0
0.0
Jul 28, 2024
07/24
by
BLOOMBERG
tv
eye 0
favorite 0
quote 0
the original fed did not have an fomc.really did not function very well during the early parts of the depression. in 1933, the current structure was put in place, and that is with the fomc, with the number of governors and the voting arrangements. i think that arrangement is fine. it works really well. in the 1970's, the dual mandate was added. ultimately, we're not looking for any law change. we think we have the authorities we need, and we think the law is in a fine place. david: so basically, you think the system works reasonably well as it is today? and, today, what is the biggest economic challenge facing the country? is it growth? is it inflation? a hard landing, potentially? what are you worried about? what keeps you up at night, if anything, in the economy? chair powell: in the short term, that is what keeps me up. literally, the thing i'm thinking about in the middle of the night is always this balance between, if we ease to early, we could undermine the progress on inflation. if we wait too late, we could undermi
the original fed did not have an fomc.really did not function very well during the early parts of the depression. in 1933, the current structure was put in place, and that is with the fomc, with the number of governors and the voting arrangements. i think that arrangement is fine. it works really well. in the 1970's, the dual mandate was added. ultimately, we're not looking for any law change. we think we have the authorities we need, and we think the law is in a fine place. david: so...
0
0.0
Jul 28, 2024
07/24
by
BLOOMBERG
tv
eye 0
favorite 0
quote 0
all 19, seven plus 12, are participants on the fomc.any given year, all of the seven governors vote and five of the 12 reserve bank presidents vote. but one of the voters is always the new york fed. david: and so when you have an fomc meeting, how many do you have a year? chair powell: we have eight a year. david: ok. so you have eight a year. and when you get together, you get together for two days or so? we do. chair powell: we do. so, generally starts at noon or in the morning of a tuesday. and we go all day. we generally talk about the economy, the financial stability issues, whatever special topics there may be. and at the end of the day, each person speaks on those things. and i speak at the end of that day. then there's a brief presentation on monetary policy, and then we go to dinner upstairs in the martin building, and we come back the next morning, we come in at 9:00 and we talk about monetary policy until we're satisfied with the outcome of monetary policy. and that usually takes most of the morning. david: ok, so, when you g
all 19, seven plus 12, are participants on the fomc.any given year, all of the seven governors vote and five of the 12 reserve bank presidents vote. but one of the voters is always the new york fed. david: and so when you have an fomc meeting, how many do you have a year? chair powell: we have eight a year. david: ok. so you have eight a year. and when you get together, you get together for two days or so? we do. chair powell: we do. so, generally starts at noon or in the morning of a tuesday....
0
0.0
Jul 16, 2024
07/24
by
CSPAN2
tv
eye 0
favorite 0
quote 0
all 19, 7+12, our, operatives was on the fomc.ven year, all of the seven governors about and five of the 12 reserve bank presidents vote. but one of the voters has always been the new york fed. >> when you have an fomc meeting how many do you have your. >> as we have eight a year. >> eight a year, and when you get together you get together for two days or something? >> we do. so generally starts at noon or in a morning of a tuesday and we go all day. we generate talk about the economy, the financial stability issues come whatever special topics there may be. at the end of the day each person speaks on those things and i speak at the end of that day. then there's a brief presentation a monetary policy and then we go to dinner upstairs in the martin building and come down the next month, we come down at 9:00 and talk about monetary policy until we are satisfied with the outcome of monetary policy. and that usually takes most of the morning. >> so when you go into an fomc meeting, the first day, do you pretty much know what you want
all 19, 7+12, our, operatives was on the fomc.ven year, all of the seven governors about and five of the 12 reserve bank presidents vote. but one of the voters has always been the new york fed. >> when you have an fomc meeting how many do you have your. >> as we have eight a year. >> eight a year, and when you get together you get together for two days or something? >> we do. so generally starts at noon or in a morning of a tuesday and we go all day. we generate talk...
