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New York CNN —Federal Reserve officials won’t say how former President Donald Trump winning a second term could impact the economy. But transcripts of closed-door Fed meetings from Trump’s first term give some clues about top economists’ true feelings about Trump’s economic agenda. “We don’t want to be involved … in politics in any way,” Powell said after July’s monetary policy meeting. The transcripts of past meetings that are publicly available, the most recent being from the December 2018 monetary policy meeting, suggest that some Fed officials had legitimate concerns about Trump’s trade policy and its impact on the economy. ‘Ill-conceived US government policies’At later meetings, as the Trump administration began to set the stage for a potential trade war with China, Fed officials started to sound more concerned.
Persons: Donald Trump, Trump, Jerome Powell, Powell, ” Powell, Sen, Jack Reed, , it’s, Loretta Mester, ” Mester, , James Bullard, Bob Dylan, ” Bullard, Bullard, Mitch Daniels, , , , ” William Dudley, ” Dudley Organizations: New, New York CNN — Federal, Democrat, Trump, CNN, Cleveland Fed, Fed, Federal, Market, Louis Federal Reserve, Chicago Cubs, Mitch Daniels School of Business, Washington, Lee University Locations: New York, Rhode Island, , China, United States, Dudley
The market's turn toward treating good economic news as positive for stocks is pictured here in a chart from Citi strategists, showing the three-month correlation between the S & P 500 and the Citi U.S. Economic Surprise index has turned sharply higher. The S & P 500's low for the week was Wednesday morning, right at the 5400 level where it previously hit a low a week ago Friday after a tepid employment report. Forward 12-month S & P 500 earnings forecasts continue to rise smartly, now approaching $270. But, thanks to the past two months of sideways churn, that's down from 21.7 when the S & P first hit its current level in July. And the rally last week could well have front-run any potential positive inference from the Fed's move next week.
Persons: Ally Financial, Ed Hyman, Loretta Mester, William Dudley, John Kolovos Organizations: Citi, Citi U.S, Fed, Ally, CPI, Wall Street, Financial Times, Treasury, National Association of Active Investment, American Association of
LONDON, June 9 (Reuters) - Turkey's new central bank governor Hafize Gaye Erkan faces the tough task of alleviating a bruising cost-of-living crisis while hoping to restore investor confidence at home and abroad after years of unorthodox policymaking. Appointed on Friday, the 43-year old is the first woman at the helm of the country's central bank, taking over from Sahap Kavcioglu, who spearheaded President Tayyip Erdogan's rate-cutting drive against a backdrop of soaring inflation. Her new role makes her one of only around a dozen women currently serving as central bank governors around the world, including the likes of ECB President Christine Lagarde, Russian Central Bank Governor Elvira Nabiullina and Serbia's Jorgovanka Tabakovic. Having spent all of her professional life outside Turkey, Erkan has no formal central banking experience, making her leanings for monetary policy unclear. Kathryn Wylde, president and CEO of Partnership for New York City, a nonprofit organization where Erkan once served as a board director, says Erkan was seen as "tough, smart, and effective."
Persons: Hafize Gaye Erkan, Sahap Kavcioglu, Tayyip Erdogan's, Christine Lagarde, Russian Central Bank Governor Elvira Nabiullina, Erkan, Goldman Sachs, Mark Carney, Mario Draghi, William Dudley, Goldman, Marsh McLennan, Kathryn Wylde, Wylde, Karin Strohecker, Jonathan Spicer, Hugh Lawson Organizations: Russian Central Bank Governor, Bogazici University, Harvard Business School's, Management, Research, Financial Engineering, Princeton University, Bank of Canada, Bank of England, New York Fed, First Republic Bank, Banking, Finance, New, Thomson Locations: Sahap, Istanbul, Turkey, New York City
China is pushing on with easing restrictions after three years of COVID-19 lockdowns which is leaving to investors to question how financial markets will react to the reopening. "Once they do reopen, there will be positive sentiment and China will become a growth story for the world again." Australian shares (.AXJO) on Tuesday were down 0.72%, while Japan's Nikkei stock index (.N225) rose 0.34%. In Asian trading, the yield on benchmark 10-year Treasury notes rose to 3.5993% compared with its U.S. close of 3.583% on Monday. "The subsequent hawkish Fed policy update remains fresh in the minds of investors," NAB analyst wrote on Tuesday.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailI am not worried about the stability of the U.S. banking system, says former New York Fed PresidentWilliam Dudley, former president of the New York Federal Reserve, joins 'Squawk on the Street' to discuss the Fed trajectory for bringing down inflation, the consequences of Fed tightening on unemployment, and the stability of the U.S. banking system.
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