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☆ Former Fed Vice Chair Richard Clarida: The U.S. is on a more unsustainable fiscal path now
▼ + stars: | 2024-05-02 | 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 EmailFormer Fed Vice Chair Richard Clarida: The U.S. is on a more unsustainable fiscal path nowRichard Clarida, PIMCO global economic advisor and former Federal Research Vice Chairman, joins 'Squawk Box' to discuss the state of the economy, the Fed's decision to hold rates steady, Fed Chair Powell's commentary, interest rate outlook, and more.

Persons: Richard Clarida Organizations: Former, Federal Research Locations: U.S

☆ There's still no certainty the Fed will be able to pull off three interest rate cuts this year
▼ + stars: | 2024-03-24 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

In that case, the Fed may have to push cuts out until the end of the year, confounding market expectations. If so, then the nonpolitical monetary policy committee might postpone considering rate cuts until after the November presidential elections," Yardeni wrote last week. "That could be the first rate cut decision of this year," Yardeni said. "We maintain our expectation of just two rate cuts this year , in July and December," economists at Nomura said in a client note. Clarida also noted that if the Fed judged inflation by the consumer price index instead of its preferred personal consumption expenditures price index, "we wouldn't even be discussing rate cuts."

Persons: Ed Yardeni, Yardeni, Jerome Powell, Powell, Nomura, Richard Clarida, Clarida Organizations: Yardeni Research, Fed, Market, CNBC

☆ Former Fed Vice Chair Clarida sees possibility of fewer rate cuts than expected this year
▼ + stars: | 2024-03-22 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Stubbornly high inflation could push the Federal Reserve into a more cautious stance this year regarding interest rate cuts, the central bank's former vice chair said Friday. "If the Fed were targeting CPI right now, we wouldn't even be discussing rate cuts," Clarida said. A Chicago Fed measure of financial conditions is at its loosest since January 2022. "What I think is going on here is a delicate balance that [Powell is] trying to navigate," Clarida said. "Financial conditions will very naturally start to ease when they get the sense the Fed is done and [will start] cutting.

Persons: Richard Clarida, Jerome Powell, Clarida, Powell Organizations: Federal Reserve, Market, Fed, Commerce Locations: Atlanta

☆ PIMCO's Richard Clarida expects a mid-year Fed cut
▼ + stars: | 2024-02-02 | 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 EmailPIMCO's Richard Clarida expects a mid-year Fed cutRichard Clarida, PIMCO global economic advisor, joins 'Closing Bell' to discuss the hot jobs report and how he expects the Fed to react to the data.

Persons: Richard Clarida

☆ Watchdog report is critical of former Fed officials in stock trading controversy
▼ + stars: | 2024-01-22 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

A watchdog review into market trading from two former high-ranking Federal Reserve officials criticizes their actions but does not accuse either of doing anything illegal. Revelations showed that some Fed officials engaged in market trading at a time when they also were considering important and delicate policy matters in the early days of the Covid pandemic in 2020. The report concludes that their actions resulted in conflicts of interest that raised issues over impartiality and the proper conduct of central bank officials. On Kaplan, the report states that the OIG "did not find that his trading activities violated laws, rules, regulations, or policies related to trading activities as investigated by our office." Since the controversy, the Fed has revamped its trading rules and now prohibits officials from owning stocks, bonds and cryptocurrencies.

Persons: Robert Kaplan, Eric Rosengren, — Kaplan, Jerome Powell, Richard Clarida, Raphael Bostic, Clarida, Kaplan Organizations: Eccles Federal, Federal, Fed's, Dallas, Atlanta Fed, Fed, Kaplan, CNBC, Federal Reserve, Dallas Fed Locations: Washington , DC, Boston, U.S

☆ Thursday's inflation report could challenge the market outlook for big Fed rate cuts
▼ + stars: | 2024-01-10 | by ( Jeff Cox | ) www.cnbc.com time to read: +6 min

"The market seems to have gotten excited that the Fed's going to have to do more than what the Fed thinks in terms of rate cuts now. watch nowThere is certainly a wide gap between what the Fed has indicated in terms of rate cuts and what the market is expecting. It probably means that right now, the market needs to give back some of the rate cuts that they priced in." Fed Governor Michelle Bowman said this week that while she expects rate hikes could be done, she doesn't see the case yet for cuts. Still, Brusuelas thinks the market is too aggressive in pricing in six rate cuts.

