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☆ Trump aide Mark Meadows loses bid to move Georgia election case to federal court
▼ + stars: | 2023-09-08 | by ( Dan Mangan | ) www.cnbc.com time to read: +3 min

Trump's lawyer on Thursday told a Fulton County judge in a filing that the former president might soon seek to have his own case transferred to federal court. Four other defendants besides Meadows already have made such requests. A judge on Friday rejected a request by Trump White House chief of staff Mark Meadows to move his Georgia election conspiracy criminal case to federal court in Atlanta. Other than Trump, Meadows was seen by experts as having the best shot at transferring the case to federal court because he held a federal post and lived in Washington, D.C. at the time of the alleged crimes. The federal court in Atlanta is seen as a potentially more favorable venue for the defendants than the state court because its jury pool is drawn from a larger area, and thus is likely to include more Republicans.

Persons: Steve Jones, Meadows, Donald Trump, Joe Biden, Mark Meadows, Jones, Meadows's, Scott Perry, Trump, Barack Obama, bode Organizations: District, Trump, Trump White House, White, Staff Locations: Atlanta, Fulton County, Georgia, Pennsylvania, Meadows, Washington ,

☆ Analysis: US healthcare stocks roiled by investor tug of war over economy
▼ + stars: | 2023-09-05 | by ( David Randall | ) www.reuters.com time to read: +5 min

Many view healthcare as a defensive sector because it has constant demand and is somewhat insulated from the economy. In the latest week, investors pulled a net $1.4 billion from the sector, the biggest weekly outflow since May 2022. Overall, the healthcare sector - which ranges from health insurers like UnitedHealth to pharmaceutical companies like Pfizer to small biotechs - has received the third largest inflows of any sector year to date, BofA's data showed. This would weaken the case for loading up on healthcare stocks. Overall, healthcare sector earnings are expected to lag this year as COVID-related revenues decline 13% versus a 1.8% rise for the overall S&P 500.

Persons: Brendan McDermid, Bob Kalman, Emily Roland, Dan Lyons, Janus Henderson, you've, Lyons, Kalman, Joe Biden's, Margie Patel, Patel, David Randall, Ira Iosebashvili, Megan Davies, David Gregorio, Richard Chang Organizations: New York Stock Exchange, REUTERS, Atlanta Federal, BofA Global Research, Pfizer, Miramar Capital, Healthcare, John Hancock Investment Management, Janus Henderson Investors, U.S, Bristol Myers Squibb, Allspring Global Investments, Thomson Locations: New York City, U.S

☆ Fed's Bostic says U.S. interest rates are high enough
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +3 min

U.S. Atlanta Federal Reserve Bank President Raphael Bostic speaks to reporters at the National Association of Business Economics' annual policy meeting in Washington, U.S. March 21, 2022. "I feel policy is appropriately restrictive," Bostic said in remarks prepared for delivery to the South African Reserve Bank Biennial Conference in Cape Town, South Africa. "We should be cautious and patient and let the restrictive policy continue to influence the economy, lest we risk tightening too much and inflicting unnecessary economic pain." U.S. central bankers are widely expected to leave the Fed's policy rate in the current range of 5.25%-5.5% when they next meet in a little less than three weeks. Bostic has been in the minority at the Fed, cautioning against over-tightening policy and needlessly hurting jobs and livelihoods.

Persons: Raphael Bostic, Ann Saphir, Bostic, Bostic's, Richard Chang Organizations: Atlanta Federal Reserve Bank, National Association of Business Economics, REUTERS, South African Reserve Bank Biennial, U.S, Thomson Locations: Washington , U.S, Cape Town , South Africa, U.S

☆ Thriving US makes Dollar General a tougher sell
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, Aug 31 (Reuters Breakingviews) - The U.S. economy’s gain is shaping up to be Dollar General’s (DG.N) loss. Dollar General sales grew a record 16.3% when Covid-19 slammed the U.S. in 2020, but rose only 2.5% when the economy reopened in 2021. During the recession years of 2008 and 2009, sales grew 9% and 9.5%, respectively. Dollar General now reckons earnings in the year to January 2024 could fall as much as 34%, compared to a previous estimate of a drop of up to 8%. Dollar General’s valuation is still far from discounted.

