DIRS.INFO The most relevant business & tech news

Following the comments from top Fed officials on Monday, Atlanta Fed President Raphael Bostic said the U.S. central bank does not need to raise interest rates any further, and that he sees no recession ahead. "Everybody has one eye on the Middle East conflict and one eye on what's happening with bond yields. The decline in bond yields is the key driver today," said John Praveen, managing director & co-chief investment officer at Paleo Leon. "If tensions escalate bond yields might decline further because they're a safe haven but equities would sell off in that instance because of increased uncertainty and risk aversion," he said. But the flight to safety has made Treasury yields fall enough to push up equities," Tuz said.

Persons: Brendan McDermid, dovish, Raphael Bostic, John Praveen, Praveen, Peter Tuz, Tuz, Neel Kashkari, Christopher Waller, Sinéad Carew, Shashwat Chauhan, Ankika Biswas, Terence Gabriel, Arun Koyyur, Shounak Organizations: New York Stock Exchange, REUTERS, U.S . Federal Reserve, Atlanta Fed, Treasury, Chase Investment, Nasdaq, Dow Jones, Minneapolis Federal Reserve Bank, Traders, PepsiCo, Truist, Rivian, UBS, EV, Thomson Locations: New York City, U.S, Gaza, Paleo Leon, Charlottesville , Virginia, Israel, Minneapolis

☆ Oil prices edge higher as markets focus on supply tightness
▼ + stars: | 2023-09-27 | by ( ) www.cnbc.com time to read: +2 min

An aerial view of a crude oil storage facility is seen on May 4, 2020 in Cushing, Oklahoma. Oil prices ticked up in early trade on Wednesday, as markets focused on supply tightness heading into winter and a "soft landing" for the U.S. economy. Brent crude futures rose 33 cents, or 0.4%, to $94.29 a barrel by 0015 GMT, while U.S. West Texas Intermediate crude futures climbed 31 cents, or 0.3%, to $90.70. Industry data released on Tuesday showed U.S. crude oil stockpiles rose last week by about 1.6 million barrels, against analysts' expectations for a drop of about 300,000 barrels. However, markets continued to worry about U.S. crude stockpiles at the key Cushing, Oklahoma, storage hub falling below minimum operating levels.

Persons: Cushing, Neel Kashkari Organizations: Brent, U.S, West Texas, Organization of, Petroleum, Russian Railways, Minneapolis Federal Reserve Bank, of England, Senate, Republicans Locations: Cushing , Oklahoma, U.S, Oklahoma, Cushing, Russia, Minneapolis

☆ Oil prices climb as markets focus on supply tightness
▼ + stars: | 2023-09-27 | by ( Emily Chow | ) www.reuters.com time to read: +3 min

An aerial view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia June 13, 2022. REUTERS/Tatiana Meel/File Photo Acquire Licensing RightsSINGAPORE, Sept 27 (Reuters) - Oil prices rose nearly $1 on Wednesday as markets focused on supply tightness heading into winter and a "soft landing" for the U.S. economy. Brent crude futures rose 86 cents, or 0.9%, to $94.82 a barrel by 0340 GMT, while U.S. West Texas Intermediate crude futures climbed 86 cents, or 0.9%, to $91.25. "Oil prices are overall relatively strong amid the current tightening of supply," said CMC Markets analyst Leon Li, however adding that price support from Russia and Saudi Arabia supply cuts may be limited through the year-end. "(Economic) Data from countries in Europe and the United States have recently weakened ... Oil prices in October may show a volatile trend as a whole.

Persons: Tatiana Meel, Cushing, Leon Li, Neel Kashkari, Arathy Somasekhar, Emily Chow, Sonali Paul 私 Organizations: Rights, Brent, U.S, West Texas, Organization of, Petroleum, ANZ Research, Russian Railways, Minneapolis Federal Reserve Bank, of England Locations: Nakhodka, Russia, Rights SINGAPORE, U.S, Oklahoma, Cushing, Saudi Arabia, Europe, United States, Minneapolis, Houston, Singapore

"I'm one of those folks," said Kashkari, who is considered one of the Fed's more hawkish policymakers. Kashkari said that if inflation cools next year as expected, the Fed will need to cut rates to keep policy from tightening too much. But he also said he has been surprised by how well consumer spending has held up despite the Fed's rate hikes so far. "Everybody on the Federal Open Market Committee is committed" to bringing inflation back down to the Fed's 2% target, he said. Inflation by the Fed's preferred measure was 3.3% in July.

