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Pence 'proud' of his Jan 6 actions despite criticism from Trump
  + stars: | 2021-06-25 | by ( ) www.reuters.com + 0.00   time to read: +2 min
Former Vice President Mike Pence departs after the inauguration of U.S. President Joe Biden in Washington, U.S., January 20, 2021. Melina Mara/Pool via REUTERS/File PhotoWASHINGTON, June 24 (Reuters) - Former U.S. Vice President Mike Pence on Thursday said he was proud of his decision to approve the certification of Democrat Joe Biden's victory in the 2020 presidential race, pushing back against fierce criticism from former President Donald Trump. Some of the rioters on Jan. 6 chanted threats including "hang Mike Pence," who had refused Trump's request that he block certification of Biden's win, an authority the vice president did not have. "But the Constitution provides the vice president with no such authority." Trump did not attend the ceremony and has lashed out at Pence, saying that he lacked courage.
Persons: Mike Pence, Joe Biden, Melina Mara, Joe Biden's, Donald Trump, Pence, Ronald Reagan, Trump, Steve Holland, Jason Lange, Michael Perry Organizations: WASHINGTON, Former U.S, U.S, Capitol, Trump, we'll, Republican, & Freedom Coalition, Thomson Locations: Washington , U.S, Former, United States, Simi Valley , California, Orlando , Florida, New Hampshire
Job hole or inflation? Fed policymakers split over risk view
  + stars: | 2021-06-24 | by ( ) www.reuters.com + 0.00   time to read: +4 min
"Policymakers will have to take this new risk into account in the months and quarters ahead," Bullard told the Clayton Chamber of Commerce near St. Louis. Kaplan, speaking to the Headliners Club of Austin, said he sees "upside risk" to his projection for 2.4% or 2.5% inflation next year, already at the top of the range of Fed forecasts. Both believe the Fed will need to start raising interest rates from current rock-bottom levels next year. Meanwhile, New York Fed President John Williams and Philadelphia Fed President Patrick Harker, speaking at separate events, emphasized how much farther the labor market has to go before it heals. Since the pandemic began last year, the Fed has faced little tension between its two mandates of full employment and stable prices.
Persons: Brendan McDermid, Robert Kaplan, James Bullard, Louis Fed, Bullard, Louis . Kaplan, Kaplan, John Williams, Patrick Harker, Williams, It's, Harker, Jerome Powell, Dallas Fed's Kaplan, Ann Saphir, Chris Reese Organizations: Federal Reserve Board, REUTERS, Federal Reserve, Dallas, Clayton Chamber of Commerce, of Austin, , New York Fed, Philadelphia Fed, College of, Official Monetary, Financial, Fed, Thomson Locations: Washington , U.S, Louis, St, ,, College of Staten Island
FILE PHOTO: The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri GripasNEW YORK (Reuters) - The International Monetary Fund said on Thursday it “welcomes” Argentina’s progress regarding its debt owed to the Paris Club, though there is still no timeline for a new deal between the Fund and the South American country. The deal with the Paris Club includes Argentina’s commitment to reach an agreement with the IMF as soon as possible and no later than the end of the first quarter of next year. “This is an issue for Argentina and the Paris Club creditors but we certainly welcome the progress that has been made there,” said IMF spokesman Gerry Rice in a scheduled press conference.
Persons: Yuri Gripas, , , Gerry Rice Organizations: Monetary Fund, REUTERS, Paris Club, Paris, IMF Locations: Washington , U.S, Argentina
WASHINGTON (Reuters) - President Joe Biden will meet with a bipartisan group of U.S. senators on Thursday to discuss their proposed framework for an infrastructure bill as he looks to push a large-scale spending package through Congress despite Republican opposition. REUTERS/Jonathan Ernst/FilesMembers of the group of 21 senators, or “G-21,” announced an agreement on a framework on Wednesday after a meeting with White House officials. The G-21 talks have focused on a $1.2 trillion, eight-year spending plan, with a mix of new and repurposed funding. The White House opened talks with the group after the Democratic president broke off negotiations with Republican Senator Shelley Capito. That measure would be brought up under special Senate rules for budget bills that would allow it to pass without any Republican support.