Persons: Jeff Owen, Ben Winck, Pernod Ricard, Peter Thal Larsen, Sharon Lam Organizations: Reuters, Atlanta Federal, X, Microsoft, Thomson

☆ Companies like Goldman Sachs may want workers back in the office full-time, but most US execs think hybrid working is here to stay, study finds
▼ + stars: | 2023-08-31 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

Most US executives don't expect a return to pre-pandemic office life, a study has found. Instead, they expect the number of hybrid and remote workers to increase. The study also found execs expected the number of fully in-person workers to continue to decrease. Despite the rise in return-to-office mandates, one study has found that most US executives expect remote and hybrid work to continue to grow. Instead, execs predicted the number of hybrid workers in their firm would increase by 2.2% over the next five years and the number of fully remote workers to increase by 1%.

Persons: Goldman Sachs, It's, execs Organizations: Service, JPMorgan, Tech, Meta, Google, Atlanta Federal Reserve Bank, University of Chicago Locations: Wall, Silicon, Stanford

☆ Buy the dip: HSBC says this is a great time to load up on U.S. stocks, other risk assets
▼ + stars: | 2023-08-29 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

It's time to start loading up on U.S. stocks and other risk assets, HSBC said. Investors are heading into September after what has been a weak month for equities. However, HSBC analyst Max Kettner said he does not expect any "similar broad-based sell-offs" going forward even if yields remain elevated. "So we think this presents a pretty good tactical entry point into risk assets, above all into US equities." While many economists are leaving behind U.S. recession forecasts, they still expect further weakness in Europe.

Persons: Max Kettner, Kettner, CNBC's, Michael Bloom Organizations: HSBC, Investors, Nasdaq, Atlanta Federal Locations: U.S, Europe

☆ Is America’s economy really as bad as Republican presidential candidates say it is?
▼ + stars: | 2023-08-24 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

New York CNN —To hear Republican presidential candidates describe the US economy, you’d think it was in a deep recession, with growth and productivity choked off by President Joe Biden’s policies. The economy is strong, but most Americans say they don’t feel good about it, according to polls. HousingAnother reason voters are down on the economy: Housing affordability is at its lowest point in decades. In fact, economic growth is booming thanks to the strong labor market and resilient consumer spending. We won’t have a complete read on third-quarter economic growth until late October, but already, forecasts for GDP “are running wild on the upside,” writes Chris Rupkey, chief economist at FwdBonds.

Persons: New York CNN —, Joe Biden’s, Biden, Republicans can’t, what’s, — it’s, Jerome Powell, Trump, “, It’s, deride “, ”, Chris Rupkey Organizations: New, New York CNN, Republicans, GOP, CNN, Federal, Inflation Fox News, Wisconsin, Bureau of Labor Statistics, Federal Reserve, Trump, Biden, Corporations, FwdBonds, Atlanta Federal Reserve Locations: New York, Ukraine, America, United States

☆ The earnings and economic data shows the consumer is still in control of the economy
▼ + stars: | 2023-08-23 | by ( Tim Mullaney | ) www.cnbc.com time to read: +9 min

Moody's says that consumer savings rates are rising after bottoming out in June 2022. "We still see it as a normalization, not a deterioration story when we talk about consumer credit.'' But consumer loan delinquency rates are at 2019 levels, and below any level ever seen before 2014, according to Federal Reserve data. At JPMorgan, mortgage credit quality is so solid that the bank reported no net chargeoffs in the second quarter. Overall, the Bureau of Economic Analysis says consumer spending on new vehicles rose $40 billion to $642.4 billion in the first half of the year, with most gains coming in the second quarter.

Persons: Brandon Bell, Arun Sundaram, haven't, Alastair Borthwick, Moody's, Scott Hoyt, Jeremy Barnum, it's, Barnum, David Fieldhouse, Hoyt, Sundaram, Horton, Goldman Sachs, Goldman Organizations: Chevrolet, Knapp, Getty, Amazon, Walmart, Home Depot, Bank of America, CFRA, Atlanta Federal Reserve Bank, JPMorgan Chase, Federal Reserve, JPMorgan, Federal, Wall, General Motors, GM, Ford, U.S, Toll, Pride Locations: Houston , Texas

☆ Americans are shopping less. But the US economic engine is still humming
▼ + stars: | 2023-08-23 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

That’s important, because Americans’ spending on goods and services accounts for two-thirds of US gross domestic product. Historically, sluggish retail sales, credit card delinquency and even shoplifting have been signs of a dark cloud on the horizon. The question of credit card debt is another area where the nuance matters. And as a share of total credit card debt, it is relatively low. But Americans’ credit card debt is unquestionably rising.

