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☆ Fed Governor Waller backs interest rate cut at September meeting, open to larger move
  + stars: | 2024-09-06 | by ( Jeff Cox | Jeff Cox Is A Finance Editor With Cnbc.Com Where He Covers All Aspects Of The Markets | Monitors Coverage Of The Financial Markets | ) www.nbcnews.com   time to read: +2 min
Federal Reserve Governor Christopher Waller on Friday backed an interest rate cut at the upcoming central bank policy meeting in less than two weeks, and indicated he’d be open to a substantial reduction if necessary. Other policymakers recently have advocated easing policy soon, but this is one of the clearest indications it will happen at the Sept. 17-18 Federal Open Market Committee meeting. “Determining the pace of rate cuts and ultimately the total reduction in the policy rate are decisions that lie in the future,” Waller added. With inflation and employment near our longer-run goals and the labor market moderating, it is likely that a series of reductions will be appropriate,” he said. Futures market pricing following the jobs report tilted toward a greater likelihood of a quarter percentage point rate reduction this month.
Persons: Christopher Waller, ” Waller, Waller, verbiage, Jerome Powell, —, nonfarm, Dow Jones, ” Organizations: Federal, Council, Foreign Relations, Labor Department, Dow Locations: New York
☆ Markets are counting on the Fed to head off recession with sizeable interest rate cuts
  + stars: | 2024-08-06 | by ( Jeff Cox | Jeff Cox Is A Finance Editor With Cnbc.Com Where He Covers All Aspects Of The Markets | Monitors Coverage Of The Financial Markets | ) www.nbcnews.com   time to read: +5 min
Disappointing economic data recently generated worries that the Fed missed an opportunity at its meeting last week to, if not cut rates outright, send a clearer signal that easing is on the way. In the past, the Fed has implemented just nine such cuts, and all have come amid extreme duress, according to Bank of America. Lacking a catalyst for an intermeeting cut, the Fed is nonetheless expected to cut rates almost as swiftly as it hiked from March 2022-July 2023. Why wait?”LaVorgna, though, isn’t convinced the Fed is in a life-or-death battle against recession. Still, any quakes in the data, such as Friday’s downside surprise to the nonfarm payrolls numbers, could ignite recession talk quickly.
Persons: Jerome Powell, ” Steven Blitz, ”, Andrew Hollenhorst, ‘, ’ ”, Michael Gapen, Powell, Joseph LaVorgna, “, “ They’ll, isn’t, Goldman Sachs, David Rosenberg Organizations: Federal Reserve, TS Lombard, Fed, Citigroup, Bank of America, Nikko Securities, Rosenberg Research Locations: Jackson Hole , Wyoming, Nikko
☆ U.S. economy added 223,000 jobs in December, as strong jobs market tops expectations
  + stars: | 2023-01-06 | by ( Jeff Cox | Jeff Cox Is A Finance Editor With Cnbc.Com Where He Covers All Aspects Of The Markets | Monitors Coverage Of The Financial Markets | ) www.nbcnews.com   time to read: +2 min
Payroll growth decelerated in December but was still better than expected, a sign that the labor market remains strong even as the Federal Reserve tries to slow economic growth. The job growth marked a small decrease from the 256,000 gain in November, which was revised down 7,000 from the initial estimate. Stock market futures rose following the release as investors look for signs that the jobs market is cooling and taking inflation lower as well. The relative strength in job growth comes despite repeated efforts by the Fed to slow the economy, the labor market in particular. The headline unemployment rate is tied for the lowest since 1969.
☆ U.S. economy added 263,000 jobs in November, more than expected despite Fed rate hikes
  + stars: | 2022-12-02 | by ( Jeff Cox | Jeff Cox Is A Finance Editor With Cnbc.Com Where He Covers All Aspects Of The Markets | Monitors Coverage Of The Financial Markets | ) www.nbcnews.com   time to read: +1 min
Job growth was much better than expected in November despite the Federal Reserve’s aggressive efforts to slow the labor market and tackle inflation. Nonfarm payrolls increased 263,000 for the month while the unemployment rate was 3.7%, the Labor Department reported Friday. Economists surveyed by Dow Jones had been looking for an increase of 200,000 on the payrolls number and 3.7% for the jobless rate. In another blow to the Fed’s anti-inflation efforts, average hourly earnings jumped 0.6% for the month, double the Dow Jones estimate. Wages were up 5.1% on a year-over-year basis, also well above the 4.6% expectation.
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