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☆ Asia stocks slip as US CPI fails to enthuse; dollar up
▼ + stars: | 2023-08-11 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

Passersby are reflected on an electric stock quotation board outside a brokerage in Tokyo, Japan April 18, 2023. The yen touched a six-week low of 144.89 per dollar in early trade on Friday, though volumes were thinned owing to a public holiday in Japan. Its stock markets were closed and Treasuries went untraded in the Asia session. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) edged 0.2% lower and headed for a 1% weekly loss. In stock markets, Chinese property stocks were taking a fresh beating on giant developer Country Garden (2007.HK), which is struggling with its debts, forecasting a $7.6 billion net loss in the first half.

Persons: Issei Kato, Treasuries, Mary Daly, Andrew Lilley, Sally Auld, JB, Tom Westbrook, Muralikumar Organizations: REUTERS, U.S ., Headline U.S, CPI, San Francisco Fed, Yahoo Finance, U.S . Treasury, HK, Star Entertainment, Chevron, Thomson Locations: Tokyo, Japan, U.S, Asia, Pacific, Sydney, New York, Hong Kong, Alibaba, HK, New South Wales, Woodside, WDS.AX

☆ Gold stays near 1-month lows as U.S. dollar, yields hold ground
▼ + stars: | 2023-08-11 | by ( ) www.cnbc.com time to read: +2 min

Ingots of 99.99 percent pure gold are placed in a workroom at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, January 31, 2023. REUTERS/Alexander ManzyukGold prices held near one-month lows on Friday, shrugging off cooler-than-expected U.S. inflation figures for last month, with bullion staying on course to wrap up its worst week in seven as the U.S. dollar and bond yields stood strong. Spot gold edged 0.1% higher to $1,913.95 per ounce by 0347 GMT, but traded near its lowest level since July 7 touched earlier in the day. Interest rate increases weigh on gold because they tend to lift bond yields and in turn raise the opportunity cost of holding non-yielding bullion. Gold prices have slid about 1.4% so far in the week as the U.S. dollar index and benchmark 10-year Treasury bond yields were both on track for their fourth consecutive weekly gain.

Persons: Alexander Manzyuk, Matt Simpson, Mary Daly Organizations: REUTERS, U.S ., City, U.S, Palladium Locations: Siberian, Krasnoyarsk, Russia, U.S

☆ Rupee to fall on bets Fed to remain restrictive despite moderating inflation
▼ + stars: | 2023-08-11 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, Aug 11 (Reuters) - The Indian rupee will likely weaken on Friday on expectations that the U.S. Federal Reserve will keep interest rates high despite signs that price pressures are moderating. U.S. equities rallied, the dollar index dropped and U.S. yields declined after data showed that headline and core inflation rose less than expected. San Francisco Fed President Mary Daly said that while recent inflation data is moving in the right direction, more progress is needed before she would feel comfortable that the Fed has done enough. The dollar index , which dropped to 101.76 post the inflation data, was back near 102.50. Investors are cautious that while the Fed will pause in September, rates "will remain restrictive for some time", ANZ said in note.

Persons: it's, Mary Daly, Nimesh Vora, Sonia Cheema Organizations: U.S . Federal Reserve, U.S ., NDF, San Francisco Fed, ANZ, Brent, Thomson Locations: MUMBAI, Mumbai, U.S, San

☆ Wall Street ends flat, after pop from July inflation data fizzles
▼ + stars: | 2023-08-10 | by ( David French | ) www.reuters.com time to read: +5 min

Stock prices started to sag from late-morning onwards, and bounced between positive and negative territory for much of the afternoon. He noted that while inflation has slowed, a look beyond the headline number revealed that core inflation remained sticky, and as traders parsed the data, the initial positive sentiment became more subdued. A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 26, 2023. On the earnings front, Walt Disney (DIS.N) rose 4.9% after beating Wall Street estimates for quarterly adjusted profit per share. The S&P 500 posted 18 new 52-week highs and 4 new lows; the Nasdaq Composite recorded 58 new highs and 159 new lows.

