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NEW YORK (Reuters) - From lumber prices to wages and inventories: Reading the clues around inflation has turned into an investor obsession. As investors assess the risks of rising prices to financial markets, however, some think the biggest gains in inflation are already in the rear-view mirror. Koesterich thinks inflation will likely run above trend lines well into 2022 given the bottlenecks in global supply chains. Investors who bet on inflation typically move into groups better-positioned to weather price rises, like materials and energy and companies with pricing power. REASONS TO WORRYWhile the majority of investors believe inflation is transitory, according to a Bank of America fund manager survey, worries remain.
Persons: Leah Millis, , Russ Koesterich, Koesterich, Jeff Mayberry, ” Mayberry, Ernesto Ramos, Morgan Stanley, Michael Wilson, Greg Wilensky, Janus Henderson, Wilensky, “ I’m, ” Paul Tudor Jones, ” Morgan, James Gorman, Mohamed El Organizations: YORK, Federal Reserve Board, REUTERS, Employers, Fed, BMO Global Asset Management, Bank of America, U.S, Securities, Tudor Investment Corp, CNBC, ” Morgan Stanley, Allianz, Locations: Washington , U.S, Treasuries
But like regular money, their value is fixed to currencies such as the dollar, or to commodities such as gold. Tether, which maintains a one-to-one peg against the US dollar, is now the third-largest cryptocurrency, right behind bitcoin and ethereum. The stablecoin tug of warChamorro's app points to a future in which digitized currencies like stablecoins are as ubiquitous and accessible as government-issued money. Erin Scott/Reuters"Unlike central bank fiat currencies, stablecoins do not have legal tender status," Brainard observed. As central banks mint their own digital money, the companies behind private stablecoins may be reduced to providing the technology and infrastructure for the centralized currencies.
Persons: Laszlo Hanyecz, Hanyecz, scammers, cryptocurrencies, Papa John's, Bitcoin, Laszlo Hanyecz's bitcoin, DAI, Nic Carter, Shah, they'll, Carter, Peter Johnson, Johnson, Carlos Garcia Rawlins, bolivar, Simon Chamorro, Chamorro, Stablecoins, , Lael Brainard, stablecoins, Diem, Mark Zuckerberg, Erin Scott, Brainard, Caitlin Long, Grant Thornton, we've, Dante Disparte, Disparte, Alex Kern, Goldi, Jerome Powell, Kern, They're Organizations: Castle, Ventures, US, Venture, Blockchain, Jump, Reuters, Federal Reserve Board, New, Facebook, Avanti Bank, Reserve, Banking Board, First, PayPal, Visa, Google, Amazon, Bank of England, Bank of International, Fed, First Digital Locations: Hungarian, stablecoins, Venezuela, Caracas, Hong Kong, New York, Switzerland, Wyoming, USDC
Take Five: Fed-flation in focus
  + stars: | 2021-06-11 | by ( Reuters Staff | ) www.reuters.com + 0.00   time to read: +4 min
1/ FED-FLATION RUMBLINGSFILE PHOTO: Federal Reserve Board building is pictured in Washington, U.S., March 19, 2019. After years of very low inflation, a range of metrics, including the Fed’s preferred core personal consumption expenditures (PCE) price index, are on the rise. The Fed insists consumer price gains will be temporary and that it has the tools to combat an inflationary surge. Yet, don’t underestimate the significance: The EU is set to become one of the world’s biggest issuers with 80 billion euros worth of bonds for the recovery fund sold this year. -New Zealand manufacturing sales rise in first quarter Graphic: New Zealand economy poised to grow:
Persons: Leah Millis, Alexander Hamilton, Joe Biden, Tayyip Erdogan, Biden, Vladimir Putin, Putin Organizations: Federal Reserve Board, REUTERS, Federal Reserve, PCE, Fed, Treasury, ECB, EU, NATO, Wednesday, hawkish, Bank of New, Kiwi Locations: Washington , U.S, Europe, United States, China, Beijing, Brussels, Syria, Afghanistan, U.S, Ankara, Washington, Geneva, Ukraine, Bank of New Zealand, New Zealand, Zealand
The Fed could be facing a jobs headache in its inflation fight
  + stars: | 2021-06-11 | by ( Jeff Cox | ) www.cnbc.com + 0.00   time to read: +7 min
Those higher salaries in turn will trigger higher prices and could lead to the kinds of longer-term inflationary above-normal pressures that the Fed is trying to avoid. "Whatever is happening here, the Fed needs large numbers of these people to return to the labor force in the fall." In their most recent forecast, Fed officials put core inflation at 2.2% for all of 2021; Shepherdson said the current numbers suggest something closer to 3.5%. While LaVorgna sees inflation as staying relatively under control, he thinks the Fed could face problems from deflationary pressures. The central bank doesn't like inflation that's too low, as it creates a low-expectation cycle that constricts monetary policy during downturns.