Persons: Joe Biden, Jonathan Ernst, , Shelley Capito, ” Biden, Republicans chafed, , we’re, Joe Manchin, Biden, Manchin, Kamala Harris Organizations: WASHINGTON, Republican, U.S, White, REUTERS, Biden, Democratic, Republicans Locations: Washington , U.S
The G-21 talks have focused on a $1.2 trillion, eight-year spending plan, with a mix of new and repurposed funding. “I’m hopeful we can get a positive response from the White House today,” he told CNBC in an interview. The two sides will meet at the White House at 11:45 a.m. EDT (1545 GMT), the White House said in a statement. STICKING POINTThe White House opened talks with the group after Biden broke off negotiations with Republican Senator Shelley Capito. The White House said her proposals had fallen short of meeting “the essential needs of our country”.
Persons: Mitch McConnell, Joe Biden, Jonathan Ernst, , Rob Portman, , Chuck Schumer, Nancy Pelosi, Schumer, ” Schumer, Biden, Shelley Capito, Republicans chafed, we’re, Joe Manchin, Manchin, Kamala Harris Organizations: WASHINGTON, Republican, White, REUTERS, Democrats, Democratic, CNBC, White House, Biden, Democrat, Republicans, Congressional Locations: Washington , U.S
Biden gives green light to bipartisan infrastructure plan
  + stars: | 2021-06-24 | by ( David Morgan | Richard Cowan | ) www.reuters.com + 0.00   time to read: +4 min
WASHINGTON (Reuters) -U.S. President Joe Biden on Thursday embraced a bipartisan Senate deal to spend hundreds of billions of dollars on infrastructure projects, building roads, bridges and highways and helping stimulate the economy. U.S. President Joe Biden speaks to Senator Rob Portman (R-OH), following a bipartisan meeting with U.S. senators about the proposed framework for the infrastructure bill, at the White House in Washington, U.S., June 24, 2021. REUTERS/Kevin Lamarque“We have a deal,” Biden told reporters, flanked by Democratic and Republican senators who wrote the $1.2 trillion proposal, which came after months of White House negotiations with lawmakers. Democratic and Republican members of the group displayed high spirits, chuckling and smiling together at microphones in the driveway of the White House. Biden was due to speak further about the deal at the White House at 2 p.m.
Persons: Joe Biden, Rob Portman, Kevin Lamarque “, ” Biden, Republican Rob Portman, , Mitch McConnell, Mitt Romney, Biden, Portman, McConnell, ” Portman, hasn’t, ” McConnell, , There’s, John Thune, Chuck Schumer, Nancy Pelosi, Schumer, ” Schumer, Pelosi, Republicans chafed, Lisa Murkowski, Thune Organizations: WASHINGTON, White, REUTERS, Democratic, Republican, Democrats, White House, Capitol, Biden, Democrat, Republicans, Congressional, Office Locations: Washington , U.S, White, Alaska
Analysis: Fed's mixed messages on inflation unsettle investors
  + stars: | 2021-06-24 | by ( Kate Duguid | ) www.reuters.com + 0.00   time to read: +4 min
read moreSome investors interpreted that as policymakers having a lower tolerance for an inflation overshoot than previously estimated. The five-year, five-year forward breakeven inflation rate, which tracks the expected rate of inflation over five years in five years' time, was recently at 2.2%, below the seven-year high of 2.4% it reached in May. Last week's Fed meeting suggested "they're walking that back," said Michael Pond, head of global inflation-linked research at Barclays. read moreThe Fed's more hawkish stance at last week's meeting surprised some market participants because the bank's inflation forecasts a few years out had not changed dramatically. Market participants, weighing on every word from Powell at his address on Tuesday, did not have a clear takeaway.