Persons: Gregg Abella, Mary Daly, Brendan McDermid, Walt Disney, Michael Kors, Tapestry's, Joe Biden, Bansari Mayur Kamdar, Johann M, David French, Shashwat Chauhan, Shubham Batra, Vinay Dwivedi, David Gregorio Our Organizations: Disney, Dow, Nasdaq, U.S . Federal, Investment Partners, Management, San Francisco Fed, New York Stock Exchange, REUTERS, Nvidia Corp, Alphabet Inc, Microsoft, Dow Jones, Energy, Wall, Alibaba, Wednesday, Thomson Locations: New York City, U.S, China, Bengaluru, New York

☆ US dollar recovers from inflation-related losses; yen slumps
▼ + stars: | 2023-08-10 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +4 min

The greenback climbed to five-week peaks against the yen of 144.735 , and last traded up 0.7% at 144.71 yen. The recovery of the dollar against both the euro and yen pushed the dollar index up 0.1% to 102.56 . Earlier in the session, the dollar dropped after data showed the consumer price index (CPI) rose 0.2% last month, matching the gain in June. Investors are also on the lookout for possible intervention by the Japan to lift the yen. In September, Japan intervened when the dollar rose above 145 yen, pushing the pair to around 140 yen as the Ministry of Finance bought the yen to weaken the dollar.

Persons: Florence Lo, Yen, Helen, It's, Francisco Federal Reserve Bank Mary Daly, Gertrude Chavez, Dreyfuss, Alun John, Mark Potter, Andrea Ricci, Richard Chang Organizations: REUTERS, Monex USA, Francisco Federal Reserve Bank, Federal, Market, Fed, Labor Department, Analysts, Ministry of Finance, Thomson Locations: U.S, Washington, Japan, London

☆ Wall Street ends flat, gives up most gains after July inflation data
▼ + stars: | 2023-08-10 | by ( David French | ) www.reuters.com time to read: +4 min

A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 26, 2023. Data showed headline and core consumer prices both climbed by 0.2% in July, with the headline number notching annual rise of 3.2% and the core up 4.7%. He noted that while inflation has slowed, a look beyond the headline number revealed that core inflation remained sticky, and as traders parsed the data, the initial positive sentiment became more subdued. In separate data, the number of Americans filing new claims for unemployment benefits rose by 248,000 last week, exceeding estimates of 230,000. On the earnings front, Walt Disney (DIS.N) rose after beating Wall Street estimates for quarterly adjusted profit per share.

Persons: Brendan McDermid, Gregg Abella, Mary Daly, Walt Disney, Michael Kors, Tapestry's, Alibaba, Joe Biden, Bansari Mayur Kamdar, Johann M, David French, Shashwat Chauhan, Shubham Batra, Vinay Dwivedi, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Disney, U.S . Federal, Investment Partners, Management, Francisco Fed, Nasdaq, Treasury, Nvidia Corp, Microsoft, Apple, Dow Jones, Wall, Wednesday, Thomson Locations: New York City, U.S, China, Bengaluru, New York

Buoyed by inflation numbers, traders not only expect the central bank to stop further monetary tightening in 2023, they are also betting the Fed would start cutting interest rates early next year. "Inflation has returned to the good old days where in 2019 we saw an average monthly increase of around 0.2% ... The Fed, therefore, might feel it can pause as planned and not raise interest rates in September," said George Mateyo, chief investment officer at Key Private Bank. The tech-heavy Nasdaq led Wall Street lower on Wednesday, with heavyweight Nvidia (NVDA.O) falling 4.7%, followed closely by the other "Magnificent Seven" megacap stocks that drove this year's stock rally. On the earnings front, Walt Disney (DIS.N) rose 3.2% after beating Wall Street estimates for quarterly adjusted profit per share.

