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☆ Stock futures are little changed as Wall Street narrows focus on major inflation report: Live updates
▼ + stars: | 2023-07-11 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

U.S. stock futures were close to flat Tuesday night as investors looked toward the first potentially pivotal inflation report slated for release this week. S&P 500 futures and Nasdaq 100 futures traded near flat. Investors are eyeing the June consumer price index reading due before the bell Wednesday. June data for the producer price index — another well-watched gauge of inflation — is due Thursday before the bell. Elsewhere, investors will monitor comments from central bank officials including Richmond Fed President Tom Barkin, Minneapolis Fed President Neel Kashkari, Atlanta Fed President Raphael Bostic and Cleveland Fed President Loretta Mester throughout Wednesday for any insights into the state of U.S. economic policy.

Persons: Dow Jones, CME's, Chris Zaccarelli, that's, Stocks, Tom Barkin, Neel Kashkari, Raphael Bostic, Loretta Mester Organizations: Dow Jones Industrial, Nasdaq, Federal Reserve, Index, Independent, Alliance, Dow, Richmond Fed, Atlanta Fed, Cleveland Fed Locations: Minneapolis, U.S

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

☆ 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

☆ 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

☆ Fed meeting minutes to offer clues on future rate hike appetite
▼ + stars: | 2023-07-05 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

July 5 (Reuters) - Federal Reserve meeting minutes from the June policy gathering to be released on Wednesday are likely to show an active debate among policymakers who still on balance appear inclined to support more action to tame inflation. The meeting minutes, due at 2 p.m. EDT (1800 GMT), will arrive after U.S. central bank officials have spent the last three weeks following the June Federal Open Market Committee meeting sketching out their policy outlooks. “Although policy is restrictive, it's not, it may not be restrictive enough and it has not been restrictive for long enough," which keeps alive prospects for more increases, Powell said. It stood at near zero levels in March 2022 and has risen swiftly as Fed officials have sought to tame the worst levels of inflation in decades. The meeting minutes will also add details about what officials and their staff expect for the economy, and some are watching the central bank staff's view with particular interest.

Persons: Jerome Powell, “, Powell, Raphael Bostic, ”, Tim Duy, Michael S, Andrea Ricci Organizations: Reserve, Atlanta Fed, Fed, Macro, Thomson Locations: Portugal

☆ Fed sees more rate hikes ahead, but at a slower pace, meeting minutes show
▼ + stars: | 2023-07-05 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

Almost all Federal Reserve officials at their June meeting indicated further tightening is likely, if at a slower pace than the rapid-fire rate increases that had characterized monetary policy since early 2022, according to minutes released Wednesday. Policymakers decided against a rate rise amid concerns over economic growth, even though most members think further hikes are on the way. Citing the lagged impact of policy and other concerns, they saw room to skip the June meeting after enacting 10 straight rate increases. Most recently, the Fed's preferred inflation gauge saw just a 0.3% increase in May, though it was still reflecting a 4.6% annual rate. Fed officials have stressed the importance of reducing that disparity as they look to tamp down the demand that pushed inflation higher.

Persons: hesitance, firming, Jerome Powell, Raphael Bostic Organizations: Federal Reserve, Market, Market Committee, Fed

☆ Key Fed inflation measure shows prices rose just 0.3% in May
▼ + stars: | 2023-06-30 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Inflation pressures eased slightly in May as consumer spending slowed considerably, according to a Commerce Department report released Friday. When including the volatile food and energy components, inflation was considerably softer — up just 0.1% on the month and 3.8% from a year ago. While inflation pulled back a bit, spending rose just 0.1% for the month, below the 0.2% estimate and a sharp drop from the 0.6% increase in April. That came as goods prices decreased 0.1% while services rose 0.3%. Energy prices fell 3.9% while food prices were up just 0.1%.

