Commentary A new presidential order touches on the matter of a digital dollar and the Federal Reserve (Fed) has at last released a promised study on the subject. The Fed reached no conclusion but made clear its openness to the matter. It has left 120 days for comment. Whatever the Fed, or the White House,…
Ukraine-Russia War Puts Fed in Quandary on Rate Hike Despite February Jobs Beats
Commentary The February jobs report printed at 678,000 new jobs, well above the consensus estimate of 400,000. That’s up from January’s 481,000 jobs. (Note that the month-to-month data for January was affected by the annual benchmarking data that was discussed in our last jobs report and that is detailed by the Bureau of Labor Statistics…
Fed’s Powell: Russia’s War on Ukraine Will Worsen Inflation
WASHINGTON—Federal Reserve Chair Jerome Powell warned Thursday that Russia’s invasion of Ukraine, which has already driven up oil prices, will likely further magnify the high inflation that has engulfed the U.S. economy. At the same time, Powell said he is committed to doing whatever it will take to slow inflation, underscoring the Fed’s high-risk challenge…
Ladies and Gentlemen, Please Fasten Your Seatbelts and Prepare for Landing
Commentary It’s a phrase I haven’t heard in a long time. You would hear it back in the days before zero interest rates ruled the land when the Fed actually used interest rates to manage its monetary policy. It referred to one outcome of a Fed policy adjustment when an economy got overheated. It’s called…
Global Stocks Mixed After Fed Chair Backs Smaller Rate Hike
March 3, 2022
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BEIJING—Global stock markets were mixed Thursday and oil prices jumped another $5 as Russian forces whose attack on Ukraine has roiled financial markets bombarded the country’s second-largest city and besieged two ports. The economic fallout from the Russian invasion expanded, with Fitch Ratings and Moody’s Ratings cutting Russia’s credit rating. They said the invasion and…
Fed’s Evans: US Inflation Extremely High, Rates Hikes Needed
Federal Reserve Bank of Chicago President Charles Evans on Wednesday said “extremely” high inflation poses “quite a risk” to economic growth, and the U.S. central bank needs to start raising rates to address it. “We are going to get going,” on raising rates over the next several meetings, going carefully at first, but raising them…
Global Risks Cloud Fed’s Policy Pivot as Powell Heads to Congress
The Federal Reserve’s plan to end the loose money policies used to fight the coronavirus pandemic is facing an unexpectedly early test as the Russian invasion of Ukraine poses new economic and financial risks already being felt in global markets. Fed Chair Jerome Powell is scheduled to testify before Congress on Wednesday and Thursday, and…
Fed’s Bostic Open to 4 or More Hikes This Year If High Inflation Persists
The Federal Reserve may need to raise U.S. interest rates four or more times this year if high inflation persists, Atlanta Federal Reserve bank President Raphael Bostic said on Thursday, in a further sign that policymakers are becoming increasingly leery inflation will not begin to abate soon. “The data may come in perhaps more pessimistic…
Fed’s Daly: Need More ‘Urgency’ on Policy Tightening
San Francisco Federal Reserve Bank President Mary Daly said on Wednesday she expects the U.S. central bank will need to raise rates at least four times this year, and likely more, to stop high inflation from getting worse. “There is broad agreement that inflation is too high and the policy rate is too low,” Daly…
Recession Is in the Cards
Commentary March approaches, the month that the Federal Reserve (Fed) promised to show its anti-inflation hand. It will, Fed Chairman Jerome Powell has announced, cease its quantitative easing and begin to raise interest rates. Unless favored heavily by Lady Luck, whatever steps the Fed takes will bring market and economic pain and, in time, probably…
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