President Joe Biden’s $1.9 trillion American Rescue Plan did contributed to inflation, Treasury Secretary Janet Yellen conceded on Wednesday. Speaking in an interview with Matt Murray, editor-in-chief of The Wall Street Journal, the former head of the Federal Reserve admitted that the White House’s enormous spending had played a role in today’s inflationary environment, adding…
Janet Yellen: Biden’s Spending ‘Did Feed’ Inflation
May 5, 2022
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Which Federal Reserve Members Move the Markets Most With Their Public Comments?
When Federal Reserve members talk, investors listen. Some Fed members understandably tend to move the stock market more than others. Federal Reserve Structure The Federal Reserve consists of the Board of Governors, the Federal Reserve Banks, and the Federal Open Market Committee, or FOMC. The Board of Governors is the governing body of the Federal…
America’s Sticky Inflation
Commentary Inflation has become the number one economic issue of the day and will weigh heavily in the coming midterm elections. All available polls show both the extent of voter concern and that they hold the White House and congressional leadership responsible. Neither the inflation nor voter attitudes will likely change by November, for today’s…
Fed Paying Banks Not to Lend Has Cost $1.5 Billion in 4 Weeks
The Federal Reserve’s paying interest on bank reserves as well as selling to banks treasuries overnight, which in practice means paying banks so they lend less, is becoming more expensive with the Fed’s recently initiated series of interest rates hikes. Over the past four weeks, the central bank dished out nearly $1.5 billion to financial…
Fed’s Williams: 50 Basis Point Hike Is a ‘Very Reasonable Option’ for May
The U.S. Federal Reserve should reasonably consider raising interest rates by a half percentage point at its next meeting in May, New York Fed President John Williams said on Thursday, in a further sign even more cautious policymakers at the central bank are on board with a bigger rate hike. “I think that’s a very…
Fed to Raise Rates Aggressively in Coming Months, Say Economists
The Federal Reserve is expected to deliver two back-to-back half-point interest rate hikes in May and June to tackle runaway inflation, according to economists polled by Reuters who also say the probability of a recession next year is 40 percent. With the unemployment rate near a record low, inflation the highest in four decades, and…
World Shares Track Wall Street Retreat on Interest Rate Worries
World shares were mixed Thursday after a retreat on Wall Street spurred by comments indicating the Federal Reserve intends to more aggressively tackle inflation. Benchmarks rose in Paris and Frankfurt after declines in most Asian markets. U.S. futures fell while oil prices were higher. The Fed comments have added to investor unease over the war…
Gold Subdued as Robust Dollar Dims Appeal; Focus on Fed Minutes
Gold prices were subdued on Wednesday in choppy trade as a robust dollar and the prospect the Federal Reserve could raise interest rates aggressively kept non-yielding bullion near a one-week low. Spot gold XAU= was 0.1 percent lower to $1,921.60 per ounce by 8 a.m. EDT (1200 GMT). U.S. gold futures GCv1 were down 0.2…
Jobs Report Likely Signals a Likely Half Point Rate Hike at May Fed Meeting
Commentary The March jobs report printed at 431,000 new jobs, below the consensus estimate of 490,000. That’s down from the blockbuster February number, which was revised up to 750,000 new jobs. The seasonally adjusted unemployment rate ticked down to 3.6 percent from 3.8 percent, or 2/10ths of a percentage point—or 20 basis points (bps)—from last…
Fed Moves to Check Inflation
Commentary Federal Reserve (Fed) policymakers have made a change. Chairman Jerome Powell announced only days ago that the nation’s inflation problems impel a more restrictive monetary stance. Accordingly, the Fed has ended its long-held practice of directly buying securities in financial markets—what the Fed calls “quantitative easing.” Policymakers have also raised the benchmark federal funds…
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