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Americans felt shakier about the economy in June
US consumer confidence teetered slightly in June as Americans grew a little more wary about the future, new data released Tuesday showed. The Conference Board’s latest consumer confidence index dipped to a reading of 100.4 in June from 101.3 in May. The reading landed in line with what economists were expecting. Readings of Americans’ confidence are typically closely watched, as consumer spending accounts for nearly 70% of US economic activity. But that significance is even more heightened now with the US presidential election just months away. Upbeat sentiment on the strength of the labor market outweighed ... (full story)
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- From federalreserve.gov|Jun 25, 2024
Thank you, Barbara. It is a fitting time to be speaking again to the Economic Club of New York, because this month marks two years since my first Federal Open Market Committee (FOMC) meeting. At that meeting, we kicked off a series of large interest-rate increases, all of which I supported, because I am fully committed to bringing inflation sustainably back to our 2 percent target. As I said when I joined the Board, I care about both sides of the dual mandate Congress gives us, maximum employment and price stability. When inflation was well above target and the unemployment rate was historically low, we prioritized restoring price stability. Over the past year, inflation has slowed, and labor market tightness has eased, such that the risks to achieving our inflation and employment goals have moved toward better balance. I think now is a good time to assess how the economy has evolved after rates have held steady at a restrictive level for nearly a year. Today, I will provide a progress report on disinflation, give you my outlook on the economy, and share my views on how to ensure that monetary policy brings inflation fully back to 2 percent over time while being attentive to the risk of a slowing labor market. I will conclude my remarks with a few words about my role as chair of the Board's Financial Stability Committee. Inflation As the U.S. and global economy recovered from the pandemic, rebounding demand came up against still-constrained supply, and inflation rose to the highest level in many years. In the past two years, 12-month inflation in the PCE price index has fallen from a peak above 7 percent to 2.7 percent in April, and it likely moved a bit lower in May based on consumer and producer price data. However, after rapid disinflation in the second half of last year, progress has slowed this year. My focus remains on making sure inflation is on a path to return sustainably to 2 percent. How do I think about making that determination? To respond, I think it is helpful to look at the underlying data. Some price components have clearly improved. Fo post: FED'S COOK: AT SOME POINT IT WILL BE APPROPRIATE TO CUT RATES. post: FED'S COOK: A RISE IN INFLATION EXPECTATIONS WOULD IMPLY KEEPING MONETARY POLICY RESTRICTIVE FOR LONGER. post: FED'S COOK: THE TIMING OF ANY POLICY ADJUSTMENT WILL DEPEND ON ECONOMIC DATA AND ITS IMPLICATIONS FOR OUTLOOK AND THE BALANCE OF RISKS.
- From cnbc.com|Jun 25, 2024|1 comment
Federal Reserve Governor Michelle Bowman said Tuesday the time is not right yet to start lowering interest rates, adding she would be open to raising if inflation doesn’t pull ...
- From youtube.com/bloombergquicktake|Jun 25, 2024|1 comment
As US inflation and labor data twists and turns, market vacillations over the Fed’s future rate path are getting increasingly convoluted. In a matter of weeks, markets have moved ...
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- Posted: Jun 25, 2024 11:41am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 1,364
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- From fhfa.gov|Jun 25, 2024