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☆ Morning Bid: Buoyant markets hold near year's highs
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +5 min

The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020. Fed futures markets think a first cut may come as soon as March - with a quarter-point easing by then already two-thirds priced. Two-year Treasury yields hit their lowest since June on Friday and 10-year yields their lowest in three months, although they edged higher on Monday. U.S. crude hit its lowest in two weeks and is tracking year-on-year losses of almost 10%. But that is widening into yearend as peak rate hopes encourage some rotation to smaller cap stocks.

Persons: Carlo Allegri, Mike Dolan, Jerome Powell, Powell, Goldman Sachs, Jan, Fitch, Bitcoin, Christine Lagarde, Joann, Kirsten Donovan Organizations: New York Stock, REUTERS, Federal Reserve, Spelman College, Fed, Tech, HK, Central Bank, Treasury, PMI Reuters Graphics Reuters, Reuters, Thomson Locations: Manhattan, New York City , New York, U.S, Atlanta, Europe, Gaza, China, Hong Kong, WuXi, Evergrande, RGC Resources

☆ 'Way too early' to declare victory over inflation, says ECB's Nagel
▼ + stars: | 2023-12-03 | by ( ) www.reuters.com time to read: +2 min

Joachim Nagel, President of Germany's federal reserve Bundesbank addresses the media during the bank's annual news conference in Frankfurt, Germany March 1, 2023. REUTERS/Kai Pfaffenbach/File Photo Acquire Licensing RightsNICOSIA, Dec 3 (Reuters) - Euro zone inflation will carry on declining in the months ahead but at a slower pace, Bundesbank President Joachim Nagel was quoted as telling Cypriot newspaper Kathimerini on Sunday. "We have not yet won the fight against inflation," said Nagel, who visited Cyprus last week. "Add in a scenario where an escalation of geopolitical tensions could imply higher inflation and it becomes clear that it would be way too early to declare victory over high inflation rates," said Nagel, an influential voice on the ECB's rate setting Governing Council. "All in all, I expect inflation to carry on declining, but at a slower pace and with possible bumps along the way," Nagel said.

Persons: Joachim Nagel, Kai Pfaffenbach, Nagel, " Nagel, Michele Kambas, David Goodman Organizations: REUTERS, Rights, Cypriot, Central Bank, ECB, Thomson Locations: Frankfurt, Germany, Rights NICOSIA, Cyprus

☆ 'This is real money being put to real work,' World Bank president says
▼ + stars: | 2023-12-02 | 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 Email'This is real money being put to real work,' World Bank president says"This is real money being put to real work," World Bank President Ajay Banga tells CNBC's Dan Murphy, after the organization said it would put 45% of its annual financing to climate by 2025.

Persons: Ajay Banga, Dan Murphy Organizations: World Bank

Fresh data shows price pressures are easing and the labor market is gradually cooling, evidence that the slowdown the Fed has tried to engineer with its rate hikes to date is underway. Still, the unemployment rate at last read was 3.9%, only a few tenths of a percentage point above where it was when the Fed first began raising rates in March 2022. UNCERTAIN PATHTraders have been betting heavily that the Fed will keep its overnight benchmark interest rate steady in the 5.25%-5.50% range for the next several months. "I'm not losing too much sleep" over the market's view "because there's a lot of uncertainty about the future path of policy," Williams said. "I'm not thinking about rate cuts at all right now," Daly said.

Persons: John Williams, Williams, Janet Yellen, I'm, Mary Daly, Daly, Jerome Powell, Christopher Waller, Oscar Munoz, Dan Burns, Michael S, Howard Schneider, David Lawder, Chizu Nomiyama, Paul Simao, Andrea Ricci, Will Dunham Organizations: Federal Reserve, New York Fed Bank, Fed, U.S, Treasury, PATH Traders, San Francisco Fed, Spelman College, Derby, Thomson Locations: U.S, New, Atlanta

☆ Morning Bid: November bids adieu with inflation data, OPEC
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. With signs of turn emerging in Federal Reserve policy guidance and October PCE inflation readings set to encourage that later in the day, rate cut fever was in full flow across the Atlantic too. Headline annual inflation in the bloc fell as low as 2.4% - within arm's length of the ECB's 2% target. Later on Thursday, U.S. PCE inflation for the prior month is pencilled to fall 3.0% from 3.4% - with a core also ebbing to 3.5%. "Monetary policy is in a good place," Cleveland Fed President Loretta Mester said on Wednesday, echoing comments from previously hawkish Fed governor Christopher Waller the previous day.

