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Fed tiptoes towards the taper stage months before the curtain call
  + stars: | 2021-06-14 | by ( Ann Saphir | ) www.reuters.com + 0.00   time to read: +6 min
“I think it will start very, very cautiously,” he added, and Fed Chair Jerome Powell won’t be in any rush to conclude it. The risk of another “taper tantrum” - the market ruckus that erupted eight years ago when Fed policymakers first broached the notion of scaling back their bond-buying after the 2007-2008 financial crisis - appears remote this time. DIFFERENT ECONOMY, DIFFERENT FRAMEWORKCompared with the last time the Fed was contemplating reducing its bond purchases, the U.S. economy is arguably in better shape. But the Fed still seems less eager to ease up on the monetary policy gas pedal than it was eight years ago. In 2013, Fed policymakers aimed to complete the taper by the time unemployment had dropped to 7%.
Persons: Robin Brooks, , , Jerome Powell won’t, Powell, Alejandra Grindal, Ned Davis, Gregory Daco, Daco Organizations: Federal Reserve, Institute of International Finance, Fed, Ned, Ned Davis Research, Oxford Economics, Reuters, Wall Street Locations: Treasuries, U.S, York
Treasury yields rise slightly as investors gear up for Fed meeting
  + stars: | 2021-06-14 | by ( Vicky Mckeever | ) www.cnbc.com sentiment -0.99   time to read: 1 min
Treasury yields rose slightly on Monday morning, with investors gearing up for the Federal Reserve's two-day policy meeting this week. The yield on the benchmark 10-year Treasury note rose less than a basis point to 1.464% at 4:15 a.m. The yield on the 30-year Treasury bond climbed to 2.153%. Fed Chairman Jerome Powell is then set to hold a press conference following the meeting at 2 p.m. The Fed is expected to reiterate its commitment to easy monetary policy.
Persons: Jerome Powell Organizations: Federal, Treasury
Billionaire hedge fund manager Paul Tudor Jones told CNBC on Monday that he's paying close attention to the Federal Reserve's policy meeting this week in light of recent economic data showing higher consumer prices. "If they say, 'we're on path, things are good,' then I would just go all in on the inflation trades. I'd probably buy commodities, buy crypto, buy gold," added Jones, a prominent Wall Street figure who called the stock market crash in 1987. The Fed's two-day policy meeting is scheduled to conclude Wednesday, and Chairman Jerome Powell is set to hold a news conference after the central bank releases its statement at 2 p.m. In October, Jones told CNBC he was bullish on bitcoin and believed the prospect of higher taxes under a Democratic administration could pressure stocks.
Persons: Paul Tudor Jones, Jones, Jerome Powell, Powell Organizations: CNBC, Tudor Investment Corporation, Democratic Locations: bitcoin
Retiring Workers Alter Fed’s Calculus on Jobs Shortfall
  + stars: | 2021-06-13 | by ( Paul Kiernan | ) www.wsj.com sentiment -1.00   time to read: +1 min
WASHINGTON—Federal Reserve officials have long said a key condition for raising interest rates is a return to maximum employment. Policy makers are likely to discuss when and how to start reducing monthly purchases of bonds, a prelude to eventually raising rates, at a meeting this Tuesday and Wednesday. Chairman Jerome Powell said earlier this year that gap was “one way of counting it.” In May, the shortfall stood at 7.6 million jobs. But in recent weeks, policy makers have become less confident the economy can recover all the jobs lost amid the pandemic without spurring inflation. The Fed believes many factors holding back the labor force are tied to the pandemic and will fade later this year.
Persons: Jerome Powell, Organizations: Federal Reserve, Fed Locations: WASHINGTON
If bond investors believed that price hikes are here to stay, they'd be demanding higher yields. "The bond market is still not concerned about inflation. The problem is that there is a chance the Fed could wait too long to react to inflation. If the Fed and bond market are wrong about inflation, the central bank may have to wind down its pandemic stimulus much more quickly than it — and investors — would like. "The Fed has to take the inflation concerns seriously," said Troy Gayeski, co-chief investment officer and senior portfolio manager at SkyBridge Capital.
