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☆ Stagflation fears just hit Wall Street. Now for the next crucial report on prices
▼ + stars: | 2024-04-26 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —The Federal Reserve’s favorite inflation reading is due Friday morning. Investors are nervously awaiting the report after first-quarter US GDP came in softer than expected Thursday. Stocks tumbled as the slowdown in GDP, coupled with stubbornly high inflation data, stoked fears of stagflation. Wall Street earlier this year expected that the central bank would ease rates as many as six times in 2024, beginning in March. Yellen said the weaker reading was not “concerning,” mentioning that measures of underlying growth were strong in Thursday’s report.

Persons: Stocks, ”, Ayako Yoshioka, Janet Yellen, Alessandra Galloni, Alicia Wallace, ” Yellen, “, we’ve, Yellen, Read, Freddie Mac, Bryan Mena, Lawrence Yun Organizations: CNN Business, Bell, New York CNN, Gross, Commerce Department, Atlanta, Fed, Thursday’s, Group, Traders, Bank of America, Reuters, National Association of Realtors Locations: New York, Yellen

☆ The Fed is at odds with itself. That’s a feature, not a bug
▼ + stars: | 2023-10-08 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

So, Fed officials are divided, but it doesn’t really matter. Fed officials are still people, and as the saying goes, opinions are like bellybuttons in that everyone’s got one. Fed officials in that committee with voting power have the option to dissent, but it’s only happened twice this cycle. This year’s voters, which are Dallas Fed President Lorie Logan, Chicago Fed President Austan Goolsbee, Philadelphia Fed President Patrick Harker, and Minneapolis Fed President Neel Kashkari, will be rotated out next year. Up NextMonday: Fed officials Lorie Logan, Michael Barr and Phillip Jefferson deliver remarks.

Persons: Mary Daly, Michelle Bowman, ”, Biden, That’s, Michael Feroli, everyone’s, “ It’s, ” Feroli, Esther George, Ed Al, Hussainy, JPMorgan’s Feroli, It’s, Jerome Powell, John Williams, Lorie Logan, Austan Goolsbee, Patrick Harker, Neel Kashkari, Logan, Kashkari, Raphael Bostic, San Francisco Fed’s Daly, – CNN’s Elisabeth Buchwald, Michael Barr, Phillip Jefferson, Christopher Waller Organizations: CNN Business, Bell, CNN, Federal, San Francisco Fed, JPMorgan, Fed, Market Committee, Kansas City, Columbia Threadneedle Investments, Governors, New York Fed, Dallas Fed, Chicago Fed, Philadelphia Fed, Minneapolis Fed, San Francisco, Treasury, PepsiCo, The National Federation of Independent Business, US Labor Department, Federal Reserve, Delta, China’s National Bureau of Statistics, The University of Michigan Locations: San, Kansas, Columbia, Cleveland, Richmond, Atlanta, San Francisco, Walgreens

☆ US consumers are done splurging, Fed report suggests
▼ + stars: | 2023-09-07 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

Washington, DC CNN —After a summer of robust consumer spending, America’s bars, hotels and restaurants say the era of post-pandemic splurging by US consumers has likely drawn to a close. “Consumer spending on tourism was stronger than expected, surging during what most contacts considered the last stage of pent-up demand for leisure travel from the pandemic era,” the report said. Consumer spending rose 0.8% in July, the strongest monthly spending gain since January. But that strength in leisure spending began to level off toward the end of August, the latest Beige Book shows. Still, leisure spending varied by region, with some reporting a noticeable slowing and others saying it is holding steady.

Persons: ”, Taylor Swift, Barbie, “, Morgan Stanley, Goldman Sachs, Susan Collins Organizations: DC CNN, Federal Reserve, Warner Bros, Hospitality, “, Street, Fed, Boston Locations: Washington, Boston Fed’s, Atlanta Fed’s, York, Boston

☆ Why Biden’s strong economy feels so bad to most Americans
▼ + stars: | 2023-09-07 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

By almost any objective measure, Americans are doing much better economically than they were nearly three years ago, when President Joe Biden took office. Inflation hangoverSharply higher prices in 2021 and 2022 marked a painful economic moment for households around the world. The partisan gapCNN’s latest poll shows that Republicans and Democrats are both souring on President Biden’s handling of the economy. “People are no longer telling us how they feel about the economy — really, they’re telling us how they feel about the president,” Wolfers said. Either way, that poses a political problem for President Biden, whose re-election campaign has sought to highlight the economy’s strengths.

