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☆ Premarket stocks: Don't underestimate the American shopper
▼ + stars: | 2023-02-16 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

All that extra cash should support strong spending through February and perhaps March, said Bank of America analysts. That means the Fed may use the strong data as an excuse to keep hiking interest rates. Recession risk may be deferred, but it certainly hasn’t dissipated.”PPI, housing starts and bald spots: What investors are watching today▸ Thursday morning brings two big data releases: The January Producer Price Index and housing starts. ▸ Housing starts, a measure of new home construction, have declined every month since August. Housing starts are expected to decline slightly.

Austan Goolsbee, currently president of the Chicago Fed, served as a top economic adviser to former President Barack Obama. The White House is considering nominating Austan Goolsbee , who became president of the Federal Reserve Bank of Chicago last month, to serve as vice chair of the Federal Reserve’s board of governors, according to people familiar with the matter. Mr. Goolsbee, 53, served as a top economic adviser to former President Barack Obama and before his appointment this year was a professor of economics at the University of Chicago’s Booth School of Business.

☆ People aren't leasing cars anymore — and it means higher prices and worse choices for used car-buyers
▼ + stars: | 2023-01-19 | by ( Alexa St. John | ) www.businessinsider.com time to read: +3 min

Vehicle leasing was down almost 50% last July, compared to January 2020. That means less supply going to the used vehicle market, keeping prices up and inventory low. What that means for used car pricesThat all means there will be fewer, low-mileage yet newer vehicles headed to the used market. Fewer used vehicles in the market, but with the same amount of demand, will keep used vehicle inventory low and their prices relatively high. Used vehicle prices have been up for several months now, and are just starting to creep downward, with the average cost at $27,143 in December, per Cox.

☆ The used electric car market is starting to take off as prices slowly drop
▼ + stars: | 2023-01-19 | by ( Alexa St. John | ) www.businessinsider.com time to read: +5 min

At first glance, today's product pipeline might not paint a good picture for the future of the used EV market. "If what we've produced in the last couple of years has been a rich mix, when that goes into the used market, that keeps used prices elevated as well," Dziczek said. Overall declines for used vehicle prices also generally apply to used EVs. Used EVs remain more expensive than used gas-cars, and many might not yet qualify for the used EV tax credit based on its price cap. Dealers are starting to feel incentivized to drop used EVs priced close to the cap to just below it.

☆ The fallout of the pandemic will keep inflating used car prices for years
▼ + stars: | 2023-01-18 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

For more than two years, car-buyers faced low vehicle inventory and high new and used car prices. "All of this really means that the normal supply feeds into the used vehicle market are down substantially," he said. "This is going to have huge ramifications for the used vehicle market over the next couple years." Car-buyers face challenges in the used vehicle spaceUsed vehicle prices have been through the roof for some time. Leasing changes aren't the only impact on the used car marketThis decrease in recently turned-in leases as used inventory isn't the only shift.

☆ The pandemic may have ended the auto industry's age-old battle for market share
▼ + stars: | 2023-01-16 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

Automakers have spent decades battling each other for market share. Before COVID, automakers often treated market share as the key to their success. "Market share for market share's sake comes at a cost," Kristin Dziczek, Federal Reserve Bank of Chicago policy advisor, said at the firm's annual auto insights symposium in Detroit. Dropping market share doesn't concern GM and FordHowever, the long-standing industry-leaders don't seem worried about growing market share for the likes of Hyundai and Tesla (at 10.6% and 3.8%, respectively, in 2022, per Kelley Blue Book) — and it might mean that the battle for market share is over. "There's going to be more of a focus on more of those high-profit-type vehicles," Stoddard said.

☆ Car makers like Ford and GM are increasing loan payments, while some rivals are keeping costs down
▼ + stars: | 2023-01-15 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

Between March 2020 and December 2022, average monthly loan payments jumped about 29%, according to Dealertrack data Chesbrough shared. "Not everybody has risen their monthly payments in quite the amount." Alfa Romeo, Mini, Subaru, Jaguar, Audi, Kia, Mercedes-Benz, Infiniti, Toyota, and Genesis, made up the 10 brands with the lowest increases in their average monthly loan payments over the same period. Toyota was one of the 10 brands with the lowest increase in their average monthly loan payments since the pandemic began. "We think that there's really not going to be enough demand there at these high prices," Chesbrough said.

☆ Morning Bid: Why payrolls might not matter to markets
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +4 min

It's payrolls Friday, yet the most keenly awaited U.S. economic data point may not hold much sway over markets that are already behaving as if the U.S. tightening cycle is over. If it holds at current levels, this would mark one of the biggest weekly drops in the last two years . One line of argument goes that to justify the move seen in government bond markets, the Fed needs to be more or less done in December. So, where does this all leave the November non-farm payrolls report out at 1330 GMT? In the light of that data, markets may be anticipating a lower number later on.

☆ Austan Goolsbee Named Next President of the Chicago Fed
▼ + stars: | 2022-12-01 | by ( Nick Timiraos | ) www.wsj.com time to read: 1 min

Austan Goolsbee, who served as a top economic adviser to former President Barack Obama , will become the next president and chief executive of the Federal Reserve Bank of Chicago, the bank said Thursday. Mr. Goolsbee, 53, is a professor of economics at the University of Chicago’s Booth School of Business. He was chair of the White House Council of Economic Advisers from 2010 to 2011.