Persons: Mike Blake, Ian Shepherdson, Shepherdson, Coursera, David Wilkinson, Wilkinson, Joseph LaVorgna, LaVorgna, Michael Pearce, Leah Millis Organizations: KB, Reuters, U.S . Labor Department, Pantheon, Fed, CPI, NCR, NCR Retail, Americas, National Economic Council, Treasury, University of Michigan, Capital Economics, Federal Reserve Board Locations: Valley Center , California, Atlanta, Natixis, Washington , U.S
BlackRock, the largest money manager, is an increasingly influential player in Washington, DC. BlackRock, the world's largest investment manager, has become an increasingly influential Wall Street player in Washington, DC as a poster child of the revolving door between finance and politics. Former BlackRock investment executive Brian Deese leads Biden's National Economic Council, effectively serving as his top advisor on economic matters. BlackRock controls $9 trillion, making it the largest money manager in the world. BlackRock Chief Executive Larry Fink was reportedly under consideration by 2016 presidential candidate Hillary Clinton to run the Treasury Department.
Persons: Joe Biden's, Brian Deese, Biden, Wally, Adeyemo, Larry Fink, Michael Pyle, Obama, Kamala Harris, Goldman Sachs, BlackRock isn't, Read, it's, Fink, Robert Kapito, Barbara Novick, BlackRock's, Larry Fink's, Aladdin, Deese, Barack Obama, Pyle, Thomas Donilon, Mike, Biden's, BlackRock, Dalia Blass, Blass, Coryann Stefansson, FMA, that's, Bear Stearns, Chuck Grassley, Morningstar, , Hillary Clinton, David Rubenstein, I've, I'm, Merrill Organizations: BlackRock, Washington , DC, Insider Finance, New, Economic Council, Treasury Department, Wall, Aladdin, Financial Times, Street Global Advisors, Apple, Microsoft, National Economic Council, Management, State, Securities and Exchange Commission, Federal Reserve Board, Federal Reserve Bank of New, BlackRock's Financial, LinkedIn, Federal Reserve, Federal, Federal Reserve Bank of New York, Bear, AIG, Republican, New York Times, Fidelity, Vanguard, Exxon, DC, Barclays Global Investors, Barclays, Merrill Lynch Investment Management, Biden Locations: Washington ,, BlackRock, Washington, New York, China, Federal Reserve Bank of New York, California, eFront
The total supply of stablecoins has exploded over the past year, with US-dollar pegged crypto currencies surpassing $100 billion in May. And a growing number of investors are parking stablecoins in crypto savings accounts, which offer yields as high as 10%. The stablecoin tug of warChamorro's app points to a future in which digitized currencies like stablecoins are as ubiquitous and accessible as government-issued money. Erin Scott/Reuters"Unlike central bank fiat currencies, stablecoins do not have legal tender status," Brainard observed. As central banks mint their own digital money, the companies behind private stablecoins may be reduced to providing the technology and infrastructure for the centralized currencies.
Persons: Laszlo Hanyecz, Hanyecz, scammers, cryptocurrencies, Papa John's, Bitcoin, Laszlo Hanyecz's bitcoin, DAI, Nic Carter, Shah, they'll, Carter, Peter Johnson, Johnson, Carlos Garcia Rawlins, bolivar, Simon Chamorro, Chamorro, Stablecoins, , Lael Brainard, stablecoins, Diem, Mark Zuckerberg, Erin Scott, Brainard, Caitlin Long, Grant Thornton, we've, Dante Disparte, Disparte, Alex Kern, Goldi, Jerome Powell, Kern, They're Organizations: Castle, Ventures, US, Venture, Blockchain, Jump, Reuters, Federal Reserve Board, New, Facebook, Avanti Bank, Reserve, Banking Board, First, PayPal, Visa, Google, Amazon, Bank of England, Bank of International, Fed, First Digital Locations: Hungarian, stablecoins, Venezuela, Caracas, Hong Kong, New York, Switzerland, Wyoming, USDC
REUTERS/Brendan McDermidVolume at the Fed’s overnight reverse repo window surged to $433 billion on Tuesday, according to New York Fed data. A little over two months ago, around mid-March, there was zero reverse repo activity. That has pressured front-end interest rates, with some overnight repo rates periodically turning negative this year. On Monday, the overnight repo rate fell to -0.01%, the lowest since late March, but recovered on Tuesday to 0.02%. SOFR, an overnight repo rate that will replace Libor as a reference rate, has remained pinned at 1 basis point.
