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Ranging from debt relief to climate finance, many of the topics on the agenda take up suggestions from a group of developing countries, led by Barbados Prime Minister Mia Mottley, dubbed the 'Bridgetown Initiative'. Though binding decisions are not expected, officials involved in the summit's planning said that some strong commitments should be made about financing poor countries. In particular, there should be an announcement that a $100 billion target has been met that will be made available through the International Monetary Fund for vulnerable countries, officials said. The plan, first agreed two years ago at an African finance summit in Paris, calls on wealthy governments to lend unused special drawing rights to the IMF to, in turn, lend to poor countries. Reporting by Leigh Thomas in Paris and Simon Jessop in London; Editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: Emmanuel Macron, Mia Mottley, Avinash Persaud, Persaud, Leigh Thomas, Simon Jessop, Christina Fincher Organizations: World Bank, United Nations, Barbados, Bridgetown Initiative, Bretton, International Monetary Fund, IMF, AAA, Paris Club, International Maritime Organization, Thomson Locations: Bridgetown, Mottley, Paris, Ethiopia, Ghana, Sri Lanka, Zambia, China, London

☆ US retail sales rose in May
▼ + stars: | 2023-06-15 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Retail sales at stores, online and in restaurants grew 0.3% in May from April, the Commerce Department reported on Thursday. Retail sales data is adjusted for seasonality but not for inflation. Excluding sales at gasoline stations, retail spending increased by a faster clip of 0.6%. From a year ago, overall retail sales rose 1.6% in May. Impact of the labor marketWhile retail sales held up in May, spending has erred on the weaker side after a big jump in January.

Persons: Brian Field, ”, Joshua Shapiro, Maria Fiorini Ramirez, Jerome Powell, Thomas Simons, Deborah Weinswig Organizations: DC CNN, Commerce Department, Sensormatic Solutions, CNN, Federal Reserve, Jefferies, “, Coresight Locations: Washington

☆ The Federal Reserve paused its interest-rate hikes after 10 consecutive increases
▼ + stars: | 2023-06-14 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

The Federal Reserve announced it's pausing interest-rate hikes at its Wednesday meeting. This comes after 10 consecutive interest-rate increases in 15 months. The Federal Open Market Committee (FOMC) announced it's holding interest rates steady at its Wednesday meeting, putting a pause on the central bank's 10 consecutive increases in 15 months. "Without a meaningful downside surprise in both jobs and inflation, a final interest-rate hike remains in the cards for July." Following the failures of Silicon Valley Bank and First Republic Bank, credit conditions tightened, in part pushing the Fed to skip this month's rate hike amid a lending pullback.

Persons: —, Jerome Powell, Powell, Seema Shah, Shah, Thomas Simons, Simons, Marta Norton, Kathy Gramling, Gramling, Norton, there's, Price Organizations: Federal Reserve, Service, Market, Fed, Asset Management, Jefferies, Valley Bank, First Republic Bank, Morningstar Wealth's America, EY, Consumer, Morningstar Wealth, Norton

☆ US services sector softens, factory orders boosted by defense
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +5 min

"Momentum had been very strong in the services sector since the reopening process began, but the sector is clearly cooling down now," Thomas Simons, U.S. economist at Jefferies, wrote in a note. The services sector is at the center of the battle against inflation, as services prices tend to be stickier and less responsive to rate hikes. ISM services PMISome economists view the ISM services prices paid gauge as a good predictor of personal consumption expenditures (PCE) inflation. Excluding the defense sector, orders were down 0.4%, and excluding transportation orders - where military orders again had the largest footprint - bookings were down 0.2%. With consumer spending shifting more toward services, consumer goods orders slid for a third straight month to their lowest level since February 2022.

Persons: Thomas Simons, Simons, Lucia Mutikani, Dan Burns, Chizu Nomiyama, Paul Simao Organizations: Federal, Institute for Supply Management, Reuters, PMI, ISM, Fed, Jefferies, U.S, Services, Commerce Department, Factory, Thomson Locations: U.S

☆ Now Here’s a Job That Comes With a Lot of Baggage
▼ + stars: | 2023-05-26 | by ( Benjamin Katz | Photographs Thomas Simonetti For The Wall Street Journal | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/memorial-day-travel-jobs-luggage-handlers-perks-2fd7a184

☆ Supreme Court Debates Free-Speech Defense in Cyberstalker Case
▼ + stars: | 2023-04-19 | by ( Jess Bravin | ) www.wsj.com time to read: 1 min