Persons: Brendan McDermid, Mike Dolan, policymaker Fabio Panetta, Loretta Mester, Christopher Waller, John Williams, Christine Lagarde, Megan Greene, Kroger, Bernadette Baum Organizations: New York Stock Exchange, REUTERS, Treasury, Federal, European Central Bank, Bank of Italy, policymaker, U.S ., ECB, Cleveland Fed, Wall, OPEC, Dallas Fed, PMI, York Federal, Bank of England, Academy Sports, Rock Biotech, Titan, Reuters, Thomson Locations: New York City, U.S, China, Canada, Vienna, Automotive, Duluth, BOS, Jan

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 28, 2023. REUTERS/Staff/File Photo Acquire Licensing RightsLONDON, Nov 28 (Reuters) - The EU is falling behind Britain in tapping into savers' money to boost the stock market, despite reforms in continental Europe being a step in the right direction, an official with Germany's bourse told Reuters. For Maassen there is an opportunity in Europe to rival US capital markets. Maassen urged policymakers to speed up the implementation of the Capital Markets Union, a longstanding project to create a single market for capital beyond national borders. Earlier this month, European Central Bank President Christine Lagarde called for a capital markets union, with a single supervisor and trading infrastructure, to finance its digitalisation and green transition.

Persons: Stefan Maassen, Jeremy Hunt, Hunt, ThyssenKrupp, Maassen, Germany's, Christine Lagarde, Lagarde, Pablo Mayo Cerqueiro, Anousha Sakoui, Christina Fincher Organizations: REUTERS, Staff, Germany's bourse, Reuters, Capital Markets, Deutsche, Frankfurt Stock Exchange, Schott Pharma, OLB Bank, DKV, New York Stock Exchange, EU, Capital Markets Union, European Union, European Central Bank, ., Thomson Locations: Frankfurt, Germany, EU, Europe, we're, U.S

☆ Asian stocks subdued as traders brace for inflation data
▼ + stars: | 2023-11-28 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

"But I think it's not just this week's inflation indicator, it's also the December payroll numbers ... they'll be quite critical." "Our view is that the Fed will probably start cutting rates when inflation goes below the 3% mark. The weaker-than-expected data weighed on Treasury yields, with the yield on benchmark 10-year notes slipping 9.6 basis points on Monday. The dollar index , a measure of the greenback against a basket of currencies, fell to 103.07, its lowest since Aug. 31. Data showed retail sales in Australia unexpectedly slipped in October as consumers cut back on everything but food, though analysts believe many were merely saving some money to splurge on Black Friday sales that took place this month.

Persons: DAX, Vasu Menon, they'll, Menon, Dave Ramsden, Christine Lagarde, Jerome Powell, HSI, Brent, Ankur Banerjee, Sam Holmes, Kim Coghill Organizations: Federal, Investors, OCBC Bank, of England, European Central Bank, Japan's Nikkei, Treasury, New Zealand, Thomson Locations: SINGAPORE, Asia, Pacific, Japan, Singapore, U.S, Hong Kong, Australia

☆ Asian stocks inch ahead as traders brace for inflation data
▼ + stars: | 2023-11-28 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

Japan's Nikkei (.N225) eased 0.20% but is up 8% this month, on course for its strongest monthly performance in three years. "The outlook for central bank policy has been a big factor driving the improvement in risk appetite in November," said Rodrigo Catril, senior FX strategist at National Australia Bank. Investors will focus this week on the Fed's preferred measure of inflation on Thursday and euro zone consumer inflation figures for further clarity on the where inflation is headed. The weaker-than-expected data weighed on Treasury yields, with the yield on benchmark 10-year notes slipping 9.6 basis points on Monday. The dollar index , a measure of the greenback against a basket of currencies, fell to 103.11, its lowest since Aug. 31.