Persons: CNN Business ’, New York CNN —, Macy’s, they’ve, Taylor Swift, Barbie, ”, Ubers, Covid, Taylor, Sarah Yenesel, Chris Rupkey, Leticia Miranda, That’s, TJ Maxx, Louis Navellier, they’re, Brett Ryan, —, Alicia Wallace, you’ll Organizations: CNN Business, New York CNN, Dick’s Sporting Goods, Nike, FwdBonds, Atlanta Federal Reserve, “, “ Retailers, Deutsche Bank, Walmart, Amazon, Federal Reserve, Bank of America Locations: New York

☆ There's an underlying trend that's making the Fed's job easier, Wharton's Jeremy Siegel says
▼ + stars: | 2023-08-21 | by ( Hakyung Kim | ) www.cnbc.com time to read: +1 min

The U.S. economy could bring down inflation while avoiding a growth slowdown — thanks to a rise in productivity, according to Jeremy Siegel, professor of finance at the Wharton School of Business. "The last quarter was, outside of the few months around the pandemic, the best quarter for productivity in over six years," Siegel told CNBC's "Squawk Box" on Monday. Data from the U.S. Department of Labor showed that nonfarm business sector labor productivity rose 3.7% during the prior quarter, as output gained 2.4% and hours worked fell 1.3%. The Atlanta Federal Reserve's GDPNow tracker of incoming data is suggesting growth of 5.8% in the period of July through September. "That's how you can have strong GDP growth without pressure on the labor market, and really without pressure on inflation.

Persons: Jeremy Siegel, Siegel, CNBC's, Jay Powell, Jerome Powell Organizations: Wharton School of Business, U.S . Department of Labor, Atlanta Federal Locations: U.S

☆ Asian shares set for 3rd losing week on China woes, US rates
▼ + stars: | 2023-08-18 | by ( Stella Qiu | ) www.reuters.com time to read: +5 min

In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 0.6% to just a whisker above a nine-month low hit the previous day. That brought the total loss for the week to 3.4% and marked the third straight week of declines for the index. Shares of Chinese property developers (.HSMPI) listed in Hong Kong fell 1.2%, after China Evergrande (3333.HK) filed for protection from creditors in a U.S. bankruptcy court. "At the start of the year China's economy was powering ahead. Brent crude futures dipped 0.2% to $83.94 per barrel and U.S. West Texas Intermediate crude futures was flat at $80.36.

Persons: Yuan, HSI, China Evergrande, Jonas Goltermann, Goltermann, Padhraic Garvey, Sam Holmes, Jacqueline Wong Organizations: SYDNEY, Nasdaq, Nikkei, Bank of, Technology, HK, Capital Economics, ING, Atlanta Federal, U.S ., U.S, Brent, . West Texas, Thomson Locations: Japan, Europe, Asia, Pacific, Bank of Japan, Hong Kong, China, U.S, Beijing, Americas

☆ Asian shares head for 3rd week of losses on China woes, US rates
▼ + stars: | 2023-08-18 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) were up 0.1% after hitting a nine-month low the session before. It was, however, headed for a weekly loss of 2.8%, the third straight week of declines. Data early on Friday showed Japan's core inflation slowed in July, a result that is likely to support market wagers that the Bank of Japan is in no hurry to phase out monetary easing anytime soon. Chinese property giants gained 0.3%, pulling away from a nine-month low hit just a session ago. "At the start of the year China's economy was powering ahead.

Persons: HSI, China Evergrande, Jonas Goltermann, Treasuries, Padhraic Garvey, Sam Holmes Organizations: Nikkei, Bank of, HK, Capital Economics, ING, Atlanta Federal, Brent, . West Texas, Thomson Locations: Japan, SYDNEY, Asia, Pacific, Bank of Japan, China's, China, U.S, Americas

Benchmark 10-year yields reached 4.312%, testing October's 4.338%, a break past which would be its highest since 2007. "What's interesting is usually when you have volatility around rates that's the market trying to price in a higher fed funds rate. "The impact of higher yields is standard: a dollar that is well supported and equities under pressure," he added. MSCI's world index (.MIWD00000PUS) was down 0.1% on Thursday, having dropped to its lowest level since July 6 early in the session. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) slid to its lowest since late November in early trading Thursday.