Persons: Brendan McDermid, George Mateyo, Mary Daly, Walt Disney, Michael Kors, Tapestry's, Joe Biden, Bansari Mayur Kamdar, Johann M Cherian, Shashwat Chauhan, Shubham Batra, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Disney, Dow, Nasdaq, Reserve, Key Private Bank, San Francisco Fed, Microsoft, Apple, Nvidia, Dow Jones, Wall, Alibaba, Wednesday, NYSE, Thomson Locations: New York City, U.S, China, Bengaluru

☆ Daly: Premature to say if Fed has done enough on rates
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +2 min

"Whether we raise another time, or hold rates steady for a longer period -- those things are yet to be determined," Daly said in an interview with Yahoo Finance. "It would be premature to project what I think would happen because there's a lot of information coming in between now and our next meeting." While goods inflation is receding, and newly signed lease trends signal inflation from housing will also cool, core services inflation excluding housing has so far made little progress, Daly said. The Fed raised its policy a quarter of a percentage point last month, to a range of 5.25% to 5%, and policymakers will consider whether to raise rates further when they meet again in September, November and December. Daly before the most recent rate hike had thought a total of two more interest-rate increases would likely be needed before year's end, but she did not reiterate that view on Thursday.

Persons: Mary Daly, Daly, Ann Saphir, Jonathan Oatis Organizations: San Francisco Federal Reserve Bank, Yahoo Finance, U.S . Labor Department, Fed, Traders, Thomson

☆ Morning Bid: A sticky inflation situation
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +5 min

With a relentless set of rate hikes, the Federal Reserve has managed to drive consumer price increases down to 3%, from last June's 9.1%. The Atlanta Fed compiles an index of core sticky consumer prices - goods or services for which the cost changes far more slowly. Reuters GraphicsLine chart with data from the Bureau of Economic Analysis and Federal Reserve shows PCE inflation slowed to 3% year-on-year in June, while core PCE inflation also eased to 4.2%. Chart shows economists polled by Reuters expecting the U.S. consumer price index to have increased 0.2% in July 2023 from the previous month, the same pace as June 2023. * Federal Reserve Bank of Atlanta President Raphael Bostic gives welcome remarks at a webinar, 1500 EDT/1900 GMT.

Persons: Brendan McDermid, Amanda Cooper, they're, Mary Daly, Raphael Bostic, Tomasz Janowski Organizations: New York Stock Exchange, REUTERS, Federal Reserve, American Automobile Association, Federal Reserve Bank, Cleveland, Atlanta Fed, Reuters Graphics, Reuters, Federal Reserve Bank of San Francisco, Yahoo Finance, Federal Reserve Bank of Atlanta, Thomson Locations: New York City, U.S, Manheim

The Consumer Price Index rose at a 3.2% annual rate in July, which was a slight increase over June's 3% reading. Typically, that would be associated with a jump in unemployment as businesses and consumers scale back. Yet the unemployment rate has remained below 4% -- low for the U.S. -- since February 2022, and stood at 3.5% as of last month. Others feel the economy remains slow to adjust to higher interest rates, and that the unemployment rate will ultimately rise before the Fed finishes its inflation fight. The current Fed "has been uniquely successful thus far in lowering inflation while leaving the unemployment rate at its lowest levels in roughly half a century," they wrote, with the potential that policy tightening so far "may bring about further declines in inflation without a dramatic rise in the unemployment rate.

