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☆ Morning Bid: Powell's final shot to shape markets before December Fed meeting
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +3 min

A street sign for Wall Street is seen in the financial district in New York, U.S., November 8, 2021. Markets are now fully pricing a rate cut by the May meeting with almost a 50% chance they move in March, according to the CME's FedWatch tool. Reuters GraphicsThe 10-year yield is down around 15 basis points and on Thursday hit its lowest level in 2-1/2 months at 4.247%. On Wednesday, the dollar index , which measures the currency against six major peers, touched its lowest level since Aug. 11 and dropped over 3% last month, its worst month in a year. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Brendan McDermid, Samuel Indyk, Jerome Powell's, Powell, Christopher Waller, Europe's, Fed's, Fed's Cook, ECB's, Fitch, Toby Chopra Organizations: Wall, REUTERS, Federal, Fed, Spelman College, Reuters, COVID, P Global, PMI, Thomson Locations: New York, U.S, France, Greece, Ireland, DBRS, Germany, Spain

☆ Fed's Cook says economic risks two-sided, 'soft landing' possible
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

"I believe that a 'soft landing' is possible, with continued disinflation and a strong labor market, but it is not assured," Cook said in remarks prepared for delivery to a San Francisco Fed conference on Asian economic policy. "I see risks as two-sided, requiring us to balance the risk of not tightening enough against the risk of tightening too much." Meanwhile, Cook noted, other global central banks have also tightened policy rapidly. "But in a world of uncertainty it is hard to judge the exact size of these spillovers." Reporting by Ann Saphir; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Lisa Cook, Jonathan Ernst, Cook, bank's, there's, Ann Saphir, Paul Simao Organizations: Federal Reserve, of Governors, Capitol, REUTERS, FRANCISCO, Federal, San Francisco Fed, U.S, Thomson Locations: Washington , U.S, U.S

REUTERS/Ken Cedeno/Pool/File Photo Acquire Licensing RightsDUBLIN Nov 8 (Reuters) - A rise in geopolitical tensions across the world could aggravate already subdued growth in Europe and China and the spillover may alter the path of the U.S. economy, Federal Reserve Governor Lisa Cook said on Wednesday. "We are not only watching subdued growth, we're watching the geopolitical tensions that we're all talking about, and that could change the outlook both in the United States and the global economy." Cook added that geopolitical tensions may in particular destabilize commodity markets and access to credit in the current higher interest rate environment. "Any shock could make the situation worse that we're already (in)... and could be destabilizing to commodity markets, could be destabilizing to the system of credit," Cook said. "More broadly, escalation of geopolitical tensions could lead to lower economic activity and increased fragmentation of global trade flows and financial intermediation, raising financing and production costs and contributing to more sustained supply chain challenges and inflationary pressures," Cook said.

Persons: Lisa DeNell Cook, Ken Cedeno, Lisa Cook, Cook, We're, Padraic Halpin, Conor Humphries, Ann Saphir, Lindsay Dunsmuir, Leslie Adler, Mark Potter Organizations: Governors, Federal Reserve System, Banking, Housing, Urban, Capitol, Washington , D.C, REUTERS, DUBLIN, Federal, Central Bank of Ireland, Thomson Locations: Michigan, Washington ,, Europe, China, U.S, Dublin, United States, Ukraine, Russia, East, San Francisco

"But I would say that an expectation of higher near-term policy rates does not appear to be causing the increase in longer-term rates." The interest rate on the 10-year Treasury bond has risen roughly a percentage point since the summer, breaching the 5% level late last month before dropping in recent days to its current level around 4.64%. The Fed has not raised its policy rate since July. Cook did not comment on her specific view of the Fed's policy rate, focusing instead on an overview of financial stability issues. In her overview of financial stability, Cook said she felt that the banking system had weathered the stresses of last spring, and "remains sound and resilient overall."

Persons: Lisa DeNell Cook, Ken Cedeno, Lisa Cook, Cook, Jerome Powell, Howard Schneider, Paul Simao Organizations: Governors, Federal Reserve System, Banking, Housing, Urban, Capitol, Washington , D.C, REUTERS, Rights, Federal, Duke University, Thomson Locations: Michigan, Washington ,, U.S

☆ Fed's Cook says hopes current policy setting is adequate to settle inflation
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +1 min

Dr. Lisa DeNell Cook, of Michigan, nominated to be a Member of the Board of Governors of the Federal Reserve System, listens during a Senate Banking, Housing and Urban Affairs Committee confirmation hearing on Capitol Hill in Washington, D.C., U.S., February 3, 2022. REUTERS/Ken Cedeno/Pool/File photo Acquire Licensing RightsWASHINGTON, Nov 6 (Reuters) - Federal Reserve Gov. Lisa Cook said she hopes the central bank's current target interest rate is adequate to return inflation to the Fed's 2% target. "But we will continue to be vigilant," to ensure the inflation target is reached. Reporting by Howard SchneiderOur Standards: The Thomson Reuters Trust Principles.