☆ Economist Austan Goolsbee named next Chicago Fed president
▼ + stars: | 2022-12-01 | by ( ) www.cnbc.com time to read: +3 min

Economist Austan Goolsbee will take over as president of the Chicago Federal Reserve early next year as the central bank weighs critical policy moves ahead, according to an announcement Thursday. "Austan is an exceptional choice to be the next president of the Federal Reserve Bank of Chicago. Goolsbee comes to the Chicago Fed at a sensitive time for the central bank. A Chicago Fed release announcing the appointment said the new district president is "a leading empirical economist" whose research spans a wide variety of topics. Goolsbee called the Chicago Fed "one of the crown jewels" of the central bank system.

☆ Bosses are 'done with the COVID excuse' and it means calling out sick is getting harder
▼ + stars: | 2022-11-15 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +3 min

This year, about 630,000 more Americans per month are calling out sick for a week or more than pre-pandemic. Even though an elevated number of workers are still getting sick, employers are losing their patience. One union told Insider that the disparity highlights the need for guaranteed sick leave. "UFCW fights hard to ensure guaranteed sick leave is included in our contracts so employers can't simply cut back on leave because they're 'tired of excuses.'" When it comes to low-wage employees, over 60% don't have access to sick leave, according to a September study from the Economic Policy Institute.

☆ Morning Bid: Back to basics - double-digit UK inflation
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Ankur BanerjeeWith investors' mood perking up this week, leading to a buoyant rally, UK inflation data, due on Wednesday, takes the spotlight. The reading will likely determine how hawkish the BoE gets in the near term. The consumer price index, already at a decades high, is expected to jump 10% for the month of September. Register now for FREE unlimited access to Reuters.com RegisterThe cost of living crisis has led to protests and strikes in in European countries, while red-hot inflation has pushed firms eastward in Europe to cut costs. The currency market remains on guard for any sign of another yen intervention as the beaten down currency hovers around the psychological barrier of 150 per dollar.

☆ Back to basics: double-digit UK inflation
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

☆ Fed’s Evans Says Rates Will Need to Remain at Higher Levels
▼ + stars: | 2022-10-10 | by ( Nick Timiraos | ) www.wsj.com time to read: 1 min

The Federal Reserve will need to hold interest rates high enough to slow the economy after it lifts them through the end of this year and into early next year, a central bank official said Monday. Federal Reserve Bank of Chicago President Charles Evans said in remarks at an economics conference Monday that he expects the central bank’s benchmark federal-funds rate will need to rise to slightly more than 4.5% by early next year and then remain at that level for some time.

☆ New cars are finally back in stock — but Americans might not be able to afford them
▼ + stars: | 2022-10-07 | by ( Michael Wayland | ) www.cnbc.com time to read: +5 min

Mario Tama | Getty ImagesDETROIT — New cars are slowly becoming more widely available, as supply chain bottlenecks finally start to ease. But now, an increasing number of Americans might not want them or be able to afford them. With the Federal Reserve aggressively hiking interest rates to fight inflation, consumers are finding that the cost of financing a new car is suddenly a lot higher than it was even earlier this year. That means many Americans may no longer to be able to afford the new cars that are starting to arrive on dealer lots. That, combined with rising interest rates, is pushing more car shoppers to look at used vehicles.

LONDON, Sept 28 (Reuters) - The Federal Reserve is raising interest rates expeditiously to address very high, persistent inflation, and will likely get U.S. short-term borrowing costs to where they need to be by early next year, Federal Reserve Bank of Chicago President Charles Evans said Wednesday. Benchmark U.S. 10-year Treasury yields rose to their highest level in about 12-1/2 years on Tuesday as investors girded for higher interest rates that could possibly remain for longer than anticipated as Federal Reserve officials held firm in their hawkish stance. The Federal Reserve has aggressively hiked interest rates by 3 percentage points this year, taking its target range to 3.00%-3.25%. It carried out its third consecutive 75 basis point increase last week and signaled that rates are likely to rise to the 4.25%-4.5% range by the end of the year. Register now for FREE unlimited access to Reuters.com RegisterReporting by Dhara Ranasinghe, Jorgelina Do Rosario and Ann Saphir; Editing by Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

LONDON, Sept 28 (Reuters) - Federal Reserve Bank of Chicago President Charles Evans said on Wednesday that volatility in markets can create additional restrictiveness in financial conditions. "It is a case that financial market volatility can add to additional financial restrictiveness. So anything around the world in terms of policy or developments like Russia's invasion of Ukraine can add to additional restrictiveness." "We just really need to get inflation in check," Evans said. Relief on inflation could also come from improvements in supply, he said, and giving him some comfort is the fact that inflation expectations are "relatively consistent" with the Fed's 2% inflation goal.

☆ Watch CNBC’s full interview with Federal Reserve Bank of Chicago President Charles Evans
▼ + stars: | 2022-09-27 | 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 EmailWatch CNBC’s full interview with Federal Reserve Bank of Chicago President Charles EvansCharles Evans, president of the Federal Reserve of Chicago, joins CNBC's "Squawk Box Europe" to discuss the outlook for inflation, increasing rate hikes, and a looming recession.

☆ Fed's Charles Evans says there is concern global inflation is spreading 'more broadly'
▼ + stars: | 2022-09-27 | 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 Charles Evans says there is concern global inflation is spreading 'more broadly'Federal Reserve Bank of Chicago President Charles Evans discusses the key concerns on central bankers' agendas as they determine the course of monetary policy and rate hikes in the coming months.

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