Persons: Rodrigo Catril, Catril, Christine Lagarde, Jerome Powell, HSI, Brent, Ankur Banerjee, Sam Holmes Organizations: Federal, Japan's Nikkei, National Australia Bank, European Central Bank, Treasury, Thomson Locations: SINGAPORE, Asia, Pacific, Japan, U.S, OPEC

☆ What is the federal funds rate?
▼ + stars: | 2023-11-28 | by ( Karen Fernandez | Richard Richtmyer | ) www.businessinsider.com time to read: +8 min

Set by the Federal Reserve, the federal funds rate is the interest banks charge each other to borrow money overnight. The federal funds rate (or fed funds rate, for short) is only used between banks. The federal funds rate is an interbank interest rate. Federal funds rate FAQsWhat happens when the federal funds rate is high? Is the federal funds rate the same as the prime rate?

Persons: — Organizations: Federal Reserve, Service, Federal, Finance, Fed, Market, Fed's, Governors, Federal Reserve Bank

[1/4] A trader works on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. In precious metals, gold hit a six-month high with a boost from the softer dollar and expectations for a pause in Fed tightening. There's a growing sense the economy is slowing, that price growth will likely continue to fall, that profit growth will likely fall," said Jack Ablin, chief investment officer at Cresset Capital, in Chicago. The U.S. dollar index slid against most major currencies on Monday and was on track for a monthly decline of more than 3%, which would be its biggest monthly drop in a year. The dollar index was down 0.203%, with the euro up 0.11% to $1.0951.

Persons: Brendan McDermid, Brent, Jack Ablin, Ablin, Christine Lagarde, Jim Barnes, Sterling, Sinéad Carew, Chuck Mikolazczak, Harry Robertson, Wayne Cole, Stephen Coates, Ed Osmond, Chizu Nomiyama, Christina Fincher Organizations: New York Stock Exchange, REUTERS, Treasury, U.S, Federal Reserve, Cresset, Dow Jones, Nasdaq, European Central Bank, Central, Reuters Graphics Oil, Thomson Locations: New York City, U.S, Europe, OPEC, Chicago, Bryn Mawr, Berwyn , Pennsylvania, Israel, New York, London, Sydney

☆ Asia stocks swing lower, gold climbs as oil slips
▼ + stars: | 2023-11-27 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

One mover was gold, which climbed to $2,009.87 an ounce and briefly hit a six-month top of $2,017.82. S&P 500 futures eased 0.2% and Nasdaq futures lost 0.4%. "Indeed, this message of patience is likely to be notable in upcoming DM policy communications in response to recent financial market developments." Markets priced in 80 basis points of U.S. easing next year, and around 82 basis points for the ECB. Reports suggest African oil producers are seeking higher caps for 2024, while Saudi Arabia may extend its additional 1 million bpd voluntary production cut, which is due to expire at the end of December.

Persons: Issei Kato, Jerome Powell, Bruce Kasman, Christine Lagarde, Brent, Wayne Cole, Stephen Coates Organizations: REUTERS, Nikkei, SYDNEY, Japan's Nikkei, Nasdaq, Federal, JPMorgan, European Central Bank, EU, ECB, CBA, Thomson Locations: Tokyo, Japan, United States, Europe, Asia, Pacific, Saudi Arabia, OPEC

☆ Asia stocks turn lower, gold jumps as oil slips
▼ + stars: | 2023-11-27 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

S&P 500 futures eased 0.2%, and Nasdaq futures lost 0.4%. That in turn has been a drag on the dollar which has lost 3% on a basket of major counterparts this month . Reports suggest African oil producers are seeking higher caps for 2024, while Saudi Arabia may extend its additional 1 million bpd voluntary production cut, which is due to expire at the end of December. "Saudi Arabia and OPEC+ faces a challenge in convincing markets that it can help keep oil markets tight in 2024," wrote commodity analysts at CBA in a note. "OPEC+ will have to show significant supply discipline, or at least jawbone such ability, to alleviate market worries of a deep surplus in oil markets next year."