Persons: Dow Jones, Jeffrey Roach, Jerome Powell, Raphael Bostic Organizations: Commerce Department, Federal Reserve, LPL, Atlanta Fed, Traders, Fed, Commerce Department's

☆ Fed's Bostic says rates will probably rise if inflation moves from target
▼ + stars: | 2023-06-29 | by ( Padraic Halpin | ) www.reuters.com time to read: +2 min

DUBLIN, June 29 (Reuters) - The Federal Reserve will have to increase rates if prices growth moves away from target or inflation expectations start to move in "a difficult way", Atlanta Federal Reserve President Raphael Bostic said, while adding that neither was happening right now. Earlier this month, the Fed refrained from boosting its federal funds target rate for the first time since it started raising rates in March 2022, leaving it at between 5% and 5.25%. Bostic said there are undoubtedly scenarios where that could happen, but they are unlikley. The U.S unemployment rate has crept up to 3.7% but is lower than the 4% rate Fed policymakers estimate is consistent with a fully employed American workforce. Reporting by Padraic Halpin Editing by Mark Potter and Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: Raphael Bostic, Jerome Powell, Bostic, we'll, Powell, Padraic Halpin, Mark Potter, Chizu Organizations: DUBLIN, Federal, Atlanta Federal Reserve, Irish Association of Investment, Thomson Locations: Atlanta

But the odds of the hikes are much less than Powell is projecting so tech stocks are benefiting," said Hayes. Apple (AAPL.O) inched 0.3% higher after closing at a record high on Thursday and edging closer to a $3 trillion market capitalization. ET, to gauge the outlook for interest rates. Micron Technology (MU.O) rose 3.3% after the chipmaker beat estimates for third-quarter results, powered by demand for its memory chips. Reporting by Sruthi Shankar and Johann M Cherian in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Berkshire Hathaway, JPMorgan Chase, Goldman Sachs, Wells, Charles Schwab, Thomas Hayes, Jerome Powell, Powell, Hayes, Raphael Bostic, Sruthi Shankar, Johann M, Shinjini Organizations: Micron, Occidental Petroleum, Dow, Bank of America, JPMorgan, Bank of New York Mellon, Great, Apple, Nvidia, Atlanta Fed, Reuters, Dow e, Nasdaq, Micron Technology, Berkshire Hathaway Inc, Intelligence, Thomson Locations: Berkshire, Great Hill, Bengaluru

☆ Dollar index hits two-week high after data; yen remains soft
▼ + stars: | 2023-06-29 | by ( ) www.cnbc.com time to read: +3 min

Hundred dollar bills are seen in this photo illustraiton in Warsaw, Poland on Sept. 21, 2022. The U.S. dollar index climbed to a two-week high on Thursday after economic data showed the labor market remained on a solid footing, giving the Federal Reserve a possible cushion to continue raising interest rates. He said he did not see inflation coming down to the Fed's 2% target until at least 2025. The dollar index was up 0.204% at 103.150 after earlier climbing to 103.44, its highest level since June 13. The dollar strengthened against the Japanese yen for a third straight day, hitting a fresh 7-1/2 month high of 144.90, as U.S. and Japanese central bank policy plans are expected to remain at opposite ends of the spectrum.

Persons: Jerome Powell, Raphael Bostic, Christine Lagarde, Andrew Bailey, Kazuo Ueda, Huw Roberts, Roberts, CME's Organizations: U.S, Federal Reserve, Reuters, Commerce Department, European Central Bank, Atlanta Federal Reserve, Bank of England, Bank of Japan, Fed Locations: Warsaw, Poland, Bank, Europe, Spain, Italy, Swedish

☆ Morning Bid: Fed turns screw, Micron pops
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +3 min

But as investors hit the half-year mark tomorrow, the tightening credit environment tempered fresh risk-taking. Two-year Treasury yields crept higher to 4.77% on Thursday after all the news, with the dollar (.DXY) firmer too and S&P500 futures marginally positive - helped by Micron. The VIX (.VIX) volatility gauge remains subdued at 13.6. Powell's relative hawkishness was mostly matched by counterparts at the European Central Bank and Bank of England yesterday. 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, Jerome Powell's, Powell, Riksbank, Jerome Powell, Raphael Bostic, Paychex, Elaine Hardcastle Organizations: Federal Reserve, Micron, European Central Bank and Bank of England, Atlanta Fed, Nike, McCormick, Paychex Reuters Graphics Reuters, Reuters, Thomson Locations: U.S, Asia, Europe, Japan, China, Madrid, Dublin, Brussels

☆ Morning Bid: World markets calm after Russia drama
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +5 min

More perplexed by events than anything else, world markets stayed relatively calm on Monday after a dramatic Russian military mutiny at the weekend was uneasily quelled. For Russian markets themselves, the rouble slipped to 15-month lows - but it too had been falling last week as oil prices ebbed. Largely now isolated from western investment, Russian stocks fell about 1%. U.S. Treasury yields slipped lower, perhaps with a smidgen of a safety bid from the weekend events helping too. Turkey's lira slid again to record lows after the central bank took steps to simplify rules governing lenders' holdings and foreign deposits after a sharp but underwhelming interest rate rise last week.