0
0.0
Jul 31, 2024
07/24
by
FBC
tv
eye 0
favorite 0
quote 0
breaking any moment, the fomc decision on rates. in 30 minutes perhaps the most anticipated fomc q&a this year really in many years. wall street cheering signs the a.i. trade is okay and on top of that the potential reemergence of a friendly fed. with wall street consensus behind him, jay powell will have a chance to talk up a soft landing. will his premature proclamations we all remember them, transitory, november, december, last year getting over their skis being too optimistic, could that make him too cautious this time around? some are out there saying we'll have a soft landing. some are saying we'll have a hard landing. we'll have some folks that say there will be a no landing. no one is talking about recession although most americans are. go down to edward lawrence live at the federal reserve. edward. >> reporter: federal reserve leaves rates unchanged in this. the statement, federal reserve says the economy is moving at a solid pace. the fed changed jobs part of the statement. job gains moderated but remain strong. unemployme
breaking any moment, the fomc decision on rates. in 30 minutes perhaps the most anticipated fomc q&a this year really in many years. wall street cheering signs the a.i. trade is okay and on top of that the potential reemergence of a friendly fed. with wall street consensus behind him, jay powell will have a chance to talk up a soft landing. will his premature proclamations we all remember them, transitory, november, december, last year getting over their skis being too optimistic, could...
0
0.0
Jul 15, 2024
07/24
by
CNBC
tv
eye 0
favorite 0
quote 0
in 1933 the current structure was put in place and that's with the fomc with the number of governors and the voting arrange ams, and i think that arrangement is fine and it works very well in the '70s when the dual mandate was added and we're not look at any change and we think that the law is in just a fine place. >> so basically, you think the system works reasonably well as it is today. >> i do. >> and today, what is the biggest economic challenge, you think, facing the country? is it growth? is it inflation? hard landing potentially? what are you most worrieded about? >> what keeps you up, if anything, about the economy? >> in the short term, literally, the thing i'm thinking about in the middle of the night is always the balance we have between if we ease too early we can undermine the progress on inflation and if we wait too late, we can undermine the economic activity and undermine the expansion. we want to get this right and getting it where it is incredibly important for the people we serve and that's what i spend my thinking time on and longer term there are other things to
in 1933 the current structure was put in place and that's with the fomc with the number of governors and the voting arrange ams, and i think that arrangement is fine and it works very well in the '70s when the dual mandate was added and we're not look at any change and we think that the law is in just a fine place. >> so basically, you think the system works reasonably well as it is today. >> i do. >> and today, what is the biggest economic challenge, you think, facing the...
0
0.0
Jul 29, 2024
07/24
by
FBC
tv
eye 0
favorite 0
quote 0
>> well, the -- the fomc statement on wednesday is guaranteed to be dovish, obviously, mcdonald's hasore sales decline since 2020 devastating shows where consumers are struggling a french fry company announced restaurant sales poor direct consumer sales poor definitely a problem with consumer right now. so i think that on wednesday to be candid bill dudley former fed governor in new york also said that last week, so, we are going to get a very dovish state but do the:00 going to tulz on fomc how many rate cuts they expect this year. >> a question. liz: i was going to ask about cutting rates alan brianer in "the wall street journal" advocating for cut right now arguing -- we may never get 2% i think majority is with september but certainly a vocal minority including yourself i guess saying this week would be good time to cut rates. >> yeah, alan, incredibly respected people fed i am sure hearing them, but the only reason, inflation u.s., other countries is -- it finally started to cool off a bit once you leave manhattan prices are falling everywhere even hot markets i'm in florida fall
>> well, the -- the fomc statement on wednesday is guaranteed to be dovish, obviously, mcdonald's hasore sales decline since 2020 devastating shows where consumers are struggling a french fry company announced restaurant sales poor direct consumer sales poor definitely a problem with consumer right now. so i think that on wednesday to be candid bill dudley former fed governor in new york also said that last week, so, we are going to get a very dovish state but do the:00 going to tulz on...
