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☆ We don't need rate cuts to get risk assets to go higher, says Jefferies’ David Zervos
▼ + stars: | 2024-02-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe don't need rate cuts to get risk assets to go higher, says Jefferies’ David ZervosDavid Zervos, Jefferies chief market strategist, joins 'Money Makers' to discuss his thoughts on Atlanta Fed President Raphael Bostic's comments on rate cuts, his expectations from the Fed following the hotter-than-expected CPI and PPI numbers, and more.

Persons: Jefferies, David Zervos David Zervos, Raphael Bostic's Organizations: Jefferies, Atlanta Fed, PPI

Oct 11 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. But Atlanta Fed President Raphael Bostic's remarks, that he believes the Fed has finished raising rates, will help Asian markets pick up on Wednesday from where global markets left off on Tuesday. "I actually don't think we need to increase rates anymore," said Bostic, following the dovish path set by two Fed colleagues on Monday. Minneapolis Fed President Neel Kashkari on Tuesday also struck a similar tone, leading investors to think that the Fed 'pivot' is underway. All else equal this should lower the dollar and U.S. yields, boost risk appetite, and lift Asian and emerging markets.

Persons: Jamie McGeever, Raphael Bostic's, Neel Kashkari, Pierre, Olivier Gourinchas, Fed's Bowman, Waller, Collins, Josie Kao Organizations: Federal Reserve, Investors, IMF, World Bank, Atlanta Fed, Fed, . Minneapolis, Monetary Fund, Hang, Bank, Thomson, Reuters Locations: Morocco, Israel, Gaza, Marrakech, Bostic, Japan

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 29, 2023. Shares of Salesforce (CRM.N), which also forecast upbeat quarterly sales, rose 5.6% before the bell as the cloud-based software provider benefits from price hikes and a resilient demand. Investors now await the price consumption expenditure (PCE) index for July, the Fed's preferred inflation measure, due at 8:30 a.m. The core PCE price index is expected to have climbed 4.2% in the 12 months through July, according to economists polled by Reuters. Among other stocks, Dollar General (DG.N) slumped 14.2% after the discount retailer cut its annual same-store sales forecast.

Persons: Brendan McDermid, Dow Jones, Salesforce, Russ Mould, AJ Bell, Raphael Bostic's, Alibaba, Shristi Achar, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Investors, Reuters, Graphics Traders, Atlanta Fed, PDD Holdings, Baidu, Dow e, Thomson Locations: New York City, U.S, Bengaluru

☆ Fed's Bostic says U.S. interest rates are high enough
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +3 min

U.S. Atlanta Federal Reserve Bank President Raphael Bostic speaks to reporters at the National Association of Business Economics' annual policy meeting in Washington, U.S. March 21, 2022. "I feel policy is appropriately restrictive," Bostic said in remarks prepared for delivery to the South African Reserve Bank Biennial Conference in Cape Town, South Africa. "We should be cautious and patient and let the restrictive policy continue to influence the economy, lest we risk tightening too much and inflicting unnecessary economic pain." U.S. central bankers are widely expected to leave the Fed's policy rate in the current range of 5.25%-5.5% when they next meet in a little less than three weeks. Bostic has been in the minority at the Fed, cautioning against over-tightening policy and needlessly hurting jobs and livelihoods.

Persons: Raphael Bostic, Ann Saphir, Bostic, Bostic's, Richard Chang Organizations: Atlanta Federal Reserve Bank, National Association of Business Economics, REUTERS, South African Reserve Bank Biennial, U.S, Thomson Locations: Washington , U.S, Cape Town , South Africa, U.S

☆ Atlanta Fed President Bostic: Data looks 'quite promising' for 'orderly' economic slowdown
▼ + stars: | 2023-08-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAtlanta Fed President Bostic: Data looks 'quite promising' for 'orderly' economic slowdownCNBC's Steve Liesman joins 'Closing Bell' to report on Fed President Raphael Bostic's latest remarks on inflation.

Persons: Bostic, Steve Liesman, Raphael Bostic's Organizations: Atlanta

"My baseline is that we should stay at this level for the rest of the year," and not cut rates until the latter half of 2024, Bostic said in an interview on Yahoo Finance. "Letting restrictive policy work for a while is prudent because the policy has been truly restrictive for less than a year, and it takes time for monetary policy changes to meaningfully influence economic activity. Bostic is the first official to say explicitly that may be too soon. Therefore, the real economic effects of tighter monetary policy are only just beginning to take hold," Bostic said. The risk of waiting is that inflation may resurge, but "that is not my baseline."