Persons: Mike Dolan, uneasily, Vladimir Putin, Leonardo, Raphael Bostic, James Bullard, Loretta Mester, Ed Osmond Organizations: Wall, Saab, Rheinmetall, Brent, . U.S, Treasury, Bank for International Settlements, HSBC, Dallas Federal, Central Bank, Central Banking, Atlanta Federal Reserve, St Louis Fed, Cleveland Fed, PMI, Thomson, Reuters Locations: U.S, Ukraine, Moscow, Shanghai, Europe, United States, ., Canary Wharf, London, Sintra, Portugal

☆ Morning Bid: Business brakes in June swoon, dollar jumps
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +4 min

A look at the day ahead in U.S. and global markets from Mike DolanJust as world stock prices raced ahead this month, broader business activity appeared to be stalling again. Equivalent Japanese and British surveys also showed sub-forecast growth and markets nervously await the U.S. version later on Friday. The dollar was the big market mover - surging into the weekend against Asia and European currencies. Inflation is falling faster, real wage growth is back positive, the jobs market is loosening slightly and housing is rebounding somewhat. So even as stock prices have come off the year's highs, the VIX (.VIX) implied volatility gauge continues to fall away - closing below 13 on Thursday for the first time since January 2020.

Persons: Mike Dolan, Jerome Powell, Wall, Powell's, Raphael Bostic, James Bullard, Loretta Mester, Jane Merriman Organizations: Asia, Federal Reserve, Bank of England, Swiss National Bank, Brent, Japan's, Swiss, Atlanta Federal Reserve, St Louis Fed, Cleveland Fed, Reuters Graphics Reuters Graphics, Thomson, Reuters Locations: U.S, Europe, Shanghai, Asia, United States

Appearing before the Senate Banking Committee, Powell reiterated his view that more rate hikes are likely in the months ahead. Richmond Fed President Tom Barkin said he remains unconvinced that inflation is on a steady path downward, but would not prejudge what the Fed should do at its July 25-26 meeting. Investors will also monitor comments from St. Louis Fed President James Bullard, Atlanta Fed President Raphael Bostic and Cleveland Fed's President Loretta Mester. ET, Dow e-minis were down 109 points, or 0.32%, S&P 500 e-minis were down 22 points, or 0.5%, and Nasdaq 100 e-minis were down 101.75 points, or 0.67%. Reporting by Shubham Batra, Shreyashi Sanyal and Shashwat Chauhan in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Jerome Powell, Powell, Matt Britzman, Hargreaves Lansdown, Tom Barkin, Louis, James Bullard, Raphael Bostic, Loretta Mester, Shubham Batra, Shreyashi Sanyal, Shashwat Chauhan, Arun Koyyur Organizations: Dow, Nasdaq, Banking, Richmond Fed, Deutsche Bank, Louis Fed, Atlanta Fed, Cleveland, Dow e, 3M, Carmax Inc, Thomson Locations: U.S, Bengaluru

☆ Asia stocks subdued after Powell testimony fails to surprise
▼ + stars: | 2023-06-22 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

SINGAPORE, June 22 (Reuters) - Asian shares made a tentative start to Thursday after Federal Reserve chair Jerome Powell stuck to his recent hawkish tone as investors assess the future rate policy path from the Fed. Atlanta Federal Reserve President Raphael Bostic said on Wednesday the Fed should not raise rates further or it would risk "needlessly" sapping the strength of the U.S. economy. The comments highlight the growing debate at the central bank over when and if the central bank should hike further. "The BoE's conditional guidance put the burden of proof on the data showing more persistent inflation pressures to continue hiking bank rate. Markets will also be awaiting policy decision from Turkey's central bank, with a policy pivot and a sharp rate increase widely expected.