Singer-songwriter Coles Whalen performed for friends and family at an undisclosed location in March. Photo: Thomas Simonetti/The Washington Post/Getty ImagesWASHINGTON—Supreme Court justices on Wednesday questioned whether a Colorado stalking law violates the First Amendment because defendants can be convicted even if they didn’t intend to threaten victims with physical violence. The case was a textbook example of cyberstalking. Billy Counterman became obsessed with a Denver singer-songwriter, Coles Whalen, and in 2014 began texting her through Facebook Messenger, under the delusion that they were in a romantic relationship. The hundreds of messages, which kept coming even after she blocked Mr. Counterman and obtained a restraining order against him, were terrifying and drove her from performing in public, Ms. Whalen said.

☆ US job growth expected to moderate but remain at brisk pace in March
▼ + stars: | 2023-04-07 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

Economists said the revisions brought the claims series closer to other data that have suggested the labor market was losing speed. Surveys from the Institute for Supply Management this week offered a downbeat assessment of the labor market. The labor market is expected to significantly loosen up starting in the second quarter as companies respond more to a slowdown in demand caused by the higher borrowing costs. Small businesses, like restaurants and bars, have been the main drivers of job growth since the recovery from the pandemic. "This presents a lot of downside risks for the labor market," said Thomas Simons, an economist at Jefferies in Bloomfield, New Jersey.

A round of financing on Sunday raised through JPMorgan had given First Republic access to $70 billion in funds. First Republic Bank's stock closed up 10% on news of the rescue but its shares fell 18% in after-market trading, after the bank said it would suspend its dividend. [1/2] A person walks past a First Republic Bank branch in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. It said it would exercise an option to borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank, which confirmed it would provide liquidity to the bank against sufficient collateral. Since March 8, before last week's collapse of SVB, European banks have lost around $165 billion in market value, Refinitiv data shows.

☆ Banks sought record Fed liquidity in wake of SVB collapse
▼ + stars: | 2023-03-16 | by ( Michael S. Derby | ) www.reuters.com time to read: +5 min

That reverses a substantial portion of the balance sheet reduction accomplished since last summer. The bank lending facility is backstopped by $25 billion from the Treasury Department’s Exchange Stabilization Fund. Record discount window borrowing was somewhat unexpected as many analysts had thought banks would instead gravitate to the new lending facility. That said, some saw the discount window borrowing surge as a positive by itself. Reuters GraphicsBALANCE SHEET UPSWINGThe surge in emergency lending caused the Fed’s balance sheet to stop shrinking and grow notably larger.

☆ SVB fallout: Is my money safe?
▼ + stars: | 2023-03-13 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +6 min

New York CNN —The question on so many bank customers’ minds in the aftermath of Silicon Valley Bank’s stunning collapse: Is my money safe? US customers held at least $151.5 billion in uninsured deposits by the end of 2022, SVB’s latest annual report said. But before markets opened this week, the Biden administration took an extraordinary step, guaranteeing that SVB customers will have access to all their money starting Monday, even uninsured deposits. Many SVB customers had much more than $250,000 deposited and now that they can’t get their money, some companies are struggling to make payroll. “I don’t think people should panic, but it’s just prudent to have insured deposits versus uninsured deposits,” Hatfield said.

☆ U.S. inflation roller coaster prompts fresh look at long-ignored money supply
▼ + stars: | 2023-01-26 | by ( Michael S. Derby | ) www.reuters.com time to read: +4 min

The recent decline in the money supply comes as the Fed has been aggressively raising rates to push inflation back to its 2% target. That dynamic changed in the last two years, though, with money supply trends moving in roughly the same direction as inflation pressures: As money supply rose rapidly into early 2022, so did inflation; since M2 started a persistent decline last summer, inflation pressures have also receded. To be sure, measuring money supply is complicated, with no one way to do it. Bullard, acknowledging the cooling off of money supply, said this downshift in money "bodes well for disinflation," which means the Fed is likely to face an enduring trend of lower price pressures. Economists, meanwhile, are still taking on board whether money supply is something they need to pay greater mind to as they contemplate monetary policy and inflation.

☆ Markets think the Fed is about to deliver a smaller rate hike, but here's one big reason the central bank could stay aggressive on its next move
▼ + stars: | 2023-01-14 | by ( Carla Mozée | ) www.businessinsider.com time to read: +4 min

Investors are locking in expectations that the Fed will downshift its interest rate hike in February. The December core rate was 0.3% on a monthly basis, up from 0.2% in November. Shelter inflation that monitors costs for renters and homeowners climbed 0.8%. "Bond yields moving lower, the VIX moving lower and the dollar moving lower suggests that the iceberg of fear that we've seen for the last year almost is easing," Russell said. "The market looks out and they see a scenario of lower inflation … they see that we're getting to the end of this aggressive rate hiking."