Persons: Raphael Bostic, Bostic, Howard Schneider, Andrea Ricci Organizations: Atlanta Federal Reserve, Yahoo Finance, Fed, Thomson Locations: U.S, Atlanta

☆ European markets set for flat open as investors digest comments by Fed officials
▼ + stars: | 2023-04-19 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

European markets are heading for a flat open Wednesday as earnings season continues and investors digest mixed signals from U.S. Federal Reserve officials on the trajectory of interest rate hikes. Atlanta Federal Reserve President Raphael Bostic told CNBC that he sees one more rate hike of 25 basis points, before pausing to see its impact on the economy. That would take the U.S. Federal Funds rate to 5% to 5.25%. Bostic's words come as St. Louis Federal Reserve President James Bullard told Reuters that he favors a higher terminal rate of between 5.50% and 5.75%. Asia-Pacific markets traded mixed overnight.

Asia-Pacific markets traded mixed on Wednesday as Wall Street's earnings season continued and U.S. Federal Reserve officials delivered mixed signals on future rate hikes. Atlanta Federal Reserve President Raphael Bostic told CNBC that he sees one more rate hike of 25 basis points, before pausing to see its impact on the economy. This would take the U.S. Federal Funds rate to 5% to 5.25%. Bostic's words come as St. Louis Federal Reserve President James Bullard told Reuters that he favors a higher terminal rate of between 5.50% and 5.75%. Australia's S&P/ASX 200 was 0.11% up in early trading, while Japan's Nikkei 225 dipped 0.27% and the Topix fell 0.3%.

That's a good reason to pause after one more rate increase, he said, to study how the economy and inflation evolve, and try to limit the damage to growth and jobs. 'HAD TO DOWNSHIFT'The Atlanta Fed chief spoke in detail about how the recent turmoil in banking markets buffeted his monetary policy views. At first, high inflation made him open to a half-percentage-point increase at the March 21-22 Fed meeting. Indeed, Bostic sketched out why he still believes the inflation battle can be won without a recession or even much of a rise in the unemployment rate. People and businesses "are sitting in a financial condition that is abnormal, and abnormal in a way that would drive excess consumption," Bostic said.

☆ CNBC Daily Open: The Nasdaq popped last week. But tech might be in trouble
▼ + stars: | 2023-03-06 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

The Nasdaq outpaced other indexes last week. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. That makes two straight months that the Nasdaq has outpaced the other indexes. Subscribe here to get this report sent directly to your inbox each morning before markets open.

☆ CNBC Daily Open: The Nasdaq soared last week. But tech might be in trouble
▼ + stars: | 2023-03-06 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

The Nasdaq Composite outpaced other indexes last week. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. That makes two straight months that the Nasdaq has outpaced the other indexes. Subscribe here to get this report sent directly to your inbox each morning before markets open.

☆ Tesla bulls and bears are duking it out and one strategist now thinks Elon Musk's car company is "boring"
▼ + stars: | 2023-03-03 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

The presentation did, however, lay out broad plans aimed at making Tesla the largest car company in the world. The announcements were tepid enough that strategists at Vanda Research wrote in a note to clients that this month could see a sell-off for Tesla stock. That said, Zacks Investment Research forecasts 30% upside for Tesla, and that climb could happen in 2023. While Tesla has long been touted as innovative and futuristic over the last decade, Bespoke Investment Group concluded that the company is now actually a normal, boring car maker. The stock market is getting the jitters with a key bearish signal flashing red again.

☆ Analysis: With record diversity on their boards, Fed bank chiefs see lower chances of policy error
▼ + stars: | 2023-02-24 | by ( Ann Saphir | ) www.reuters.com time to read: +8 min

Fed bank directors generally stay out of the limelight, but many U.S. central bankers view them as a critical resource. "I think the probabilities are far higher of achieving that gentle transition, that smoother transition," San Francisco Fed President Mary Daly told Reuters in an interview. This year, of the 108 spots on the 12 Fed bank boards, 44% are filled by women, and 41% by people of color, a review of the data shows. Still, a majority of the Fed's economists are white men, as are its top two monetary policymakers: Powell and New York Fed President John Williams. Hispanics and Latinos, Menendez notes, are a fast-growing segment of the population but are underrepresented at the Fed at all levels, including on Fed bank boards.