Persons: Frederic J, Brown, Dow Jones, Jack McIntyre, McIntyre, they've, Michelle Bowman, Lorie Logan, Logan, Joseph Brusuelas, Brusuelas, Richard Clarida, … There's, Clarida Organizations: AFP, Getty, Federal, Brandywine Global Investment Management, Traders, Dallas, RSM Locations: Rosemead , California

☆ Fed has yet to face final reckoning two years after trading scandal
▼ + stars: | 2023-10-04 | by ( Michael S. Derby | ) www.reuters.com time to read: +6 min

But at the regional level, the IG has yet to weigh in on the trading activities of Rosengren, Kaplan and current Atlanta Fed President Raphael Bostic. Both Rosengren and Kaplan have said they followed the Fed rules that governed trading at the time, and their disclosures were approved by Fed lawyers. Conti-Brown praised the central bank's new ethics regime as likely the best in government, which he said casts the IG's work in an even worse light. They have proposed legislation that would make the Fed IG position a presidential appointment requiring confirmation by the Senate, something Bialek has publicly opposed. During a hearing in the Senate in May, Bialek said the Fed had never interfered in his work.

Persons: That's, Jerome Powell, Eric Rosengren, Robert Kaplan, Mark Bialek, Elizabeth Warren, Rick Scott, Peter Conti, Brown, Powell, Richard Clarida, Kaplan, Raphael Bostic, Rosengren, Bostic, Conti, Warren, Scott, Bialek, Clarida, she's, There's, Michael S, Dan Burns, Paul Simao Organizations: Dallas, Boston Federal Reserve, U.S . Congress, Boston Fed, Dallas Fed, Fed, Democratic, Wharton School, University of Pennsylvania, Reserve Bank, Rosengren, Atlanta Fed, Senate, Committee, Thomson Locations: U.S

☆ Timeline of the Fed's ethics controversy at the two-year mark
▼ + stars: | 2023-10-04 | by ( Michael S. Derby | ) www.reuters.com time to read: +4 min

Sept. 9, 2021: Kaplan and Boston Fed President Eric Rosengren pledge to divest their stock holdings. Sept. 27, 2021: Kaplan and Rosengren announce their departures from the Fed within hours of one another. Oct. 4, 2021: Powell refers the matter to Fed Inspector General Mark Bialek for a fuller investigation. July 14, 2022: The IG clears Powell and Clarida of wrongdoing over trades that violated the Fed's investment policy. Oct. 14, 2022: Atlanta Fed President Raphael Bostic announces what he said were inadvertent violations of policies restricting when Fed officials could trade and invest.

Persons: Jerome Powell, Evelyn Hockstein, Powell, Robert Kaplan, Kaplan, Eric Rosengren, Elizabeth Warren, supportto Kaplan, Rosengren, Mark Bialek, Richard Clarida, Clarida, Raphael Bostic, Bostic, Michael S, Dan Burns, Paul Simao Organizations: Federal, Federal Reserve, REUTERS, Street Journal, Dallas, Boston Fed, Dallas Fed, Democratic U.S, Fed, Rosengren, Boston, New York Times, Atlanta Fed, Senate, Thomson Locations: Washington , U.S, U.S, Dallas

☆ How should central banks coordinate when their economies are headed in opposite directions?
▼ + stars: | 2023-08-25 | by ( Samantha Delouya | ) edition.cnn.com time to read: +4 min

So how should central banks coordinate when their economies are headed in opposite directions? And since the start of the pandemic, international monetary policy has looked striking similar. From the United States to Saudi Arabia to Malaysia, many major world economies slashed interest rates to historically low levels in March 2020 to stimulate their economies amid Covid lockdowns. Central bankers do “talk a lot, and we see each other quite a bit,” said Andrew Bailey, Bank of England’s president, at a June event hosted by the European Central Bank. “Adopting formal global monetary policy cooperation could plausibly erode central bank credibility and public support for central bank independence,” former Federal Reserve Vice Chair Richard Clarida said at a 2021 Asia Economic Policy Conference.