0
0.0
tv
eye 0
favorite 0
quote 0
of month, the fomc have been emphasizing a higher for longer stance. so we do think we're going to see interest rates higher in the near term, but we continue to expect a decline in the fed's rate later this year. again, the last inflation report was good. we think that the fed will want to see more of that over the next couple of month, but today's jobs report data showed a slowing in the labor market. that's exactly what the federal reserve would like to see. so as, over the next couple of months we hi we're going to see better -- we think we're going to see better inflation rates which should put the federal reserve in a great position to start cutting later this year. taylor: really appreciate both of you, love the conversation. thank you so much. >> thank you. >> thanks for having me, taylor. taylor: meanwhile, up next president biden's on the campaign trail today in wisconsin, a key battleground state. we'll tell you what he's doing as he tries to right that campaign ship after it took some water following last week's debate. here's a look at how
of month, the fomc have been emphasizing a higher for longer stance. so we do think we're going to see interest rates higher in the near term, but we continue to expect a decline in the fed's rate later this year. again, the last inflation report was good. we think that the fed will want to see more of that over the next couple of month, but today's jobs report data showed a slowing in the labor market. that's exactly what the federal reserve would like to see. so as, over the next couple of...
0
0.0
Jul 31, 2024
07/24
by
FBC
tv
eye 0
favorite 0
quote 0
buy the fear, high probability of a 4% to 5% five-day rally in equities post fomc led by small caps.uy. but on stocks, would you buy small st cap stocks or you wanto put most of the money in fixed income? >> look, i think there's trading right now, it's a little convoluted in general in terms of the rotation, what it means, what it means for interest rates. i would proceed cautiously here in general. i still think there could be some downside overall with regard to risk assets. in terms of interest rates, you know, i wouldn't necessarily buy risk assets because the fed may come down 25 basis points in september. it's unlikely of course they do anything today. there are some people that say, look, they should actually lower rates today in general. but we have favored treasuries. we still like the treasury market. if you go back to late 2023, we're still a good 50 basis points off the lows in yields that we had back then when chair powell just mentioned the notion of lowering interest rates. right. so now we're on the praecipes, i think, of that actually happening so we still favor fix
buy the fear, high probability of a 4% to 5% five-day rally in equities post fomc led by small caps.uy. but on stocks, would you buy small st cap stocks or you wanto put most of the money in fixed income? >> look, i think there's trading right now, it's a little convoluted in general in terms of the rotation, what it means, what it means for interest rates. i would proceed cautiously here in general. i still think there could be some downside overall with regard to risk assets. in terms...
0
0.0
Jul 19, 2024
07/24
by
BLOOMBERG
tv
eye 0
favorite 0
quote 0
inflation's coming down better than the fomc expected. >> you have inflation that is cooling. >> it's coming down in conjunction with the economy. but simultaneously, the economy hasn't collapsed. >> it's not just inflation that's driving cuts now. it's the broader -- >> the market is well under the fed. >> the labor market can turn very quickly. >> they're going to have to recalculate as we move away from restrictive policy. sonali: economists surveyed by bloomberg trimmed their u.s. inflation projections as they expect the fed to start lowering interest rates. the fed's preferred wage of inflation is expected to end at 2.6% and that's lower than last month's trajection. it is expected to end at 2.4%. the direction of travel is lower. let's look at the board here and take a look at another favorite trade of the market. one that just went wild earlier this week. that is that 230 curve that people were betting on into monday with the betting odds of a trump presidency increasing. you see over here, the curve disinverted. we are back to being in inverted territory. a lot of questions ab
inflation's coming down better than the fomc expected. >> you have inflation that is cooling. >> it's coming down in conjunction with the economy. but simultaneously, the economy hasn't collapsed. >> it's not just inflation that's driving cuts now. it's the broader -- >> the market is well under the fed. >> the labor market can turn very quickly. >> they're going to have to recalculate as we move away from restrictive policy. sonali: economists surveyed by...
0
0.0
Jul 26, 2024
07/24
by
BLOOMBERG
tv
eye 0
favorite 0
quote 0
because those payrolls are coming after that big fomc meeting, of course, a lot of you literally -- aatility could be baked in week. the unemployment rate is expected to stay flat, nonfarm payrolls excited to soften to 175,000. hourly earnings are excited to cool to 3.7 percent. wages being a big part of that inflationary story. we will see how it all comes in the next age of this economy. from new york, that is it or us. same time, same place next week. this has been "bloomberg real yield," and this is bloomberg. ♪ hi, i'm jason and i've lost 202 pounds on golo. so the first time i ever seen a golo advertisement, i said, "yeah, whatever. there's no way this works like this." and threw it to the side. a couple weeks later, i seen it again after getting not so pleasant news from my physician. i was 424 pounds, and my doctor was recommending weight loss surgery. to avoid the surgery, i had to make a change. so i decided to go with golo and it's changed my life. when i first started golo and taking release, my cravings, they went away. and i was so surprised. you feel that your body is w
because those payrolls are coming after that big fomc meeting, of course, a lot of you literally -- aatility could be baked in week. the unemployment rate is expected to stay flat, nonfarm payrolls excited to soften to 175,000. hourly earnings are excited to cool to 3.7 percent. wages being a big part of that inflationary story. we will see how it all comes in the next age of this economy. from new york, that is it or us. same time, same place next week. this has been "bloomberg real...
