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☆ Fed's Collins warns against overreacting to good inflation data
▼ + stars: | 2024-06-18 | 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 EmailFed's Collins warns against overreacting to good inflation dataCNBC's Steve Liesman reports on news from the latest Federal Reserve speaker.

Persons: Fed's Collins, overreacting, Steve Liesman Organizations: Federal

Federal Reserve Bank of Boston President Susan Collins stands behind the Jackson Lake Lodge in Jackson Hole, where the Kansas City Fed holds its annual economic symposium, in Wyoming, U.S., August 24, 2023. Collins joins a growing set of Fed officials who have started preaching patience in considering any further rate hikes. But, she said, "there's been some promising evidence of inflation coming down," with goods price increases moderating, and shelter inflation likely to ease as well. There has been less progress on services inflation, Collins said, adding "I don't take off the table the possibility" that rates may need to rise again. I remain optimistic that we can bring inflation down in a reasonable amount of time without requiring a large increase" in unemployment, she said.

Persons: Susan Collins, Ann Saphir, Collins, there's, Howard Schneider, Dan Burns, David Gregorio Our Organizations: Reserve Bank of Boston, Kansas City Fed, REUTERS, Rights BOSTON, Boston Federal, Fed, Thomson Locations: Jackson, Wyoming, U.S

☆ Fed's Collins says CPI data drives home uneven progress on restoring price stability
▼ + stars: | 2023-10-12 | by ( Michael S. Derby | ) www.reuters.com time to read: +2 min

Collins appeared to view higher borrowing costs as buying the Fed some space to take in incoming data. If the rise in yields persists, “it likely reduces the need for further monetary policy tightening in the near term,” Collins said. It showed progress on underlying price pressures but the overall reading rose by 3.7% versus a year ago, the same gain as August. “Today’s CPI release is a reminder that restoring price stability will take time,” and it remains a question whether inflation is moving sustainably on a path back to the target, the official said. Collins added that the core service prices stripped of housing factors have yet to make much progress toward lower levels.

Persons: Susan Collins, Ann Saphir, ” Collins, Collins, “, Michael S, Mark Porter Organizations: Reserve Bank of Boston, Kansas City Fed, REUTERS, Federal Reserve Bank of Boston, Fed, Thomson Locations: Jackson, Wyoming, U.S

☆ Fed's Collins says now is time to be patient, deliberate with policy
▼ + stars: | 2023-09-06 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

Federal Reserve Bank of Boston President Susan Collins stands behind the Jackson Lake Lodge in Jackson Hole, where the Kansas City Fed holds its annual economic symposium, in Wyoming, U.S., August 24, 2023. Fed officials generally agree high levels of inflation are coming down, even as price pressures are still elevated. On the jobs front, Collins said demand for workers continues to outstrip supply and wage growth remains elevated. The current stance of monetary policy should “temper” demand and “I do not believe a significant slowdown is required,” Collins said. Reporting by Michael S. Derby; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: Susan Collins, Ann Saphir, ” Collins, they’ll, what’s, Collins, “, Michael S, Chizu Organizations: Reserve Bank of Boston, Kansas City Fed, REUTERS, Federal Reserve Bank of Boston, Fed, Market Committee, Thomson Locations: Jackson, Wyoming, U.S

☆ Fed's Collins says policymakers can 'proceed cautiously' on future rate hikes
▼ + stars: | 2023-09-06 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Boston Federal Reserve President Susan Collins on Wednesday advocated a patient approach to policymaking while saying she needs more evidence to convince her that inflation has been tamed. In remarks that aligned with sentiment from other key central bankers, Collins said the Fed may be "near or even at the peak" for interest rates. Both also supported the patient approach while cautioning that they view recent positive developments on inflation with caution and are ready to approve additional rate hikes if needed. Collins also spoke on the lags with which Fed policy is thought to work. Generally, economists believe it takes a year to a year and a half for rate hikes to seep through the economy.