Persons: Jerome Powell, Australia's, Powell, Kevin Cummins, Raphael Bostic, BoE, Taylor Nugent, Sterling, Brent, Lincoln Organizations: Federal, Japan's Nikkei, Fed, NatWest Markets, Atlanta Federal Reserve, Bank of England, Reuters, National Australia Bank, Thomson Locations: SINGAPORE, Asia, Pacific, Japan, China, Hong Kong, Washington, Atlanta, U.S, Turkey's

☆ Morning Bid: Dogged central banks rein in risk
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +4 min

Markets have been here before over the past year - continually underestimating the economy's resilience and Fed's trajectory. There was far less ambiguity in moves from Europe's central banks on Thursday. The Swiss National Bank raised rates by 25bp earlier, as expected, but also left the door open for more tightening. And Norway's central bank surprised with an aggressive 50bp rise to a 15-year high of 3.75% and signaled another move in August. In the emerging market world, Turkey was expected to more than double its 8.5% interest rate in a post-election macroeconomic policy reset.

Persons: Mike Dolan, Jerome Powell, Powell, Raphael Bostic, BoE, Britain's, Christopher Waller, Michelle Bowman, Loretta Mester, Thomas Barkin, Elaine Hardcastle Organizations: Federal, Financial, Fed, Atlanta Fed, Yahoo Finance, Bank of England, Swiss National Bank, Treasury, The Times, Bank of, U.S, Kansas City Federal, Chicago Fed, Cleveland Fed, Richmond Fed, Accenture, Darden, Graphics Reuters, Reuters, Thomson Locations: U.S, Britain, Europe's, Turkey, Mexico

☆ Stocks fall as Powell says inflation fight not over
▼ + stars: | 2023-06-21 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

While noting that inflation remains very far from the Fed's target, Powell said it may make sense to move rates higher, at a more moderate pace. The pan-European STOXX 600 index (.STOXX) lost 0.50% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) shed 0.37%. The Fed is "walking a tight rope between trying to tell people they are going to fight inflation as their No. The U.S. dollar index briefly rose following the release of Powell's testimony, but was last down slightly. The dollar index fell 0.458%, with the euro up 0.67% to $1.0989.

Persons: Brendan McDermid, Powell, Jerome Powell, Raphael Bostic, Rick Meckler, Brent, Caroline Valetkevitch, Medha Singh, Lawrence White, Wayne Cole, Jacqueline Wong, Lincoln, Alex Richardson, David Goodman, Richard Chang, Cynthia Osterman Organizations: New York Stock Exchange, REUTERS, U.S, Treasury, Capitol, Atlanta Federal Reserve, Yahoo Finance, Nasdaq, Dow Jones, Cherry Lane Investments, U.S . West Texas, Thomson Locations: New York City, U.S, New Vernon , New Jersey

"My baseline is that we should stay at this level for the rest of the year," and not cut rates until the latter half of 2024, Bostic said in an interview on Yahoo Finance. "Letting restrictive policy work for a while is prudent because the policy has been truly restrictive for less than a year, and it takes time for monetary policy changes to meaningfully influence economic activity. Bostic is the first official to say explicitly that may be too soon. Therefore, the real economic effects of tighter monetary policy are only just beginning to take hold," Bostic said. The risk of waiting is that inflation may resurge, but "that is not my baseline."

Persons: Raphael Bostic, Bostic, Howard Schneider, Andrea Ricci Organizations: Atlanta Federal Reserve, Yahoo Finance, Fed, Thomson Locations: U.S, Atlanta

As Powell spoke, comments from other Fed officials showed the contours of the debate emerging at the central bank over whether further rate increases will, in fact, be needed. "If we simply press on with additional rate hikes, we could needlessly drain too much momentum from the economy," Bostic said. On monetary policy Powell kept the focus on the central bank's fight to lower inflation and said the process "has a long way to go." Despite the consensus on lowering inflation, the Fed is at a point where opinions about the need for and timing of additional interest rate increases may start to diverge. Reporting by Howard Schneider; Additional reporting by Jason Lange; Editing by Dan Burns and Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

Persons: Jerome Powell, Jonathan Ernst WASHINGTON, Powell, ” Powell, Austan Goolsbee, Raphael Bostic, Bostic, Democrat Joe Biden, Donald Trump, Biden, Howard Schneider, Jason Lange, Dan Burns, Andrea Ricci Organizations: U.S . Federal, Financial, REUTERS, Capitol, Financial Services, Fed, Chicago Fed, Atlanta Fed, Bank, Democrat, Republican, Thomson Locations: Washington , U.S, Silicon

