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☆ Crude edges higher on supply concerns as shipping disruptions continue
▼ + stars: | 2024-02-27 | by ( ) www.cnbc.com time to read: +1 min

Third-generation oilman walks past a working pumpjack at his oilfield in Taft, Kern County, California on Sept. 21, 2023. Oil prices ticked up in early Asian trading on Monday, extending gains for the third straight day, as shipping disruptions spurred supply worries. Brent crude futures rose 16 cents, or 0.2%, to $82.69 a barrel by 0106 GMT, while U.S. West Texas Intermediate crude futures (WTI) climbed 15 cents, or 0.2%, to $77.73 a barrel. Iran-aligned Houthis have continued their attacks on shipping in the Red Sea, and while the Israel-Hamas war has not significantly constrained oil supply, it has increased freight rates and shipping time, leaving barrels on the water for longer. In public, Israel and Hamas continued to take positions far apart on a possible truce, while blaming each other for delays.

Persons: Brent, Joe Biden, Jeffrey Schmid Organizations: U.S, West Texas, , Kansas City Federal Reserve Bank Locations: Taft, Kern County , California, Iran, Red, Israel, U.S, Gaza, Qatar, , Kansas

☆ Fed President Daly warns against calling time on rate-rising cycle too soon - FT
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: 1 min

Federal Reserve Bank of San Francisco President Mary Daly poses for a photograph at the Kansas City Federal Reserve Bank's annual Economic Policy Symposium in Jackson Hole, Wyoming, U.S. August 25, 2023. REUTERS/Ann Saphir/File Photo Acquire Licensing RightsNov 15 (Reuters) - San Francisco Federal Reserve President Mary Daly warned against calling time on rate-rising cycle too soon, in an interview to Financial Times on Wednesday. Daly refused to rule out another interest rate increase, given uncertainty about whether the central bank has done enough to push consumer price growth back down to its 2 per cent target. She indicated little concern about the recent sharp fall in US government bond yields, which has loosened financial conditions, according to FT. Reporting by Urvi Dugar in BengaluruOur Standards: The Thomson Reuters Trust Principles.

Persons: Mary Daly, Ann Saphir, Daly, Urvi Organizations: Reserve Bank of San Francisco, Kansas City Federal, REUTERS, San Francisco Federal, Financial Times, Thomson Locations: Jackson Hole , Wyoming, U.S, Bengaluru

☆ Fed's Daly: Risks of doing too much vs too little 'roughly balanced'
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +2 min

Federal Reserve Bank of San Francisco President Mary Daly poses for a photograph at the Kansas City Federal Reserve Bank's annual Economic Policy Symposium in Jackson Hole, Wyoming, U.S. August 25, 2023. "How much can the economy take in terms of rate increases so we can get the policy rate to a level that's reasonable to bring inflation down? She was describing the balancing act the Fed faces after raising the short-term policy rate from near zero to 5.25%-5.5% over a span of about 18 months. "I would say now the risks of how we balance those things are roughly balanced -- over-tightening versus under-tightening -- but we still have high inflation and the labor market's still strong," she said. "It's part of a large dashboard of data," she said, to which the Fed needs to be able to respond to with agility.

Persons: Mary Daly, Ann Saphir, Daly, Chris Reese, Leslie Adler Organizations: Reserve Bank of San Francisco, Kansas City Federal, REUTERS, San Francisco Federal, Treasury, Thomson Locations: Jackson Hole , Wyoming, U.S, San, Chicago, Palestinian, Israel

☆ Fmr. Kansas City Fed President Esther George: I think the Fed can be patient right now
▼ + stars: | 2023-10-09 | 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 EmailFmr. Kansas City Fed President Esther George: I think the Fed can be patient right nowEsther George, former Kansas City Federal Reserve President, joins 'Squawk Box' to discuss the Fed's inflation fight, the impact of September's much hotter-than-expected employment report, the state of the U.S. economy, and more.

Persons: Esther George Organizations: Kansas City Federal Reserve Locations: . Kansas, Kansas, U.S

☆ Global central banks unite in "higher for longer" credo
▼ + stars: | 2023-09-21 | by ( Mark John | ) www.reuters.com time to read: +6 min

The so-called "higher for longer" mantra is now the official stance of the U.S. Federal Reserve, European Central Bank and the Bank of England, as well as being echoed by monetary policy-makers from Oslo to Tapei. U.S. Federal Reserve policymakers had a similar message on Wednesday. Turkey's central bank confirmed its hawkish turn while in Asia, Taiwan's central bank flagged continued tight policy. Reuters Graphics"TIPPING POINT"Belgian central bank chief and ECB board member Pierre Wunsch - an early voice urging tougher central bank action to counter inflation from end-2021 - said on Thursday that monetary policy was now at the right level. That said, the prospect that global interest rates are pretty close to peak will be of huge relief to emerging economies suffering from heavy debt servicing loads.