Persons: Something's, Chewy, they'd, That's, Jerome Powell, Randy Warren, Steven Oh, , Bryan Koslow, Troy Gayeski, Gayeski, What's, Moira Ritter Organizations: CNN Business, Bell, CNN, Labor, Federal, Warren Financial, PineBridge Investments, Clarus, SkyBridge, Oracle ORCL Locations: New York, Covid, LEN
U.S. stock futures are flat with the S&P 500 at a record high
  + stars: | 2021-06-13 | by ( Maggie Fitzgerald | ) www.cnbc.com + 0.00   time to read: +3 min
U.S. stock futures were steady in overnight trading on Sunday as investors digested the S&P 500's record level heading into a week with a key Federal Reserve meeting. S&P 500 futures rose 0.09% and Nasdaq 100 futures added 0.14%. U.S. stocks ended last week with a record closing high for the S&P 500 and the beginning of a rotation back into growth names. Last week, the 30-stock Dow Jones Industrial Average fell 0.8%, but the S&P 500 rose 0.4%, for its third straight positive week. "Because the S&P 500 Index reached yet another new record high last week, investors will be watching to see if this signals even higher levels near term," said Paulsen.
Persons: Jerome Powell, Jim Paulsen, Paulsen, Elon Musk, Bitcoin, CNBC's Patti Domm Organizations: New York Stock Exchange, Reserve, Dow, Nasdaq, telltale, Leuthold, CNBC, Dow Jones, Treasury, Metrics, AMC Entertainment, Clover Health Investments, GameStop, CNBC Pro
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
REUTERS/Brendan McDermidWASHINGTON (Reuters) -U.S. financial regulators urged market participants on Friday to accelerate their efforts to detach financial products from Libor interest rate benchmarks, while casting doubt on new benchmarks built to compete with their preferred replacement. “The deniers and laggards are engaging in magical thinking,” Quarles said during a meeting of the Financial Stability Oversight Council, a regulatory panel. At the same time, regulators had harsh words for competing benchmarks, like the Bloomberg Short-Term Bank Yield Index (BSBY). They warned that, like Libor, those benchmarks are built on relatively few transactions, which could make them unreliable or subject to manipulation. “When a benchmark is mismatched like that, there’s a heck of an economic incentive to manipulate it,” he warned.
Persons: Randal Quarles, Brendan McDermid WASHINGTON, ” Quarles, Janet Yellen, Jerome Powell, Yellen, Gary Gensler, Organizations: Federal Reserve, Economic, of New, REUTERS, Federal, Regulators, Bloomberg, Securities, Exchange Locations: of New York, New York City, U.S
The Fed's two-day meeting is the big event for markets in the week ahead. The program was initiated during the pandemic to provide liquidity to the markets and keep interest rates low. Wells Fargo's Schumacher said he is closely watching that inflation forecast, particularly for 2023. Markowska of Jefferies doubts the Fed rate forecast will shift. But the financial sector lost 2.4% as interest rates fell, and it was the worst performing sector this week.
Persons: Jerome Powell, Kevin Lamarque, Scott Redler, Powell, Mike Schumacher, Aneta Markowska, Economists, Wells Fargo's Schumacher, Schumacher, Markowska, Jefferies, Stocks, Russell, REITs, Financials, Joe Biden's, Vladimir Putin Organizations: Federal, Federal Reserve, Reuters Stocks, Jefferies, Fed, Market, Dow, Nasdaq, Tech, GameStop, Treasury, NATO, Wednesday Locations: Washington, Wells Fargo, Treasurys, Europe, Geneva
read more"The Fed is getting some traction on its message that the inflation pressures are transitory," said Colin Asher, senior economist at Mizuho in London. Fed officials have repeatedly tamped down fears of inflation running persistently higher than its 2% target, while pointing out they have tools to keep it under control. The statement following the Fed policymakers' regular meeting next week and comments from Fed Chair Jerome Powell will be closely watched for the central bank's latest view on inflation. A widely watched barometer of inflation expectations, the breakeven inflation rate (BEI) for 10-year Treasury Inflation Protected Securities , measuring the difference between 10-year TIPS real yields and the 10-year note yield, was at 2.35%, near a two-month low of 2.326% hit on Wednesday. That indicates that markets do not see inflation averaging much over the Fed's 2% target over the next decade.
Persons: Colin Asher, Jerome Powell, Peter Rutter, Joseph LaVorgna, Mark Grant, Organizations: Federal, Treasury, Thursday's Labor Department, Mizuho, Fed, Royal London Asset Management, Securities, Riley, Labor Department, Thomson Locations: U.S, London, Americas, New York, Fort Lauderdale , Florida
Britni Mann speaks with a potential employer during a job fair at Hembree Park in Roswell, Georgia, U.S. May 13, 2021. But the pent-up demand unleashed by the resumption of business operations is straining the supply chain and fanning inflation pressures. That would be the biggest year-on-year increase since September 2008 and follow a 4.2% rise in April. Though layoffs are abating, initial claims remain well above the 200,000 to 250,000 range that is viewed as consistent with healthy labor market conditions. The benefits being terminated early include a weekly $300 unemployment subsidy, which businesses say is discouraging the jobless from seeking work.