Persons: Issei Kato, Jerome Powell, Bruce Kasman, Christine Lagarde, Brent, Wayne Cole, Stephen Coates Organizations: REUTERS, Nikkei, SYDNEY, Japan's Nikkei, Nasdaq, Federal, JPMorgan, European Central Bank, EU, ECB, Australian, CBA, Thomson Locations: Tokyo, Japan, United States, Europe, Asia, Pacific, Saudi Arabia, OPEC

☆ Asia stocks steady ahead of inflation tests, OPEC+ meeting
▼ + stars: | 2023-11-27 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

The approach of month end could also cause some caution given the hefty gains investors are sitting on. "Indeed, this message of patience is likely to be notable in upcoming DM policy communications in response to recent financial market developments." Markets priced in almost 90 basis points of U.S. easing next year, and around 83 basis points for the ECB. The oil market faces a tense few days ahead of a meeting of OPEC+ on Nov. 30, a meting that had originally been slated for Sunday but was postponed as producers struggled to find a unanimous position. Reports suggest African oil producers are seeking higher caps for 2024, while Saudi Arabia may extend its additional 1 million bpd voluntary production cut, which is due to expire at the end of December.

Persons: Issei Kato, Jerome Powell, Bruce Kasman, Christine Lagarde, Brent, Wayne Cole, Christopher Cushing Organizations: REUTERS, Nikkei, SYDNEY, Japan's Nikkei, Nasdaq, Federal, JPMorgan, European Central Bank, EU, ECB, Thomson Locations: Tokyo, Japan, United States, Europe, Asia, Pacific, Saudi Arabia

☆ Morning Bid: Markets turn risk-averse after bumper month
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Staff Acquire Licensing RightsA look at the day ahead in European and global markets from Wayne Cole. Most regional share markets are modestly lower, as are Wall Street and European futures. Data on EU inflation is also due Thursday, along with measures for Germany and Spain. Core EU inflation is forecast at 3.9%, the lowest since the middle of last year. If realised, this will support market wagers of no more rate hikes, and policy easing in 2024.

Persons: Wayne Cole, Asia, hasn't, Brent, Jerome Powell, Christine Lagarde, Edmund Klamann Organizations: REUTERS, Staff, Treasury, China PMI, Japan's Nikkei, Federal, Core, Fed, ECB, European Central Bank, EU, Economic, Monetary Affairs, Parliament, CBI, Thomson Locations: Frankfurt, Germany, Wayne, China, Saudi Arabia, Spain

☆ ECB chief Lagarde admits her son lost crypto cash
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +2 min

European Central Bank President Christine Lagarde addresses the European Parliament's Committee on Economic and Monetary Affairs, at the European Parliament, in Brussels, Belgium March 20, 2023. REUTERS/Johanna Geron//File Photo Acquire Licensing RightsFRANKFURT, Nov 24 (Reuters) - No one is a prophet in their own land, including European Central Bank President Christine Lagarde, who admitted on Friday that her son lost "almost all" of his investments in crypto assets, despite copious warnings. Lagarde has long railed against cryptocurrencies, calling them speculative, worthless and a tool often used by criminals for illicit activity. "It wasn't a lot but he lost it all, he lost about 60% of it," Lagarde added. The ECB chief has two sons in their mid-30s but did not say which one she was referring to.

Persons: Christine Lagarde, Johanna Geron, Lagarde, cryptocurrencies, Balazs Koranyi, Susan Fenton Organizations: European Central Bank, Parliament's, Economic, Monetary Affairs, REUTERS, Rights, ECB, Thomson Locations: Brussels, Belgium, Frankfurt

☆ European markets head for mixed open after hitting nine-week high
▼ + stars: | 2023-11-24 | by ( Jenni Reid | ) www.cnbc.com time to read: 1 min

The Stoxx 600 index has seen muted moves this week, though has nudged higher to reach its highest level since Sept. 20. European stocks are heading for a mixed open Friday as investors remain cautious. Final German gross domestic product figures for the third quarter on Friday confirmed an earlier reading of 0.1% month-on-month contraction. U.S. markets will reopen after the Thanksgiving holiday for a shortened trading day. Asia-Pacific markets traded mixed, with Japanese data boosting the Nikkei 225 index, while Hong Kong's Hang Seng index plunged 1.77%.