Persons: New York CNN —, Joe Biden, SSRS, “, There’s, ”, Justin Wolfers, Wolfers, That’s, ” Wolfers, you’d, ” Morgan Stanley, Jamie Kelter Davis, Carola Binder, —, Biden, It’s, Biden’s, David Axelrod, — CNN’s Matt Egan Organizations: New, New York CNN, CNN, University of Michigan, P Global Market Intelligence, Atlanta, Bloomberg, Getty, United, Index, Bureau of Labor Statistics, Haverford College, Biden, “, White House Locations: New York, Wolfers, United States, Ukraine

☆ Goldman Sachs cuts US recession odds to 15% as economic optimism grows
▼ + stars: | 2023-09-05 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN —Goldman Sachs is increasingly confident that the US economy will stick the soft landing that many thought was nearly impossible to pull off. In a research report published Monday night, Goldman Sachs lowered its estimated chance of a US recession over the next 12 months to just 15%. Goldman Sachs pointed to “solid” job growth and rising real (inflation-adjusted) wages that should allow real disposable income to “reaccelerate” next year. The August jobs report, released late last week, showed that hiring remains solid, though it has slowed from the blockbuster pace of earlier in the post-pandemic recovery. “The August jobs report couldn’t be much better,” Moody’s Analytics chief economist Mark Zandi wrote Friday on X, formerly known as Twitter.

Persons: New York CNN — Goldman Sachs, Goldman Sachs, That’s, It’s, ”, “, Jan Hatzius, ” Hatzius, Hatzius, reaccelerate ”, Mark Zandi Organizations: New, New York CNN, Federal Reserve, Wall Street, Bloomberg, Atlanta Locations: New York

☆ Fed officials fretted US inflation might not cool further unless economy slows down
▼ + stars: | 2023-08-16 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

Washington, DC CNN —Federal Reserve officials were wary that inflation would slow further unless the US economy and labor markets also cool down, according to minutes from their July policy meeting released on Wednesday. There have only been two meetings in which Fed officials dissented with a decision since the central bank began lifting rates in March 2022. “Inflation is still significantly above” the Fed’s 2% target, Fed Governor Michelle Bowman said earlier this month. The surprising economic strength this summer raised optimism among investors and Fed officials that the US economy can avoid a recession or a sharp uptick in unemployment as inflation continues to slow. Fed economists are in fact no longer projecting a recession, according to the minutes, which Fed Chair Jerome Powell divulged in his post-meeting news conference last month.

Persons: It’s, “, Michelle Bowman, dovish, Patrick Harker, ”, Quincy Krosby, Jerome Powell Organizations: DC CNN — Federal Reserve, Fed, Philadelphia Fed, LPL, Commerce Department, Research, Federal Reserve Bank of San Locations: Washington, June’s, Atlanta, Federal Reserve Bank of San Francisco

☆ US consumers are feeling less optimistic about the economy for the first time this summer
▼ + stars: | 2023-08-11 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Americans became slightly less optimistic about the economy this month, following two straight months of growing confidence. Sentiment had been on an upswing throughout the summer, mostly due to slower inflation, and is well above the record lows reached this time last year. Signs of cooling inflationGas prices, which are highly visible indicators of inflation for consumers, have risen in recent weeks, which could weigh on sentiment in the future. Still, consumers face the resumption of student loan payments later this year, and that could weigh on household budgets. US consumers opened up their wallets this summer, with many flocking to the smash-hit “Barbie” movie, attending concerts by Taylor Swift or Beyoncé, or traveling abroad.

Persons: “, ”, Joanne Hsu, Ryan Sweet, bode, Kieran Clancy, Barbie, Taylor Swift Organizations: DC CNN, University of Michigan, University of Michigan’s, University, Oxford Economics, Federal Reserve Bank of San, Pantheon, Consumer, Commerce Department, Federal, Atlanta Locations: Washington, June’s, Federal Reserve Bank of San Francisco, Michigan

☆ Ahead of two key inflation reports, what would a soft landing look like exactly?
▼ + stars: | 2023-08-06 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

But aside from simply skirting a recession, it’s not obvious what the economy would look like in a soft landing. And who even declares that the Fed has officially defied the odds and achieved a soft landing? The main aspect of a soft landing, according to economists, is the absence of a recession, which is determined by the National Bureau of Economic Research (NBER.) In a soft landing, the job market has to remain intact. The other key feature of a soft landing is for the Fed to successfully control inflation, but that’s open to some interpretation.