Persons: Bryan Woolston, Pierre, Daniel Sarte, Paul Ashworth, Ashworth, Mary Daly, Howard Schneider, Andrea Ricci, Christina Fincher, Jonathan Oatis Organizations: Kentucky, Center, REUTERS, Bryan Woolston WASHINGTON, . Federal Reserve, Richmond Fed, Reuters Graphics Reuters, Fed, Graphics, North, Capital Economics, Traders, San Francisco Fed, Yahoo Finance, U.S, Thomson Locations: Frankfort , Kentucky, U.S, North America

☆ Why declaring victory over inflation too soon may be a mistake for economy
▼ + stars: | 2023-07-16 | by ( Natalie Rose Goldberg | ) www.cnbc.com time to read: +9 min

The market is fully expecting another interest rate hike from the Fed in July, after it skipped a rate hike in June. For the Fed, ideal inflation is in the target range of 2%. But he is more encouraged about the economy avoiding recession, which recent economic history said would not be possible. San Francisco Fed President Mary Daly expressed her commitment to lowering inflation even further on "Squawk on the Street" last week. "It's really too early to say that we can declare victory on inflation.

Persons: Tom Werner, Jerome Powell, Ed Yardeni, Yardeni, Paul McCulley, Tom Lee, Fundstrat, Lee, Liz Young, Roger Ferguson, Ferguson, Hugh Johnston, they've, CFOs, Milton Friedman's, Pimco, Tiffany Wilding, Wilding, Mary Daly Organizations: Federal Reserve, Market Committee, Fed, CME Fed, Yardeni, Dow Jones, Dow, PepsiCo, CNBC, Francisco Fed Locations: U.S, Georgetown

☆ From inflation to mortgages: What last week’s data says about the economy
▼ + stars: | 2023-07-15 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

The Fed’s preferred gauge of inflation, the Personal Consumption Expenditures index, showed that inflation was double the target in May (more on inflation shortly). Wednesday’s Consumer Price Index showed that annual inflation slowed from 4% to 3% in June, the lowest level since March 2021. Then on Thursday came Producer Price Index data, which measures the average change in prices that businesses pay to suppliers. That data showed annual wholesale inflation cooled last month to the lowest level in nearly three years. And June of last year was monumental: Annual inflation soared to 9.1%, the highest in more than 40 years largely because of record-high energy costs,” she wrote.

Persons: Michael Scott, Price, ”, Mary Daly, “ It’s, Alicia Wallace, Freddie Mac, Jamie Dimon, JPMorgan Chase, can’t, Dimon, “, — CNN’s Bryan Mena, Matt Egan Organizations: New, New York CNN, Reserve, ” San Francisco Federal Reserve Bank, University of Michigan, JPMorgan, CNN Locations: New York, ” San Francisco

☆ San Francisco Fed President Mary Daly: Too early to declare victory on inflation
▼ + stars: | 2023-07-13 | 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 EmailSan Francisco Fed President Mary Daly: Too early to declare victory on inflationSan Francisco Fed President Mary Daly joins 'Squawk on the Street' to discuss the state of the U.S. economy, the Fed's inflation fight, and more.

Persons: Mary Daly Organizations: San, Fed, San Francisco Fed Locations: U.S

☆ Morning Bid: Markets bet July 2023 is 'peak Fed'
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +4 min

A look at the day ahead in U.S. and global markets from Mike DolanSurprise news of a 2%-plus print on U.S. headline inflation rate for June has world markets betting the peak of the Federal Reserve's interest rate campaign will now be this month. Either way, the latest inflation cheer means U.S. rate futures have wiped out bets of another Fed rate hike after a final quarter-point move to 5.25-5.50% at July 26's meeting. Although they see peak rates held there to year-end, futures now price as much as a full percentage point of cuts by this time in 2024. The VIX "fear index" (.VIX) fell back below 14 to its lowest of the month so far. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mike Dolan, That's, Christopher Waller, Mary Daly, Joe Biden, Christine Lagarde, Toby Chopra Organizations: Fed, Nasdaq, PepsiCo, Delta Airlines, Bank of, Swiss, Bank of Canada, Federal Reserve, San Francisco Fed, Nordic, European Central Bank, . Treasury, Reuters, Thomson Locations: U.S, Beijing, Jackson, Fastenal, Helsinki, Brussels, Japan