Persons: Leah Millis, Jerome Powell's, Tom Graff, Powell, Michael Pond, Graff, Kathy Bostjancic, Kate Duguid, Saqib Iqbal Ahmed, Karen Pierog, Megan Davies, Ana Nicolaci da Organizations: Board, REUTERS, Federal Reserve, Fed, Market, Brown, Securities, Barclays, Oxford Economics, Thomson Locations: Washington , U.S, Ana Nicolaci da Costa
The result at the House Judiciary Committee markup of six sweeping antitrust bills was a display of odd alliances between Democrats and Republicans, while fractures showed within each side of the aisle. Several lawmakers made clear their support in the committee wouldn't hold if further reflection and changes weren't considered. All committee members agreed on the need for some types of reform to address the vast power of the tech platforms. Proponents of the bills like antitrust subcommittee Buck and Gaetz appealed directly to those concerns in their remarks on Wednesday. Republicans coalesced against Lofgren's proposal to add protection for platforms to remove objectionable content under Cicilline's anti-discrimination bill, however.
Persons: AAPL AMZN, Ken Buck, David Cicilline, weren't, Jerrold Nadler, Matt Gaetz, Gaetz, Zoe Lofgren, Darrell Issa, Jim Jordan, Buck, Lofgren, Ted Lieu, Eric Swalwell, Pramila Jayapal, Cicilline, Lieu, Swalwell, Lou Correa, Karen Bass, Ro Khanna, Khanna, Ting Shen, Victoria Spartz, That's, Jordan, Issa, Brad Smith, Kevin Lemarque Organizations: Big Tech, Republicans, Microsoft, Apple, Facebook, Google, Rep, California Democrats, Congressional Antitrust Caucus, Republican, Office, Washington , D.C, Bloomberg, Getty, Federal Trade Commission, Department of Justice, Communications, Antitrust, Administrative, Diverse Locations: Ohio, California, China, Silicon, Florida, Rayburn, Washington ,, Washington , U.S
REUTERS/Tom Brenner/File PhotoWASHINGTON, June 24 (Reuters) - The Biden administration on Thursday said it was extending the Centers for Disease Control and Prevention's (CDC) COVID-19 residential eviction moratorium until July 31. Reuters first reported the expected extension on Tuesday. read more The national ban on residential evictions was first implemented last September and was extended in March until June 30. Lawyers for the landlord groups cited the Reuters story Wednesday reporting the expected extension in asking the Supreme Court to take immediate action to halt the ban. Congress has approved $47 billion in relief for renters but much of that money has not yet been distributed.
Persons: Tom Brenner, Biden Organizations: REUTERS, WASHINGTON, for Disease Control, Reuters, CDC, Lawyers Locations: Columbia Heights, Washington , U.S, COVID
REUTERS/Leah MillisJune 24 (Reuters) - The U.S. economy is rebounding rapidly from last year's decline, but much improvement is needed in the labor market, two Federal Reserve officials said on Thursday. Both Fed officials said U.S. policymakers need to invest in infrastructure, including expanding access to broadband internet, to ensure that the economy is more equitable. They also said some workers need help transferring into higher paying jobs that don't require college degrees. Fed officials agreed last week to leave interest rates near zero and to keep purchasing $120 billion a month in bonds. Bostic has said he believes the Fed will need to start raising interest rates in 2022, a more-aggressive timeline than most of his colleagues.
Persons: Leah Millis, Patrick Harker, Harker, Raphael Bostic, Bostic, foreseeing, Jonnelle Marte Organizations: Board, REUTERS, Federal, Philadelphia Federal Reserve Bank, Monetary, Financial, Atlanta Fed Bank, Fed, Thomson Locations: Washington , U.S, U.S, Philadelphia
Biden says deal reached on infrastructure plan
  + stars: | 2021-06-24 | by ( ) www.reuters.com + 0.57   time to read: 1 min
U.S. President Joe Biden delivers remarks after a roundtable discussion with advisors on steps to curtail U.S. gun violence, at the White House in Washington, U.S. June 23, 2021. REUTERS/Jonathan ErnstWASHINGTON, June 24 (Reuters) - U.S. President Joe Biden on Thursday said a deal had been reached on an infrastructure spending plan as he emerged from a meeting with a bipartisan group of senators. "We have a deal," he told reporters at the White House after meeting with members from the so-called Group of 21, who have been seeking a bipartisan agreement on an infrastructure bill. Reporting by Andrea Shalal; writing by Tim AhmannOur Standards: The Thomson Reuters Trust Principles.