Persons: Neel Kashkari, Mike Segar, Kashkari, Ann Saphir, Himani Sarkar, Muralikumar Organizations: Federal Reserve Bank of Minneapolis, Reuters, REUTERS, Minneapolis Federal Reserve Bank, Wharton School of Business, Fed, U.S, Federal, Thomson Locations: New York City , New York, U.S, Minneapolis

REUTERS/Brendan McDermid/File PhotoSummaryCompanies Retail sales data due at 8:30 a.m. ETNvidia gains as UBS, Wells Fargo raise PTFutures down: Dow 0.67%, S&P 0.65%, Nasdaq 0.68%Aug 15 (Reuters) - U.S. stock index futures fell on Tuesday as government bond yields hit fresh highs ahead of July retail sales data that could offer clues on the Federal Reserve's interest rate path. ET (1230 GMT) is expected to show retail sales rose 0.4% last month after climbing 0.2% in June, likely adding to evidence that the U.S. economy remains on a strong footing. Rising Treasury yields have pressured equities after hotter-than-expected producer prices data last week stoked concerns the Fed could keep rates higher for longer than previously anticipated. ET, Dow e-minis were down 238 points, or 0.67%, S&P 500 e-minis were down 29.5 points, or 0.65%, and Nasdaq 100 e-minis were down 104.25 points, or 0.68%.

Persons: Brendan McDermid, Wells, Otunuga, Morgan Stanley, Wells Fargo, Bilibili, Neel Kashkari, Berkshire Hathaway, Warren Buffett's, Horton, Amruta Khandekar, Maju Samuel, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, UBS, Wells Fargo, PT, Dow, Nasdaq, Commerce, Treasury, Nvidia, Apple, Alibaba, Minneapolis Federal Reserve Bank, Traders, Fed, Dow e, General Motors, Berkshire, Warren, Thomson Locations: New York City, U.S, United States, China, Beijing, Minneapolis, Warren Buffett's Berkshire, homebuilder D.R

☆ The mortgage market isn't sending the signal homebuyers need on affordability
▼ + stars: | 2023-07-17 | by ( Tim Mullaney | ) www.cnbc.com time to read: +6 min

Usually around 1.75 percentage points, and as low as 1.3 in 2021, the so-called mortgage spread is hovering at more than 3 percentage points now. And that is propping up mortgage rates, keeping home owners from selling their homes and buying nicer ones, and hurting first-time buyers, Yun said. Why mortgage spreads should move lowerLogically, mortgage spreads should move down sharply from here, thanks to the recent spate of good economic news, and bring relief to home buyers who have seen affordability deteriorate sharply since 2020. But as the Fed began raising interest rates in March 2022, mortgage rates rose even faster than bond yields. Mortgage rates also dropped, to 6.89% last Friday from a recent peak of 7.22%, according to Mortgage News Daily.

Persons: Lawrence Yun, Yun, Logan Mohtashami, Fannie Mae, Freddie Mac, Rob Haworth, Banks, refinance, Haworth, Neel Kashkari Organizations: National Association of Realtors, Federal Reserve, Fed, Bank, Atlanta Federal Reserve, Mortgage News, HousingWire, Treasury, U.S . Bank, Minneapolis Federal Reserve Bank Locations: Stockton , California, treasuries, Silicon, U.S, Irvine , Calif, Seattle

☆ Oil edges up as market awaits key US inflation data
▼ + stars: | 2023-04-12 | by ( Muyu Xu | ) www.reuters.com time to read: +2 min

April 12 (Reuters) - Oil prices edged up on Wednesday as the market waited for U.S. inflation data later in the day that will likely influence the Federal Reserve's policy on future interest rate hikes. The U.S. consumer price index is expected to show March core inflation rose 0.4% on a monthly basis (USCPF=ECI) and 5.6% year-on-year (USCPFY=ECI), according to a Reuters poll of economists. In another negative for oil demand, the International Monetary Fund on Tuesday trimmed its 2023 global growth outlook, citing the impact of higher interest rates. In addition to the inflation data, the market is waiting for more clarity on oil demand and supply with monthly reports from the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency due on Thursday and Friday respectively. The U.S. Energy Information Administration on Tuesday cut its forecast for oil production by OPEC countries by 0.5 million barrels-per-day for the rest of 2023 and cut its 2023 world oil demand growth forecast by 40,000 bpd.

