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Stocks jump after Chicago Fed’s Goolsbee comments on rates
  + stars: | 2024-12-20 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStocks jump after Chicago Fed’s Goolsbee comments on ratesThe 'Fast Money' traders to discuss the Fed comments that turned markets around after this week's Fed meeting.
Persons: Chicago Fed’s Organizations: Chicago, Fed
“The key thing we have to watch is housing,” Chicago Fed President Austan Goolsbee said Friday. He is shown above at The Wall Street Journal Global Food Forum in Chicago in June. Photo: Kevin Sikorski for The Wall Street JournalInflation seems on track toward the Federal Reserve’s 2% target and now the big question is what will happen with housing in 2024, a top Fed official said Friday. “It was absolutely where we wanted it to be,” Chicago Fed President Austan Goolsbee said of the government’s latest inflation data.
Persons: Austan Goolsbee, Kevin Sikorski Organizations: Chicago Fed, Wall Street, Food Forum, The Wall, Federal, Fed Locations: Chicago
Taking in to account everything from stock prices to measures of borrowing costs for the government, businesses and households, financial conditions matter to monetary policy. On Friday, the Federal Reserve reported that its Financial Conditions Impulse on Growth for June moved to 0.458, from May’s 0.603 reading. Meanwhile, Goldman Sachs’ closely watched Financial Conditions Index has been easing fairly steadily since May. An explicit goal has been to tighten financial conditions. Even as many key aspects of the economy have remained strong in the face of higher rates, inflation pressures are easing.
Persons: Benson Durham, Piper Sandler, Goldman Sachs ’, Jerome Powell, ” Powell, Piper Sandler's Durham, Michael S, Dan Burns, Matthew Lewis Organizations: Federal, Fed, Federal Reserve, Bank of America, Derby, Thomson Locations: Chicago, New York
The report captures the effects of last month’s banking turbulence on businesses and banks themselves. “Lending volumes and loan demand generally declined across consumer and business loan types,” the Fed said in its periodic compilation of business survey responses, known as the Beige Book. A tightening in credit conditions was perhaps the biggest change reflected in the latest Beige Book report. While those concerns have largely subsided, many economists feared it would make it harder to access credit. Other banks in the Richmond Fed’s district reported higher inflows of deposits following the collapse of Silicon Valley Bank, the report said.
March 10 (Reuters) - The chief executive officer of failed Silicon Valley Bank, Greg Becker, is no longer on the board of directors at the Federal Reserve Bank of San Francisco. The spokesperson declined to say how Becker exited the San Francisco Fed board. Becker served as a Class A director at the San Francisco Fed, one of three finance executives representing member banks in the San Francisco Fed district. The 12 regional Federal Reserve banks are quasi-private institutions overseen by the Fed in Washington. The directors of the Fed banks have been in the spotlight in recent years as the central bank has faced criticism that bank directors lacked racial and gender diversity and were too weighted towards the business and banking community.
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