Persons: Joe Biden, Jonathan Ernst WASHINGTON, Andrea Shalal, Tim Ahmann Organizations: White, REUTERS, Thomson Locations: Washington , U.S
Biden heads to North Carolina to tout vaccines as U.S. injections slow
  + stars: | 2021-06-24 | by ( Jarrett Renshaw | ) www.reuters.com sentiment -0.99   time to read: +2 min
REUTERS/Carlos BarriaWASHINGTON, June 24 (Reuters) - President Joe Biden heads to North Carolina on Thursday to encourage people to get their COVID-19 vaccinations as the rate of inoculations slows despite a nationwide effort to get shots in arms to stop the spread of the coronavirus. Sixteen states and the District of Columbia have reached Biden’s goal, but the country as a whole and several other states continue to lag, including North Carolina. Only 55% of the southern state's adult population has had at least one shot despite a slew of incentives, including a $1 million lottery, according to the North Carolina Department of Health and Human Services. The trip to North Carolina, Biden's first since he took office in January, is one of a series of COVID-related events on Thursday, including a press call by Second Gentleman Douglas Emhoff and U.S. First Lady Jill Biden and Fauci are in Florida to visit vaccine sites, including a drive-through site and one at a hockey arena.
Persons: Joe Biden, Carlos Barria WASHINGTON, Anthony Fauci, Biden, Biden's, Douglas Emhoff, Vivek Murthy, Lady Jill Biden, Fauci, Kamala Harris, Jarrett Renshaw, Heather Timmons, Sonya Hepinstall Organizations: White, REUTERS, District of Columbia, North Carolina Department of Health, Human Services, Green, Community, Thomson Locations: Washington , U.S, North Carolina, U.S, Northeast Raleigh, Florida
Biden’s roads deal is all in the engineering
  + stars: | 2021-06-24 | by ( ) www.reuters.com + 0.73   time to read: +2 min
U.S. President Joe Biden delivers remarks on the bipartisan infrastructure deal in the East Room of the White House in Washington, U.S., June 24, 2021. REUTERS/Kevin LamarqueWASHINGTON, June 24 (Reuters Breakingviews) - The $1.2 trillion infrastructure deal read more President Joe Biden has struck with Republican and Democratic lawmakers is a miracle of engineering. For years, politicians’ hopes of spending more on roads and bridges went nowhere . The deal announced on Thursday is a win for Biden, who made infrastructure a part of his pitch as commander-in-chief read more . Roughly half of the spending will come from unused Covid-relief funds and other already-allocated money rather than new taxes.
Persons: Joe Biden, Kevin Lamarque WASHINGTON, , Biden, Gina Chon, groupthink, John Foley, Oliver Taslic Organizations: White, REUTERS, Reuters, Republican, Democratic, Biden, Republicans, Senate, of England Locations: Washington , U.S
Election Day should be a 'day off' U.S. President Joe Biden says
  + stars: | 2021-06-24 | by ( ) www.reuters.com sentiment -0.99   time to read: +1 min
U.S. President Joe Biden delivers remarks on the bipartisan infrastructure deal in the East Room of the White House in Washington, U.S., June 24, 2021. REUTERS/Kevin LamarqueWASHINGTON, June 24 (Reuters) - Election Day should be a holiday for workers in the United States, President Joe Biden said Thursday. "If I had my way, and I think it is really important, every Election Day would be a day off," he said because people who work certain shifts can't make it to the polls. Election Day, traditionally the second Tuesday in November in the United States, is not a federal holiday, although some states require employers to give workers time off to vote. Biden also had sharp words for state Republicans who he said are pushing for vote recounts when they don't like how the vote turned out.