Persons: Susan Collins, Collins, Jerome Powell, Christopher Waller, Waller, it's Organizations: Reserve Bank of Boston, Kansas City Fed, Boston Federal, Wednesday, CNBC, Market, Group Locations: Jackson, Wyoming, Boston

☆ Fed's Collins: May be at a place where Fed can hold steady - Yahoo Finance
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +1 min

[1/2] Federal Reserve Bank of Boston President Susan Collins stands behind the Jackson Lake Lodge in Jackson Hole, where the Kansas City Fed holds its annual economic symposium, in Wyoming, U.S., August 24, 2023. REUTERS/Ann Saphir Acquire Licensing RightsNEW YORK, Aug 24 (Reuters) - Federal Reserve Bank of Boston President Susan Collins said Thursday the central bank may be in a place where it doesn't need to raise rates again, while keeping open the option for more action. "We may be near, we could even be at a place where we would hold" and not raise rates further, Collins said in an interview on Yahoo Finance's video channel. Collins spoke on the sidelines of the Kansas City Fed's annual research conference in Jackson Hole, Wyo. Reporting by Michael S. DerbyOur Standards: The Thomson Reuters Trust Principles.

Persons: Susan Collins, Ann Saphir, Collins, Michael S Organizations: Federal Reserve Bank of Boston, Kansas City Fed, REUTERS, Yahoo, Kansas City, Market Committee, Derby, Thomson Locations: Jackson, Wyoming, U.S, Kansas

☆ Fed's Collins says latest inflation data doesn't change policy path yet
▼ + stars: | 2023-03-31 | by ( Michael S. Derby | ) www.reuters.com time to read: +4 min

"Where I am right now is, it doesn't really change how I've been thinking about where we are and what we have left to do" on the monetary policy front. In separate remarks on Thursday, Collins said Fed forecasts released last week projecting one more 25-basis-point rate hike were reasonable at the time. In her Reuters interview, however, Collins said the future of monetary policy remains very much subject to change due to the unpredictable nature of incoming data. "Even if there was a significant softening in the jobs report that comes in on Friday (April 7), that's really one month, and recent months have been quite strong. Pointing to the usage of the Fed's discount window, which has been historically shunned by banks, Collins said there appeared to be a "bit less stigma" to using some of the available facilities, adding "that is reassuring."

☆ Fed's Collins leans toward one more rate hike then hold for rest of year
▼ + stars: | 2023-03-30 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

Collins said she supported the Fed’s decision last week to raise its overnight target rate by 25 basis points to between 4.75% and 5.00%. That the Fed is not on track for more rate rises owes to troubles in the banking system, which has contributed uncertainty to the monetary policy outlook, the official said. “While the banking system remains strong and resilient, recent developments will likely lead banks to take a somewhat more conservative outlook and tighten lending standards, thus contributing to slowing the economy and reducing inflationary pressures,” Collins said. “These developments may partially offset the need for additional rate increases.”The Fed bank leader said the Fed is monitoring market conditions and “is prepared to use all tools at its disposal in keeping the banking system safe and sound.”In her remarks, Collins said that she views the banking system as resting on solid footing. As the Fed moved toward its last meeting, regional bank failures spurred fears about financial sector liquidity as authorities worked to ease those worries, while banks drew historic amounts of liquidity from the Fed.

Wall Street posted solid gains on Wednesday as volatility slumped to its lowest since the U.S. banking tremors were first felt three weeks ago. While bond yields inched up, bond market volatility also fell and fixed income markets were pretty calm. The rate-sensitive Nasdaq jumped 1.8% for its best day in two weeks, boosted by positive tech company outlooks. The MSCI World financials index is now up three days in a row and the U.S. regional banking index has risen for four straight days, neither of which have been recorded since January. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Fed's Collins says more rate hikes needed to curb 'too high' inflation
▼ + stars: | 2023-02-24 | by ( Michael S. Derby | ) www.reuters.com time to read: +1 min

NEW YORK, Feb 24 (Reuters) - Boston Federal Reserve President Susan Collins said on Friday more interest rate increases are needed to tame high levels of U.S. inflation. One of the U.S. central bank's newest regional bank presidents, she is not a voting member of the rate-setting Federal Open Market Committee this year. Collins, who took over as Boston Fed chief in July, 2022, voted in favor of every one of the aggressive rate hikes the Fed delivered last year while she was a voting member of the FOMC. Collins spoke after the release earlier on Friday of fresh data suggesting U.S. inflation pressures, which had been easing, may be more resilient than thought. The data suggested more Fed action will be needed, either in the form of more aggressive rate increases, a higher stopping point for rate increases, or a combination of both.

