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☆ Fed's Williams says inflation is too high but will start coming down soon
▼ + stars: | 2024-05-30 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

NEW YORK — New York Federal Reserve President John Williams on Thursday said inflation is still too high but he is confident it will start decelerating later this year. With markets on edge over the direction of monetary policy, Williams offered no clear signs on where he is leaning as far as possible interest rate cuts go. Williams called policy "well-positioned" and "restrictive" and said it is helping the Fed achieve its goals. But higher than expected inflation readings have altered that landscape dramatically, and current pricing is pointing to just one decrease, probably in November. Williams said he expects PCE inflation to drift down to 2.5% this year on its way back to 2% in 2026.

Persons: John Williams, Williams, CNBC's Sara Eisen, Dow Jones Organizations: Federal Reserve Bank of New, York Federal, Economic, of New, Fed, Commerce Department Locations: Federal Reserve Bank of New York, New York, York, of New York

☆ Fed's Williams touts need for more market data transparency
▼ + stars: | 2023-11-16 | by ( Michael S. Derby | ) www.reuters.com time to read: +2 min

“Having access to an abundance of data is a wonderful problem to have,” Williams said. “It’s important that we continue to prioritize transparency and clarity in data, especially financial market data. In separate comments for the conference, Michelle Neal, who leads the bank’s Markets Group, also touted the need for more transparency in the bond market. “I am looking forward to the increased transparency in on-the-run transaction data” industry participants are working toward, Neal said. “Looking further ahead, we should consider whether to take additional steps toward increased transaction transparency across the Treasury universe, especially for the less liquid segments of the Treasury market, such as the off-the-run market, where transparency is currently limited.”Neal noted that the off-the-run section of the Treasury market was where market issues were concentrated in March 2020, as the coronavirus pandemic sent investors thundering toward cash, upending market functioning.

Persons: John Williams, Carlo Allegri, ” Williams, “, Williams, Michelle Neal, Neal, ” Neal, Michael S, Chizu Organizations: Federal Reserve Bank of New, REUTERS, Federal Reserve Bank of New York, Treasury, bank’s Markets, Thomson Locations: Federal Reserve Bank of New York, New York, U.S

☆ Fed's Williams says US central bank's policymaking now more strategic
▼ + stars: | 2023-11-08 | by ( Michael S. Derby | ) www.reuters.com time to read: +1 min

John Williams, Chief Executive Officer of the Federal Reserve Bank of New York, speaks at an event in New York, U.S., November 6, 2019. REUTERS/Carlo Allegri/File Photo Acquire Licensing RightsNEW YORK, Nov 8 (Reuters) - New York Federal Reserve President John Williams said on Wednesday that the U.S. central bank had made great strides over recent decades in improving how it makes policy over the long run. Fed research analysis three decades ago was largely tactical and "very much about the here and now" of decision making, Williams said in prepared remarks for a speech to a U.S. central bank statistics conference in Washington. But the Fed has now undergone a large transformation both in transparency and how it thinks about making policy as a longer-running strategy, he said. Williams' prepared remarks did not address the monetary policy and economic outlook.

Persons: John Williams, Carlo Allegri, Williams, Michael S, Paul Simao Organizations: Federal Reserve Bank of New, REUTERS, New York Federal, Thomson Locations: Federal Reserve Bank of New York, New York, U.S, New, Washington

REUTERS/Issei Kato/File photo Acquire Licensing RightsOct 17 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. Could stocks - and global risk appetite, by extension - be gaining a momentum of their own regardless of what the bond market does? Wall Street's main indexes and the benchmark MSCI indexes for world, Asian and emerging stocks are all higher since the Oct. 7 Hamas attack on Israel. That said, investors in Asia should keep a close eye on the dollar, which is still trading up near 150.00 yen and over 7.30 yuan. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Issei Kato, Jamie McGeever, Wall, Fed's Williams, Bowman, Putin, Xi, Josie Kao Organizations: REUTERS, Reserve Bank of, U.S ., ICE, U.S, Treasury, Thomson, Reuters Locations: Tokyo, Japan, Asia, Israel, Australia, Beijing

☆ Fed's Williams: An 'open question' whether Fed will need to hike again
▼ + stars: | 2023-09-07 | by ( Michael S. Derby | ) www.reuters.com time to read: +1 min