Persons: Joe Biden, Kevin Lamarque WASHINGTON, Biden, Heather Timmons, Aurora Ellis Organizations: White, REUTERS, Black, Democratic, Thomson Locations: Washington , U.S, United States
REUTERS/Shannon StapletonWASHINGTON, June 24 (Reuters) - An Illinois man on Thursday became the first person charged for attacking journalists during the Jan. 6 assault on the U.S. Capitol by supporters of then-President Donald Trump. Attorney General Merrick Garland touted the arrest in a statement on Thursday, noting that the department has now arrested 500 people who took part in the violence, including 100 who are facing charges for attacking police, he noted. The violence left five dead, including a Capitol Police officer. "The manner of attack on the cameraman was very similar to the attack" on the U.S. Capitol Police officer, the complaint said. Reporting by Sarah N. Lynch and Mark Hosenball; Editing by Scott Malone and Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.
Persons: Shannon Stapleton WASHINGTON, Donald Trump, Shane Jason Woods, Shane Castleman, General Merrick Garland, Woods, Sarah N, Lynch, Mark Hosenball, Scott Malone, Bill Berkrot Organizations: Trump, U.S, Capitol, U.S . Congress, REUTERS, Justice Department, Capitol Police, Department, Justice, U.S . Capitol Police, FBI, Thomson Locations: Washington , U.S, An Illinois, Auburn
REUTERS/Evelyn HocksteinWASHINGTON, June 24 (Reuters) - U.S. Vice President Kamala Harris will visit the El Paso, Texas, central processing center, which is a U.S. Customs & Border Protection Facility, and meet migrants during her visit to the U.S.-Mexico border on Friday, spokesperson Symone Sanders said. This will be the first time Harris will visit the border since becoming the vice president and taking a lead role in immigration issues. Sanders said the vice president's trip to Guatemala and Mexico earlier this year was about addressing the root causes, and "the border visit tomorrow is about the effects." Harris, who visited the U.S.-Mexico border many times as a senator and attorney general from California, was assailed by Republicans when she visited Mexico and Guatemala this month. The trip to El Paso, which was announced a day earlier, appeared to be a result of increasing pressure on her to make the high-profile trip.
Persons: Kamala Harris, Evelyn Hockstein WASHINGTON, Symone Sanders, Harris, Sanders, Nandita Bose, Jeff Mason, Chris Reese Organizations: South, REUTERS, El, U.S . Customs, Border Protection, Central America, Thomson Locations: Washington , U.S, El Paso , Texas, U.S, Mexico, Guatemala, California, El Paso, Washington
REUTERS/Leah Millis/File PhotoJune 23 (Reuters) - A U.S. federal judge on Wednesday harshly criticized Republican lawmakers for downplaying the deadly Jan. 6 attack on the U.S. Capitol, questioning "what planet" they are living on. Hundreds of supporters of then-President Donald Trump stormed the Capitol that day in a failed attempt to stop Congress from certifying Democrat Joe Biden's presidential election victory. The violence left five dead, including a Capitol Police officer, and more than 480 people have been arrested on charges linked to the attack. "It was not an accident that it turned violent," he said of the Capitol attack. "I went there to support and show support for President Trump, and I’m ashamed that it became a savage display of violence that day," Morgan-Lloyd said during the court hearing.