Persons: Brendan McDermid, Scott Skyrm, , Joseph Abate, Gennadiy Goldberg Organizations: YORK, Federal, Federal Reserve Board, REUTERS, New York Fed, Analysts, Securities, U.S, Fed, Barclays, TD Securities, , Libor, repo Locations: U.S, Washington , U.S
FILE PHOTO: The Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S., March 27, 2019. REUTERS/Brendan McDermid/File PhotoWASHINGTON (Reuters) - The Federal Reserve said on Tuesday it had approved the acquisition of TCF Financial Corporation by Huntington Bancshares Incorporated. The decision clears the way for the $6 billion all-stock deal announced in December, which marks a major move by U.S. regional lenders to expand their size.
Persons: Brendan McDermid Organizations: Federal Reserve Board, REUTERS, WASHINGTON, Federal, TCF Financial Corporation, Huntington Bancshares Incorporated Locations: Washington , U.S, U.S
Fed, citing crypto risk, to open digital currency debate this summer
  + stars: | 2021-05-20 | by ( Howard Schneider | Ann Saphir | ) www.reuters.com sentiment -0.99   time to read: +2 min
FILE PHOTO: The Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S., March 27, 2019. REUTERS/Brendan McDermid/File PhotoWASHINGTON (Reuters) - Federal Reserve Chair Jerome Powell flagged the risks of cryptocurrencies in an unusual video message on Thursday that also laid out a clearer timetable for the Fed to consider adopting a digital currency of its own. The Fed will ask for public comment as part of the process. The Boston Fed is currently working with the Massachusetts Institute of Technology to research the technology that could be used for a central bank digital currency and will be releasing those findings in the third quarter. Powell and other Fed officials however have said they intend to move deliberately to ensure that the benefits outweigh any risks involved.
Persons: Brendan McDermid, Jerome Powell, Powell, ” Powell Organizations: Federal Reserve Board, REUTERS, WASHINGTON, Fed, U.S . Treasury, Boston Fed, Massachusetts Institute of Technology Locations: Washington , U.S, U.S
read morePowell underlined cryptocurrency risks in an unusual video message that also laid out a clearer timetable as the Fed explores the possibility of adopting a digital currency of its own. A central bank digital currency, though, offers whoever holds it - a person, a business, even another government - a direct claim on that central bank, which is exactly what holding a paper dollar bill does now. The Treasury also flagged cryptocurrency risks, including opportunities for wealthy individuals to move taxable assets into the largely unregulated crypto sector. "Cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion," the Treasury said. Congressional action would be required before a digital currency could be developed.
Persons: Brendan McDermid, Jerome Powell, Bitcoin, Powell, cryptocurrencies, Biden, Gary Gensler Organizations: Federal Reserve Board, REUTERS, U.S, Federal Reserve, Treasury Department, China, Fed, U.S ., Treasury, IRS, Boston Fed, Massachusetts Institute of Technology, . Securities, Exchange, Financial, Thomson Locations: Washington , U.S, etherium, China, Beijing, United States
U.S. banks ready to start limiting balance sheet growth - Fed survey
  + stars: | 2021-05-20 | by ( Reuters Staff | ) www.reuters.com sentiment -0.99   time to read: +1 min
FILE PHOTO: The Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S., March 27, 2019. REUTERS/Brendan McDermid/File Photo(Reuters) - About two-thirds of U.S. banks are either already taking measures to limit the growth in their balance sheets or would take steps to cap them if they continue growing, a Federal Reserve survey of bank finance officers showed on Thursday. The concerns about the size of their balance sheets reflected in the Senior Financial Officer Survey came as 40% of respondent banks reported faster-than-expected growth in end-of-day reserve balances. The largest factor driving that growth was deposits, which broadly are growing faster than bank officials had estimated. Should banks broadly begin limiting their balance sheets, it could have implications for the availability of bank credit as the U.S. economy pulls out of the recession triggered by the COVID-19 pandemic.