☆ Oil steady as market awaits key US inflation data
▼ + stars: | 2023-04-12 | by ( Muyu Xu | ) www.reuters.com time to read: +2 min

April 12 (Reuters) - Oil prices were mostly steady on Wednesday as the market waited for U.S. inflation data later in the day that will likely influence the Federal Reserve's policy on future interest rate hikes. The U.S. consumer price index is expected to show March core inflation rose 0.4% on a monthly basis (USCPF=ECI) and 5.6% year-on-year (USCPFY=ECI), according to a Reuters poll of economists. In another negative for oil demand, the International Monetary Fund on Tuesday trimmed its 2023 global growth outlook, citing the impact of higher interest rates. In addition to the inflation data, the market is waiting for more clarity on oil demand and supply with monthly reports from the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency due on Thursday and Friday respectively. The U.S. Energy Information Administration on Tuesday cut its forecast for oil production by OPEC countries by 0.5 million barrels-per-day for the rest of 2023 and cut its 2023 world oil demand growth forecast by 40,000 bpd.

☆ Oil steady after surprise build in U.S. crude stocks
▼ + stars: | 2023-04-12 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

April 12 (Reuters) - Oil prices were little changed in early trading on Wednesday after industry data showed an unexpected build in U.S. crude and gasoline inventories, offsetting concerns about tightening supply ahead of output cuts by OPEC producers. In a sign of market tightness, U.S. crude futures have flipped into backwardation, with the front month contract trading 6 cents higher than the second month. Brent crude fell 5 cents at $85.57 a barrel by 0029 GMT, while U.S. West Texas Intermediate fell 6 cents to $81.48 a barrel. Prices had risen about 2% on Tuesday on hopes that the Federal Reserve might slow its policy tightening after U.S. consumer prices data releases on Wednesday. Philadelphia Federal Reserve Bank President Patrick Harker said he feels the U.S. central bank may soon be done raising interest rates, while Minneapolis Federal Reserve Bank President Neel Kashkari said he believes inflation, now at a rate of 5% by the Fed's preferred measure, will get to "the mid-threes" by the end of this year.

☆ Fed's Kashkari: Recession possible, but high inflation would be worse
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +1 min

April 11 (Reuters) - Minneapolis Federal Reserve Bank President Neel Kashkari on Tuesday said the Fed's interest-rate hikes and a possible pullback in lending after two bank failures last month could trigger a recession, but allowing inflation to stay high would be even worse for the labor market. That might even lead to a recession," Kashkari said in a town hall at Montana State University, in answer to a student question about job prospects. Yields on long-term bonds are lower than those on shorter-term bonds, known as the "yield-curve inversion" and which is often a harbinger of a recession. Kashkari said he reads the pricing in bond markets as reflecting an expectation that inflation will fall quickly, allowing the Fed to cut rates. Most Fed policymakers see inflation falling to somewhere in the 3%-3.8% range by year-end, projections show, with the median projection at 3.3%.

☆ Kashkari sees Fed's target interest rate peaking at 5.4%
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +4 min

Its main policy rate currently sits in a target range of 4.25% to 4.50%. "To be clear, in this phase any sign of slow progress that keeps inflation elevated for longer will warrant, in my view, taking the policy rate potentially much higher," Kashkari said. Of course, much depends on how incoming data, in particular on inflation and labor market strength, reinforce that view. Despite a waning of price pressures late last year, the Fed's preferred inflation gauge is still rising at a 5.5% annual rate, more than twice the U.S. central bank's 2% target. For his part, Kashkari reiterated the Fed must avoid cutting rates prematurely.

