U.S. Federal Reserve officials on Tuesday reiterated their support for further interest-rate hikes to quell inflation, with the influential chief of the New York Fed saying the central bank will likely need to get its policy rate “somewhat above” 3.5 percent and keep it there through the end of 2023. “I see us needing to…
Senator Warren Worries That Fed Will Tip US Economy Into Recession
WASHINGTON—Sen. Elizabeth Warren (D-Mass.) said on Sunday that she was very worried that the Federal Reserve was going to tip the nation’s economy into recession and that interest rate hikes would put people out of work. “Do you know what’s worse than high prices and a strong economy? It’s high prices and millions of people…
Fed to Stay Focused on Inflation, Markets Will Be Volatile: UBS Global Wealth
MUMBAI—The U.S. Federal Reserve will not back away from “talking tough” on the markets until there is significant progress on inflation, which will perpetuate volatility into mid-2023, UBS Global Wealth Management’s chief investment officer said on Monday. Mark Haefele told the Reuters Global Markets Forum he saw the S&P 500 ending the year at 3,900…
Fed’s George Says Pace, Endpoint of Rate Hikes Still Matter of Debate
The recent easing of U.S. financial conditions, including a surge in stock prices, may have been based on an overly optimistic sense that inflation was peaking and the pace of interest rate increases was likely to slow, Kansas City Federal Reserve President Esther George said on Thursday. In comments to a Kansas City economic group,…
Fed Must Get Inflation Down Urgently, Kashkari Says
Minneapolis Federal Reserve Bank President Neel Kashkari on Thursday said the U.S. central bank needs to get “very very” high inflation down as soon as possible, even at the cost of possibly triggering a recession. “We need to get inflation down urgently,” Kashkari said at an event at the YPO Gold Twin Cities. “We need…
Fed’s Barkin: Interest Rates Need to Get ‘Restrictive’
Richmond Federal Reserve Bank President Thomas Barkin on Friday said he wants to raise interest rates further to bring inflation under control, and will watch U.S. economic data to decide how big a rate hike to support at the Fed’s next meeting in September. “I’d like to see a period of sustained inflation under control,…
Fed Officials Say More Rate Hikes Needed, Despite Slowing Inflation
Slowing U.S. inflation may have opened the door for the Federal Reserve to temper the pace of coming interest rate hikes, but policymakers left no doubt they will continue to tighten monetary policy until price pressures are fully broken. A U.S. Labor Department report Wednesday showing consumer prices didn’t rise at all in July compared…
Fed Is ‘Far, Far Away’ From Declaring Win on Inflation Despite White House Victory Lap: Kashkari
August 11, 2022
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The president of the Federal Reserve Bank of Minneapolis has said that the Central Bank is “far, far away from declaring victory” on inflation, despite the Biden administration praising “zero percent” inflation in July, which prompted some confusion. Neel Kashkari told Reuters on Aug. 10 that he believes the U.S. central bank will need to raise its policy…
Culture Guides Economics, and Our Culture Is a Mess: Dave Brat
August 10, 2022
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“We’ve never been this mismanaged before in the history of economics. It’s all become political,” says Dave Brat, dean of the Liberty University School of Business. From 2014 to 2019, he served as a U.S. representative for the state of Virginia. Brat holds a Ph.D. in economics and an M.Div. in theological studies. “Everything—the economy and…
Clear Indications of an Impending Recession
Commentary When the spring quarter’s gross domestic product (GDP) showed a decline, a great media debate ensued about whether the economy is already in recession. Those who say yes point to the commonly held definition that a recession is two consecutive quarters of declining real GDP, and the news seems to fit that criterion. The…
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