Persons: Christine Lagarde, Hong Organizations: European Central Bank, Nikkei Locations: U.S, Asia, Pacific

☆ EU fiscal pact ignores green elephant in the room
▼ + stars: | 2023-11-21 | by ( Lisa Jucca | ) www.reuters.com time to read: +8 min

REUTERS/Henry Nicholls Acquire Licensing RightsMILAN, Nov 21 (Reuters Breakingviews) - The European Union’s troubled fiscal pact, once branded as "stupid" by former European Commission President Romano Prodi, has reached its sell-by date. Average EU debt has been consistently above the 60% target. NEW COURSEThe proposed revamp of the fiscal pact, now under discussion, is an improvement. BRAVE NEW DEBT WORLDFor all of Brussels’ reforming zeal, Europe’s future debt rules ignore a giant elephant in the room: climate change. Another option is to remove green investments from the fiscal rules’ deficit calculations.

Persons: Henry Nicholls, Romano Prodi, Christian Lindner, Giorgia Meloni, Breakingviews, Bruno Le Maire, Olaf Scholz’s, Mario Draghi, Francesco Guerrera, Thomas Shum Organizations: Trust, REUTERS, Reuters, European, Reuters Graphics Reuters, European Commission, French Finance, EU, Intel, European Central Bank, Italian, Union, Thomson Locations: Green Park, London, Britain, Maastricht Treaty, Germany, it's, Italy, Greece, Brussels, EU, United States, Spain, Europe

☆ Morning Bid: Catching breath as Nvidia update due
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 17, 2023. The dollar (.DXY) continued to fall, however, with its DXY index down for the fourth day to its lowest since August. Dollar losses were broad based, but China's yuan appeared to lead the way to its strongest level since July 27. In Europe, sterling pushed higher ahead of expected tax cuts at Wednesday's budget speech from UK finance minister Jeremy Hunt. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Brendan McDermid, Mike Dolan, Sam Altman, OpenAI, hoover, LSEG, Jeremy Hunt, Siena, Christine Lagarde, Isabel Schnabel, Susan Fenton Organizations: New York Stock Exchange, REUTERS, Microsoft, Tech, Nvidia, St, Wall, Treasury, Reserve, Bank of, Monday, Philadelphia Federal, European Central Bank, ECB, Lowes, Autodesk, Devices, Jacobs Solutions Reuters Graphics Reuters, Reuters, Thomson Locations: New York City, U.S, Bank of China, China, St, Europe, Britain, Italy, Chicago, Canada

☆ World Bank and kin head for a $100 bln cash call
▼ + stars: | 2023-11-20 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

World Bank President Ajay Banga arrives for a signing ceremony with Thailand to host the 2026 International Monetary Fund and the World Bank annual meetings on the last day of this year's meeting, following last month's deadly earthquake, in Marrakech, Morocco, October 15, 2023. REUTERS/Susana Vera Acquire Licensing RightsLONDON, Nov 20 (Reuters Breakingviews) - The World Bank and its fellow institutions are heading for a cash call. The World Bank and its regional peers, such as the African Development Bank and the Asian Development Bank, are well placed to help developing countries craft strategies to develop in a green way. Donald Trump may seem an unlikely supporter of the World Bank if he wins. The People’s Republic, for its part, will want to increase its stake in the World Bank as part of any capital increase.