John Williams, Chief Executive Officer of the Federal Reserve Bank of New York, speaks at an event in New York, U.S., November 6, 2019. REUTERS/Carlo Allegri/file photo Acquire Licensing RightsNEW YORK, Sept 7 (Reuters) - Federal Reserve Bank of New York President John Williams said on Thursday that it's an "open question" whether monetary policy is restrictive enough to bring the economy back into balance. Williams declined to say whether the Fed should raise rates again. The Fed is to meet on Sept. 19-20. Reporting by Michael S. Derby; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Persons: John Williams, Carlo Allegri, Williams, We’ve, ”, Michael S, Leslie Adler Organizations: Federal Reserve Bank of New, REUTERS, Federal Reserve Bank of New York, Fed, Bloomberg, Thomson Locations: Federal Reserve Bank of New York, New York, U.S

☆ Fed's Williams says natural rate of interest still low despite pandemic
▼ + stars: | 2023-05-19 | by ( Michael S. Derby | ) www.reuters.com time to read: +2 min

Speaking to a conference at the Federal Reserve in Washington, Williams’ remarks took on the technical concept of the natural rate of interest, which is the interest rate that neither slows nor stimulates the economy. Before the pandemic struck, this measure, referred to as R-Star, had been historically low, allowing the central bank to keep its interest rate target at fairly low levels. Williams, a leading intellectual architect of the R-Star concept, said his bank would be relaunching its public estimate Friday, updating it on a quarterly basis. Williams’ contended that even with the pandemic and the aftermath of its most acute phase, the fundamental story of a low natural interest rate remains in place. But his comments suggest that once the Fed’s battle to contain high inflation is over it may again at some later time be able to return short-term rates to low levels.

☆ Fed's Williams says world of low interest rates still prevails
▼ + stars: | 2023-05-19 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

Williams' remarks took on the technical concept of the natural rate of interest, referred to as R-Star, which the New York Fed defines "as the real short-term interest rate expected to prevail when an economy is at full strength and inflation is stable." Before the pandemic struck, this measure had been historically low, allowing the central bank to keep its interest rate target at fairly low levels. Williams said that given efforts to understand how the pandemic had impacted R-Star, his regional Fed bank will once again provide an estimate on a quarterly basis. To translate R-Star into a real-world rate depends on taking the variable and adding it to the central bank's 2% inflation target. But his comments suggest that once the Fed's battle to contain high inflation is over, it may again at some later time be able to return short-term rates to low levels.

☆ Fed's Williams says inflation still too high, eyeing financial conditions
▼ + stars: | 2023-05-09 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

Williams said price pressures remain "too high," and added that the Fed remains committed to bringing inflation back to the central bank's 2% target. The central bank also signaled that after just over a year of aggressive rate hikes, it may be done, or close to it, with the rate rises. Williams also serves as vice chair of the rate-setting Federal Open Market Committee, which has been working aggressively to lower high levels of inflation. The Fed is eyeing an end to the rate-hike cycle as inflation pressures have eased a bit. He noted there have been signs of slowing price pressures but noted that core services inflation stripped of housing factors remains persistent.

☆ The credit crunch is here and it could cripple the economy. Here's what Larry Summers, Nouriel Roubini and 7 other experts have said on the emerging threat.
▼ + stars: | 2023-04-20 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +6 min

Latest bank lending data suggests the credit crunch "has already started," according to Morgan Stanley strategists. Here's a selection of recent warnings on the emerging threat from experts including Larry Summers, David Solomon, Mike Wilson, Nouriel Roubini and Bill Gross. Apollo Asset Management's Jim Zelter told Bloomberg "it's not a credit crunch" but rather a "transition period" as markets face higher debt costs. "That credit crunch is going to make the likelihood of a recession — a hard landing — much greater than before. "Whether this qualifies as a full-blown 'credit crunch' remains to be seen.

☆ Fed's Williams: Inflation still 'too high,' Fed will act to lower it
▼ + stars: | 2023-04-19 | by ( Michael S. Derby | ) www.reuters.com time to read: +2 min

“Inflation is still too high, and we will use our monetary policy tools to restore price stability,” Williams said in prepared remarks for delivery before a gathering held by the Money Marketeers of New York University. Williams, who also serves as vice-chairman of the rate setting Federal Open Market Committee, did not comment on his personal view of what’s next for monetary policy, but he did note that central bank forecasts released recently flagged the prospect of more monetary policy tightening to help lower inflation. In his remarks, Williams said that the banking sector stress that started last month and has resulted in extensive Fed emergency lending to banks seems to be cooling off. “Conditions in the banking sector have stabilized, and the banking system is sound and resilient,” Williams said. The central banker noted in his speech that while inflation is high it has been cooling.