☆ San Francisco Fed president: ‘It’s really too early to declare victory on inflation’
▼ + stars: | 2023-07-13 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +2 min

New York CNN —Despite promising signs that inflation is abating, San Francisco Federal Reserve Bank President Mary Daly said the fight against price increases isn’t over. But she cautioned, “It’s really too early to declare victory on inflation.”The latest Consumer Price Index report published on Wednesday showed that annual inflation slowed from 4% to 3% in June, the lowest level since March 2021. However, the Fed’s preferred gauge of inflation, the Personal Consumption Expenditures index, showed that inflation was double its 2% target in May. Daly acknowledged there’s a risk the Fed will raise rates higher than what’s ultimately needed to get inflation down to 2%. Daly, who will be voting on interest rates at the Fed’s meetings next year, said she wouldn’t necessarily consider cutting rates once inflation hits 2%.

Persons: Mary Daly, ” Daly, “ It’s, Daly, there’s, “ can’t, ”, Daly’s, James Bullard Organizations: New, New York CNN, San Francisco Federal Reserve Bank, CNBC, Louis Federal Reserve Bank Locations: New York, San, St

The 2-year Treasury yield was down by more than 1 basis point at 4.847%. U.S. Treasury yields declined Tuesday as investors assessed what could be next for Federal Reserve monetary policy following remarks from central bank officials and ahead of key economic data. Investors considered the Federal Reserve's next interest rate policy moves ahead of key inflation data due this week and the central bank's upcoming meeting on July 25-26. Investors are also looking out for several major economic data points scheduled for this week, including the latest consumer inflation figures on Wednesday and wholesale inflation on Thursday. No key data is expected on Tuesday.

Persons: Mary Daly, Jerome Powell, CME's Organizations: Treasury, U.S, Federal Reserve, Investors, Federal, San Francisco Fed, Institution

☆ Stock Market Today: Dow, Nasdaq Futures Edge Up
▼ + stars: | 2023-07-11 | by ( ) www.wsj.com time to read: +2 min

Stock futures edged higher as investors looked ahead to inflation data that are expected to play a crucial role in shaping the next stretch of monetary policy. Investors eyed gains in overseas stock markets Tuesday, which came after Beijing announced new loan-relief measures for China’s troubled property sector. European indexes also rose, with the exception of the U.K.’s benchmark stock index, which fell after data showed wage growth remained strong there. Stock futures edged higher. Futures tied to the S&P 500 and the tech-focused Nasdaq-100 both gained 0.2%, while those tied to the Dow industrials edged up 0.1%.

Persons: Loretta Mester, Mary Daly, ’, Hong, Seng, Brent Organizations: Labor Department, Investors, Traders, Beijing, Dow, Treasury, Shanghai, Nikkei Locations: Europe

☆ The number of small firms raising prices fell to the lowest level since March 2021
▼ + stars: | 2023-07-11 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —The number of small businesses saying they raised their prices fell in June to its lowest level since March 2021, according to a survey released Tuesday by the National Federation of Independent Business. The share of respondents who reported higher prices dropped by three points last month to 29%, “still a very inflationary level but trending down,” the report showed. “Inflation and labor shortages continue to be great challenges for small businesses,” said the NFIB’s chief economist Bill Dunkelberg in a release. The current tight labor market has been keeping pressure on employers to raise prices to protect their margins — a dynamic that Fed Chair Jerome Powell discussed in recent remarks. The impact of improving supply chainsThe economy has slowed from its red-hot pace after rebounding from the pandemic, but some dynamics that prompted businesses to raise prices have been slowly unwinding.