Persons: Brendan McDermid Organizations: Federal Reserve Board, REUTERS, Federal Locations: Washington , U.S, U.S
WASHINGTON (Reuters) - A “number” of Fed officials appeared ready to begin considering changes to monetary policy based on continued rapid progress in the economic recovery, according to minutes of the U.S. central bank’s April meeting, but data since then may have already changed the landscape. But that view may have suffered a blow this month with the release of data showing job growth was anemic in April. In light of data since then, however, the minutes are “substantially stale,” Citi economists Andrew Hollenhorst and Veronica Clark wrote this week. Much will be riding on whether the May numbers start to resolve the dilemma presented to the Fed in April. “It remains surprising how many Fed officials describe expectations as ‘well-anchored’ despite those expectations measures being very much on the move,” Karim Basta, chief economist at III Capital Management, wrote last week.
Persons: Brendan McDermid, , Louis, James Bullard, Andrew Hollenhorst, Veronica Clark, Clark, ” Karim Basta Organizations: WASHINGTON, Federal Reserve Board, REUTERS, Treasury, Fed, Louis Fed, Federal, Citi, The Labor Department, Biden, III Capital Management Locations: U.S, Washington , U.S, ” St
Bullard added that only after the health crisis is more fully controlled should the Fed consider curbing its support for the economy. “In the weeks ahead it might become clearer,” he told reporters after a virtual appearance at an economics forum. Much will be riding on whether the May numbers start to resolve the dilemma presented to the Fed in April. The jobs added last month were roughly a quarter of the number expected by economists in a Reuters poll. Graphic: The jobs hole facing Biden and the Fed ,Inflation, meanwhile, rose faster than anticipated in April.
Persons: Brendan McDermid, , Louis, James Bullard, Bullard, Andrew Hollenhorst, Veronica Clark, Clark, ” Karim Basta Organizations: WASHINGTON, Federal Reserve Board, REUTERS, Treasury, Fed, Louis Fed, Federal, Citi, The Labor Department, Biden, III Capital Management Locations: U.S, Washington , U.S, United States, ” St
That gap increased to 44 percentage points in 2020 from 34 percentage points in 2019. The gap between white adults and Black and Hispanic adults has grown by 4 percentage points since 2017. But despite that increase, most Americans believed they were still at least doing “okay” financially. Some 75% of adults said they were living comfortably or doing “okay” financially in November, a share that fluctuated throughout the year but ended at the same level as in 2019. That amounted to a decline of roughly 2 percentage points in the share of adults who were working overall.
Persons: Leah Millis, Michelle Bowman, Organizations: Federal Reserve Board, REUTERS, Federal Reserve, Household Economics, ” Fed Locations: Washington , U.S, U.S
That gap increased to 44 percentage points in 2020 from 34 percentage points in 2019. The gap between white adults and Black and Hispanic adults has grown by 4 percentage points since 2017. But despite that increase, most Americans believed they were still at least doing “okay” financially. Some 75% of adults said they were living comfortably or doing “okay” financially in November, a share that fluctuated throughout the year but ended at the same level as in 2019. That amounted to a decline of roughly 2 percentage points in the share of adults who were working overall.
Persons: Leah Millis, Michelle Bowman, Organizations: Reuters, Federal, Federal Reserve Board, REUTERS, Household Economics, ” Fed Locations: Washington , U.S, U.S
Are Fannie and Freddie Ready for the Next Housing Crash?
  + stars: | 2021-05-13 | by ( Mark A. Calabria | ) www.wsj.com + 0.84   time to read: +2 min
This time last year, housing industry insiders were predicting that the market would collapse under the weight of the pandemic. Even as the economy suffered its worst year since World War II, the housing market boomed. Rising prices have masked but not eliminated longstanding problems and vulnerabilities at the heart of America’s housing market. That’s because the Federal Housing Finance Agency, which I direct, completed a new rule last month that creates a process to end taxpayer bailouts of the GSEs once and for all. This is a prerequisite for the GSEs to raise private capital, which is key to the housing market’s long-term stability.
Persons: Fannie Mae, Freddie Mac, Dodd, Frank Organizations: Federal Housing Finance Agency, Federal Reserve Board, Federal Deposit Insurance Corp
WASHINGTON (Reuters) -The U.S. Federal Reserve and other bank regulators should force banks to hold more cash to guard against potential losses due to climate change and possible steps to fight it, one of Washington’s top liberal think tanks said on Tuesday. The paper argues that regulators could move quickly to bolster banks’ capital cushions by establishing several new safeguards, including a new capital surcharge directly tied to how much pollution banks directly finance and heightened stress tests of big banks that incorporate climate risks. After lagging European counterparts on climate change under the Trump administration, the Fed has ramped up efforts in recent months, including devoting new staff specifically to exploring how climate change could affect the economy and the financial system. But the Fed has yet to adopt any new policies in response to climate change, which some argue are already overdue. It adds the Fed should go farther with the largest banks, imposing a new capital surcharge directly tied to how much carbon they finance with their activities.