Persons: we’ve, ”, Kayla Bruun, “, Julia Pollak, ” Pollak, Josh Markman, cooldown, Austan Goolsbee, ” Goolsbee, Raphael Bostic, Michelle Bowman, Patrick Harker, Armour, Ralph Lauren Organizations: CNN Business, Bell, DC CNN, Federal Reserve, Bank of America, Fed, National Bureau of Economic Research, Morning, Atlanta, ZipRecruiter, Labor, Bel Air Investment Advisors, Federal, Federal Reserve Bank of Chicago, Bloomberg, Atlanta Fed, “, Tyson Foods, UPS, Fox, Restaurant Brands, The National Federation of Independent Business, US Commerce Department, China’s National Bureau of Statistics, Disney, US Labor Department, National Statistics, University of Michigan Locations: Washington

☆ Stocks week ahead: SVB and Signature Bank execs are set to testify next week
▼ + stars: | 2023-05-14 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

The US Senate Committee on Banking, Housing and Urban Affairs is holding three hearings this coming week centered around the collapses of Silicon Valley Bank and Signature Bank in March. ET : Greg Becker, former chief executive, Silicon Valley Bank; Scott Shay, former chairman and co-founder, Signature Bank and Eric Howell, former president, Signature Bank. ET : Mark Bialek, inspector general, Board of Governors of the Federal Reserve System and the Consumer Financial Protection Bureau; Paul Kupiec, senior fellow, American Enterprise Institute and more. Since then, the Federal Reserve and Federal Deposit Insurance Corporation have released reports detailing management missteps at SVB and Signature Bank, as well as federal regulators’ own mistakes in properly addressing red flags preceding the banks’ demises. A separate report from the Federal Reserve Bank of New York on Friday shows that American households are becoming increasingly frugal.

☆ Dollar weathers suspected yen intervention, China data mixed
▼ + stars: | 2022-10-24 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

SYDNEY (Reuters) - The U.S. dollar weathered another suspected blast of Japanese intervention to push higher on the yen on Monday, while most share markets rallied on just the hint of an eventual slowdown in U.S. rate hikes. REUTERS/Issei KatoThe dollar started in a bullish mood with an early rush to 149.70 yen, before taking a sudden spill as far as 145.28 in a matter of minutes. Yet speculators seemed undaunted and took the dollar back up to 148.90 in choppy trading. Also moving was sterling, which see-sawed on news Boris Johnson had dropped out of running for British prime minister. The Bank of Canada is also expected to tighten by 75 basis points at its meeting this week.

☆ Dollar absorbs suspected yen intervention, China data mixed
▼ + stars: | 2022-10-24 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

SYDNEY (Reuters) - The U.S. dollar weathered another suspected blast of Japanese intervention to push higher on the yen on Monday, while for equities a drop in Chinese markets took the shine off hopes for an eventual slowdown in U.S. interest rate hikes. REUTERS/Issei KatoThe dollar started in a bullish mood with an early rush to 149.70 yen, before taking a sudden spill as far as 145.28 in a matter of minutes. Yet speculators seemed undaunted and took the dollar back up to 148.90 in choppy trading. Japanese authorities again declined to confirm whether they had intervened, but the price action strongly suggested they had. [GOL/]Oil prices surrendered early gains following soft data on Chinese demand.

☆ Opinion: The Fed doesn’t have a choice anymore. Get ready for a recession
▼ + stars: | 2022-10-07 | by ( Gad Levanon For Cnn Business Perspectives | ) edition.cnn.com time to read: +5 min

On the other hand, overall employment growth has been much stronger than normal. Why has employment growth remained so strong? And it’s likely that these represent structural changes to buying patterns that will keep demand high. Employment growth is likely to slow down from its historically high rates, but it will still remain solid in the coming months. The only option that leaves the Fed is to engineer a recession by continuing to raise interest rates.

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