Persons: “, Kieran Clancy, ”, Bill Dunkelberg, Jerome Powell, Mary Daly Organizations: DC CNN, National Federation of Independent Business, Pantheon, Federal Reserve, Fed, Research, San Francisco Fed Locations: Washington, San

The Fed has raised interest rates by 5 percentage points since March 2022 to bring down the highest U.S. inflation in four decades. "We may end up doing less because we need to do less; we may end up doing just that; we could end up doing more. Fed policymakers are widely expected to deliver a rate hike at their meeting later this month, a move that would bring the policy rate to the 5.25%-5.50% range. That could buttress the case that price pressures are weakening, which in turn could take some pressure off the central bank to hike rates again. Atlanta Fed President Raphael Bostic, speaking at yet another event on Monday, repeated his view that the Fed can be "patient" on rates and allow restrictive policy to bring down inflation without further action by the central bank.

Persons: Mary Daly, Daly, Jerome Powell, Ann Saphir, Michael Barr, Raphael Bostic, Loretta Mester, Mester, Dan Burns, Howard Schneider, Paul Simao Organizations: Federal Reserve, San Francisco Fed, Brookings Institution, San Francisco Federal, REUTERS, New York Fed, Atlanta Fed, Cleveland Fed, Thomson Locations: U.S, San Francisco , California

☆ US dollar drops to three-week low as Fed rate hikes nearly done
▼ + stars: | 2023-07-10 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +4 min

In afternoon trading, the dollar index , which tracks the U.S. currency against a basket of major peers, slid 0.3% to 101.98, a three-week low. With U.S. nonfarm payrolls out of the way, attention turns to U.S. inflation data due on Wednesday. The Norwegian crown firmed against the dollar and euro following Norway's inflation data. The Chinese yuan slumped against the dollar after weak inflation numbers in the world's second-largest economy. The weak Chinese data dragged down the Australian and New Zealand dollars, which are often used as liquid proxies for the Chinese yuan.

Persons: gainers, Mary Daly, nonfarm, Erik Nelson, Wells, Nelson, Gertrude Chavez, Dreyfuss, Alun John, Rae Wee, Jamie Freed, Ed Osmond, Emelia, Will Dunham, Sharon Singleton Organizations: Federal Reserve, San Francisco Fed, U.S, CPI, New, New Zealand, Thomson Locations: U.S, Wells Fargo, London, Europe, China, Norwegian, New Zealand, Singapore

All eyes will be on U.S. inflation data, expected on Wednesday, that will feed into the Fed's interest rate decision later in the month. The second-quarter earnings season kicks off this week and investors will assess the impact of tight monetary conditions and fears of an impending economic slowdown on businesses. Overall, earnings for the S&P 500 constituents are expected to fall 5.7% in the quarter, Refintiv data showed. Most megacap growth and technology stocks slid in mid-day trading, with the FANG index (.NYFANG) falling 1.3%. Big banks such as JPMorgan Chase (JPM.N) and Citigroup (C.N) edged up, ahead of reporting earnings on Friday.

Persons: Carl Icahn, Chris Larkin, Morgan Stanley, Michael Barr, Loretta Mester, Mary Daly, Jefferies, JPMorgan Chase, Janet Yellen, Johann M Cherian, Saumyadeb Chakrabarty Organizations: Citigroup, Dow, Nasdaq, Federal Reserve, PPI, Traders, Dow Jones, JPMorgan, Icahn Enterprises, Intel, Qualcomm, U.S, Treasury, NYSE, Thomson Locations: U.S, Bengaluru

☆ 10-year Treasury yield rises as investors look to Fed speaker comments, key economic data
▼ + stars: | 2023-07-10 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

The 2-year Treasury yield, meanwhile, was last trading around 1 basis point lower at 4.923%. The yield on the 10-year Treasury rose Monday as investors awaited the latest comments from U.S. Federal Reserve officials and key inflation data due this week. Various Fed speakers are due to make remarks this week which investors will be scanning for fresh hints about the outlook for interest rates. Cleveland Fed President Loretta Mester and San Francisco Fed President Mary Daly are among those expected to speak about the economic and monetary policy outlook on Monday. Several key economic reports that could in inform the Fed's next policy decisions are also expected this week, including June's consumer price index print on Wednesday.