Persons: Jerome Powell, Christine Lagarde, Kazuo Ueda, Ann, BoE, Andrew Bailey, Pierre Wunsch, Wunsch, COVID lockdowns, Jerome, Powell, Krishna Guha, Howard Schneider, Balazs Koranyi, Catherine Evans Organizations: European Central Bank, Bank of Japan, Kansas City Federal, REUTERS, U.S . Federal Reserve, Bank of England, U.S . Federal, Swiss National Bank, South African Reserve Bank, People's Bank of, Reuters, ECB, Reuters Global Markets, Economics, Sterling, Swiss, United, Thomson Locations: Jackson Hole , Wyoming, U.S, Central, Oslo, Tapei, Europe, Norway, Sweden, Asia, People's Bank of China, Belgian, United States, Ukraine, Washington, Frankfurt, London, Stockholm, Zurich, Ankara

Federal Reserve Governor and Vice Chair-designate Philip Jefferson poses for a photograph on the sidelines of the Kansas City Federal Reserve Bank's annual Economic Policy Symposium in Jackson Hole, Wyoming, U.S., August 25, 2023. REUTERS/Ann Saphir Acquire Licensing RightsWASHINGTON, Sept 5 (Reuters) - The U.S. Senate on Tuesday voted overwhelmingly to clear the way for the confirmation this week of Federal Reserve Governor Philip Jefferson to be vice chair of the U.S. central bank. President Joe Biden has also nominated Fed Governor Lisa Cook to a new 14-year term, and picked World Bank economist Adriana Kugler to fill the last open seat of the seven-member Fed Board. The Senate will vote on Cook and Kugler’s nominations in the next few days, Senator Sherrod Brown said before Jefferson vote. Jefferson and Cook have both voted for every rate hike since they joined the Fed in May 2022.

Persons: Philip Jefferson, Ann Saphir, Jerome Powell, Joe Biden, Lisa Cook, Adriana Kugler, Cook, Sherrod Brown, Jefferson, Chuck Schumer, Richard Cowan, Leslie Adler, Lincoln Organizations: Federal, Governor, Kansas City Federal, REUTERS, Rights, U.S, Senate, Federal Reserve, Jefferson, World Bank, Fed, Committee, Thomson Locations: Kansas, Jackson Hole , Wyoming, U.S

☆ European stocks open higher after Fed chair signals more rate hikes possible
▼ + stars: | 2023-08-28 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

At the gathering, a slew of central bankers met to discuss monetary policy and how to address stubbornly high inflation in many major economies. The most closely watched speech of the event came from Fed Chair Jerome Powell. The U.S. central bank head said that that inflation remains too high and that the Fed is ready to continue hiking interest rates to tame persistently high prices. While Powell said the Fed could be flexible, he added it still has further to go to fight inflation. "Although inflation has moved down from its peak — a welcome development — it remains too high," Powell said in prepared remarks at Jackson Hole.

Persons: Germany's DAX, Jerome Powell, Powell, Jackson Organizations: U.S . Federal Reserve, CAC, Italian, Kansas City Federal Locations: Jackson Hole , Wyoming, U.S

That sobering view of a post-pandemic global economy emerged from research organized by the Kansas City Federal Reserve and debated here this past weekend. "This puts us in a bleak setting, thinking about the parts of the world that are labor rich but capital poor," he said. "I do remember a time, maybe a more naive time...when more trade would create friends," said Ben Broadbent, deputy governor of the Bank of England. If there was a potential bright spot, it was around the discussion of advances in artificial intelligence as a possible driver of higher productivity. Reporting by Howard Schneider; Editing by Dan Burns and Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

Persons: JACKSON, Pierre, Olivier Gourinchas, Gourinchas, Maurice Obstfeld, Barry Eichengreen, Eswar Prasad, Donald Trump, Biden, Jared Bernstein, Bernstein, Ben Broadbent, Ngozi Okonjo, Iweala, Trump, Nela Richardson, Howard Schneider, Dan Burns, Andrea Ricci Organizations: Kansas City Federal Reserve, U.S, Monetary Fund, Fed, Peterson Institute for International Economics, International Monetary Fund, University of California, Cornell University, U.S . White House Council, Economic, Biden, Bank of England, Trade Organization, Thomson Locations: , Wyoming, Ukraine, China, West, Washington . China, U.S, Berkeley, Japan, Nigeria, Russian, Europe

"The economy is a global economy, right? Yet Fed officials remain puzzled, and somewhat concerned, over conflicting signals in the incoming data. But gross domestic product is still expanding at a pace well above what Fed officials regard as the non-inflationary growth rate of around 1.8%. Difficulties in China, meanwhile, may drag down global growth the longer they fester. Its slowdown after a short-lived growth burst earlier this year could pinch Germany's exports and slow Europe's growth, for instance.

