month, the Fed acknowledged signs that progress on inflation had stalled. That's raised questions about whether decades-high interest rates might need to be pushed up further to wrestle inflation down. post: FED'S DALY: I AM NOT YET CONFIDENT INFLATION COMING DOWN SUSTAINABLY TO 2%. post: FED'S DALY: I EXPECT IMPROVEMENT IN SHELTER INFLATION, JUST NOT RAPIDLY.
Copper's lightning rally to record highs may not be sustainable in the coming weeks, with action concentrated on the shipment of material to cover exposed short positions in the US Comex futures market rather than tepid demand in top consumer China. ...
The US Strategic Petroleum Reserve is back on the radar of commodity traders, as the Department of Energy sends conflicting signals about a major order. The SPR, which is presently at its lowest levels since the early 1980s, has an authorized ...
Since the approval of Bitcoin ETFs, Ethereum ETFs approval expectations went high. The speculations regarding ETH spot ETF have recently been rising and the latest reports are not quite optimistic. Nate Geraci, the president of ETF Store, has ...
It’s no exaggeration to say that this week’s UK inflation data will make or break a June rate cut from the Bank of England. Markets are pricing a 58% chance of that happening, at the time of writing. Certainly at a headline level, the story should ...
The big rally on precious metals have continued at the start of the new week, with silver yet again outperforming. Both metals eased off their highs amid profit-taking and were back to the flat line around midday in London. Still, the white metal is ...
Saudi Arabia’s crude oil exports rose for the second straight month in March, reaching their highest in nine months, data from the Joint Organizations Data Initiative (JODI) showed on Monday. Why it is important Saudi Arabia is the world’s largest ...
The U.S. Congress has passed a bill targeting the SEC’s Staff Accounting Bulletin No. 121 (SAB 121). This action marks the first standalone crypto legislation seeking to reverse the requirement that crypto assets be recorded as liabilities on ...
Leveraged funds have been the main force behind the recent Mexican peso rally, propelling it to again become the best performing currency in the world this year. The group, which is composed mostly of hedge funds, increased its net long peso ...
post: Fed’s Jefferson: Important Not to Focus on Just One Data Point post: FED'S JEFFERSON: THE LABOR MARKET HAS BEEN QUITE RESILIENT. post: FED'S JEFFERSON: IT IS POSSIBLE TO HAVE CONTINUED JOB GROWTH WHILE DISINFLATION CONTINUES. post: FED'S JEFFERSON: IT IS APPROPRIATE TO RETURN TO A MORE NORMAL BALANCE SHEET.
London equities kicked off the week on a positive note, helped by a rally among metal miners and defence stocks, while investors await comments from the Bank of England for hints on the central bank’s interest rate trajectory. The blue-chip FTSE 100 ...
Iran's supreme leader Ayatollah Ali Khamenei has named Mohammad Mokhber as the country's caretaker president following the death of Ebrahim Raisi in a helicopter crash on 19 May. Mokhber is the country's first vice-president. His appointment is in ...
Bitcoin prices are starting the week in the green with BTC futures lightly bid through early European trading on Monday. The market broke out to fresh highs for the month last week as traders reacted to softer US inflation. However, the market has ...
May has so far brought a weak dollar, strong risk sentiment, and growing expectations for Federal Reserve easing. A data-gripped market may, however, need to find the next catalyst for a big move outside of data. Our US economist notes that existing ...
Thank you, Mark, for the kind introduction, and good morning to all of you.1 I am happy to be here. Today, I will do three things. First, I'll share with you my current outlook for the US economy. Second, I'll discuss my thinking on the current stance of monetary policy. Third, I'll review the dynamics of housing prices which can feed into the persistence of inflation. My focus on housing price dynamic stems from the role housing plays in the American economy. For most families, a home is their largest-ever purchase and their most valuable asset. Capital markets professionals in real estate finance, like you, are crucial to the smooth operation of the housing sector. Families making housing decisions rely on a healthy and productive housing finance sector. The housing sector is also one of the most interest rate–sensitive sectors of the economy. As such, it's an important channel of monetary policy transmission. Understanding the various channels of monetary transmission is crucial to fulfillment of the dual mandate given to the Federal Reserve by the Congress: maximum employment and stable prices. This mandate guides my thinking about monetary policymaking. With that, I'll turn to my outlook for the US economy. Aggregate Economic Activity The U.S. economy continues to grow at a solid pace. Adjusted for inflation, GDP was reported to have increased at a 1.6 percent annual rate in the first quarter of 2024. That was a moderation from a 3.4 percent expansion in the fourth quarter of last year. However, private domestic final purchases—which excludes inventory investment, government spending, and net exports and usually sends a clearer signal on underlying demand—grew 3.1 percent in the first quarter. That was about as strong as the second half of 2023. post: Fed's Jefferson: Policy Rate is in Restrictive Territory Jefferson: April’s Better Inflation Reading is Encouraging Jefferson: Long-Term Inflation Expectations Show Americans Believe Fed Will Make Good on 2% Inflation Goal
A California city removed the traffic lights from a four-way intersection as the city grapples with thefts attributed to a massive homeless encampment nearby. Oakland has been experiencing high crime and theft, including people stealing copper wires ...
Sanlorenzo made marine history over the weekend. The Italian yard launched a new 164-foot steel superyacht with an innovative green methanol fuel cell system during an exclusive event in La Spezia on Sunday. The inaugural 50Steel, christened Almax, ...
Supply chain disruptions became a major headache for businesses in the aftermath of the pandemic. Indeed, in October 2021, nearly all firms in our regional business surveys reported at least some difficulty obtaining the supplies they needed. These ...
Craig Wright, the controversial crypto entrepreneur, lost an attempt to prove he was the inventor of bitcoin in the High Court when Mr Justice Mellor made his ruling at the end of a five-week trial in March. Wright has long claimed to be Satoshi ...
The Federal Reserve System is the central bank of the United States. It performs five general functions to promote the effective operation of the U.S. economy and, more generally, the public interest. The Federal Reserve conducts the nation’s ...