Persons: Jackson, —, Nick Bennenbroek, ”, Andrew Bailey ,, Richard Clarida, “ There’s, ” Bennenbroek, Jerome Powell Organizations: Los Angeles CNN, Kansas City Federal Reserve, Andrew Bailey , Bank of England’s, European Central Bank, Federal, Asia Economic Policy Locations: lockstep, Jackson Hole , Wyoming, United States, Saudi Arabia, Malaysia, China, Wells, Asia

Even as inflation has slowed from last summer's 40-year highs, Fed officials have been reluctant to declare their job finished until there are clearer signs the economy is slowing. If, as some argue, the interest rate that neither stimulates nor restrains the economy has shifted higher, it means Fed policy is putting less pressure on the economy than expected. Partly to let its policies play out, the Fed is widely expected to leave interest rates on hold at its Sept. 19-20 meeting. Will the bulk of policymakers feel higher rates will be needed to finish the job? "I do expect some rise in unemployment will be required to get underlying inflation into a zone where the Fed is comfortable."

Persons: Chris Albrecht, what's, Thomas Barkin, Barkin, Charles Evans, Richard Clarida, Howard Schneider, Dan Burns, Paul Simao Organizations: Caesars, Richmond Fed, Reuters, Fed, Chicago Fed, Workers, U.S, Thomson Locations: DANVILLE, Virginia, Danville , Virginia, Caesars Virginia, Danville, U.S, Jackson Hole , Wyoming

☆ The Fed's truly data dependent now and they'll want to keep options open: Fed's former vice chair
▼ + stars: | 2023-08-09 | 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 EmailThe Fed's truly data dependent now and they'll want to keep options open: Fed's former vice chairRichard Clarida, former Federal Reserve vice chair and PIMCO global economic advisor, joins 'Squawk on the Street' to discuss what Clarida is expecting from Thursday's CPI data, what the data will mean for the Fed's September meeting, and more.

Persons: Richard Clarida Organizations: Federal Reserve

☆ Thursday's inflation data may be low, but don't expect the Fed to declare 'mission accomplished' yet
▼ + stars: | 2023-08-09 | by ( Jeff Cox | ) www.cnbc.com time to read: +6 min

But history has shown that inflation is stubborn and can last longer than expected once it becomes elevated and entrenched. "We can feel confident that inflation is moving in the right direction," said Mark Zandi, chief economist at Moody's Analytics. For instance, housing-related costs, which make up about one-third of the inflation index weighting, are dropping. In particular, they don't want to declare 'mission accomplished' too soon," he said Wednesday during an interview on CNBC's "Squawk on the Street." watch nowAt the macro level, the Fed rate hikes have appeared to do minimal damage.

Persons: Mandel Ngan, Dow Jones, Mark Zandi, Zandi, they're, Richard Clarida isn't, Clarida, Joe Biden, Patrick Reilly, Banks, Reilly, John Williams of, Patrick Harker Organizations: AFP, Getty, Federal Reserve, CPI, Moody's, Federal, of Labor Statistics, AAA, Atlanta Fed, CNBC, America Economic Survey Locations: Bethesda , Maryland, John Williams of New York, Philadelphia

☆ Powell is leaving the Fed's options open, says PIMCO's Richard Clarida
▼ + stars: | 2023-07-26 | 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 EmailPowell is leaving the Fed's options open, says PIMCO's Richard ClaridaFormer Federal Reserve vice chair and PIMCO Global Economic Advisor Richard Clarida joins 'Power Lunch' to discuss additional credit tightening from new capital requirements, the Fed's decision to raise interest rates another 25 bps in July, and signals of easing inflation.