☆ Powell says Fed officials recommitted to meeting new ethics standards
▼ + stars: | 2022-11-02 | by ( Michael S. Derby | ) www.reuters.com time to read: +4 min

NEW YORK, Nov 2 (Reuters) - Federal Reserve Chair Jerome Powell acknowledged on Wednesday the U.S. central bank's latest ethics stumbles and said it was working hard to make sure it meets its new, very stringent standards. "The public's trust is really the Fed's, and any central bank's, most important asset," Powell said at a news conference after the end of the central bank's latest policy meeting. Citing the new ethics standards imposed on policymakers earlier this year, Powell said "anytime one of us, one of the policymakers, violates or falls short of those rules, we do risk undermining that trust." Powell spoke in the wake of the latest developments in a controversy that's dogged the Fed for little over a year now. Reporting by Michael S. Derby; Editing by Leslie Adler and Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

☆ A year after trading scandal, Fed is again under ethics spotlight
▼ + stars: | 2022-11-01 | by ( Michael S. Derby | ) www.reuters.com time to read: +6 min

At the same time, an in-house Inspector General (IG) investigation into the regional Fed trading activities still hasn't been released and it's unclear when it will be. Unresolved in that process are publicly available disclosures for top staff at regional Fed banks. Right now, only disclosures for the Fed chief, members of the Fed's Board of Governors, top central bank staff and regional bank presidents are available. Given the quasi-private nature of the 12 regional Fed banks, there's no formal mechanism to compel those institutions to release this information. The Fed faced some criticism last year for failing to identify the financial trading activity that ensnared the regional bank presidents.

☆ Bostic acknowledges accidental trading that violated Fed's ethics code
▼ + stars: | 2022-10-14 | by ( Michael S. Derby | ) www.reuters.com time to read: +6 min

Under the rules then in place, Fed officials were prohibited from owning stocks in banks overseen by the central bank. INDEPENDENT REVIEWBostic's revised financial statements are the latest development in a broader controversy facing the central bank. At the start of this year, Richard Clarida, who was then second-in-command of the central bank, resigned from his position early amid questions about his trading in 2020. It extended the new ethics restrictions to family members of central bank leaders and senior staff. The Inspector General cleared Powell and Clarida of wrongdoing, but said an investigation of regional Fed trading activity is ongoing.

☆ Bostic acknowledges accidental trades that violated Fed ethics code
▼ + stars: | 2022-10-14 | by ( Michael S. Derby | ) www.reuters.com time to read: +5 min

Bostic explained in a note that accompanied revised financial disclosure forms going back to the start of his tenure as Atlanta Fed president in 2017 that trades violating the ethics code were made by financial advisors. Under the rules then in place, Fed officials were prohibited from owning stocks in banks overseen by the central bank. INDEPENDENT REVIEWBostic's revised financial statements are the latest development in a broader controversy facing the central bank. It extended the new ethics restrictions to family members of central bank leaders and senior staff. The Inspector General cleared Powell and Clarida of wrongdoing, but said an investigation of regional Fed trading activity is ongoing.

☆ Federal Reserve probing Bostic's trading after blackout period transactions
▼ + stars: | 2022-10-14 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

President and Chief Executive Officer of the Federal Reserve Bank of Atlanta Raphael W. Bostic speaks at a European Financial Forum event in Dublin, Ireland February 13, 2019. The Federal Reserve is looking into trades that Raphael Bostic, the head of the central bank's Atlanta district, made during restricted periods. Fed Chair Jerome Powell "has asked the Office of Inspector General for the Federal Reserve Board to initiate an independent review of President Bostic's financial disclosures," a Fed spokesman said. Trading by Fed officials over the past several years has been a hot-button issue. The controversy also led to a revised policy that severely restricts the moves Fed officials can make.

☆ Atlanta Fed President Bostic violates conflict of interest rules
▼ + stars: | 2022-10-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAtlanta Fed President Bostic violates conflict of interest rulesCNBC's Steve Liesman joins 'Closing Bell' to report on breaking news that the President of the Federal Reserve Bank of Atlanta, Raphael Bostic, violated the Treasury's conflict of interest rules, and that Fed Chair Powell has asked watchdogs to review Bostic's disclosures for inadvertent violations.

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