Persons: Leah Millis, Biden, Trump, , , Gregg Gelzinis, it’s Organizations: WASHINGTON, U.S . Federal Reserve, Federal Reserve Board, REUTERS, Center for American Progress, Reuters, Wall, Fed Locations: Washington , U.S
Following April's meeting, investors were betting the Fed would raise rates in late 2022 or early 2023 and would offer clues about tapering its $120 million in monthly asset purchases as soon as June 2021. Eurodollar futures, a proxy for interest rate expectations, showed a 90% chance of an interest rate hike in March 2023, and fully priced in a hike in June 2023. Prior to the report, investors were betting there was a 90% chance of a hike in December 2022, and a 100% chance in March 2023. The change in interest rate expectations brings the market more in line with the Fed's dovish approach to the coronavirus pandemic recovery. Though economic data has been improving, the Fed has said it has no plans to raise rates until maximum employment is achieved.
Persons: Brendan McDermid, George Goncalves, Goncalves, Rick Rieder, Powell, Gregory Whiteley, They've, Penglu Zhao Organizations: Federal Reserve Board, REUTERS, DoubleLine, Securities, Futures, Commission, Treasury, Thomson Locations: Washington , U.S, Brendan McDermid U.S
Rate futures traders slash bets on Fed rate hikes
  + stars: | 2021-05-07 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: 1 min
FILE PHOTO: The Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S., March 27, 2019. REUTERS/Brendan McDermid(Reuters) - Traders of futures on U.S. interest rates slashed bets the Federal Reserve will begin raising rates next, after a government report showed U.S. employers added just 266,000 jobs in April, far fewer than the nearly 1 million expected. Eurodollar futures indicated traders see less than a 50% chance of short-term interest rates rising by a quarter of a percentage point next year, down from well over that before the report. The Fed typically raises rates in quarter-point increments. Traders also pulled back on rate hike expectations further out.
Persons: Brendan McDermid Organizations: Federal Reserve Board, REUTERS, Reserve Locations: Washington , U.S
FOMC stands pat on rates and bond buying, vaccines help outlook
  + stars: | 2021-04-28 | by ( Reuters Staff | ) www.reuters.com + 0.00   time to read: +10 min
But if this disconnect between what they expect from the economy or labor market and inflation continues to happen, will they be forced to do something? I think you probably need to see more evidence the vaccines are working, that they’re bringing down case counts, fatalities are dropping. In this kind of a backdrop, with inflation being transitory, they’ll continue to be pedal to the metal in terms of monetary policy. “So far, maybe take that a step further, not much reaction in the stock market, not much reaction in the bond market either. We now think the Fed will start to discuss tapering over the summer but the actual taper probably still won’t happen until the turn of the year.”
Persons: Brendan McDermid, Jerome Powell, MICHAEL ARONE, , ” TIFFANY WILDING, ” PATRICK LEARY, that’s, they’ll, I’m, it’s, ” GARY POLLACK, KEVIN FLANAGAN, Powell, ” DAVID CARTER, LENOX, ” STEVEN, they’ve, BRIAN COULTON, FITCH, Organizations: YORK, Federal Reserve, Federal Reserve Board, REUTERS, U.S, Treasury, STATE, BOSTON, NORTH AMERICAN, DEUTSCHE BANK, COMPANY Locations: Washington , U.S, NEWPORT BEACH , CALIFORNIA, INCAPITAL, MINNEAPOLIS, WELLESLEY , MASSACHUSETTS
After a decade of low inflation, the Fed is now aiming for inflation moderately above 2%. The Fed's ability to explain away any potential rise in inflation has big implications for various asset classes, including stocks and bonds. But strong economic data has investors looking for any signs the Fed may be starting to talk about tapering its purchases. With U.S. stocks at record highs the Fed may have to field questions about whether valuations have gotten out of hand. After a dramatic selloff in the first quarter, Treasury yields have stabilized, obviating the need for the Fed to adjust asset purchases imminently to bolster prices.