Persons: Lisa DeNell Cook, Ken Cedeno, Lisa Cook, Cook, Howard Schneider Organizations: Governors, Federal Reserve, Banking, Housing, Urban, Capitol, Washington , D.C, REUTERS, Rights, Duke University, Thomson Locations: Michigan, Washington ,

☆ Fed's Cook sees a less certain outlook for future of monetary policy
▼ + stars: | 2023-04-21 | by ( Michael S. Derby | ) www.reuters.com time to read: +2 min

Officials have signaled that they expect to raise rates by a quarter percentage point to between 5% and 5.25%, matching market expectations. But they are also unclear how much credit conditions might tighten and restrain growth as a result of the banking sector turbulence. In her remarks, Cook said that inflation has been moving down but underlying price pressures still remain strong and embedded in the economy. Cook also said the labor market remains strong but there are signs that’s also starting to slow down. “Wage growth has moderated somewhat from the rates reached about a year ago” and “indicators of hiring have slowed,” Cook said.

☆ Morning Bid: Purchasing managers of the world, diverge
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +2 min

Softening second-tier data in the U.S. on Thursday put a bid under bonds for the first time in a few weeks, while bitcoin was clobbered. Purchasing manager's index data are the next set of economic figures due as market focus flings back on growth. British (GBPMMF=ECI) and euro zone (EUPMMF=ECI) manufacturing surveys are seen stuck in contraction territory. European and British services PMIs are seen steady and staying in expansion mode. British retail sales are expected to fall, adding up to a somewhat confounding picture.

☆ Fed's Cook: watching credit conditions in calibrating interest rates
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +1 min

March 31 (Reuters) - U.S. Federal Reserve Board Governor Lisa Cook on Friday said she is watching credit conditions closely and will factor in potential economic headwinds from recent banking sector turmoil as she weighs the right level of interest rates to deal with high and persistent inflation. "On the one hand, if tighter financing conditions restrain the economy, the appropriate path of the federal funds rate may be lower than it would be in their absence," Cook said in remarks prepared for delivery. "On the other hand, if data show continued strength in the economy and slower disinflation, we may have more work to do." The Fed last week lifted the policy rate by a quarter of a percentage point to a 4.75%-5.00% range, and said "some additional policy firming may be appropriate." "I am closely watching developments in the banking sector, which have the potential to tighten credit conditions and counteract some of that momentum," Cook said.

☆ Morning Bid: Relentless
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +1 min

No compromise is forthcoming, either, on Capitol Hill, with 11 failed attempts at installing Kevin McCarthy as House speaker underscoring dysfunction there. The MSCI Asia ex-Japan index (.MIAPJ0000PUS) hit a four-month high on Friday, while Wall Street indexes test recent lows. European inflation data on Friday can set the stage for U.S. jobs data due later in the day as the figures can offer the latest state-of-play for consumer prices and the economy. A bigger-than-expected drop in the speed of German consumer price rises unleashed a bond rally across Europe earlier this week. The U.S. economy likely maintained a solid pace of job and wage growth in December, and that could again stymie bets that an end to rate rises is coming anytime soon.

☆ Morning bid: Look who's back
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +3 min

[1/2] A trader works on the trading floor at the New York Stock Exchange (NYSE) in New York City, U.S., January 5, 2023. Payrolls data due later on Friday are the major factor that will underscore this week's move, or undermine it. A Reuters poll of economists expects an increase of 200,000 jobs last month, after rising 263,000 in November. German 10-year bond yields , which serve as a benchmark for the broader euro zone, have fallen by almost 30 bps this week thanks to lower inflation data in several European markets. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Jan 6 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever. The deepening gloom surrounding the Fed and its 'higher for longer' stance on interest rates will surely spread to Asia - likely soon, depending on how the latest U.S. employment data pans out. Watch foreign exchange markets, too - the dollar is up 1.5% so far this week, on course for its best week since September. Of course, a higher dollar, rising U.S. Treasury yields and tighter U.S. financial conditions is never a good mix for emerging markets. 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 Cook says time nearing to hike rates in smaller steps
▼ + stars: | 2022-11-30 | by ( Michael S. Derby | ) www.reuters.com time to read: +2 min

"Given the tightening already in the pipeline, I am mindful that monetary policy works with long lags," she said. Cook was speaking two weeks before the Fed is due to release its next policy statement. The central bank has moved its short-term target rate up swiftly this year, from the near-zero level in March to the current 3.75%-4.00% range. But Fed officials have said in recent comments and other communications that, as they near a final destination for rate rises, it would be a good idea to slow down. Cook said the current pace of wage gains is above levels consistent with the Fed's 2% inflation target.

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