☆ Expectations for the Fed to downsize future rate hikes soar after CPI shows inflation cooled in December
▼ + stars: | 2023-01-12 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

Investors on Thursday were pricing in a more than 90% chance the Fed will reduce the size of its interest rate hike in February. The more bullish view on a potential downshift was sparked by cooler prices in the December inflation report. But there are 'lingering pressures' within core inflation for the Fed to consider. Investors also chopped down expectations for a March 22 rate hike of 50 basis points, to 5.4% from 18.6%. Core CPI that excludes energy and food prices rose 0.3%, meeting expectations but it was slightly higher than 0.2% in November.

☆ Jobless benefits rolls grow but U.S. labor market remains resilient
▼ + stars: | 2022-12-29 | by ( Dan Burns | ) www.reuters.com time to read: +6 min

Meanwhile, the number of people receiving benefits after an initial week of aid rose 41,000 to 1.710 million in the week ending Dec. 17. The latest report is the first since February to show them breaching the lower end of the 1.7-1.8 million trend that prevailed in the years leading up to the coronavirus pandemic, a level seen then as emblematic of a tight labor market. Reuters GraphicsAnd, while the figures for new benefits claims have been choppy in recent weeks, they have held well below the 270,000 threshold that economists see as a red flag for the labor market. The unemployment rate is estimated to have remained unchanged at 3.7%. "This dichotomy of demand cannot persist indefinitely, but it will help the labor market achieve a softer landing than it would otherwise."

☆ Dow and stock market tumbles. So much for an end-of-year rally
▼ + stars: | 2022-12-15 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +2 min

New York CNN —Christmas is just ten days away, and investors are still hoping for a Santa Claus rally. The Dow tumbled more than 700 points, or 2.1%, Thursday, and it is down about 4% in December following solid gains the previous two months. The S&P 500 is now off more than 4% for the month while the Nasdaq has sank 5%. The Fed raised rates by “just” a half of a percentage point Wednesday, as expected. It didn’t help that the government also reported a much bigger drop in retail sales for November than expected on Thursday.

☆ Fed discount window borrowing is edging up, but is it a problem?
▼ + stars: | 2022-12-09 | by ( Michael S. Derby | ) www.reuters.com time to read: +5 min

In March 2020 at the onset of the coronavirus pandemic discount window borrowing surged to a peak of around $50 billion. Reuters GraphicsA JUMP IN BORROWINGDiscount window borrowing is opaque by design, and firm conclusions are difficult to reach, analysts say. “There really shouldn't be a reason discount window borrowing is increasing at all,” said Thomas Simons, an economist with investment bank Jefferies. “The increase in discount window borrowing may be a sign that funding pressures are building at the fringes of the market,” Abate wrote. Rising discount window borrowing might also have implications for the Fed's ongoing efforts to shrink the size of its balance sheet.

☆ Investors look for clues on consumer health as holiday shopping kicks off
▼ + stars: | 2022-11-25 | by ( David Randall | ) www.reuters.com time to read: +4 min

NEW YORK, Nov 25 (Reuters) - Investors are closely watching U.S. retail stocks as a barometer of consumer confidence as inflation bites, as the most important shopping season of the year begins on Friday. That would come in below both the 13.5% jump reported last year, and the 9.3% gain in 2020. Expectations for purchasing long-lasting manufactured goods fell 21% due to high interest rates and high prices, the survey found. Shares of Walmart are up 7.5% for the month to date, while shares of Target are down 1.2%. Kohl's, meanwhile, withdrew its forecast as it faces weakening demand due to rising prices.

Lee County suffered none of the state’s 123 Irma deaths. That experience influenced many people’s decisions not to flee Hurricane Ian. “Hurricane Ian is going to be the strongest outreach messaging for southwest Florida ever,” said Gleason, the Charlotte County spokesman. “When you live through it, then that message sinks in deep and forever.”A view of the Matanzas Pass side of Estero Island, home to Fort Myers Beach, Fla. Fort Myers Beach is expected to take years to rebuild. Thomas Simonetti for NBC NewsMichael Yost's two closest friends in Fort Myers Beach drowned in Hurricane Ian.