Persons: Brendan McDermid, Samy Chaar, der Linde, Van der Linde, Shunichi Suzuki, Brent, Ankur Banerjee, Alun John, Anisha, Sonali Paul, Angus MacSwan Organizations: New York Stock Exchange, REUTERS, Lombard, Atlanta Federal, Nasdaq, Zhongzhi Enterprise Group, HSBC, Reuters Global Markets, Finance, Thomson Locations: New York City, U.S, SINGAPORE, CHINA, China's, Asia, Pacific, Japan, Hong Kong, China, Singapore, London, Bengaluru

☆ Accelerating US economy sideswipes markets
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +4 min

A sign is seen outside the 11 Wall St. entrance of the New York Stock Exchange (NYSE) in New York, U.S., March 1, 2021. That compares with the official estimates of second-quarter GDP growth at an annualised 2.4% - itself a significant upside surprise - and Wall St forecasters are re-drawing forecasts again. Deutsche Bank on Wednesday, for example, more than doubled its third quarter real GDP call to 3.1%. The implications of such resilience in U.S. activity in the face of more than five percentage points of interest rate rises in 18 months has forced many to rethink the sustainable interest rate level over the horizon and increase long-term projections. After another heavy loss on Wall St indices (.SPX), (.IXIC) on Wednesday, futures regained some ground ahead of the bell today.

Persons: Brendan McDermid, Mike Dolan, Jackson, Christina Fincher Organizations: New York Stock Exchange, REUTERS, Micron Technology, Atlanta Federal, Deutsche Bank, Walmart, Applied, Ross Stores, Philadelphia Fed, Treasury, Housing, Reuters Graphics Reuters, Reuters, Thomson Locations: New York, U.S, Asia, Europe

☆ 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

☆ Fed's Bostic says rates will probably rise if inflation moves from target
▼ + stars: | 2023-06-29 | by ( Padraic Halpin | ) www.reuters.com time to read: +2 min

DUBLIN, June 29 (Reuters) - The Federal Reserve will have to increase rates if prices growth moves away from target or inflation expectations start to move in "a difficult way", Atlanta Federal Reserve President Raphael Bostic said, while adding that neither was happening right now. Earlier this month, the Fed refrained from boosting its federal funds target rate for the first time since it started raising rates in March 2022, leaving it at between 5% and 5.25%. Bostic said there are undoubtedly scenarios where that could happen, but they are unlikley. The U.S unemployment rate has crept up to 3.7% but is lower than the 4% rate Fed policymakers estimate is consistent with a fully employed American workforce. Reporting by Padraic Halpin Editing by Mark Potter and Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: Raphael Bostic, Jerome Powell, Bostic, we'll, Powell, Padraic Halpin, Mark Potter, Chizu Organizations: DUBLIN, Federal, Atlanta Federal Reserve, Irish Association of Investment, Thomson Locations: Atlanta

☆ Dollar index hits two-week high after data; yen remains soft
▼ + stars: | 2023-06-29 | by ( ) www.cnbc.com time to read: +3 min

Hundred dollar bills are seen in this photo illustraiton in Warsaw, Poland on Sept. 21, 2022. The U.S. dollar index climbed to a two-week high on Thursday after economic data showed the labor market remained on a solid footing, giving the Federal Reserve a possible cushion to continue raising interest rates. He said he did not see inflation coming down to the Fed's 2% target until at least 2025. The dollar index was up 0.204% at 103.150 after earlier climbing to 103.44, its highest level since June 13. The dollar strengthened against the Japanese yen for a third straight day, hitting a fresh 7-1/2 month high of 144.90, as U.S. and Japanese central bank policy plans are expected to remain at opposite ends of the spectrum.

Persons: Jerome Powell, Raphael Bostic, Christine Lagarde, Andrew Bailey, Kazuo Ueda, Huw Roberts, Roberts, CME's Organizations: U.S, Federal Reserve, Reuters, Commerce Department, European Central Bank, Atlanta Federal Reserve, Bank of England, Bank of Japan, Fed Locations: Warsaw, Poland, Bank, Europe, Spain, Italy, Swedish

☆ US goods trade deficit narrows; retail inventories rise
▼ + stars: | 2023-06-28 | by ( Lucia Mutikani | ) www.reuters.com time to read: +3 min

SummarySummary Companies Goods trade deficit decreases 6.1% to $91.1 billion in MayWholesale inventories dip 0.1%; retail stocks rise 0.8%WASHINGTON, June 28 (Reuters) - The U.S. trade deficit in goods narrowed in May as imports fell, but the improvement was probably insufficient to prevent trade from being a drag on economic growth in the second quarter. The goods trade deficit decreased 6.1% to $91.1 billion last month, leaving the bulk of April's surge intact. The drop was led by a 7.3% plunge in consumer goods imports. The report also showed that retail inventories increased 0.8% last month after gaining 0.3% in April. Excluding motor vehicles, retail inventories were unchanged after decreasing 0.3% in April.