☆ Fed's Williams says interest rate path is data dependent
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

April 11 (Reuters) - The prospect of the Federal Reserve raising its benchmark interest rate only once more and in a 25 basis point increment is a useful starting point but the central bank's policy path will depend on incoming data, New York Fed President John Williams said on Tuesday. The Fed raised rates by 25 basis points to a 4.75%-5.00% range at that meeting. "We have to be driven by the data," Williams said. Inflation by the Fed's preferred measure is still running at more than twice that target rate. "So the real question to me is, we've gotten to restrictive (on policy), what's it going to take to be sufficiently restrictive?

☆ Fed's Williams doubts monetary policy spiked banking sector stress
▼ + stars: | 2023-04-10 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

The banking sector stress drove the Fed to provide substantial amounts of liquidity to the financial system, even as officials have stressed repeatedly that by and large the banking system is safe and sound and abounding with liquidity. Williams said he viewed the trouble at the two banks as unique in nature and unlikely to reflect broader trends in the financial system. That said, Fed officials have said that banking sector stress will likely weigh on the economy, as financial firms pull back on lending. Williams said that he also sees a gradual rise over time in unemployment from the current low 3.5% to between 4% and 4.5%. Williams said he is not concerned by market expectations of rate cuts even though the Fed currently has penciled in an additional rate rise this year.

☆ Fed's Williams: Expects to see unemployment rate to rise gradually to 4% to 4.5%
▼ + stars: | 2023-04-10 | 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 Williams: Expects to see unemployment rate to rise gradually to 4% to 4.5%CNBC's Steve Liesman joins 'Closing Bell: Overtime' to report on New York Fed President John Williams latest remarks.

☆ Fed's Williams says financial conditions key to rate policy outlook
▼ + stars: | 2023-03-31 | by ( Michael S. Derby | ) www.reuters.com time to read: +2 min

WASHINGTON, March 31 (Reuters) - Federal Reserve Bank of New York President John Williams said Friday uncertain developments with financial conditions will be a key contributor to his thinking about what’s next for central bank interest rate policy. When the Fed met last week and raised its overnight target rate it noted that tighter financial conditions will likely weigh on growth. In thinking about monetary policy, “I will be particularly focused on assessing the evolution of credit conditions and their effects on the outlook for growth, employment, and inflation,” Williams said in his speech. The New York Fed president’s remarks Friday were his first since the FOMC met last week. In his remarks, Williams laid out some short-term pain for the economy as the Fed uses policy to cool inflation.

☆ Fed's Williams: Banking system stresses likely to result in tightening credit conditions
▼ + stars: | 2023-03-31 | 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 Williams: Banking system stresses likely to result in tightening credit conditionsCNBC's Steve Liesman joins 'Closing Bell' to report on the latest remarks from New York Fed President John Williams.

☆ Morning Bid: The Powell Put
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Wayne Cole. Wall Street must be hoping Federal Reserve Chair Jerome Powell would speak in public every day. Given a chance to react hawkishly to the bumper January payrolls report, Powell demurred and chose to stay boringly balanced on the rate outlook. Asked if he regretted using "disinflation" 11 times in his media conference last week, he said no, he would do the same again. Hardly earth shattering stuff, but for markets these days if Powell is not all-out in-your-face hawkish, then he's dovish.

Fed Chair Jerome Powell has spoken and luckily for bulls and bears, there was something for everyone, so where Asian markets go on Wednesday is something a coin flip. With an expected interest rate rise in India taking center stage regionally, investors in Asia will be digesting the mixed U.S. picture that saw stocks rise but the dollar and Treasuries ease lower on Tuesday. But he also said "it will take some time" to get the inflation genie back in the 2% bottle. The Reserve Bank of India is likely to raise its key interest rate by 25 basis points to 6.50%, which most economists reckon will be the last of the hiking cycle. With the rupee within a whisker of October's record low, however, traders will be on RBI intervention alert.

