The Federal Reserve’s Federal Open Markets Committee (FOMC) is expected to raise interest rates again this week in a bid to further reduce inflation. However, a Colorado Senator is urging the committee, which is meeting on Jan. 31 and Feb. 1, to proceed with caution. “The Fed should pause before taking any additional action that…
Colorado Senator Warns Federal Reserve of Interest Rate Hike Hazards
Fed’s Preferred Inflation Gauge Shows Underlying Price Pressures Rising
A key inflation gauge closely tracked by the Federal Reserve showed that underlying price pressures increased in December while consumer spending declined, suggesting that inflationary pressures could take longer to dissipate and that the economy faces headwinds as shoppers retrench. Government data released on Jan. 27 by the Department of Commerce showed that the so-called core Personal…
Bank of Canada, Federal Reserve Should Focus on Vital Main Mission
Commentary It is a relief that the U.S. Federal Reserve Board is not veering off into climate theology or other mission-irrelevant distractions. While recent comments of the Fed’s chair, Jerome Powell, were unequivocal, comments from the Bank of Canada have not been as definitive. Amelioration of real or perceived non-economic matters, such as largely social…
Fed Paid Funds and Banks More Than $90 Billion Over Past Year for Sitting on Clients’ Cash
The Federal Reserve’s anti-inflation efforts are becoming increasingly expensive. The U.S. central bank has paid out over $90 billion to banks and money market funds over the past year for letting the cash of their clients lay dormant. The payouts have ballooned in recent months as the Fed has repeatedly hiked interest rates. The Fed’s…
Fed Paid Funds, Banks More Than $90 Billion Over Past Year for Sitting on Clients’ Cash
The Federal Reserve’s anti-inflation efforts are becoming increasingly expensive. The U.S. central bank has paid out over $90 billion to banks and money market funds over the past year for letting the cash of their clients lay dormant. The payouts have ballooned in recent months as the Fed has repeatedly hiked interest rates. The Fed’s…
Bank of Canada’s Losses Could Surpass $8 Billion in Coming Years: Think Tank
January 19, 2023
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For the first time in history since the Bank of Canada’s founding in 1935, the federal government-owned bank will suffer a financial loss that the C.D. Howe Institute estimates could be up to $8.8 billion in the coming years. A Jan. 12 brief produced by the nonprofit policy research organization, said it estimates the Bank of…
Poor Americans Hurt the Most by Inflation in 2021 and 2022, Fed Report Says
Low-income households, young Americans, and less educated individuals were more affected by inflation than other categories, according to new reports by the Federal Reserve Bank of New York. Economists at the regional central bank published two studies this month that assessed inflation disparities by income, age, race, and education. They found that those who spent…
Jamie Dimon Says That Interest Rates Will Rise Above 5 Percent Because of ‘Underlying Inflation’
January 19, 2023
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JPMorgan Chase CEO Jamie Dimon believes U.S. interest rates will likely rise above 5 percent because of “underlying Inflation.” This is higher than what the Federal Reserve is currently projecting, as inflation remains stubbornly high. The Fed has raised its benchmark interest rate in December to a targeted range of 4.25–4.5 percent, the highest level in 15 years, in order…
Fed Taking ‘First Step Toward Pressuring Banks’ Into Restricting Energy Investments With Climate Risk Analysis
The Federal Reserve has called on prominent American banks to conduct a pilot climate assessment for analyzing how their businesses would be impacted by “climate change,” including a transition to a low-carbon economy, despite worries that the measure will end up limiting investments in traditional energy firms. During the course of the climate scenario analysis…
The Fed’s Jay Powell Is Trying to Have It Both Ways on Climate Change
Commentary Fed-speak, Alan Greenspan once explained, was about practicing the art of constructive ambiguity. Testifying to Congress as Fed chairman, Greenspan would resolve a sentence in a deliberately obscure way that made it incomprehensible, “but nobody was quite sure I wasn’t saying something profound when I wasn’t.” Speaking on Tuesday at a symposium on central bank independence…
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