Persons: Britni Mann, Chris Aluka Berry, Jerome Powell, Sam Bullard Organizations: REUTERS, Labor Department, CPI, Thomson Locations: Roswell , Georgia, U.S, Wells, Charlotte , North Carolina, Florida, Texas
U.S. weekly jobless claims fall; consumer prices rise more than expected
  + stars: | 2021-06-10 | by ( ) www.reuters.com + 0.00   time to read: +4 min
Britni Mann speaks with a potential employer during a job fair at Hembree Park in Roswell, Georgia, U.S. May 13, 2021. Initial claims for state unemployment benefits totaled a seasonally adjusted 376,000 for the week ended June 5, compared to 385,000 in the prior week, the Labor Department said on Thursday. But the pent-up demand unleashed by the resumption of business operations is straining the supply chain and fanning inflation pressures. Though layoffs are subsiding, initial claims remain well above the 200,000 to 250,000 range that is viewed as consistent with healthy labor market conditions. The benefits being terminated early include a weekly $300 unemployment subsidy, which businesses say is discouraging the jobless from seeking work.
Persons: Britni Mann, Chris Aluka Berry, Jerome Powell, Sam Bullard Organizations: REUTERS, Labor Department, Reuters, Thomson Locations: Roswell , Georgia, U.S, Wells, Charlotte , North Carolina, Florida, Texas
U.S. labor market recovery gaining steam; inflation heating up
  + stars: | 2021-06-10 | by ( Lucia Mutikani | ) www.reuters.com + 0.00   time to read: +6 min
Surging prices for used cars and trucks accounted about one-third of the rise in consumer inflation reported by the Labor Department on Thursday. The recovering labor market and accelerating inflation will have no impact on monetary policy. "As the cycle matures, these inflation pressures will subside owing to the structural forces that have kept inflation low for long." Excluding the volatile food and energy components, the CPI increased 0.7% after soaring 0.9% in April. Though layoffs are subsiding, initial claims remain well above the 200,000 to 250,000 range that is viewed as consistent with healthy labor market conditions.
Persons: Britni Mann, Chris Aluka Berry, Jerome Powell, Anu Gaggar, Sam Bullard Organizations: REUTERS, Labor Department, Commonwealth Financial Network, Reuters, Treasury, CPI, Fed, Thomson Locations: Roswell , Georgia, U.S, Wells, Charlotte , North Carolina, Florida, Texas
Reopening U.S. economy fuels inflation, labor market recovery
  + stars: | 2021-06-10 | by ( Lucia Mutikani | ) www.reuters.com + 0.00   time to read: +6 min
May's inflation drivers appear to be temporary, fitting in with Federal Reserve Chair Jerome Powell's repeated assertion that higher inflation will be transitory. "Areas not impacted by the pandemic are moderating the CPI rise. In another report on Thursday, the Labor Department said initial claims for state unemployment benefits fell 9,000 a seasonally adjusted 376,000 for the week ended June 5. Though layoffs are subsiding, claims remain well above the 200,000 to 250,000 range that is viewed as consistent with a healthy labor market. At least 15.3 million people were on unemployment benefits under all programs during the week ended May 22.
Persons: Jerome Powell's, Chris Low, Britni Mann, Chris Aluka Berry Read, Charlie Ripley Organizations: COVID, Federal, FHN, Reuters, CPI, REUTERS, Fed, Allianz Investment Management, Treasury, Employers, Labor Department, Thomson Locations: New York, Roswell , Georgia, U.S, California, Pennsylvania, Florida, Texas
Investors can't address the climate emergency on their own, but governments can't reach climate solutions without investors." "Investors can't address the climate emergency on their own, but governments can't reach climate solutions without investors." 'Our house is burning'The debate over how to respond to the climate crisis comes amid rising awareness from the public, business leaders and regulators about the consequences of climate change. Tobias Adrian, director of the IMF's monetary and capital markets department, told CNN Business the climate crisis could "absolutely" ignite a financial crisis. "Investors know that the impacts of the climate crisis are systemic financial risks," Lubber said in a statement, "and will worsen, if left unchecked."
