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Powell: A rise in unemployment would have to be meaningful for us to react
FED'S POWELL: A RISE IN UNEMPLOYMENT WOULD HAVE TO BE MEANINGFUL FOR US TO REACT.
— FinancialJuice (@financialjuice) May 1, 2024
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Powell: "A couple tenths" of an increase in the unemployment rate doesn't count as an "unexpected weakening" in the labor market that would justify cuts.
— Nick Timiraos (@NickTimiraos) May 1, 2024
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post: FED'S POWELL: WE'VE SEEN PRETTY CONSISTENT PROGRESS ON SLOWING WAGE GROWTH, BUT BUMPY. post: FED'S POWELL: IF WAGE INCREASES RUN HIGHER THAN PRODUCTIVITY, THERE WILL BE INFLATIONARY PRESSURES. post: FED'S POWELL: WE WILL TAKE SOME TIME, BUT WE WILL BRING INFLATION TO 2%. post: FED'S POWELL Q&A: CENTRAL BANK POLICIES GLOBALLY MAY DIVERGE AS USA GROWTH EXCEEDS THAT IN OTHER ECONOMIES; US MAYBE MORE 'CAUTIOUS' IN ANY RATE CUTS #Powell #FOMC #FederalReserve #rates #economy post: *POWELL: VERY PLEASED WE HAVEN'T SEEN PAIN ORIGINALLY PROJECTED
post: POWELL: WE ARE NOT SATISFIED WITH 3% INFLATION post: FED'S POWELL: RESTRICTIVE MONETARY POLICY NEEDS MORE TIME TO DO ITS JOB. post: Powell on taking politics into account when setting interest rates: "We just don't do that .... If you go down that road, where do you stop?" post: FED'S POWELL: WE ARE AT PEACE THAT WE WILL DO WHAT WE THINK IS RIGHT WHEN WE THINK IT IS RIGHT. post: FED'S POWELL Q&A: DISCUSSION IN FOMC WAS ON MAINTAINING CURRENT POLICY, NOT POSSIBILITY OF RAISING RATES #Powell #FOMC #FederalReserve #rates #economy
post: FED'S POWELL: AS INFLATION HAS COME DOWN TO BELOW 3%, THE FED'S EMPLOYMENT GOAL COMES BACK INTO FOCUS. post: FED'S POWELL: I DON'T KNOW IF INFLATION WILL FALL ENOUGH, OR WON'T FALL ENOUGH, TO MERIT RATE CUTS. post: POWELL: DON'T REALLY UNDERSTAND WHERE TALK OF STAGFLATION SCENARIO IS COMING FROM GIVEN U.S. DATA post: FED'S POWELL: WE SAW A YEAR OF VERY HIGH PRODUCTIVITY GROWTH IN 2023. post: FED'S POWELL: WE COULD HAVE A SIGNIFICANT INCREASE IN POTENTIAL ECONOMIC OUTPUT.
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Available as: PDF Good afternoon. I’m pleased to be here with Senior Deputy Governor Carolyn Rogers to discuss our recent policy announcement and the Bank of Canada’s Monetary Policy Report. In April, we maintained our policy interest rate at 5% and published a revised outlook for the Canadian economy. We had three key messages. First, monetary policy is working. Total consumer price index (CPI) and core inflation have eased further in recent months, and we expect inflation to continue to move closer to the 2% target this year. Second, growth in the economy looks to be picking up. We expect GDP growth to be solid this year and to strengthen further in 2025. Third, as we consider how much longer to hold the policy rate at the current level, we’re looking for evidence that the recent further easing in underlying inflation will be sustained. Before taking your questions, let me take a moment to discuss recent economic data and the outlook for growth and inflation. In Canada, growth stalled in the second half of last year and the economy moved into excess supply. The labour market also cooled from very overheated levels. With employment growing more slowly than the working-age population, the unemployment rate has risen gradually over the last year to 6.1% in March. There are also some signs that wage pressures are beginning to ease. Economic growth is forecast to strengthen in 2024. Strong population growth is increasing consumer demand as well as the supply of workers, and spending by households is forecast to recover through the year. Spending by governments also contributes to growth, and US strength supports Canadian exports. Overall, we forecast GDP growth in Canada of 1.5% this year and about 2% in 2025 and 2026. The strengthening economy will gradually absorb excess supply through 2025 and into 2026. CPI inflation was 2.9% in March, and price increases are now slowing across most major categories. However, shelter cost inflation is still very high and remains the biggest contribution to overall inflation. Looking ahead, we expect core inflation to cont post: BOC'S GOV. MACKLEM: MONETARY POLICY IS WORKING. post: BOC'S GOV. MACKLEM: GROWTH IN THE ECONOMY LOOKS TO BE PICKING UP. post: BOC'S GOV. MACKLEM: WE ARE GETTING CLOSER TO BEING ABLE TO CUT RATES.
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- Posted: May 1, 2024 3:16pm
- Submitted by:Category: Low Impact Breaking NewsComments: 0 / Views: 5,703
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