Persons: Powell, PIMCO's Richard Clarida, Richard Clarida Organizations: PIMCO's Richard Clarida Former Federal Reserve

☆ The Fed just held interest rates and signaled future hikes at the same time – a move that baffled many. Here's how Larry Summers, Mohamed El-Erian, and others have reacted.
▼ + stars: | 2023-06-17 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +6 min

The Fed pressed pause on its interest-rate increases this month after boosting borrowing costs 10 times since early 2022. The move spurred a wave of commentary given the central bank at once held rates and signaled more hikes. "It seems like the unanimity of opinion that we need more rate hikes has been clear, but the path of rate hikes is all over the place," he added. "It was what I would call, an awkward but hawkish pause," he added. Peter Schiff, chief global strategist at Euro Pacific Capital"Don't believe the hype on the Fed's hawkish pause on rates.

Persons: Larry Summers, Mohamed El, David Rosenberg, Jeff Gundlach, —, Jerome Powell, Summers, Erian, Tom, Dick, Harry, " Rosenberg, Gundlach, Steve Forbes, Forbes, Don't, Richard Clarida, they've, they're, Clarida, Whitney Watson, Watson, Peter Schiff, Schiff Organizations: Fed, Service, Federal Reserve, Bloomberg, Erian, Allianz, CNBC, Federal, Global, Goldman Sachs, Euro

For some, the answer to exuberant markets lies in the ample cash still sloshing around the financial system. Total global liquidity, a measure of cash and credit in the world economy, has risen to almost $170 trillion in June, Crossborder calculates, from $158 trillion in October. Central banks have added a net $1.7 trillion into money markets since November, it also estimates, a move that correlates with a risk-taking trend. But an alternative scenario is that U.S. money market funds, stuffed with cash after depositors fled regional banks in March, buy enough newly issued Treasuries to keep rates stable. "Liquidity is not a force that reverberates immediately into financial markets," said JPMorgan global market strategist Nikolaos Panigirtzoglou.

Persons: Michael Howell, Crossborder, Richard Clarida, Georgina Taylor, Ken Taubes, reverberates, Nikolaos Panigirtzoglou, Morgan Stanley, Luca Paolini, Paolini, Naomi Rovnick, Harry Robertson, Dhara Ranasinghe, Kirsten Donovan Organizations: U.S . Treasury, Federal Reserve, European Central Bank, Crossborder Capital, U.S, Reuters, BNP, JPMorgan, Apple, Thomson Locations: Japan, U.S

☆ Former Fed Vice Chair Richard Clarida expects a Fed pause at June and July meetings
▼ + stars: | 2023-05-19 | 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 EmailFormer Fed Vice Chair Richard Clarida expects a Fed pause at June and July meetingsRichard Clarida, former Fed Vice Chair, joins 'Closing Bell' to discuss the Fed's next move as many expect a pause in June.

☆ Fed's watchdog defends work before Senate amid questions over his independence
▼ + stars: | 2023-05-17 | by ( Michael S. Derby | ) www.reuters.com time to read: +4 min

The Fed IG has faced particular heat over its investigation into the central bankers' trading activities. In addition, the Fed’s IG has yet to complete a hotly anticipated investigation into regional Fed leader trading even after news of that situation broke in September 2021. He said the fact that the report absolving Powell and Clarida was short on information was “intentional” due to the still-ongoing inquiry into regional Fed trading. “I absolutely agree that the allegations of improper trading and ethics violations are disturbing and they are alarming,” the Fed IG said. Leading the Senate panel, Democrat Elizabeth Warren blasted the incompleteness of the investigation and tied many of the IG’s problems to structural issues.

☆ Lawmakers are infuriated with Fed's inaction in its insider trading investigation
▼ + stars: | 2023-05-17 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +2 min

CNN —Congressional lawmakers grilled Federal Reserve Inspector General Mark Bialek Wednesday over possible insider trading among Fed officials in 2020, accusing the nation’s central bank of inaction. The heads of the Boston and Dallas Federal Reserve banks retired early in 2021 after trades they made before and during the pandemic came to light. Bialek told lawmakers there was no conflict of interest and that he was still able to conduct fair, independent investigations. This is not acceptable.”The Office of Inspector General declined to comment Wednesday night. A separate Fed investigation into SVB’s collapse, not involving Bialek, faulted Fed supervisors.