Persons: Thomas DiNapoli, DiNapoli, Joe Biden, Biden, Apple, Gary Gensler, Jerome Powell, Christine Lagarde, Lagarde, Tobias Adrian, Mindy Lubber, Lubber Organizations: CNN Business, Investors, Fidelity, State, York, Allianz Global Investors, California, NDC, Securities and Exchange Commission, SEC, US Chamber of Commerce, Federal, Central Bank, Green Swan Conference Locations: York, United Kingdom, United States
Fed’s inflation-messaging dilemma worsens
  + stars: | 2021-06-10 | by ( ) www.reuters.com sentiment -1.00   time to read: +1 min
Chairman of the Federal Reserve Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington, December 1, 2020. Susan Walsh/Pool via REUTERSAccelerating U.S. inflation is a communication, rather than an economic, problem for Federal Reserve Chair Jerome Powell . Consumer prices rose 5% in May from a year earlier, the highest annual rate since 2008, data showed on Thursday. Even the core rate, which strips out food and energy prices, was up 3.8%, a three-decade high. Used car and truck prices jumped by 7.3%, bolstered by fleet purchases by rental-car firms due to shortages of new vehicles.
Persons: Jerome Powell, Susan Walsh, Powell, Gina Chon Organizations: Federal, Capitol, European Central Bank, Big Tech Locations: Washington, U.S, France
Jim Cramer reacts to red-hot inflation number: 'The market took it in stride'
  + stars: | 2021-06-10 | by ( Tyler Clifford | ) www.cnbc.com sentiment -0.99   time to read: +2 min
Inflation grew at the fastest rate in more than a decade last month, but CNBC's Jim Cramer called it the worst kept secret on Wall Street and said the stock market took it in stride. "So when the Labor Department reported a red-hot inflation number this morning … the market took it in stride." Despite rising prices, the Federal Reserve is unlikely to change its position on interest rates, Cramer said. "There are too many things that went wrong last year, and most of them won't be solved by higher rates," Cramer said. The fed funds rate, which influences lending, won't see a hike until the labor market bounces back in full, the Fed said.
Persons: Jim Cramer, Cramer, Jerome Powell, Jay Organizations: Labor Department, Dow, Dow Jones, Nasdaq, Federal Locations: Central, U.S
May's inflation drivers appear to be temporary, fitting in with Federal Reserve Chair Jerome Powell's repeated assertion that higher inflation will be transitory. Food prices rose 0.4%, but gasoline declined for a second straight month. In another report on Thursday, the Labor Department said initial claims for state unemployment benefits fell 9,000 to a seasonally adjusted 376,000 for the week ended June 5. Though layoffs are subsiding, claims remain well above the 200,000 to 250,000 range that is viewed as consistent with a healthy labor market. At least 15.3 million people were on unemployment benefits under all programs during the week ended May 22.
Persons: Jerome Powell's, Chris Low, Britni Mann, Chris Aluka Berry Read, , Charlie Ripley, Isfar Munir Organizations: Labor Department, COVID, Federal, FHN, Reuters, CPI, REUTERS, Fed, Allianz Investment Management, Treasury, Employers, Citigroup, Thomson Locations: New York, Roswell , Georgia, U.S, California, Pennsylvania, Florida, Texas, rehiring
"The Fed is getting some traction on its message that the inflation pressures are transitory," said Colin Asher, senior economist at Mizuho in London. Fed officials have repeatedly tamped down fears of inflation running persistently higher than its 2% target, while pointing out they have tools to keep it under control. The statement following the Fed policymakers' regular meeting next week and comments from Fed Chair Jerome Powell will be closely watched for the central bank's latest view on inflation. A widely watched barometer of inflation expectations, the breakeven inflation rate (BEI) for 10-year Treasury Inflation Protected Securities , measuring the difference between 10-year TIPS real yields and the 10-year note yield, was at 2.35%, near a two-month low of 2.326% hit on Wednesday. That indicates that markets do not see inflation averaging much over the Fed's 2% target over the next decade.
Persons: Colin Asher, Jerome Powell, Peter Rutter, Joseph LaVorgna, Mark Grant, Organizations: Federal, Treasury, Thursday’s Labor Department, Mizuho, Fed, Royal London Asset Management, Securities, Riley, Labor Department, Thomson Locations: U.S, London, Americas, New York, Fort Lauderdale , Florida
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
Senator Elizabeth Warren speaks during a Senate Finance Committee hearing on the IRS budget request on Capitol Hill in Washington U.S., June 8, 2021. Senator Elizabeth Warren on Wednesday called on U.S. policymakers to directly tackle issues presented by the growing use of cryptocurrency, while saying a Federal Reserve-backed digital currency shows "great promise." "The threats posted by crypto show that Congress and federal regulators can't continue to hide out, hoping that crypto will go away. Warren threw support behind the Federal Reserve's consideration of a digital dollar, saying it could boost poorer Americans and streamline the payments system if properly designed. The hearing held by the Senate Banking Committee marked one of the most focused debates yet in Congress on the implications of a Fed-backed digital currency.