☆ Morning Bid: Tough Fed talk
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: +3 min

A look at the day ahead in markets from Anshuman DagaWhile Fed speakers talk tough on interest rates and keep market expectations in check, Britain's bleak outlook will also weigh on UK assets. St. Louis Fed President James Bullard said that even under a "generous" analysis of monetary policy, the Fed needs to keep raising interest rates given that its tightening so far "had only limited effects on observed inflation." For now, it does look like recent market enthusiasm about a short period of rising rates on signs of slower inflation was misplaced. This came a day after the country's budget forecasters warned Britain faced a record hit to living standards this year, battered by surging inflation. On the corporate front, Francesco De Ferrari, who heads Credit Suisse's (CSGN.S) wealth management business, told Reuters he is targeting growth markets, high net worth clients and technology to fuel the fortunes of the embattled Swiss bank.

☆ Fed's Kashkari: not stopping rate hikes until inflation peaks
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +1 min

Nov 17 (Reuters) - It's hard to know how high the U.S. central bank will need to raise interest rates, Minneapolis Federal Reserve Bank President Neel Kashkari said on Thursday, but it should not stop until it's clear that inflation has peaked. "I need to be convinced that inflation has at least stopped climbing, that we're not falling further behind the curve, before I would advocate stopping the progression of future rate hikes," he told the Minnesota Chamber of Commerce in an event webcast by the regional Fed bank. The Fed has raised rates aggressively this year, and Kashkari reminded his audience Thursday that the full effects of those rate hikes could take a year before they are felt economy-wide. "It's an open question of how far we are going to have to go with interest rates to bring that demand down in the balance," he said. Reporting by Ann Saphir; Editing by Mark Porter and Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

☆ Fed's Kashkari: talk of pivot 'premature,' on good policy path
▼ + stars: | 2022-11-10 | by ( Ann Saphir | ) www.reuters.com time to read: +2 min

The Fed last week raised its policy rate by 75 basis points to a range of 3.75%-4%, battling inflation that's higher than it has been in 40 years. Fed Chair Jerome Powell signaled that future rate hikes could come in smaller increments as central bankers take into account policy lags. But he also signaled that, ultimately, to bring down inflation the policy rate would likely need to go higher than the 4.6% that policymakers forecast just a couple months ago. The economy was a "long, long, long way" from the point where the Fed's two goals would be in conflict, forcing a pivot on policy, he said. Currently inflation is running at more that three times the Fed's inflation goal, and unemployment, at 3.7%, is below the 4% that most policymakers believe is consistent with a fully employed workforce in the long run.

☆ Fed may need to push policy rate above 4.75% -Kashkari
▼ + stars: | 2022-10-18 | by ( Ann Saphir | ) www.reuters.com time to read: +2 min

Oct 18 (Reuters) - The Federal Reserve may need to push its benchmark policy rate above 4.75% if underlying inflation does not stop rising, Minneapolis Federal Reserve Bank President Neel Kashkari said on Tuesday. "But if we don't see progress in underlying inflation or core inflation, I don't see why I would advocate stopping at 4.5%, or 4.75% or something like that. We need to see actual progress in core inflation and services inflation and we are not seeing it yet." "That number that I offered is predicated on a flattening out of that underlying inflation," Kashkari said. So far, data suggests underlying inflation is rising, not falling, despite the Fed's aggressive rate hikes this year.

☆ Fed 'united,' moving at 'appropriately aggressive' pace -Kashkari
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +2 min

Sept 27 (Reuters) - Minneapolis Federal Reserve Bank President Neel Kashkari on Tuesday said U.S. central bankers are united in their determination to do what is needed to bring inflation down, and financial markets understand that. "We are committed to restoring price stability, but we also recognize, given these lags, there is the risk of overdoing it on the front end, and so I think we are moving at an appropriately aggressive pace," he said. Kashkari said he believes markets have digested the Fed's intent to bring inflation down and that while monetary policy now is tight, it will need to be tighter still. "The economy is sending us a lot of mixed signals right now," Kashkari said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ann Saphir; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Search resuls for: "Minneapolis Federal Reserve Bank"

16 mentions found