JACKSON HOLE, Wyo. (Reuters) -Central banks around the world risk losing public trust and must now act forcefully to combat inflation, even if that drags their economies into a recession, European Central Bank board member Isabel Schnabel said on Saturday. Inflation is close to double-digit territory in many of the world’s top economies and any …
Continue reading “Recession shouldn’t stop central banks from hiking rates – Fed’s Schnabel”
Fed Chair Powell Gives Eight Minute Speech Jerome Powell’s Unprecedented Candid Speech at Jackson Hole Symposium, Transcript: Thank you for the opportunity to speak here today. At past Jackson Hole conferences, I have discussed broad topics such as the ever-changing structure of the economy and the challenges of conducting monetary policy under high uncertainty. Today, …
Continue reading “SEE AND HEAR Jerome Powell’s Unprecedented Speech at Jackson Hole Symposium”
(Bloomberg) — The US and Iran remain at loggerheads over key details of an emerging deal to revive a landmark nuclear agreement and may need several weeks to resolve their differences, according to officials familiar with the talks. Expectations of an imminent breakthrough grew as Washington and Tehran responded to a “final” European Union proposal …
Federal Reserve Chair Jerome Powell says interest rates will keep rising ‘sharply’ for some time because of persistently high inflation Fed Chair Jerome Powell said that interest rates would keep rising ‘sharply’ for quite some time as the Fed worked to rein in stubbornly high inflation. ‘Our responsibility to deliver price stability is unconditional,’ Powell …
Continue reading “Fed’s Powell: Restoring price stability to take some time”
Swiss UBS strategists predict that oil will rebound to $125 in the coming months as fundamentals point to higher prices, spare capacity is ebbing and inventories are at multi-year lows. In a Thursday research note, UBS responded to Saudi comments to the effect that OPEC+ could cut production at any time, citing a “disconnect” between …
Stock and bond investors who’ve spent months sneering at the Federal Reserve are starting to worry about a comeuppance. On the eve of a landmark gathering in Jackson Hole, Wyoming, a concern repeatedly voiced in interviews with big money managers is that market confidence itself is something the Jerome Powell-led bank is bent on doing …
Continue reading “Big Money Managers Fear the Revenge of the Fed on Jackson Hole Eve”
The Federal Open Market Committee needs to raise interest rates at least another 100 basis points and then remain there to bring down inflation, Philadelphia Federal Reserve Bank President Patrick Harker said Thursday in a live interview on CNBC from the annual Jackson Hole Conference. The FOMC does not need to rush rates up and …
Consensus is growing for an idea first proposed by Saudi Arabia that it could pump fewer barrels OPEC+ Is a Big Winner of Russia’s War in Ukraine. High oil prices have been beneficial for OPEC+, an alliance of oil-producing countries that controls more than half of the world’s output. Momentum is building among …
Continue reading “OPEC president backs Saudi plan to cut oil output”
The gross domestic product (GDP) of the United States shrank by 0.6% in the second quarter of 2022 compared to the same period the previous year, according to the second estimate from the Bureau of Economic Analysis published on Thursday. The latest figure has been revised in comparison to the first estimate, which put the …
Continue reading “US GDP contracts 0.6% in Q2….. PCE price index climbed a whopping 7.1%”
Federal Reserve Bank of Atlanta President Raphael Bostic that the central bank could opt for a third consecutive 0.75 percentage point increase in the federal funds rate if labor data stays strong and the inflation rate does not ease before the next policy meeting in September. However, Bostic also said in a Wall Street Journal …
Continue reading “Bostic: 75 bp rate hike if inflation doesn’t ease”