0
0.0
Jul 9, 2024
07/24
by
BLOOMBERG
tv
eye 0
favorite 0
quote 0
what specifically are you looking at and looking for as we head into the next fomc meeting and how do you factor in the recent labor data and the significant part of that being government jobs? chair powell: we are looking for two things. one is more good inflation data. we had quite a lot of good inflation data the last seven months of last year and then we had a bump in inflation in the first quarter and now we have had one good and one very good inflation reading and we need more good data so we can be confident what we are seeing is that is where inflation is going. . it is going back down toward 2%. right now we are at 2.6%. that is not inflation. on the labor market. we have seen the labor market has cooled really significantly across so many measures and a number of people have pointed them out. the unemployment rate has moved up. you have seen a labor market in balance, where was in 2019. it is not a source of broad inflationary pressures for the economy but it is still a strong labor market. four point 1% unemployment is a good and historically low unemployment rate. we have
what specifically are you looking at and looking for as we head into the next fomc meeting and how do you factor in the recent labor data and the significant part of that being government jobs? chair powell: we are looking for two things. one is more good inflation data. we had quite a lot of good inflation data the last seven months of last year and then we had a bump in inflation in the first quarter and now we have had one good and one very good inflation reading and we need more good data...
0
0.0
Jul 18, 2024
07/24
by
BLOOMBERG
tv
eye 0
favorite 0
quote 0
that is the fomc is getting very close to a consensus. at the beginning of the year, jerome was a bit of a low voice. sounding more dovish than the rest of his members but clearly, they are all coming toward the same point, more and more that are saying they are ready to do something about it. september looks like issuing. one that the market is pricing in. there is no chance they going to get together for july unless there is a shock in the data between now and the fed meeting and a couple weeks. they're not going to do everything -- do anything there but they will tee up a move. if we get a series of soft data between the next meeting in the september meeting, the market will stop pricing, thinking the fed will want to kickstart and try to avoid the election as well. even though it looks like the rate pricing is done, it probably isn't. we can easily be looking at a much more aggressive profile for early rate cuts before we get to the election. trump of course already politicizing the fed, saying they should not cut before the election.
that is the fomc is getting very close to a consensus. at the beginning of the year, jerome was a bit of a low voice. sounding more dovish than the rest of his members but clearly, they are all coming toward the same point, more and more that are saying they are ready to do something about it. september looks like issuing. one that the market is pricing in. there is no chance they going to get together for july unless there is a shock in the data between now and the fed meeting and a couple...
0
0.0
Jul 16, 2024
07/24
by
BLOOMBERG
tv
eye 0
favorite 0
quote 0
powell doesn't want to admit to anything yet because he has informed consensus within the fomc but he is trying to lead them into the position where they can agree to do something. whether goldman sachs is right that they go as early as july or not, traders will keep pricing in that direction, and it wouldn't be surprising if we see a few bets being made for a surprise july move. by the time we get toward september, if there has been no move in july, people might think the fed kicks off with a big interest rate cut, maybe 50 points in september because although jerome powell has said he is not influenced by politics and the election, no fed person ever wants to do anything really close to an election date, so he made prefer to push the fed into earlier bigger rate cuts and then take a break as the election gets nearer, so there is a lot of things up in the air, the big picture for the bond market is all pretty favorable. tom: as you say, it is not priced in yet for july. goldman sachs has put that on the table in terms of its assessment of the rationale. maybe a number cut in septembe
powell doesn't want to admit to anything yet because he has informed consensus within the fomc but he is trying to lead them into the position where they can agree to do something. whether goldman sachs is right that they go as early as july or not, traders will keep pricing in that direction, and it wouldn't be surprising if we see a few bets being made for a surprise july move. by the time we get toward september, if there has been no move in july, people might think the fed kicks off with a...