Persons: Donald Trump, Leah Millis, Joe Biden's, Royce Lamberth, Lamberth, Ronald Reagan, Andrew Clyde, Clyde, Anna Morgan, Lloyd, Morgan, Trump, Jan Wolfe, Scott Malone, Peter Cooney Organizations: U.S, Capitol, REUTERS, U.S . Capitol, Capitol Police, District, Republican Party, Clyde, Thomson Locations: Washington , U.S, U.S, Washington, Bloomfield , Indiana
FILE PHOTO: Mark A. Calabria, director of the Federal Housing Finance Agency, answers questions of U.S. Senators during a hearing to examine housing regulators, in Washington, U.S. June 9, 2020. Astrid Riecken/The Washington Post/Pool via REUTERSWASHINGTON (Reuters) - The top official overseeing housing giants Fannie Mae and Freddie Mac said Wednesday he respected a Supreme Court decision that found President Joe Biden has the authority to remove him. Mark Calabria, director of the Federal Housing Finance Agency, said in a statement he would abide by Thursday’s ruling and wished his successor well in overseeing the enterprises. The White House said earlier in the day it planned to replace Calabria, who was appointed to the job by President Donald Trump.
Persons: A ., Astrid Riecken, Fannie Mae, Freddie Mac, Joe Biden, Mark Calabria, Thursday’s, Donald Trump Organizations: Federal Housing Finance Agency, Senators, Washington, REUTERS WASHINGTON Locations: A . Calabria, Washington , U.S, Calabria
U.S. Fed reverse repo volume hits record $813.57 bln
  + stars: | 2021-06-23 | by ( ) www.reuters.com sentiment -0.99   time to read: 1 min
Federal Reserve Board building is pictured in Washington, U.S., March 19, 2019. REUTERS/Leah Millis/File PhotoJune 23 (Reuters) - Volume in the U.S. Federal Reserve's reverse repurchase operation reached a record $813.573 billion on Wednesday as financial institutions continued to pour cash into the overnight facility. The daily operation, which included 73 bidders, was up from $791.6 billion on Tuesday. While volume has been building since March, it grew further after the Fed last week raised the rate it pays on reverse repurchase agreements to 0.05% from 0% as part of technical adjustments to keep the benchmark effective fed funds rate from falling too low. Reporting By Karen Pierog Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.
Persons: Leah Millis, Karen Pierog, Chris Reese Organizations: Board, REUTERS, U.S, Fed, Thomson Locations: Washington , U.S, U.S . Federal
(Reuters) - A hawkish shift from the U.S. Federal Reserve last week has focused attention on the shape of the yield curve. Here’s a short primer explaining what the yield curve is and how its shape may reflect expectations of the economy’s trajectory. REUTERS/Brendan McDermid/File PhotoWHAT IS THE U.S. TREASURY YIELD CURVE? WHAT IS A STEEP OR FLAT YIELD CURVE? WHAT HAPPENED TO THE YIELD CURVE AFTER LAST WEEK’S FEDERAL RESERVE MEETING?
Persons: Brendan McDermid, Morgan Stanley, Organizations: Reuters, U.S . Federal Reserve, Federal Reserve Board, REUTERS, TREASURY, Research Locations: Washington , U.S
REUTERS/Brendan McDermid/File PhotoJune 23 (Reuters) - A hawkish shift from the U.S. Federal Reserve last week has focused attention on the shape of the yield curve. Here’s a short primer explaining what the yield curve is and how its shape may reflect expectations of the economy’s trajectory. WHAT IS THE U.S. TREASURY YIELD CURVE? WHAT IS A STEEP OR FLAT YIELD CURVE? WHAT HAPPENED TO THE YIELD CURVE AFTER LAST WEEK'S FEDERAL RESERVE MEETING?
Persons: Brendan McDermid, Morgan Stanley, Karen Pierog, Ira Iosebashvili, Andrea Ricci Organizations: Federal Reserve Board, REUTERS, U.S . Federal Reserve, TREASURY, Research, Thomson Locations: Washington , U.S, Chicago
WASHINGTON (Reuters) - Democrats in Congress and at the White House nudged Republicans on Wednesday to join them in forging an agreement on a $1.2 trillion infrastructure plan. Two senior Democrats said they expected Wednesday’s meetings to yield results in negotiations that began after Biden rejected a Republican infrastructure proposal just over two weeks ago. The White House team includes Biden’s legislative director Louisa Terrell and Steve Ricchetti, counselor to the president. Senate Budget Committee Chairman Bernie Sanders is working up a far more ambitious infrastructure blueprint of $6 trillion. That maneuver would require all 48 Democrats and the two independents that caucus with them to agree.