☆ Morning Bid: Hawkish Powell keeps markets on defense
▼ + stars: | 2023-06-21 | by ( Alden Bentley | ) www.reuters.com time to read: +3 min

June 22 (Reuters) - A look at the day ahead in Asian markets from Alden Bentley, Breaking News Editor for Finance & Markets, Americas. The week's main attraction, Fed Chair Jerome Powell's testimony before the U.S. House Financial Services Committee, came and went without rearranging the pieces on the table much. So, that left traders expecting rate hikes to resume at the Fed's July meeting, even as the futures market reflects doubts that the Fed will deliver more increases beyond that. U.S. Treasury yields held to pretty narrow ranges and, with Powell leaning hawkish but not deviating much from last week's FOMC message, the three major U.S. stock indexes fell, for the third straight session. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Alden Bentley, Jerome Powell's, Powell's embargoed, Powell, Raphael Bostic, Kazuo Ueda, Powell's, Jerome Powell, Deepa Babington Organizations: Finance & Markets, . House Financial Services Committee, Atlanta Federal Reserve, Yahoo Finance, Reuters, Bank of Japan, Wednesday's U.S, Reserve Bank of Australia's, Treasury, CPI, Thomson Locations: Alden, Americas, U.S, Wednesday's, Japan, Indonesia

But while the Fed in 2019 was asking "'is this as strong as the labor market can get?' Fed rate hikes could have "very significant, uneven short-term impacts" on the job market. So far headline payroll employment growth remains strong. Reuters Graphics Reuters GraphicsWANTING IT BOTH WAYSFor now, though, the Fed might mark the pandemic labor rebound as essentially complete, despite the risks. The economy needs to create about 100,000 payroll jobs a month to keep pace with population growth.

Persons: Bryan Woolston, Michael Madowitz, Raphael Bostic, Trump, Howard Schneider, Dan Burns, Andrea Ricci Organizations: Kentucky, Center, REUTERS, . Federal Reserve, Washington Center for Equitable, Reuters Graphics Reuters, Bureau of Labor Statistics, Atlanta Fed, BLS, American Progress, White House Council, Economic Advisers, Thomson Locations: Frankfort , Kentucky, U.S, Bryan Woolston WASHINGTON, COVID

☆ Morning Bid: Not so fast, debt ceiling bulls!
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Kevin BucklandYou didn't think it would be that easy, did you? Investors are on edge after equities and the dollar got knocked back Friday, when Republican negotiators unexpectedly walked out of debt ceiling talks. Discussions now seem to be back on track, with President Joe Biden due to meet House Republican Speaker Kevin McCarthy later today. Another potential boost comes from the PBOC's assessment that the fundamentals of China's economic stability and long-term improvement have not changed. Luis de Guindos and Philip Lane are among Lagarde's ECB colleagues on speaking duty today.

☆ Morning Bid: Tech politics, debt cap brinkmanship
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +5 min

Well-choreographed brinkmanship over the debt ceiling standoff looks set to go down to the wire, while technology firms have once again become a battleground in tense geopolitics. As AI-fueled U.S. technology stocks have led the way this year, the S&P (.SPX) has gained almost 10% this year and hit its highest level in nine months on Friday. Minneapolis Fed chief Neel Kashkari said on Sunday he could support holding rates steady at the next meeting. Futures markets see more than an 80% chance of a June pause and still price almost 50bp of cuts by yearend. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

With the end of another earnings season in sight, Wall Street's attention has turned to Washington and the debt ceiling deadline. Republican negotiators on Friday walked out of talks on raising the debt limit , abruptly ending a positive week of discussions that appeared to be leading toward a deal. Democrats and the White House have been pushing for a "clean" hike to the debt limit that would push the next deadline past the 2024 presidential election, while Republicans are pressing for spending cuts. Many investors believe this ongoing game of chicken over the debt limit is largely for show, since the U.S. has never defaulted on its debt obligations. U.S. President Joe Biden hosts debt limit talks with House Speaker Kevin McCarthy (R-CA) and other congressional leaders in the Oval Office at the White House in Washington, U.S., May 9, 2023.

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