0
0.0
Jul 31, 2024
07/24
by
BLOOMBERG
tv
eye 0
favorite 0
quote 0
the fomc meeting is days after the election. i think the market is reasonable.ase case is 50 points. it's reasonable they could go 75 by the end of year. depends on the data. scarlet: big data point friday when the johnson report for july comes out. a lot of talk about the job market cooling. you don't see that in job growth. 175,000 jobs added july after 206,000 jobs added in june. that doesn't signal a cooling labor market as the unemployment rate is rising does. what kind of an odd do you expect the fed to give to what we see in the labor market which is turning but in the process? kathy: great points. we see a moderation in the labor market. powell recently said that's welcome. you no longer have overheating. it is strong. time will tell whether this pivot toward moderation is a harbinger of something rocky or in line with a soft landing the fed would desire. you see various measures. the duration of people unemployed has ticked up. all of them are still low, not signaling a collapse in the market. it will take time to see how this moderation plays. scarlet:
the fomc meeting is days after the election. i think the market is reasonable.ase case is 50 points. it's reasonable they could go 75 by the end of year. depends on the data. scarlet: big data point friday when the johnson report for july comes out. a lot of talk about the job market cooling. you don't see that in job growth. 175,000 jobs added july after 206,000 jobs added in june. that doesn't signal a cooling labor market as the unemployment rate is rising does. what kind of an odd do you...
0
0.0
Jul 31, 2024
07/24
by
BLOOMBERG
tv
eye 0
favorite 0
quote 0
it depends on how much the fomc shifts their time into a more dovish outlook -- baritone into a moreish -- their tone into a more dovish other. so far, it sounds like it's still going to be dependent on inflation. we've had two readings on inflation that were positive and moving in the right direction. but at the end of the day, we had a similar signal at the end of last year, if you recall, and we saw that the market was pricing in seven ricketts. i think -- seven rate cuts. i think it's going to be hard for the fed to get too far ahead of itself and it is likely going to still focus on data dependency and just highlight that the date is moving in the right direction. tom: bloomberg mliv's mary nichola on the market implications of this a boj decision and what to watch for when it comes to the fed later today. here's what else we will be focused on drug estate. 10:00 a.m. u.k. time, we begin with the euro area cpi. does the broader picture in the euros on a line with -- the euro zone aligned with spain? how does that inform the ecb's next move after the cut that came through in june
it depends on how much the fomc shifts their time into a more dovish outlook -- baritone into a moreish -- their tone into a more dovish other. so far, it sounds like it's still going to be dependent on inflation. we've had two readings on inflation that were positive and moving in the right direction. but at the end of the day, we had a similar signal at the end of last year, if you recall, and we saw that the market was pricing in seven ricketts. i think -- seven rate cuts. i think it's going...
0
0.0
Jul 4, 2024
07/24
by
BLOOMBERG
tv
eye 0
favorite 0
quote 0
fomc minutes yesterday. where does it leave officials on winter cut? how divided are they? mark: still pretty divided. is positive for investors. they were so -- were from the same meeting. lowering their cuts to one for this year. the dot plot said there would be one instead of three. when you look at the minutes, they were talking about a cooling economy and they were more concerned about things coming down too quickly. it doesn't seem to add up. why did they change the dot plot so much when they are worried about the economy coming towards a slower growth trajectory? it doesn't seem to make a lot of sense. traders are seeing through that. they are seeing recent data is a bit soft, particularly the ones you mention for this week. there's no point report which is coming up which is very important, particularly if the numbers go above 4%. if it goes to 4.1, if you look at the way people calculate, you will see that he triggers this as being one of the recession inputs. 4.1, people start to get more concerned. the united states is moving towards recession. even though it's n
fomc minutes yesterday. where does it leave officials on winter cut? how divided are they? mark: still pretty divided. is positive for investors. they were so -- were from the same meeting. lowering their cuts to one for this year. the dot plot said there would be one instead of three. when you look at the minutes, they were talking about a cooling economy and they were more concerned about things coming down too quickly. it doesn't seem to add up. why did they change the dot plot so much when...