The Dow Jones Industrial Average (.DJI) rose 199.37 points, or 0.59%, to 33,745.69, the S&P 500 (.SPX) gained 18.78 points, or 0.48%, to 3,965.34 and the Nasdaq Composite (.IXIC) added 1.11 points, or 0.01%, to 11,146.06. For the week, the S&P 500 fell 0.7%, retreating modestly after a strong month-long rally spurred by softer-than-expected inflation data that sparked hopes the central bank could temper its market-punishing rate hikes. "We are not likely to see any real evidence in terms of potentially declining wage pressure or inflation pressure for another couple of weeks.”Defensive groups led the way among S&P 500 sectors, with utilities (.SPLRCU) up 2%, real estate (.SPLRCR) rising 1.3% and healthcare (.SPXHC) 1.2% higher. The S&P 500 posted 8 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 62 new highs and 141 new lows. About 9.7 billion shares changed hands in U.S. exchanges, compared with the 12 billion daily average over the last 20 sessions.

The S&P 500 has retreated this week after a month-long rally following softer-than-expected inflation data that sparked hopes the central bank could temper its market-punishing rate hikes. “What is driving all equities of course is Fed policy and the gravitational force that rising interest rates have on the equity complex as a whole," Goodwin said. Energy fell 1.7%, most among S&P 500 sectors, as oil prices dropped, stemming from concern about weakened demand in China and further increases to U.S. interest rates. Gap Inc (GPS.N) shares rose about 5% after the company beat Wall Street estimates for quarterly sales and profit. The S&P 500 posted 7 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 49 new highs and 112 new lows.

Traders' bets of a 75-bps rate hike in December have gone up to 24.2% from 19.4% the previous week, according to the CME Group's FedWatch tool. The benchmark S&P 500 (.SPX) and the Nasdaq (.IXIC) have lost 17% and nearly 29%, respectively, so far this year on worries that the aggressive rate hikes could push the economy into a recession. Among S&P 500 sectors, defensive stocks advanced on Friday, with utilities (.SPLRCU) and health (.SPXHC) rising 1.5% and 0.9%, respectively, and in the lead. Advancing issues outnumbered decliners by a 1.19-to-1 ratio on the NYSE and for a 1.01-to-1 ratio on the Nasdaq. The S&P index recorded seven new 52-week highs and two new lows, while the Nasdaq recorded 45 new highs and 96 new lows.

☆ Fed's Collins: Another 75-bps hike could be ahead
▼ + stars: | 2022-11-18 | by ( Michael S. Derby | ) www.reuters.com time to read: +2 min

Collins said Friday that the Fed's September projections for rates was a "reasonable range." Fed policymakers will issue new forecasts in December, and "there will be new data between now and then so that'll influence my own thinking." "I do not see clear, significant evidence that the overall inflation rate is coming down at this point." Collins, who votes on the Fed's interest rate decision in December, said it is still possible that the Fed can bring inflation down without causing too much trouble for the economy. "I look at current conditions and remain optimistic that there is a pathway to reestablishing price stability with a labor market slowdown that entails only a modest rise in the unemployment rate,” Collins said.