☆ Fed's Williams: Inflation remains too high, Fed has more work to do
▼ + stars: | 2023-01-20 | 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 EmailFed's Williams: Inflation remains too high, Fed has more work to doCNBC's Steve Liesman reports on comments from the New York Federal Reserve president John Williams.

☆ Fed's Williams says Fed needs more rate rises to cool inflation
▼ + stars: | 2023-01-19 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

“Bringing inflation down is likely to require a period of below-trend growth and some softening of labor market conditions,” Williams warned. A number of other Federal Reserve officials have expressed support for a downshift in the pace of rate rises. Last year, the Fed moved its short-term interest rate target higher at a historically aggressive pace in a bid to fight the highest inflation seen in decades. It moved from a near zero federal funds rate in March to between 4.25% and 4.5% by year's end. At the December meeting, officials penciled in a 5.1% stopping point for rate hikes this year and increased their target rate by half a percentage point at that gathering.

Either way, it does look like Q4 GDP, as well as December retail sales, investment and industrial production data will confirm the world's second-largest economy ended last year on an extremely weak footing. GDP is expected to contract 0.8% from Q3, giving annual growth of just 1.8% in the October-December period. Retail sales are expected to have fallen 8.6%. chartEconomists polled by Reuters reckon China's economy grew 2.8% last year overall, and will rebound to 4.9% this year. House price data on Monday showed the sector continued to weaken into December as new COVID-19 outbreaks hit demand.

☆ Corporate profit reports in the week ahead could show whether there's an 'earnings recession'
▼ + stars: | 2023-01-13 | by ( Patti Domm | In | ) www.cnbc.com time to read: +6 min

Investors in the week ahead will focus on how much inflation and the slowing economy have chiseled away at corporate profits, as companies including Goldman Sachs , Netflix and Procter & Gamble report earnings. "This is going to be the start of the clock ticking on an earnings recession," said Amanda Agati, chief investment officer of PNC Asset Management Group. Economic recession talk heats up "There's never been a recession without an earnings recession since World War II," Agati said. Art Hogan, chief market strategist at B. Riley Financial, said this coming earnings week could be an important step towards assessing the health of corporate balance sheets. Week ahead calendar Monday Martin Luther King Jr. Day Markets closed Tuesday Earnings: Goldman Sachs , Morgan Stanley , Citizens Financial, United Airlines, Interactive Brokers 8:30 a.m.

Nov 28 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever. Thousands of people are taking to the streets in several cities across the country in an unprecedented protest against the government's stringent COVID restrictions after a deadly apartment fire in Urumqi in the country's far west. The wave of civil disobedience and clashes between protestors and police come amid mounting frustration over President Xi Jinping's signature zero-COVID policy. It's safe to say that this does not happen very often, and the world is watching intently to see how Beijing handles the brewing crisis. From an immediate market perspective, the COVID surge and nationwide unrest snuff out any hope China is about to re-open its economy.

☆ Fed's Williams says monetary policy not best tool for financial stability
▼ + stars: | 2022-11-16 | by ( Michael S. Derby | ) www.reuters.com time to read: +1 min

"For monetary policy to be most effective, financial markets must function properly," Williams said in prepared remarks for a speech to a Treasury market conference at the New York Fed. "Using monetary policy to mitigate financial stability vulnerabilities can lead to unfavorable outcomes for the economy," Williams said, adding that "monetary policy should not try to be a jack of all trades and a master of none." Williams did not comment on the near-term monetary policy outlook in his prepared remarks. "Restoring price stability is of paramount importance because it is the foundation of sustained economic and financial stability. Price stability is not an either/or, it's a must-have," he said.

☆ Stock market rally will be put to test in week ahead, after yields fall and tech surges
▼ + stars: | 2022-11-11 | by ( Patti Domm | In | ) www.cnbc.com time to read: +10 min

This week, bond yields also came off their highs and were sharply lower, paving the way for gains in tech and growth shares. They include Fed Vice Chair Lael Brainard, New York Fed President John Williams and Minneapolis Fed President Neel Kashkari to name a few. Hogan said that group includes Bullard, Brainard and San Francisco Fed President Mary Daly. Many strategists are calling the move higher a bear market rally, and some expect it will fizzle in December while others say it could continue into the new year. Friday Earnings: JD.com, Foot Locker, Buckle 8:40 a.m. Boston Fed President Susan Collins 10:00 a.m.

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