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Jerome Powell, Chairman of the U.S. Federal Reserve, speaks during the conference celebrating the Centennial of the Division of Research and Statistics, Board of Governors of the Federal Reserve System in Washington D.C., United States on November 08, 2023. None of those numbers are dramatically different from the April readings, and still show inflation running well above the Fed's 2% target. Central bankers prefer the Commerce Department's measure of personal consumption expenditures prices, a broader measure that also accounts for changes in consumer behavior. The Bureau of Labor Statistics is scheduled to release the CPI report at 8:30 a.m. The Fed meeting
Persons: Jerome Powell, Celal Gunes, Jonathan Pingle, Pingle, tinker, Jack Janasiewicz, , Janasiewicz Organizations: U.S . Federal Reserve, of Research, Statistics, Governors, Federal, System, Washington D.C, Getty, Anadolu, Federal Reserve, UBS, CPI, Investment, Labor Statistics Locations: Washington, United States, Anadolu
UBS has highlighted several stock ideas it favors for 2024, as it forecasts massive cuts to interest rates next year. The investment bank expects the U.S. will see slower economic growth and strong disinflation leading to an interest rate cut of 275 basis points . Given the economic outlook, UBS strategists recommend a number of trades to clients for 2024. All the sectors apart from software trade on bigger discounts than normal against their US peers," the UBS strategists said. To reflect that view, UBS strategists said they favored gaining exposure to the KraneShares CSI China Internet ETF in 2024.
Persons: Jonathan Pingle, Gerry Fowler, Sean Simonds, KWEB Organizations: UBS, Federal, CNBC, U.S, Investors, China Tech, Internet Technology, CSI China Internet Locations: U.S, China
U.S. credit card debt soared to $1.08 trillion in the third quarter of 2023, data from the Federal Reserve Bank of New York showed earlier this month. "I don't think we're facing the next GFC [global financial crisis]," he said on the sidelines of the UBS European Conference. Credit tightening does play a role when it comes to the lag of Federal Reserve monetary policy filtering through to the economy, Pingle suggested. The Federal Reserve began hiking interest rates in March 2022 in an effort to ease inflation and cool the economy. "It's great news for the Federal Reserve in their quest to restore price stability," Pingle told CNBC on Wednesday.
Persons: Jonathan Pingle, Pingle, CNBC's Joumanna Bercetche, It's Organizations: UBS, Federal Reserve Bank of New York, UBS European Conference, Silicon Valley Bank, Federal Reserve, CNBC, Wednesday, Fed Locations: Silicon
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'I don't think we're facing the next GFC,' UBS U.S. chief economist saysJonathan Pingle, UBS chief U.S. economist, discusses the outlook for Federal Reserve interest rate cuts and the U.S. economy.
Persons: Jonathan Pingle Organizations: UBS U.S, UBS, Federal Reserve Locations: U.S
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStrong data could put November rate hike on the table for FOMC, says UBS' Jonathan PingleJonathan Pingle, chief U.S. economist at UBS Investment Bank, joins 'Squawk on the Street' to discuss what the markets need to see to calm down bond yields, what Friday's jobs report will do to bonds, and what's now presenting a problem for the bond market.
Persons: Jonathan Pingle Jonathan Pingle, what's Organizations: UBS, UBS Investment Bank
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Wells Fargo's Christopher Harvey and UBS' Jonathan PingleChris Harvey, Wells Fargo Securities head of equity strategy, and Jonathan Pingle, chief U.S. economist at UBS Investment Bank, join 'Squawk on the Street' to discuss what the latest Federal Reserve headlines mean for markets and the economy, when equity volatility will wane, and much more.
Persons: Wells Fargo's Christopher Harvey, Jonathan Pingle Chris Harvey, Jonathan Pingle Organizations: UBS, Wells, Wells Fargo Securities, UBS Investment Bank, Federal Locations: Wells Fargo
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThursday's CPI print will be another bit of good news for the Fed, says UBS' Jonathan PingleChris Harvey, Wells Fargo Securities head of equity strategy, and Jonathan Pingle, chief U.S. economist at UBS Investment Bank, join 'Squawk on the Street' to discuss what the latest Federal Reserve headlines mean for markets and the economy, when equity volatility will wane, and much more.
Persons: Jonathan Pingle Chris Harvey, Jonathan Pingle Organizations: UBS, Wells, Wells Fargo Securities, UBS Investment Bank, Federal Locations: Wells Fargo
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUBS: U.S. midterm results unlikely to have material impact on our economic outlookJonathan Pingle, chief U.S. economist at UBS Investment Bank, weighs in on the U.S. midterm elections and his outlook for the economy going forward.
Fed's quantitative tightening could end in mid-2023, says UBS
  + stars: | 2022-10-20 | by ( ) www.reuters.com   time to read: +1 min
Oct 20 (Reuters) - The U.S. Federal Reserve will materially alter or fully stop shrinking its massive $8.9 trillion balance sheet by mid-2023, more than a year earlier than market expectations, according to Swiss lender UBS. The plans for balance sheet runoff will face several complications through 2023, leading the Fed to sharply slow or fully stop balance sheet reduction sometime around June 2023, economists at UBS led by Jonathan Pingle wrote in a note dated Oct 19. "Starting last month, the monthly caps that limit the maximum pace of decline of the Fed's balance sheet increased," UBS said. Register now for FREE unlimited access to Reuters.com Register"This ratchet higher accelerated the reduction in the size of the Fed's balance sheet and will shrink reserves in the banking system at significantly faster pace." The move to accelerate quantitative tightening (QT) is meant to further drain pandemic-era stimulus from the financial system and increase borrowing rates for long-dated assets to weaken inflation.
Goldman Sachs The call : A 75 basis point move in November, 50 basis points in December and 25 basis points in February, for a peak of 4.5%-4.75%, up half a percentage point from the previous expectation. Citigroup The call : November to see 75 basis points, followed by 50 in December and 25 in February, adding a cumulative 25 basis points for a terminal rate of 4.5%-4.75%. Both calls were 25 basis points higher than previous. One more 25 basis point hike in February, followed by a 50 basis point cut "in the latter portion of the year." UBS The call : 75 basis points in November, another 50 in December, with three 25 basis point cuts later in 2023.
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