Persons: Brendan McDermid, Jerome Powell, Powell, Roberto Perli, Andy Brenner, Jefferies, CBS's, Lorie Logan Organizations: Federal Reserve Board, REUTERS, Federal, Fed, Cornerstone, National Alliance, Treasury, New York Fed, Investors, Thomson Locations: Washington , U.S, U.S, New York, Treasuries
Still Getting Your Head Around Digital Currency? So Are Central Bankers.
  + stars: | 2021-04-26 | by ( Jeanna Smialek | ) www.nytimes.com sentiment -1.00   time to read: +2 min
Banks are not keen on the idea of a central bank digital currency. And many analysts have warned that, without safeguards, a central bank digital currency might make it easier for people to pour into digital cash in times of trouble — making the financial system more susceptible to runs. China has been using its digital currency experiments for such economic purposes. Mr. Powell has said researching digital currency is a high priority for the Fed, and lawmakers have kept the pressure on. The Fed has engaged with international bodies like the Bank for International Settlements in setting out principles for digital currency design.
Persons: Banks, Gregory Baer, , Powell Organizations: Bank Policy Institute, Fed, Bills, House, Facebook, Federal Reserve Bank of Boston, Massachusetts Institute of Technology, Federal Reserve Board, Bank for International Locations: China
Take Five: V-shaped virus rebound
  + stars: | 2021-04-23 | by ( Reuters Staff | ) www.reuters.com + 0.00   time to read: +5 min
India in particular was seen as this year’s growth leader with a 10%-plus rebound. Worryingly, the longer the crisis lasts, the greater the chances that new vaccine-resistant virus mutations will emerge. Ten-year yields have stabilized and the inflation rebound to 2.6%, well above target, is likely to be short-lived. February’s spike in U.S. Treasury yields was, after all, at least partly attributed to Japanese buyers’ absence from the market. Japanese investors bought a net 906 billion yen ($8.39 billion) of foreign bonds last week, down 47% from the previous week.
Persons: Leah Millis COVID, Jerome Powell, Rick Scott, Tesla, Refinitiv, Armin Laschet, Angela Merkel, Bavarian Markus Soeder, Merkel Organizations: Reuters, Federal Reserve Board, REUTERS, greenback, Facebook, Apple Inc, Google, Inc, White, Greens, CSU, Treasury, Bank of Japan Locations: Washington , U.S, India, Japan, Thailand, U.S, Bavarian
This means that older millennials essentially had a wealth gap of about 40% in 2016 compared with previous generations. In the last three years, however, older millennials made significant gains in their wealth and are now only 11% below expectations. Here's a look at why that wealth gap is starting to close and whether older millennials could catch up to their parents as they approach middle age. Millennials are finally catching upPrior to the pandemic, older millennials were making strides in catching up to other generations' wealth benchmarks, likely thanks to trends like the long-running bull market, low unemployment rates and increased homeownership. That wealth deficit among Black and Hispanic families could make it harder for all older millennials to close the wealth gap.
Persons: millennials, it's, hasn't, Louis Fed's, Xers, Ana Hernandez Kent, Louis, Kent, Franklin, Franklin It's, — Franklin, , Louis Fed, they're Organizations: CNBC, St, Louis, Louis Fed's Institute for Economic Equity, Federal Reserve Board's Survey, Consumer Finances, Pew Research Center, Louis Federal Reserve's Institute for Economic Equity Locations: America, St
(Reuters) - The U.S. economic recovery accelerated to a moderate pace from late February to early April as consumers, buoyed by increased COVID-19 vaccinations and strong fiscal support, opened their wallets to spend more on travel and other items, the Federal Reserve said on Wednesday. FILE PHOTO: Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S., March 19, 2019. While most districts said the pace of growth in their regional economies was moderate, the New York Fed said its economy “grew at a strong pace for the first time during the pandemic, with growth broad-based across industries.”The improvement occurred despite an increase in COVID-19 cases in the region, the New York Fed said. The United States added 916,000 jobs in March, the largest gain in seven months, according to Labor Department data. One staffing services firm told the Cleveland Fed that pay had for the first time become the top priority of job seekers, surpassing the type of work.
Persons: Leah Millis, , , Jerome Powell, Powell Organizations: Reuters, Federal Reserve, Federal Reserve Board, REUTERS, Hospitality, Atlanta Fed, Dallas Fed, New York Fed, Labor Department, Cleveland Fed, Minneapolis Fed Locations: U.S, Washington , U.S, COVID, States
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