Persons: Jerome Powell, Christine Lagarde, Kazuo Ueda, Ann Saphir, JACKSON, Jackson, Pierre, Olivier Gourinchas, Loretta Mester, Mester, Lagarde, Biden, Nathan Sheets, Powell, Gourinchas, Howard Schneider, Dan Burns, Andrea Ricci Organizations: European Central Bank, Bank of Japan, Kansas City Federal, REUTERS, Federal, U.S, Monetary Fund, Cleveland Fed, Reuters, Citigroup, Consumer, Thomson Locations: Jackson Hole , Wyoming, U.S, , Wyoming, Brazil, Chile, China, Ukraine

Since 2007, worldwide public debt has ballooned from 40% to 60% of GDP, on average, with debt-to-GDP ratios even higher in the advanced countries. That includes the United States, the world's biggest economy, where government debt is now more than double the nation's yearly economic output. Reuters GraphicsDespite mounting worries about the growth-crimping implications of high debt, "debt reduction, while desirable in principle, is unlikely in practice," Serkan Arslanalp, an economist at the International Monetary Fund, and Barry Eichengreen, an economics professor at the University of California, Berkeley, wrote in a paper. Inflation, unless it surprises to the upside over an extended period, does little to reduce debt ratios, and debt restructuring for developing countries has become more elusive as the pool of creditors has broadened, Arslanalp and Eichengreen wrote. "High public debts are here to stay," they wrote.

Persons: Dado Ruvic, Jackson, Barry Eichengreen, Eichengreen, Ann Saphir, Paul Simao Organizations: REUTERS, Kansas City Federal, International Monetary Fund, University of California, Thomson Locations: Saudi, , Wyoming, Jackson Hole , Wyoming, United States, Berkeley

☆ ECB’s Lagarde says interest rates to stay high as long as needed to defeat inflation
▼ + stars: | 2023-08-26 | by ( ) www.cnbc.com time to read: +2 min

Interest rates in the European Union will need to stay high "as long as necessary" to slow still-high inflation, Christine Lagarde, president of the European Central Bank, said Friday. "While progress is being made," she said, "the fight against inflation is not yet won." Lagarde's remarks, at an annual conference of central bankers in Jackson Hole, Wyoming, came against the backdrop of the ECB's efforts to manage a stagnating economy with still-high inflation. The central bank has raised its benchmark rate from minus 0.5% to 3.75% in one year — the fastest such pace since the euro was launched in 1999. "If we also face shocks that are larger and more common — like energy and geopolitical shocks — we could see firms passing on cost increases more consistently," Lagarde said.

Persons: Jerome Powell, Christine Lagarde, Kazuo Ueda, Lagarde Organizations: European Central Bank, Bank of Japan, Kansas City Federal, European Union Locations: Jackson Hole , Wyoming, European, Ukraine

☆ How should central banks coordinate when their economies are headed in opposite directions?
▼ + stars: | 2023-08-25 | by ( Samantha Delouya | ) edition.cnn.com time to read: +4 min

So how should central banks coordinate when their economies are headed in opposite directions? And since the start of the pandemic, international monetary policy has looked striking similar. From the United States to Saudi Arabia to Malaysia, many major world economies slashed interest rates to historically low levels in March 2020 to stimulate their economies amid Covid lockdowns. Central bankers do “talk a lot, and we see each other quite a bit,” said Andrew Bailey, Bank of England’s president, at a June event hosted by the European Central Bank. “Adopting formal global monetary policy cooperation could plausibly erode central bank credibility and public support for central bank independence,” former Federal Reserve Vice Chair Richard Clarida said at a 2021 Asia Economic Policy Conference.

