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It seemed like a good idea at the time. When Federal Reserve Chairman Jerome Powell rolled out a new modus operandi for running monetary policy at the elite Jackson Hole economic symposium a year ago, the economy was just coming out of a pandemic-driven nosedive. That was after a decade of disappointingly slow growth, with inflation stubbornly below target... Listen to this storyPowell and his colleagues opted for a radical new strategic framework that Morgan Stanley economist Ellen
As taper talk battles COVID cases continuing to rise, it appears the brief suppression of gold's paper price has stalled as Gold Futures jump back above $1800 ahead of this week's Jackson Hole summit.
Most traders and investors expect Powell to lay out a potential timeline for when the Fed could begin to unwind its bond-buying program.
Delta Variant, Having Put Kibosh on Fed Event, Begins to Menace RecoveryAug 23, 2021 - 07:55:53 PDT
The resurgence of the COVID-19 pandemic dealt its most visible blow yet as Federal Reserve officials abruptly cancelled their premier in-person conference, raising questions about their insistence the economy faces limited risk from the Delta strain and plans to dial back...
IMF’s $650 Billion Reserves Distribution Is ‘Shot in Arm’ for Global Economy- GeorgievaAug 23, 2021 - 07:53:33 PDT
The IMF will distribute about $650 billion in new Special Drawing Rights to its members on Monday, providing a "significant shot in the arm" for global efforts to combat the COVID-19 pandemic, Managing Director Kristalina Georgieva said.
A drought-stricken forest choked with dry brush and deadfall is an apt analogy.
The Wolf Street Report: The Most Monstrously Overstimulated Economy & Markets EverAug 23, 2021 - 07:46:32 PDT
The Fed will trim back its stimulus, but it’s already too late, and it’ll be too little and too slow.
The KC Fed Jackson Hole conference is a US policy makers’ Davos, an uber-elite US location. You would think that the KC Fed would hold their conference in Kansas City or Omaha, Nebraska as a …
Biden and the Fed Wanted a Hot Economy. There’s Risk of Getting Burned: NYTAug 23, 2021 - 07:37:14 PDT
So far, in a real-world test of a new approach to economic policy, prices have been rising faster than wages.
Million-Dollar Listing Spike Sparks Jump In US Existing Home Sales In JulyAug 23, 2021 - 07:31:33 PDT
After a smorgasbord of ugly housing market related data recently, it is no surprise that analysts expected a drop (albeit a small 0.5% MoM) in July (after a surprising bounce in June), but, as is the way with this data, despite a plunge to 13-month lows in homebuilder sentiment (specifically noting the drop in prospective buyer traffic), existing home sales rose a surprising 2.0% MoM in July.
Echoing the collapse in consumer sentiment, preliminary August data from Markit's business survey suggest peak optimism is long gone. Both US Services and Manufacturing PMI tumbled in August, beginning to catch down to 'hard' data's reality.
While there is a lot of talk about the Federal Reserve tapering its asset purchases, no such tapering is actually happening.In the week ending Aug. 18, the Fed pushed its balance sheet to yet another record with the addition of another $85.4 billion in Treasuries and mortgage-backed securities. The balance sheet now stands at a record $8.34 trillion.
Gold rose on Monday as the dollar pulled back, with lingering concerns over possible roadblocks to global economic growth.
U.S. futures rose Monday along with stocks in Europe as concerns about China’s wealth crackdown faded and traders took advantage of last week’s selloff to pick up equities at favorable valuations. Bonds declined as demand for havens eased.Contracts on the S&P 500 and Nasdaq 100 rose after the underlying indexes started to rebound late last week...
Three vital issues for investors remain uncertain as the Federal Reserve moves toward tapering its bond buying. Will this quantitative tightening mean Treasury yields go up or down? Will stocks do better with rising or falling bond yields? And, a linked issue, is the stock-bond relationship that has held for the past three decades going into reverse?
US and international data releases are missing forecasts at an accelerating pace, highlighting rising investor angst that the spread of the Delta coronavirus variant will slow the pace of the global economic recovery.
U.S. Treasury Secretary Janet Yellen has told senior White House advisers that she supports reappointing Jerome Powell as Federal Reserve chair, according to people familiar with the matter, a move that greatly increases his chance for a second term.President Joe Biden hasn’t made a decision yet and is likely to make his choice around Labor Day,...
(Bloomberg) -- Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast.Federal Reserve Chair Jerome Powell is expected to hint at prospects for an eventual reduction of monetary stimulus when he gives a long-awaited speech on Friday for the Jackson Hole symposium. The Kansas City Federal Reserve’s annual event, being held virtually again amid a coronavirus outbreak, is an opportunity for the U.S. central bank chief to shed light on officials’ intentions af
There's been a lot of talk about the Federal Reserve tapering its asset purchases. Peter Schiff talked about it during his podcast, saying even if the Fed does getting around to tapering, that doesn't equate to a legitimately tight monetary policy. Furthermore, any tapering today sows the seeds for its own destruction.
Finding Workers Is Harder Than Ever. The Economic Impact Could Be SignificantAug 23, 2021 - 05:24:49 PDT
Employers hired more than 1.8 million workers in June and July. But millions of others are still on the sidelines. That's leading to long wait times and is forcing some businesses to turn down orders.