Persons: nonfarm, Omodunbi, Lucia Mutikani, Chizu Organizations: Goods, Commerce Department, PNC Financial, Trade, Atlanta Federal Reserve, Thomson Locations: WASHINGTON, U.S, Pittsburgh , Pennsylvania

☆ Morning Bid: World markets calm after Russia drama
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +5 min

More perplexed by events than anything else, world markets stayed relatively calm on Monday after a dramatic Russian military mutiny at the weekend was uneasily quelled. For Russian markets themselves, the rouble slipped to 15-month lows - but it too had been falling last week as oil prices ebbed. Largely now isolated from western investment, Russian stocks fell about 1%. U.S. Treasury yields slipped lower, perhaps with a smidgen of a safety bid from the weekend events helping too. Turkey's lira slid again to record lows after the central bank took steps to simplify rules governing lenders' holdings and foreign deposits after a sharp but underwhelming interest rate rise last week.

Persons: Mike Dolan, uneasily, Vladimir Putin, Leonardo, Raphael Bostic, James Bullard, Loretta Mester, Ed Osmond Organizations: Wall, Saab, Rheinmetall, Brent, . U.S, Treasury, Bank for International Settlements, HSBC, Dallas Federal, Central Bank, Central Banking, Atlanta Federal Reserve, St Louis Fed, Cleveland Fed, PMI, Thomson, Reuters Locations: U.S, Ukraine, Moscow, Shanghai, Europe, United States, ., Canary Wharf, London, Sintra, Portugal

☆ Morning Bid: Business brakes in June swoon, dollar jumps
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +4 min

A look at the day ahead in U.S. and global markets from Mike DolanJust as world stock prices raced ahead this month, broader business activity appeared to be stalling again. Equivalent Japanese and British surveys also showed sub-forecast growth and markets nervously await the U.S. version later on Friday. The dollar was the big market mover - surging into the weekend against Asia and European currencies. Inflation is falling faster, real wage growth is back positive, the jobs market is loosening slightly and housing is rebounding somewhat. So even as stock prices have come off the year's highs, the VIX (.VIX) implied volatility gauge continues to fall away - closing below 13 on Thursday for the first time since January 2020.

Persons: Mike Dolan, Jerome Powell, Wall, Powell's, Raphael Bostic, James Bullard, Loretta Mester, Jane Merriman Organizations: Asia, Federal Reserve, Bank of England, Swiss National Bank, Brent, Japan's, Swiss, Atlanta Federal Reserve, St Louis Fed, Cleveland Fed, Reuters Graphics Reuters Graphics, Thomson, Reuters Locations: U.S, Europe, Shanghai, Asia, United States

☆ Asia stocks subdued after Powell testimony fails to surprise
▼ + stars: | 2023-06-22 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

SINGAPORE, June 22 (Reuters) - Asian shares made a tentative start to Thursday after Federal Reserve chair Jerome Powell stuck to his recent hawkish tone as investors assess the future rate policy path from the Fed. Atlanta Federal Reserve President Raphael Bostic said on Wednesday the Fed should not raise rates further or it would risk "needlessly" sapping the strength of the U.S. economy. The comments highlight the growing debate at the central bank over when and if the central bank should hike further. "The BoE's conditional guidance put the burden of proof on the data showing more persistent inflation pressures to continue hiking bank rate. Markets will also be awaiting policy decision from Turkey's central bank, with a policy pivot and a sharp rate increase widely expected.