0
0.0
Jul 17, 2024
07/24
by
CSPAN2
tv
eye 0
favorite 0
quote 0
the arrow will be known much more for its commonalities and it is for it's differences like this for fomc a decision that such increased rates are lower rates, they finish their final meeting you are authorized to go out and explain what it is. how long after the meeting ends before he got to the public and explain is it 20 minutes or so? >> three or four hours usually. >> that meeting might and i'm out at 2:30 p.m. as the press conference start at 2:30. usually the meeting is over by 11. not worried things will leak out in the interim period of time? >> no i a don't. people know better than that i think. >> in some parts of society these days people are making decisions based on something called artificial intelligence, ai. have you thought about calling up jack chet gpd said this is the data we have what you think about would be a good idea question. >> have you ever thought about or they would like you to do that? >> we have not done that. [laughter] we have done little things the best chat gpt to generate questions for the press conference. i'm happy to report for any journalists who
the arrow will be known much more for its commonalities and it is for it's differences like this for fomc a decision that such increased rates are lower rates, they finish their final meeting you are authorized to go out and explain what it is. how long after the meeting ends before he got to the public and explain is it 20 minutes or so? >> three or four hours usually. >> that meeting might and i'm out at 2:30 p.m. as the press conference start at 2:30. usually the meeting is over...
0
0.0
Jul 19, 2024
07/24
by
BLOOMBERG
tv
eye 0
favorite 0
quote 0
if you go back to the june fomc data, the first three hours saw a very similar trade. regional banks are rallying. this is the soft landing trade and we are in the soft landing trade. it does pressure positioning which gives us extra juice. jonathan: let's hope this tech outage disappears by saturday. we don't have to worry about this anymore. the second is what will happen to the sitting president. we had reports in the last 24 hours. if we get that announcement over the weekend that president biden is stepping aside and is knocking to be in the race to get a second term, what do you think markets are monday morning? stuart: it's a great question. we had a very big political news over the weekend. i think the market opened up, i think you assume if the democrats were to change the candidate that that would get the odds a little bit tighter. we are still of the view the election is very close to a 50-50 call, probably right up until election day. if you would to get news over the weekend you probably start to push the market in that direction. our thinking is this is a
if you go back to the june fomc data, the first three hours saw a very similar trade. regional banks are rallying. this is the soft landing trade and we are in the soft landing trade. it does pressure positioning which gives us extra juice. jonathan: let's hope this tech outage disappears by saturday. we don't have to worry about this anymore. the second is what will happen to the sitting president. we had reports in the last 24 hours. if we get that announcement over the weekend that president...
0
0.0
Jul 11, 2024
07/24
by
BLOOMBERG
tv
eye 0
favorite 0
quote 0
i think between now and the july fomc meeting there is simply not that much major data that could really push this forward. i think the data so far, in terms of the labor market and inflation, is really something that the fed would like to see to kind of, for them to proceed as they have expected and start cutting rates later this year. i would say that going in july would spook the markets. it would just mean that the fed is seeing something we do not see. that's not what the fed wants to do. scarlet: maybe they used the july 31 meeting to signal things are moving in line for a september cut. when the fed it doesn't start cutting, david rosenberg, an economist, says the first 250 basis points of the cycle will mainly remove excessive restraint as opposed to providing any real economic stimulus. what's your take? yelena: i think jay powell will probably make a big announcement at the jackson home at the end of august. how will the change affect the trajectory of real interest rates? i agree. the fed needs to push nominal is stressed right -- interest rates a bit lower so real interest ra
i think between now and the july fomc meeting there is simply not that much major data that could really push this forward. i think the data so far, in terms of the labor market and inflation, is really something that the fed would like to see to kind of, for them to proceed as they have expected and start cutting rates later this year. i would say that going in july would spook the markets. it would just mean that the fed is seeing something we do not see. that's not what the fed wants to do....