☆ Watch CNBC's full interview with PIMCO's Richard Clarida on latest rate hike
▼ + stars: | 2023-05-05 | 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 EmailWatch CNBC's full interview with PIMCO's Richard Clarida on latest rate hikeFormer Federal Reserve vice chair and PIMCO Global Economic Advisor Richard Clarida joins 'Closing Bell' to give his take on the Fed's latest rate hike, the regional banking sector, and what the central bank's next move might be.

☆ Former Fed Vice Chair Richard Clarida says Fed made 'the right move' raising rates again
▼ + stars: | 2023-05-05 | 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 EmailFormer Fed Vice Chair Richard Clarida says Fed made 'the right move' raising rates againFormer Federal Reserve Vice Chair and PIMCO Global Economic Advisor Richard Clarida joins 'Closing Bell' to give his take on the Fed's latest rate hike, the regional banking sector, and what the central bank's next move might be.

☆ The Future of Everything Festival: AI's Path Forward, Michelle Obama and More
▼ + stars: | 2023-05-04 | by ( Sunshine Contacts Ceo Marissa Mayer Believes Great Things Will Come Out Of Artificial Intelligence But Is Cautiously Optimistic. | Former Federal Reserve Vice Chair Richard Clarida Discussed The Challenge That Comes With The Fed Pausing Its Rate-Rise Campaign. | Google Deepmind Ceo Demis Hassabis Talked About Building Cognitive Function Within Ai. | ) www.wsj.com time to read: 1 min

“If you want to change the game, you can't just work from the outside. You’ve got to get inside.”Former first lady Michelle Obama on finding ways to change the food and beverage industry. Gary He for The Wall Street Journal

☆ The Future of Everything Festival: AI’s Path Forward, Michelle Obama and More
▼ + stars: | 2023-05-04 | by ( Sunshine Contacts Ceo Marissa Mayer Believes Great Things Will Come Out Of Artificial Intelligence But Is Cautiously Optimistic. | Former Federal Reserve Vice Chair Richard Clarida Discussed The Challenge That Comes With The Fed Pausing Its Rate-Rise Campaign. | Google Deepmind Ceo Demis Hassabis Talked About Building Cognitive Function Within Ai. | ) www.wsj.com time to read: 1 min

☆ Fed Should Pause Rate Increases After This Week, Former Vice Chair Says
▼ + stars: | 2023-05-02 | by ( Gabriel T. Rubin | ) www.wsj.com time to read: 1 min

At The Wall Street Journal’s Future of Everything Festival, Richard Clarida discusses the current economic conditions and excess consumer savings that he suggests might lead to a pause in rate increases. The Federal Reserve should suspend its interest-rate increases after one more this week, former Fed Vice Chair Richard Clarida said. “I would be in the camp of signaling a pause,” Mr. Clarida said at The Wall Street Journal’s Future of Everything Festival on Tuesday, citing the cumulative effects of the Fed’s rate increases so far as well as tighter credit conditions following the failures of a few regional banks in the past two months.

☆ Fed says new refinements of trading process are coming
▼ + stars: | 2023-05-01 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

Other Fed officials have also faced heat for their trading activities, including Powell and former Vice-Chairman Richard Clarida. Meanwhile, last year Atlanta Fed leader Raphael Bostic acknowledged some of his investment activity inadvertently happened at forbidden periods. The IG is still looking into the trading of regional Fed officials. The Fed formalized new rules that sharply restricted what Fed officials and senior staff can trade and when they can do it, and required pre-approval for trades as well in February of last year. But according to the report, some at the central bank viewed the process as burdensome and possibly even unnecessary.

☆ Fed watchdog objects to Senate bill overhauling leadership selection
▼ + stars: | 2023-04-27 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

April 27 (Reuters) - The Federal Reserve's in-house watchdog agency is pushing back against proposed legislation in the U.S. Senate that would overhaul how the government department is led. Scott and Democratic Senator Elizabeth Warren have co-sponsored the bill to change how the Fed IG is selected and vetted. The letter also noted that making the Fed IG subject to presidential appointment would cut pay for the job, meaning the person in that position would earn less than the department's current staff. This upside pay arrangement has been faced by other government IGs and it "deters experienced, high-quality candidates from seeking the position." The Fed's IG has garnered the most attention in recent years for its investigations into central bank officials' personal trading activities.

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