Fed “acutely aware” of trouble inflation is causing – report
WASHINGTON, March 3 (Reuters) – The U.S. Federal Reserve is “acutely aware” of the challenges high inflation poses to the economy and is “strongly committed” to its 2% target for price increases, the central bank said on Friday in its latest semiannual report to Congress on monetary policy and the economy.While largely a backward-looking summary […]
China lethal aid to Russia would come at real cost, U.S. says
WASHINGTON, Feb 26 (Reuters) – China has not moved toward providing lethal aid that would help Russia in its invasion of Ukraine and the United States has made clear behind closed doors that such a move would have serious consequences, White House national security adviser Jake Sullivan said on Sunday.”Beijing will have to make its […]
Wall St gets respite from positive data, dollar pullback
Stocks edge up, bond yields retreatDollar pulls back after biggest weekly rally since SeptemberHigher peak seen for Fed ratesPositive U.S. manufacturing, home sales dataFeb 27 (Reuters) – Wall Street and global shares rebounded modestly on Monday on favorable economic data and bargain hunting, but remained within sight of recent six-week lows, as investors prepared for […]
Wells Fargo lays off mortgage bankers – CNBC
Feb 22 (Reuters) – Wells Fargo & Co (WFC.N) laid off hundreds of mortgage bankers this week as part of its recent strategic shift, CNBC reported on Wednesday, citing people with knowledge of the matter.The layoffs affected top producers, including bankers who exceeded $100 million in loan volumes last year and some who attended an […]
Analysis: Fed’s quandary: Can the economy keep motoring and inflation fall?
WASHINGTON, Feb 21 (Reuters) – A year into the U.S. Federal Reserve’s most aggressive monetary crackdown since the 1980s the strength of the U.S. economy has befuddled policymakers now faced with an unexpected dilemma: Are things too good?There’s little sign the U.S. job market, currently sporting a more-than-half-century low 3.4% unemployment rate, is weakening. Consumers […]
In State of the Union speech, Biden challenges Republicans on debt and economy
WASHINGTON, Feb 7 (Reuters) – President Joe Biden challenged Republicans to lift the U.S. debt ceiling and support tax policies that were friendlier to middle class Americans on Tuesday in a State of the Union speech that served as a blueprint for his 2024 re-election campaign.Assailing oil companies for making high profits and corporate America […]
Fed’s Powell says no rate cuts this year, and markets hear it differently
Feb 2 (Reuters) – Federal Reserve Chair Jerome Powell had a clear message on Wednesday: as “gratifying” as it is that inflation has begun to slow, the central bank is nowhere near to reversing course or declaring victory.”It’s going to take some time” for disinflation to spread through the economy, Powell said in a news […]
Odds ‘very high’ of U.S. military conflict with China, top Republican says
WASHINGTON, Jan 30 (Reuters) – A top Republican in the U.S. Congress said on Sunday the odds of conflict with China over Taiwan “are very high” after a U.S. general caused consternation with a memo that warned that the United States would fight China in the next two years.In a memo dated Feb. 1 but […]
Strong U.S. economic growth expected in fourth quarter, outlook darkening
Fourth-quarter GDP forecast to increase at a 2.6% rateStrong consumer spending seen; other sectors to contributeWeekly jobless claims expected to rise moderatelyWASHINGTON, Jan 26 (Reuters) – The U.S. economy likely maintained a strong pace of growth in the fourth quarter as consumers boosted spending on goods, but momentum appears to have slowed considerably towards the […]
U.S. inflation roller coaster prompts fresh look at long-ignored money supply
NEW YORK, Jan 26 (Reuters) – The amount of money sloshing around the U.S. economy shrank last year for the first time on record, a development that some economists believe bolsters the case for U.S. inflation pressures continuing to abate.The Federal Reserve’s main measure of the nation’s money stock – known as M2 money supply […]