Persons: Loretta Mester, Mary Daly Organizations: Treasury, U.S . Federal Reserve, Cleveland Fed, San Francisco Fed, Labor Department, Fed Locations: U.S

☆ Morning Bid: China disinflation a mix of good and bad
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +3 min

On the face of it, this implies there is plenty of scope to ease monetary and fiscal policy further. Yet it also underlines the scale of the challenge that Beijing faces in avoiding an outright deflationary spiral. Globally, a deflationary pulse from China could over time help to offset service-driven inflation in developed nations. Disinflation in goods is a major reason analysts expect coming U.S. CPI data to show a slowdown in June. One side effect of the surge in bond yields has been a shake-out of carry trades in the forex market.

Persons: Wayne Cole, Andrew Bailey, Jeremy Hunt, Mary Daly, Loretta Mester, Raphael Bostic, Edmund Klamann Organizations: CPI, Headline, Treasury, Bank of Japan, Bank of England, San, Cleveland, Atlanta, Thomson Locations: Wayne, Beijing, China

☆ San Francisco Fed president: Silicon Valley Bank’s failure wasn’t our fault
▼ + stars: | 2023-07-10 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

Washington, DC CNN —Silicon Valley Bank failed because regulators were far too slow to take action, San Francisco Federal Reserve Bank President Mary Daly said Monday in her first extended remarks about the collapse. SVB operated in Daly’s district before the regional bank’s stunningly rapid failure in March, but she noted she doesn’t have a supervising role. Daly said the supervisors at the San Francisco Fed simply report issues to the Fed’s Board of Governors, which is ultimately responsible for fixing any regulatory issues. “My job is to support the supervision that the vice chair of supervision has set out, so how do I do that? The possibility of a rate hike in September remains unclear, though Powell said he wouldn’t take consecutive rate hikes off the table.

Persons: Mary Daly, SVB, ” Daly, Michael Barr, Democratic Sen, Elizabeth Warren, Daly, Jerome Powell, Warren, ”, Barr, it’s, It’s, Powell, Loretta Mester, Mester, “, Raphael Bostic, ” Bostic, ” — CNN’s Elisabeth Buchwald Organizations: DC CNN, Valley Bank, San Francisco Federal Reserve Bank, Brookings Institution, Signature Bank, First Republic Bank, Democratic, San Francisco Fed, Fed’s, of Governors, Fed, San Francisco, Cleveland Fed, University of California, Atlanta Fed, trickling, Cobb County Chamber of Commerce Locations: Washington, Daly’s district, Washington ,, San Francisco Fed, San Diego, Cobb County, Atlanta

☆ Morning Bid: Bruised bonds relying on disinflation
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +5 min

While that data took the edge off the red-hot private-sector jobs readout the previous day, it left a bruised bond market still wary of further Federal Reserve interest rate rises and praying disinflation may stay its hand after one more hike later this month. Although Treasury bond volatility (.MOVE) backed off six-week highs on Friday, its weekly rise was the biggest since the wild swings around the banking stress in March. Stock futures were in the red again ahead of Monday's open despite gains in Chinese and European bourses. British markets - where the UK government bond market selloff last week had been worse than in Treasuries - remained edgy. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mike Dolan, disinflation, Janet Yellen, Joe Biden, Jeremy Hunt, Andrew Bailey, Michael Barr, Mary Daly, Loretta Mester, Raphael Bostic, Ed Osmond Organizations: Wednesday's, Treasury, NATO, HSBC, Sunday . Bank of England, Federal, San Francisco Fed, Cleveland Fed, Atlanta Fed, Bank of England, . Treasury, Graphics Reuters, Reuters, Thomson Locations: U.S, China, Vilnius, British, Treasuries, South Korea, Ukraine

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