Persons: Elizabeth Warren, Evelyn Hockstein, Democrat Warren, cryptocurrency's, Cryptocurrency, Warren, Pat Toomey, Jerome Powell Organizations: Capitol, REUTERS, U.S, Federal, Democrat, Republicans, Senate, Thomson Locations: Washington U.S, China, Washington
LONDON (Reuters) - For Bank of England chief Andrew Bailey, tackling climate change carries inflation risks if you do too little, too late. Set against that, however, is both the possibility that climate change policy could actually lower prices for certain goods and services and the risk that doing nothing at all could spur other inflationary pressures tied to faster climate change. Vulnerable developing economies have for years felt the impact of climate change on their farming and other sectors. Now, rich economies are starting to see price challenges linked to weather events and climate change policy, according to Katharine Neiss, chief European economist at PGIM Fixed Income. Ultimately, the climate challenge implies massive changes for the global economy either way - and rising inflation may be the least of our worries.
Persons: Andrew Bailey, Larry Fink, Mike Hutchings, Bailey, , Fink, Silvia Dall’Angelo, Christine Lagarde, Jerome Powell, Katharine Neiss, Wei Li, Jean Pisani, Nicholas Stern Organizations: Bank of England, REUTERS, Glasgow, United Nations, Reuters, Financial, Federated Hermes, Central Bank, OUR, Federal Reserve, Global Chief Investment, BlackRock Investment Locations: BlackRock, South Africa, Europe, Federated, French
REUTERS/Mike Hutchings/File PhotoFor Bank of England chief Andrew Bailey, tackling climate change carries inflation risks if you do too little, too late. Set against that, however, is both the possibility that climate change policy could actually lower prices for certain goods and services and the risk that doing nothing at all could spur other inflationary pressures tied to faster climate change. Vulnerable developing economies have for years felt the impact of climate change on their farming and other sectors. Now, rich economies are starting to see price challenges linked to weather events and climate change policy, according to Katharine Neiss, chief European economist at PGIM Fixed Income. Ultimately, the climate challenge implies massive changes for the global economy either way - and rising inflation may be the least of our worries.
Persons: Mike Hutchings, Andrew Bailey, Larry Fink, Bailey, Fink, Silvia Dall'Angelo, Christine Lagarde, Jerome Powell, Katharine Neiss, Wei Li, Jean Pisani, Nicholas Stern Organizations: REUTERS, Bank of England, BlackRock, Glasgow, United Nations, Reuters, Financial, Federated Hermes, Central Bank, OUR, Federal Reserve, Global Chief Investment, BlackRock Investment, Thomson Locations: South Africa, Europe, Federated, French
Tim Wu, a top technology and competition policy advisor for the White House, is reportedly holding a significant portion of his wealth in cryptocurrency, according to a recent personal financial disclosure Politico found. Bitcoin is the largest holding in his portfolio, with Wu owning between $1 million and $5 million worth of the coin, Politico reported. Wu's total net worth is between $4 million and $11.5 million, Politico reported. Recently, top U.S. government officials and central bankers seem to be very wary of bitcoin and cryptocurrency as a whole, calling for stronger regulations. Though the potential for a central bank digital currency has been mentioned, and the Federal Reserve has noted its research on the development of one, chairman Jerome Powell says the central bank is in no rush.
Persons: Tim Wu, Wu, Obama, isn't, Janet Yellen, Jerome Powell Organizations: White, Politico, CNBC, Biden, National Economic Council, Federal Trade Commission, The New York Times, Federal Reserve Locations: cryptocurrency, filecoin, Norway
“Higher interest rates in and of themselves are not necessarily good for consumers. “To get rates higher, you need to have a robust economy.”The pandemic’s impact on consumer behavior distorted spending on durable goods by pulling it forward, LaVorgna said. Higher interest rates could ripple through the housing market — which is already facing higher prices driven by supply constraints — and lead to higher borrowing costs across the board. If the Fed had to sharply hike interest rates to rein in inflation, borrowers could see the cost of servicing their revolving debt jump, too. In the past, “monetary policy was seen as the primary force of economic growth,” but today, “there are limits in a low rate world of what monetary policy can do,” he said.
Persons: Joe Biden’s, Janet Yellen, ” Yellen, “ We’ve, Jerome Powell, , Ben Koltun, that's, Joseph LaVorgna, , LaVorgna, Ted Rossman, we've, ” Koltun, Biden, Yellen, “ They’re, Larry Summers, Summers, “ It’s Organizations: Bloomberg, Federal, Beacon Policy Advisors, Democratic, Federal Reserve, American Jobs Plan, American Families, Treasury, National Economic, Treasury Department Locations: Natixis, U.S, Washington
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