Persons: Ajay Banga, Susana Vera, Fitch don’t, Chris Humphrey, Janet Yellen, Joe Biden, Donald Trump, There’s, David Cameron, Peter Thal Larsen, Thomas Shum Organizations: Monetary Fund, World Bank, REUTERS, Reuters, African Development Bank, Asian Development Bank, Group, FIRST, AAA, Bank, Moody’s, European Bank for Reconstruction, U.S, Thomson Locations: Thailand, Marrakech, Morocco, Washington, United States, China, Britain, Ukraine, U.S, Israel, Republic, United Kingdom, France

☆ Global leaders react to Milei's Argentina victory
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +4 min

ARGENTINE PRESIDENT ALBERTO FERNANDEZ"I am a man of democracy, and I value nothing more than the popular verdict. I trust that tomorrow we can start working with Javier Milei to guarantee an orderly transition." FORMER ARGENTINA PRESIDENT MAURICIO MACRI"I congratulate Javier Milei for bravely representing the will to advance and prosper that lives in the hearts of Argentines. WHITE HOUSE NATIONAL SECURITY ADVISOR JAKE SULLIVAN"I congratulate Javier Milei on his election as president of Argentina and to the people of Argentina for holding free and fair elections. FORMER U.S. PRESIDENT DONALD TRUMP"Congratulations to Javier Milei on a great race for president of Argentina.

Persons: Javier Milei, ALBERTO FERNANDEZ, MAURICIO MACRI, JAKE SULLIVAN, DONALD TRUMP, ILAN GOLDFAJN, LUIZ INACIO LULA DA SILVA, SANTIAGO PENA, GUSTAVO PETRO, Milei, GABRIEL BORIC, Sergio Massa, LUIS LACALLE POU, DINA BOLUARTE'S, JAIR BOLSONARO, Javier Milei's, ARGENTINA DMITRY FEOKTISTOV, Brendan O'Boyle, Lidia Kelly, Chris Reese Organizations: ARGENTINE, IDB, PARAGUAYAN, America, URUGUAYAN, Thomson Locations: ARGENTINA, Argentina, Argentine, Colombia, Chile, Peru, Argentine Republic, South America, United States, Brazil, RUSSIAN, BRICS

☆ Argentina investors on edge as Milei decides who to put in economic hot seat
▼ + stars: | 2023-11-20 | by ( Jorgelina Do Rosario | Thomson Reuters | Jorgelina Do Rosario Is Emerging Markets Correspondent At Reuters Based In London | ) www.reuters.com time to read: +4 min

"Who is appointed...as central bank president and economy minister, and the details of an urgent economic stabilization plan without a majority in Congress, will be the key for asset prices in the days ahead." The Economy Ministry is always a hot seat, with Argentina a nine-time debt defaulter caught in a decades-long boom-and-bust cycle. Milei will take office on Dec. 10 after beating ruling Peronist coalition Economy Minister Sergio Massa. "Milei said that he is going to reorganize the central bank instead of imploding it or shutting it down. The new economy minister will have to negotiate a new programme with the IMF "relatively quickly" to avoid entering arrears with the fund, Morgan Stanley said on Monday.

Persons: Milei, Macri, Javier Milei, Milei's, embolden Milei, Armando Armenta, defaulter, Sergio Massa, Hans Humes, Humes, Carlos Rodriguez, Roque Fernandez, Dario Epstein, Emilio Ocampo, Mauricio Macri, Juan Manuel Pazos, Pazos, Morgan Stanley, Morgan Stanley ´, Massa, Jorgelina, Adam Jourdan, Kirsten Donovan Organizations: Monetary, Ministry, Peronist, Economy, Greylock Capital Management, Reuters, Thomson Locations: BUENOS AIRES, South, AllianceBernstein, New York, Argentina, Argentine, Buenos Aires, Washington, refinance, Santiago del Estero, Formosa, Rosario

☆ Fed's Goolsbee expects easing shelter inflation to seal path to 2%
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: 1 min

Nov 17 (Reuters) - Chicago Federal Reserve Bank President Austan Goolsbee on Friday said the U.S. central bank will "do what it takes" to bring inflation down to the Fed's 2% goal, but that inflation looks to be already on that track if housing price pressures ease as expected. "The overwhelmingly important thing of whether we are going to clearly be on path for inflation is what happens to house price inflation," Goolsbee said at the Chicago Fed's annual Community Bankers Symposium. "If we hit the targets that we expect to hit, then we would be on path to get to 2%, and that's what I call the golden path -- no recession, and it gets down -- but that housing inflation is the thing we should really keep an eye on." Reporting by Ann SaphirOur Standards: The Thomson Reuters Trust Principles.

