Category: Headlines
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“Federal Reserve Chair Jerome Powell said the central bank must be willing to think beyond the complex mathematical simulations it traditionally uses to forecast the economy.”
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FED’S LOGAN: INFLATION READINGS LOOK LIKE THEY’RE TRENDING TOWARD 3%, NOT 2%. FED’S LOGAN: MY EXPECTATION IS THAT GROWTH WILL START TO SLOW, BUT WERE WRONG BEFORE. I CONTINUE TO EXPECT WE WILL NEED TO INCREASE THE FEDERAL FUNDS RATE FURTHER
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ED’S BOWMAN: CONTINUE TO EXPECT FURTHER RATE HIKES NEEDED *BOWMAN: WILLING TO SUPPORT HIKES IF INFLATION PROGRESS STALLS
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BoE’s Haskel says estimate of 6% equilibrium unemployment is an upper bound for him; higher equilibrium unemployment does put upward pressure on interest rates
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US Average Earnings YY* (Oct) 4.1% vs. Exp. 4.0% (Prev. 4.2%, Rev. 4.3%)
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US Non-Farm Payrolls* (Oct) 150.0k vs. Exp. 180.0k (Prev. 336.0k, Rev. 297k); two-month net revisions: -101k (prev. +119k)
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Federal Reserve leaves rates unchanged as expected at 5.25-5.50%; repeats it is prepared to adjust policy stance as appropriate if risks emerge to achieving its goals
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US Consumption, Adjusted MM* (Sep) 0.7% vs. Exp. 0.5% (Prev. 0.4%)
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US Personal Income MM* (Sep) 0.3% vs. Exp. 0.4% (Prev. 0.4%)
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US Core PCE Price Index MM deflator* (Sep) 0.3% vs. Exp. 0.3% (Prev. 0.4%)