0
0.0
Jul 27, 2024
07/24
by
FOXNEWSW
tv
eye 0
favorite 0
quote 0
when the fomc meeting finishes and he comes out and does a press concerns and hear that they're probably setting the markets up for a rate cut in september. so, it's going to be interesting, the market fully expects it. in my mind, the market fully expects three rate cuts, september, november and dec december. way overdone and the economy is fine where it is, 25 basis points isn't going to impact it. if you cut it three times, maybe sending a message to the markets, one where you see the economy faltering and that's going to be a definite different message in an economy that remains robust so we can cut rates. depends how he says or how he presents it. >> you know, i'm glad you mention that, because i sometimes think there's a lot of anticipation of a rate cut and selling on the fact for fear that maybe the fed is conceding something that, the slowdown is on and something worse. we got hints of that with a number of airlines talking about slowing business. and some who were hinting retailers and the like, that the consumers are getting pinched. that's not a universal sentiment and we sti
when the fomc meeting finishes and he comes out and does a press concerns and hear that they're probably setting the markets up for a rate cut in september. so, it's going to be interesting, the market fully expects it. in my mind, the market fully expects three rate cuts, september, november and dec december. way overdone and the economy is fine where it is, 25 basis points isn't going to impact it. if you cut it three times, maybe sending a message to the markets, one where you see the...
0
0.0
Jul 17, 2024
07/24
by
BLOOMBERG
tv
eye 0
favorite 0
quote 0
inflation is coming out better than the fomc expected. we have it coming into .6%.ction showed 2.8%. inflation is what will get the fed to start cutting but the slow down in economic activity is what keeps the fed cutting and we get three cuts this year. one of the things to note is even though gdp is running at 2% we have done a lot of work on the fact that stronger immigration is driving higher population growth. near-term gdp is above 2%. we are seeing depressed economic activity. it is hard to pin it relative to pre-covid where we had a smaller economy. dani: you are getting into one of the complicated things of 2025. what happens if there is a serious clampdown on immigration? sarah: it is a huge risk to our 2025 outlook. if we were to see a negative supply shop come either way clampdown on the border or there are deportations, that would be a negative shock to labor. we see that as negative for growth and later positive for inflation. in that outcome we see the fed might have to be easier on policy to react to the negative growth effect would be the first orde
inflation is coming out better than the fomc expected. we have it coming into .6%.ction showed 2.8%. inflation is what will get the fed to start cutting but the slow down in economic activity is what keeps the fed cutting and we get three cuts this year. one of the things to note is even though gdp is running at 2% we have done a lot of work on the fact that stronger immigration is driving higher population growth. near-term gdp is above 2%. we are seeing depressed economic activity. it is hard...
0
0.0
tv
eye 0
favorite 0
quote 0
and the september fomc meeting, 73 percent expectations, i think, is a little too high.hey'll defer until after november so they don't look political in their organization. time shall tell, but i've laughed and scoffed at the five and six cuts, said it'd be with 1-2, and i'll hold to that right now. i think november and december will be when we get cuts -- cheryl: you know, congresswomen by crosby said she thought it could be before september. we'll see what happens. john, to you on this story about sak's fifth avenue and that parent company of them which is hudson bay. they're basically going to be buying nieman marcus which is their rival, a $2.65 billion deal. but they're getting help from amazon and from salesforce. so this is an interesting story here. the tech giants are going to help gather high quality data on customers, analyze it, and then you personalize the experience for shoppers online. and then it also should help with logistics. this is all about the online story. what do you make of this whole thing? if. >> well, we're seeing some con doll sayings in the
and the september fomc meeting, 73 percent expectations, i think, is a little too high.hey'll defer until after november so they don't look political in their organization. time shall tell, but i've laughed and scoffed at the five and six cuts, said it'd be with 1-2, and i'll hold to that right now. i think november and december will be when we get cuts -- cheryl: you know, congresswomen by crosby said she thought it could be before september. we'll see what happens. john, to you on this story...
0
0.0
Jul 3, 2024
07/24
by
MSNBCW
tv
eye 0
favorite 0
quote 0
adp private payrolls data for the month of june coming through, all eyes on the latest minutes on the fomcu mention what was a very strong trading session on wall street yesterday. we had both the s&p and the nasdaq posting fresh record closes. so let's see what's going to happen later on today. >> we will be watching that for sure. federal reserve chair jerome powell he is sounding optimistic about recent inflation, but the central bank is in no hurry to cut rates. what is behind the delay? >> exactly. so we did hear from jerome panel speaking at a panel, cnbc panel yesterday. he did acknowledge there's been quite a lot of risk really in bringing down the inflation we have seen state side. however, he said there's basically no rush here in announcing new rate cuts. he actually said we want to be more confident that inflation is moving sustainably down towards the 2% target before we can cut rates. so all eyes at this stage on all of the economic data coming through from the united states. let's see whether the upcoming releases will actually give the fed that confidence that they're askin
adp private payrolls data for the month of june coming through, all eyes on the latest minutes on the fomcu mention what was a very strong trading session on wall street yesterday. we had both the s&p and the nasdaq posting fresh record closes. so let's see what's going to happen later on today. >> we will be watching that for sure. federal reserve chair jerome powell he is sounding optimistic about recent inflation, but the central bank is in no hurry to cut rates. what is behind the...