Several Republican and Democratic Latinos made history in the midterm elections, even as votes were still being tallied Wednesday in many parts of the country. According to the National Association of Latino Elected and Appointed Officials, Latinos ran for top offices in 44 of the nation's 50 states. Antonio Delgado became the first person who identifies as Latino to be elected to the office, according to the National Association of Latino Elected and Appointed Officials. Matos, a former Providence City Council president, was appointed lieutenant governor in April 2021 when Dan McKee became the state's governor. Follow NBC Latino on Facebook, Twitter and Instagram.

☆ Dollar drops as U.S. nonfarm payrolls show mixed results
▼ + stars: | 2022-11-04 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +4 min

U.S. nonfarm payrolls increased 261,000 last month, data showed on Friday. However, the unemployment rate rose to 3.7% from September's 3.5%. The odds of a 75-basis-point rise went as high as 64% immediately after the payrolls data. Despite the strong jobs data, Fed officials on Friday said a smaller rate increase is still on the table for the December policy meeting. read moreThe dollar fell 1.1% against the yen to 146.65 yen , posting losses for a third straight week.

☆ Dollar tumbles as U.S. nonfarm payrolls show mixed picture
▼ + stars: | 2022-11-04 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +4 min

U.S. nonfarm payrolls increased 261,000 last month, data showed on Friday. Data for September was revised higher to show 315,000 jobs added instead of 263,000 as previously reported. However, the unemployment rate rose to 3.7% from September's 3.5%. Despite the strong jobs data, Fed officials on Friday said a smaller rate increase is still on the table for the December policy meeting. read moreThe dollar fell 0.8% against the yen to 147.06 yen , while the euro rose 1.7% to $0.9920 .

Yields on U.S. Treasury bonds rose after the release of the data, as did bets that the Fed may raise its target policy rate higher than anticipated. DIFFICULT TO PIVOTThe job openings data "will make it very difficult for the Fed to pivot" towards a slower pace of rate hikes, as many have expected, Jefferies economists Aneta Markowska and Thomas Simons wrote. Quits are seen as a sign of labor market strength, evidence that people either have a more attractive option in front of them or are confident of finding one. Balanced against the strength of the labor market is evidence that a slowing of inflation may be in the pipeline. Reuters Graphics Reuters GraphicsThe jump in job openings "is another example of data 'not cooperating' with the Fed's desire to slow the pace of rate hikes," Citi analysts wrote.

☆ The economy may be in better shape than you think...for now
▼ + stars: | 2022-10-23 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +7 min

The consensus forecast from economists surveyed by Reuters is that GDP grew at an annualized pace of 2.1% in the third quarter. (This will be the first estimate for third-quarter GDP, and there will be several revisions in the coming weeks.) That also means the Fed will likely continue to sharply raise interest rates to finally choke off inflation once and for all. Those rate hikes helped cause a so-called double-dip recession, where the economy suffered two downturns between 1980 and 1982. In other words, the much-hoped-for “soft landing” for the economy could turn out to be a pipe dream.

☆ U.S. factory output solid in September; builder sentiment slumps further
▼ + stars: | 2022-10-18 | by ( Dan Burns | ) www.reuters.com time to read: +5 min

The two data points out Tuesday illustrate the uneven impact the U.S. central bank's rate hikes are having so far on the economy. Manufacturing output rose 0.4% last month, keeping pace with an upwardly revised 0.4% gain in August, the Federal Reserve said on Tuesday. Overall industrial production rose 0.4%, after slipping 0.1% the prior month. The rate hikes have torpedoed activity in the housing sector, and Wednesday's data from the National Association of Home Builders reinforced that. "And given expectations for ongoing elevated interest rates due to actions by the Federal Reserve, 2023 is forecasted to see additional single-family building declines as the housing contraction continues."

☆ Swiss National Bank makes another large draw on Fed swap line
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +2 min

Oct 13 (Reuters) - The Swiss National Bank this week drew nearly $6.3 billion from the U.S. Federal Reserve's currency swap line facility, roughly double the amount drawn a week earlier, New York Fed data released on Thursday showed. A week earlier it drew $3.1 billion at the same term and rate. They are available also to the European Central Bank, Bank of Japan, Bank of England and Bank of Canada and allow those banks to deliver dollar-funding to financial institutions in their own jurisdictions. The ECB was the only other central bank making a swap trade with the Fed this week. It drew $211.5 million, up from $206.5 million a week earlier but in the range of the ECB's typical weekly draw over the last year.

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