Persons: Tom Brenner, Jon Tester, , Joe Biden, Chuck Schumer, Nancy Pelosi, Biden, Obama, Todd Young, Hakeem Jeffries, Louisa Terrell, Steve Ricchetti, Bernie Sanders, Schumer, Kamala Harris Organizations: WASHINGTON, White House nudged Republicans, U.S, Capitol, REUTERS, ” Democratic, Democrat, White, Republicans, Republican, Reuters, ” House Democratic, Senate, Democratic Locations: Washington , U.S
WASHINGTON (Reuters) - A period of high inflation in the United States may last longer than anticipated but should still ease over time as the economy settles back to normal, two U.S. Federal Reserve officials said on Wednesday. FILE PHOTO: Federal Reserve Board building is pictured in Washington, U.S., March 19, 2019. Powell told a U.S. congressional committee on Tuesday that recent high inflation readings resulted from a “perfect storm” of circumstances related to the reopening, and would abate. The Fed has struggled before with “transitory” inflation issues lasting longer than hoped. Some Fed officials already are pushing for a faster tightening of monetary policy based on the inflation they see coming.
Persons: Leah Millis, Michelle Bowman, Raphael Bostic, Bostic, Bowman, Jerome Powell, Powell Organizations: WASHINGTON, U.S . Federal, Federal Reserve Board, REUTERS, Atlanta Federal Reserve, National, Fed, Cleveland Federal Reserve Locations: United States, Washington , U.S
REUTERS/Leah MillisAtlanta Fed president Raphael Bostic said with growth surging to an estimated 7% this year and inflation well above the Fed’s 2% target, he now expects interest rates will need to rise in late 2022. That marked a decisive shift from the end of 2020, when 12 Fed policymakers felt crisis-levels of interest rates would need to remain in place into 2024. The difference in the meantime: Vaccines that have driven back the spread of the coronavirus, and an economic reopening that has proceeded faster, and driven inflation higher, than Fed officials anticipated. Powell told a U.S. congressional committee on Tuesday that recent high inflation readings resulted from a “perfect storm” of circumstances related to the reopening, and would abate. How quickly that happens, however, may influence the Fed’s upcoming decisions about when to begin reducing its $120 billion in monthly bond purchases, and eventually raise interest rates.
Persons: Leah Millis, Raphael Bostic, , Bostic, Michelle Bowman, ” Bostic, Bowman, Jerome Powell, Powell Organizations: WASHINGTON, U.S . Federal, Federal Reserve Board, REUTERS, National, Fed, Cleveland Federal Reserve Locations: United States, Washington , U.S, Leah Millis Atlanta
REUTERS/Leah MillisAtlanta Fed President Raphael Bostic said with growth surging to an estimated 7% this year and inflation well above the Fed’s 2% target, he now expects interest rates will need to rise in late 2022. That marked a decisive shift from the end of 2020, when 12 Fed policymakers felt that crisis levels of interest rates would need to remain in place into 2024. The difference in the meantime: Vaccines that have driven back the spread of the coronavirus, and an economic reopening that has proceeded faster, and driven inflation higher, than Fed officials anticipated. How quickly that happens, however, may influence the Fed’s upcoming decisions about when to begin reducing its $120 billion in monthly bond purchases, and eventually raise interest rates. Boston Fed President Eric Rosengren said on Wednesday that he expects inflation to come down and be slightly above 2% going into next year.
Persons: Leah Millis, Raphael Bostic, , Bostic, Michelle Bowman, ” Bostic, Bowman, Jerome Powell, Powell, Eric Rosengren Organizations: WASHINGTON, U.S . Federal, Federal Reserve Board, REUTERS, National, Fed, Cleveland Federal Reserve, Boston Fed Locations: United States, Washington , U.S, Leah Millis Atlanta
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