A team of Federal Reserve economists found that the cash surplus accumulated by American households over the past few years since the start of the pandemic has now largely evaporated. The expenditure of household excess savings by U.S. consumers partially came from government pandemic stimulus checks, which caused the spur in economic growth over the…
Americans’ Excess Savings From The Pandemic Are Now Depleted, Say Federal Reserve Economists
July 6, 2023
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Two-Year Treasury Yield Hits 16-Year-High on Hot Jobs Data
The 2-year Treasury yield reached its highest level since the global financial crisis as investors anticipate the Federal Reserve will further tighten monetary policy following hot jobs data. In June, private U.S. businesses created 497,000 jobs, the biggest increase since February 2022 and higher than the consensus estimate of 228,000, according to the ADP Research…
2-Year Treasury Yield Hits 16-Year-High on Hot Jobs Data
The 2-year Treasury yield reached its highest level since the global financial crisis as investors anticipate that the Federal Reserve will further tighten monetary policy following the release of hot jobs data on July 6. In June, private U.S. businesses created 497,000 jobs, the biggest increase since February 2022 and more than the consensus estimate…
Federal Reserve Economists Still Expect a Recession Later This Year, FOMC Minutes Show
Federal Reserve economists still expect a recession starting later this year, according to minutes from the June Federal Open Market Committee (FOMC) policy meetings. The economic forecast put together by staff at the policy meeting “continued to assume that the effects of the expected further tightening in bank credit conditions, amid already tight financial conditions”…
Federal Reserve Expects More Rate Hikes Ahead Amid ‘Upside Risks’ to Inflation: FOMC Minutes
Federal Reserve officials expect more rate hikes ahead, while some had advocated for a quarter-point increase at the June Federal Open Market Committee (FOMC) policy meeting, according to new minutes. Rate-setting Committee members agreed that more rate increases are ahead but at a slower pace. They also found it acceptable or appropriate to leave the…
2023: A Year of Surprises
July 3, 2023
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Commentary Bank failures, an artificial intelligence-led bull market, persistent inflation, eurozone recession, France engulfed in riots, and perhaps the biggest U.S. presidential corruption scandal ever. Looking back on the first half of 2023, it is hard to believe the extraordinary events and outright surprises of recent months. Some of the possibilities I forecast in January…
Banks Pass Fed Stress Test With Mixed Outlook for Higher Payouts
June 29, 2023
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The top U.S. banks all passed the Federal Reserve’s annual stress test, which is closely watched by the financial industry, which brought much relief to investors. The 23 financial institutions subject to the Fed’s annual bank stress test were expected to pass with little issue. The assessment was a major hurdle towards paying billions of dollars to…
130 Countries Are ‘Exploring’ Central Bank Digital Currencies, Report Says
June 28, 2023
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Nearly two thirds of the countries in the world are now “exploring” central bank digital currencies (CBDCs) at one level or another, a new report says. The report, published on Wednesday by Washington-based think tank Atlantic Council, reveals that a total of 130 countries—representing 98 percent of global economy—are taking steps to convert their central…
Fed’s Powell Predicts Further ‘Restriction,’ Including Rate Hikes at Consecutive Meetings
Federal Reserve Chair Jerome Powell told a European Central Bank (ECB) forum that the U.S. economy should expect more monetary policy restrictions to come and inflation will not return to its 2 percent target for a couple of more years. During a panel discussion with his central bank counterparts, Powell explained that policy has not…
Top US Lenders to Face Fed’s Annual Stress Tests This Week
June 26, 2023
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The major American banks will be facing the Federal Reserve’s annual stress tests this week, to see if they have enough capital in a potential crisis to make the grade. Despite the recent bank crisis this year, the lenders are are believed to have enough capital to weather a severe economic downturn., say analysts, but investor…
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