Persons: Austan Goolsbee, Goolsbee, Ann Saphir Organizations: Chicago Federal Reserve Bank, Chicago, Thomson Locations: U.S

☆ ECB hawks push back on early rate cut bets
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +3 min

"It would be unwise to start cutting interest rates too soon," Bundesbank President Joachim Nagel said in a speech. Austria's Robert Holzmann was even more explicit, arguing that the second quarter was simply too soon for a rate cut. Asked if he ruled out an interest rate cut in the second quarter of next year, he said: "That would be a bit early." The ECB held rates unchanged in October, snapping a streak to ten straight rate hikes, fuelling market bets that its record-breaking tightening streak is now over and the next move is a cut. Instead of easing policy, the ECB should tighten further, Wunsch argued, by ending early its bond purchases in the 1.7 trillion euro Pandemic Emergency Purchase Programme.

Persons: Joachim Nagel, Ann Saphir, Robert Holzmann, Holzmann, Pierre Wunsch, Wunsch, Nagel, Balazs Koranyi, Francois Murphy, Kirsten Donovan, Andrew Heavens Organizations: European Central Bank policymaker, Kansas City Fed, REUTERS, European Central Bank, ECB, Thomson Locations: Jackson, Jackson Hole , Wyoming, FRANKFURT, VIENNA, Belgian

☆ ECB's Lagarde: Increasing signs that the global economy is fragmenting into competing blocs
▼ + stars: | 2023-11-17 | by ( Matt Clinch | ) www.cnbc.com time to read: +1 min

European Central Bank President Christine Lagarde looks on as she attends the European Parliament's Committee on Economic and Monetary Affairs, at the European Parliament, in Brussels, Belgium September 25, 2023. Yves Herman | ReutersEuropean Central Bank President Christine Lagarde on Friday said that Europe is now at a critical juncture, with deglobalization, demographics and decarbonization looming on the horizon. "There are increasing signs that the global economy is fragmenting into competing blocs," she said at the European Banking Congress, according to a transcript. "As our societies age, we will need to deploy new technologies so that we can produce greater output with fewer workers. And as our climate warms, we will need to advance the green transition without any further delays."

Persons: Christine Lagarde, Yves Herman, Lagarde Organizations: European Central Bank, European Parliament's, Economic, Monetary Affairs, Reuters, Central Bank, European Banking Congress Locations: Brussels, Belgium, Europe

☆ Morning Bid: Ebbing oil sustains economic glow
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +6 min

Word "Oil" and stock graph are seen through magnifier displayed in this illustration taken September 4, 2022. That drop, which takes annual producer price inflation as low as 1.3%, was driven largely by falling gasoline prices. And that meets news that China's oil refinery throughput fell back in October as industrial fuel demand weakened. The overall energy and inflation picture is helping buoy consumption and stokes the 'soft landing' narrative investors are betting on. The picture in overseas markets, where the economic picture is cloudier, was more mixed.

Persons: magnifier, Dado Ruvic, Mike Dolan, stokes, Mary Daly, Joe Biden, Xi Jinping, Xi, Biden, Washington, Christopher Waller, Lisa Cook, John Williams, Michael Barr, Loretta Mester, Christine Lagarde, Luis de Guindos, Andrea Enria, Dave Ramsden, Andres Manuel Lopez Obrador, Alexander Smith Organizations: REUTERS, U.S . Energy Information Administration, Walmart, Federal, San Francisco Fed, Treasury, U.S . Senate, Philadelphia Fed, Kansas City Fed, Applied, Ross Stores, Federal Reserve, Lisa Cook , New York Fed, Cleveland Fed, European Central Bank, Bank of England, New York Federal Reserve, Insider Intelligence, Reuters Graphics, Thomson, Reuters Locations: U.S, United States, China . U.S, Target, San Francisco, Taiwan, China, Kansas, Treasuries, Lisa Cook , New, Franciso, Reuters Graphics China

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