Persons: Jackson, —, Nick Bennenbroek, ”, Andrew Bailey ,, Richard Clarida, “ There’s, ” Bennenbroek, Jerome Powell Organizations: Los Angeles CNN, Kansas City Federal Reserve, Andrew Bailey , Bank of England’s, European Central Bank, Federal, Asia Economic Policy Locations: lockstep, Jackson Hole , Wyoming, United States, Saudi Arabia, Malaysia, China, Wells, Asia

☆ Jeffrey R. Schmid to replace Esther George as Kansas City Fed president
▼ + stars: | 2023-08-02 | 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 EmailJeffrey R. Schmid to replace Esther George as Kansas City Fed presidentCNBC's Steve Liesman reports on news from the Kansas City Federal Reserve.

Persons: Jeffrey R, Schmid, Esther George, CNBC's Steve Liesman Organizations: Kansas City Fed, Kansas City Federal Reserve Locations: Kansas

☆ Veteran banker Jeffrey Schmid picked to lead Kansas City Fed
▼ + stars: | 2023-08-02 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

Jeffrey Schmid, the new president and CEO of the Kansas City Fed. The Kansas City Federal Reserve is about to get a new leader as the inflation-fighting central bank plots its course ahead. Schmid will serve the remainder of George's five-year term helming the Kansas City Fed, which will take him to Feb. 28, 2026. Interestingly, he arrives at the Fed just before the Kansas City district hosts its annual Jackson Hole summit, which this year will run from Aug. 24-26. The retreat features a keynote address from the Fed chair and often is pivotal in laying out policy strategy.

Persons: Jeffrey Schmid, Jeffrey R, Schmid, Esther George, Southern Methodist University's, Maria Griego, George, Jackson Organizations: Kansas City Fed, Kansas City Federal, Southern Methodist, Southern Methodist University's Cox School of Business, Federal Deposit Insurance Corporation, Mutual, Omaha Bank, Federal Reserve, Associates, Fed, Kansas City Locations: Omaha, Raby, Albuquerque , New Mexico, Kansas

☆ Inflation will have to be closer to 3% than 4.5% for Fed to pivot, says former Fed president
▼ + stars: | 2023-07-10 | 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 EmailInflation will have to be closer to 3% than 4.5% for Fed to pivot, says former Fed presidentEsther George, former Kansas City Federal Reserve president, joins 'Squawk on the Street' to discuss whether the Federal Reserve has more work to do to bring inflation down, if there's any data that would make George think the Federal Reserve will pause, and more.

Persons: Esther George, George Organizations: Fed, Kansas City Federal Reserve, Federal Reserve Locations: Kansas

☆ Morning Bid: Dogged central banks rein in risk
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +4 min

Markets have been here before over the past year - continually underestimating the economy's resilience and Fed's trajectory. There was far less ambiguity in moves from Europe's central banks on Thursday. The Swiss National Bank raised rates by 25bp earlier, as expected, but also left the door open for more tightening. And Norway's central bank surprised with an aggressive 50bp rise to a 15-year high of 3.75% and signaled another move in August. In the emerging market world, Turkey was expected to more than double its 8.5% interest rate in a post-election macroeconomic policy reset.

Persons: Mike Dolan, Jerome Powell, Powell, Raphael Bostic, BoE, Britain's, Christopher Waller, Michelle Bowman, Loretta Mester, Thomas Barkin, Elaine Hardcastle Organizations: Federal, Financial, Fed, Atlanta Fed, Yahoo Finance, Bank of England, Swiss National Bank, Treasury, The Times, Bank of, U.S, Kansas City Federal, Chicago Fed, Cleveland Fed, Richmond Fed, Accenture, Darden, Graphics Reuters, Reuters, Thomson Locations: U.S, Britain, Europe's, Turkey, Mexico

☆ Morning Bid: Debt deal is near, Fed peak is not
▼ + stars: | 2023-05-26 | by ( ) www.reuters.com time to read: +4 min

Investors juggled these three strands over the past 24 hours, with top-line equity index relief from the Nvidia-inspired spur to artificial intelligence and chip stocks everywhere. And the banking stress that changed the picture in March appears to be settling too, judging by the latest central bank numbers. Friday brings some hope that White House and congressional leaders can ink a deal on lifting the U.S. debt ceiling they indicated overnight was now close - just before the Treasury Department runs out of cash from June 1 next week. Anxieties in the Treasury bill market only eased a touch, and one-month bill yields remained above 6% early Friday. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Nasdaq 100 futures rise Wednesday night as Meta pops on quarterly results: Live updates
▼ + stars: | 2023-04-26 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange on April 26, 2023 in New York City. Nasdaq 100 futures gained 0.5%, while S&P 500 futures added 0.2%. Futures linked to the Dow Jones Industrial Average gained 23 points, or 0.07%. Meta shares leapt in after-hours trading as the company reported quarterly revenue that beat analysts' expectations. The S&P 500 slid 0.38%, while the tech-heavy Nasdaq Composite rose 0.47%.