☆ Fed's Collins says more rate rises lie ahead for central bank
▼ + stars: | 2022-11-18 | by ( Michael S. Derby | ) www.reuters.com time to read: +2 min

BOSTON, Nov 18 (Reuters) - Federal Reserve Bank of Boston leader Susan Collins said on Friday the central bank has more rate rises ahead of it as it seeks to lower inflation, while adding she hopes the likely path for monetary policy will not wound the U.S. economy too badly. “Restoring price stability remains the current imperative and it is clear that there is more work to do,” Collins said in a speech text to open a conference on the labor market at her bank. From a near-zero federal funds rate in March, the current target rate range now stands at between 3.75% and 4%. Still, the bank president said she hopes the Fed can bring inflation down without causing too much trouble for the economy. Collins noted in her remarks that understanding the relationship between inflation and unemployment has grown more complex in the wake of the coronavirus pandemic.

☆ Fed's Collins expresses hope that inflation can be tamed without hitting jobs
▼ + stars: | 2022-11-18 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Boston Federal Reserve President Susan Collins expressed confidence Friday that policymakers can tame inflation without doing too much damage to employment. In her remarks, Collins noted the importance of bringing down inflation and recognized that the Fed's moves could exact a price. "Sufficiently restrictive" is a benchmark the Fed has set in determining where rates need to go to bring down inflation. "At the Fed we are committed to returning inflation to the 2 percent target in a reasonable amount of time. Only when inflation is low and stable can the economy in general — and the labor market in particular — work well for all Americans," Collins said.

☆ Fed's Collins says she see pathway to cutting inflation without big hit to labor market
▼ + stars: | 2022-11-18 | 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 EmailFed's Collins says she see pathway to cutting inflation without big hit to labor marketBoston Fed President Susan Collins joins 'Squawk on the Street' to discuss the pathway to bringing inflation down without a significant downturn in unemployment, the economic importance of bringing inflation down, and the risks associated with ongoing inflationary pressures.

☆ Fed's Collins says policy moving into new phase, open to smaller rate hikes
▼ + stars: | 2022-11-04 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

"At the moment, with inflation well above the Fed's 2 percent target, the Fed's central task must be to restore price stability," Collins said in prepared remarks for a speech. Collins' comments were among the first public remarks by a U.S. central bank official in the wake of this week's monetary policy meeting. Collins, who took over as head of the Boston Fed over the summer, is a voting member of the rate-setting Federal Open Market Committee this year. 'RISKS OF OVERTIGHTENING'In her remarks to the Brookings Institution, Collins said that as the Fed moves forward, "I believe it is important for us to consider the various options for policy moves." Collins also spoke shortly after the release on Friday of a U.S. monthly employment report that showed continued job market strength.

☆ Fed's Collins says policy entering new phase, open to smaller rate hikes
▼ + stars: | 2022-11-04 | by ( Michael S. Derby | ) www.reuters.com time to read: +4 min

"At the moment, with inflation well above the Fed's 2 percent target, the Fed's central task must be to restore price stability," Collins said in a speech. Collins' comments were among the first public remarks by a U.S. central bank official in the wake of this week's monetary policy meeting. Collins, who took over as head of the Boston Fed over the summer, is a voting member of the rate-setting Federal Open Market Committee this year. 'RISKS OF OVERTIGHTENING'In her remarks to the Brookings Institution, Collins said that as the Fed moves forward, "I believe it is important for us to consider the various options for policy moves." Collins also recognized that as the Fed keeps moving rates up "the risks of overtightening increase."

☆ Fed's Collins sees inflation fight costing jobs; recession not inevitable
▼ + stars: | 2022-09-26 | by ( Lindsay Dunsmuir | ) www.reuters.com time to read: +3 min

Sept 26 (Reuters) - The Federal Reserve's need to bring down unacceptably high inflation will cause the jobless rate to rise but a recession is not inevitable, Boston Fed President Susan Collins said in her maiden public speech on Monday. "A significant economic or geopolitical event could push our economy into a recession as policy tightens further," she said. "Moreover, calibrating policy in these circumstances will be complicated by the fact that some effects of monetary policy work with a lag." Collins, who has a PhD in economics, took over as head of the Boston Fed on July 1. She is the first Black woman to lead one of the 12 regional Fed banks, a fact she touched on high up in her speech on Monday.

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