Persons: Jerome Powell, Australia's, Powell, Kevin Cummins, Raphael Bostic, BoE, Taylor Nugent, Sterling, Brent, Lincoln Organizations: Federal, Japan's Nikkei, Fed, NatWest Markets, Atlanta Federal Reserve, Bank of England, Reuters, National Australia Bank, Thomson Locations: SINGAPORE, Asia, Pacific, Japan, China, Hong Kong, Washington, Atlanta, U.S, Turkey's

☆ Stocks fall as Powell says inflation fight not over
▼ + stars: | 2023-06-21 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

While noting that inflation remains very far from the Fed's target, Powell said it may make sense to move rates higher, at a more moderate pace. The pan-European STOXX 600 index (.STOXX) lost 0.50% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) shed 0.37%. The Fed is "walking a tight rope between trying to tell people they are going to fight inflation as their No. The U.S. dollar index briefly rose following the release of Powell's testimony, but was last down slightly. The dollar index fell 0.458%, with the euro up 0.67% to $1.0989.

Persons: Brendan McDermid, Powell, Jerome Powell, Raphael Bostic, Rick Meckler, Brent, Caroline Valetkevitch, Medha Singh, Lawrence White, Wayne Cole, Jacqueline Wong, Lincoln, Alex Richardson, David Goodman, Richard Chang, Cynthia Osterman Organizations: New York Stock Exchange, REUTERS, U.S, Treasury, Capitol, Atlanta Federal Reserve, Yahoo Finance, Nasdaq, Dow Jones, Cherry Lane Investments, U.S . West Texas, Thomson Locations: New York City, U.S, New Vernon , New Jersey

"My baseline is that we should stay at this level for the rest of the year," and not cut rates until the latter half of 2024, Bostic said in an interview on Yahoo Finance. "Letting restrictive policy work for a while is prudent because the policy has been truly restrictive for less than a year, and it takes time for monetary policy changes to meaningfully influence economic activity. Bostic is the first official to say explicitly that may be too soon. Therefore, the real economic effects of tighter monetary policy are only just beginning to take hold," Bostic said. The risk of waiting is that inflation may resurge, but "that is not my baseline."

Persons: Raphael Bostic, Bostic, Howard Schneider, Andrea Ricci Organizations: Atlanta Federal Reserve, Yahoo Finance, Fed, Thomson Locations: U.S, Atlanta

☆ Morning Bid: Hawkish Powell keeps markets on defense
▼ + stars: | 2023-06-21 | by ( Alden Bentley | ) www.reuters.com time to read: +3 min

June 22 (Reuters) - A look at the day ahead in Asian markets from Alden Bentley, Breaking News Editor for Finance & Markets, Americas. The week's main attraction, Fed Chair Jerome Powell's testimony before the U.S. House Financial Services Committee, came and went without rearranging the pieces on the table much. So, that left traders expecting rate hikes to resume at the Fed's July meeting, even as the futures market reflects doubts that the Fed will deliver more increases beyond that. U.S. Treasury yields held to pretty narrow ranges and, with Powell leaning hawkish but not deviating much from last week's FOMC message, the three major U.S. stock indexes fell, for the third straight session. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Alden Bentley, Jerome Powell's, Powell's embargoed, Powell, Raphael Bostic, Kazuo Ueda, Powell's, Jerome Powell, Deepa Babington Organizations: Finance & Markets, . House Financial Services Committee, Atlanta Federal Reserve, Yahoo Finance, Reuters, Bank of Japan, Wednesday's U.S, Reserve Bank of Australia's, Treasury, CPI, Thomson Locations: Alden, Americas, U.S, Wednesday's, Japan, Indonesia

☆ Dollar gains on resilient U.S. economy, flight to safety
▼ + stars: | 2023-05-24 | by ( ) www.cnbc.com time to read: +3 min

"If you consider global data of late, it's painting a more resilient picture of the U.S. economy than what's going on in Europe," he said. The dollar index , which tracks the U.S. currency against six major peers, hit 103.91, its highest since March 20. "The U.S. dollar has been rallying more or less for three weeks helped by stronger-than-expected data and rising U.S. interest rates," he said. The Swedish currency hit 11.541 crowns per euro, its weakest against the common currency since March 2009. The dollar strengthened 0.82% against the crown , while the New Zealand dollar slid 2.29% against the U.S. currency to 0.61050.

Persons: Joe Manimbo, Manimbo, Marc Chandler, Chandler, We're, Simon Harvey Organizations: Reserve, Bannockburn Global, U.S, Atlanta Federal Reserve Bank, European Central Bank, New, New Zealand, Bank, England, Bank of England Locations: Washington, U.S, Europe, Bannockburn, New York

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