☆ Apple launches buy now, pay later service
▼ + stars: | 2023-03-28 | by ( Jennifer Korn | ) edition.cnn.com time to read: +2 min

New York CNN —Apple on Tuesday launched an option in its digital wallet allowing customers to pay for online purchases in installments, making it the latest company to embrace the buy now, pay later trend. The new feature, called Apple Pay Later, lets customers split payments for purchases into four installments over six weeks, with the first installment due at the time of purchase. Apple users can also apply for a loan within the Wallet app, ranging from $50 to $1000, with no interest or fees, to make online or in-app purchases. Apple’s move comes as a growing number of consumers have turned to buy now, pay later services to stretch their budgets at a time of high inflation and broader economic uncertainty. Apple’s Pay Later option is enabled through the Mastercard Installments program.

The Fed currently holds about $2.6 trillion of MBS as part of its roughly $8 trillion securities portfolio. That is about a quarter of the total MBS market, what George referred to as an "enormous" share that raises questions about the appropriate extent of the central bank's presence. In theory, that puts upward pressure on long-term interest rates by lowering demand for those assets. George said she did not have a specific plan in mind, but felt her colleagues should get to work on one. More important than the details of any plan "is just to say how will we go about doing that earlier rather than later.

☆ Morning Bid: Japan hesitates
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +4 min

Judging by Wednesday's reaction, world markets reckon Japan will eventually abandon its ultra-loose monetary policy despite a stubborn doubling down this week - and overseas ructions may be less than feared. But after some wild gyrations on the initial announcement, the market reaction was rather muted on balance. Japan's Nikkei (.N225) ended 2.5% higher, but it closed before the yen rebound in European hours. The release of December U.S. producer price, retail sales and industrial production numbers later on Wednesday now takes centre stage. U.S. Treasury auctions 20-year bonds* Bank of Japan policy decision.

☆ Fed's Esther George sees rates staying high at least into 2024
▼ + stars: | 2023-01-05 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

As her 40-year central banking career comes to a close, Kansas City Federal Reserve President Esther George is advising her colleagues to stay tough in their efforts to stamp out runaway inflation. George said Thursday that she thinks the Fed should raise its benchmark borrowing rate above 5% and keep it there until there are substantial signs that prices are stabilizing. At the December Fed meeting, the rate-setting Federal Open Market Committee voted to raise the fed funds rate half a percentage point to a range of 4.25%-4.5%. Asked whether her view is that the funds rate should hold above 5% into 2024, George replied, "It is for me." George is leaving the Fed this month as she hit the mandatory retirement age of 65.

☆ Fed's George: It will be key to hold rates up once hikes end
▼ + stars: | 2023-01-05 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

In the interview, George said her colleagues should press forward with their ongoing efforts to shrink the size of the Fed's balance sheet. "I think it's very important that the Committee follow through on its plans to significantly reduce the balance sheet," George said. She noted that she still views the Fed using its balance sheet as a tool of monetary policy as experimental and full of the possibility of unintended effects on the economy. "I think we still have a lot to learn about what the consequences are of these balance sheet policies," George said. George said that she doesn't believe the size of the Fed's balance sheet has created major financial stability risks but said it's something that needs watching.

☆ Black Americans saw crypto as a path to building wealth. Now they're bearing the brunt of its decline.
▼ + stars: | 2022-12-20 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +4 min

Many Black Americans have invested in cryptocurrency in recent years. Closing the wealth gap is among the reasons some Black investors turned to crypto in the first place. As of September 2021, 18% of Black Americans overall had invested in, traded, or used a cryptocurrency, compared to 13% of white Americans, according to a Pew Research poll of over 10,000 US adults. First, some Black investors may see crypto as a way to close the racial wealth gap. An April Ariel and Charles Schwab survey found 28% of Black Americans distrust banks, compared to 18% of white Americans.

The interest rate on her operating note doubled this year and will be higher in 2023. Now, his interest rate is 7.35%, and he expects it could reach 8% by year’s end – a 142% increase in eight months. "It's easier to get financing when interest rates are cheap because [banks] are willing to take more risk," said a CNH Industrial dealer representative, who declined to be named. In separate statements, Deere and AGCO said interest rates they offer depend on loan terms, borrower creditworthiness and equipment type. CNH Industrial said interest rates for larger equipment are lower than rates for smaller machinery.

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