0
0.0
Jul 11, 2024
07/24
by
FBC
tv
eye 0
favorite 0
quote 0
. >> you pride yourself in the independence, do members of the fomc acknowledge that a rate cut in september as political just 30 - 60 days before an election. >> undertaking is to make decisions when and as they need to be made based on the data, the incoming data involving the outlook and the balance of risks and not in consideration of other factors and that would include political factors. it's not appropriate to get into the business of thinking about election cycles at all one way or another. maria: the wall street journal licked amorose the problem with the shifting rate cuts noting achieving lower inflation without a significant slowdown is the number one thing keeping them up at night. maria: i'm not sure i buy all of this, let's get real when he talks about the current situation in the selection is evolving situation. if you have a candidate it was for slower growth in a person he was going to cut regulation and stimulate and get the economy up and running that is a fundamental part of the economy and that's what were going to find in november, powell does not have to be called pol
. >> you pride yourself in the independence, do members of the fomc acknowledge that a rate cut in september as political just 30 - 60 days before an election. >> undertaking is to make decisions when and as they need to be made based on the data, the incoming data involving the outlook and the balance of risks and not in consideration of other factors and that would include political factors. it's not appropriate to get into the business of thinking about election cycles at all one...
0
0.0
Jul 29, 2024
07/24
by
CNBC
tv
eye 0
favorite 0
quote 0
. >> i don't think any fomc official or former fed knows anything the market doesn't and i think it'st their judgment about the state of the economy, and i think there is evidence that the economy's pretty soft, whether you're looking at housing sales and autos and durable goods and i kind of agree with steve and peter that a cut in this meeting would not be positive. >> peter, expand on that a little bit. >> think things are lining up for that cut in september. >> in september, but if i can argue if things have wound up for wednesday, but the fed likes to sort of game plan things out. they don't want to be caught stuck, having to slash rates and they don't want to have to be cut spiking rates which was their experience over the past four years. they want to be in control of this conversation. in the back of powell's mind yes, i'm going to give you some rate cuts, but i'm not going to give you the amount you want because i'm still worried about inflation speaking about powell and my concern is that i lose control of this credibility that i worked so hard to get back, and we were talki
. >> i don't think any fomc official or former fed knows anything the market doesn't and i think it'st their judgment about the state of the economy, and i think there is evidence that the economy's pretty soft, whether you're looking at housing sales and autos and durable goods and i kind of agree with steve and peter that a cut in this meeting would not be positive. >> peter, expand on that a little bit. >> think things are lining up for that cut in september. >> in...
0
0.0
Jul 12, 2024
07/24
by
FBC
tv
eye 0
favorite 0
quote 0
suggest the first reasonable opportunity to make in eyes wide open change in policy would be the november fomcbecca we need to consider when looking at the jobs numbers in july and august given what phil is saying. >> i think it fills point the 90% is a little bit aggressive but if you look at the treasury yield on the two-year they came down after cpi came out and that's a leading indicator that we will probably get a rate cut in the imminent future whether september or november i think the fed has the data that is really justifying and really hard to continue higher for longer. maria: real quick on the bank for second-quarter earnings while you're from j.p. morgan chase, wells fargo later this hour in citigroup at 8:00 a.m. this is always a market moving segment, what do you think on the banks. >> no question, revenue for the full s&p 500 should be up for an half percent, earnings up 9%. the banks are going to be slightly below year on year, j.p. morgan flat to slightly down those numbers will improve as we get into the third and fourth quarter so the guidance may be as important if not more
suggest the first reasonable opportunity to make in eyes wide open change in policy would be the november fomcbecca we need to consider when looking at the jobs numbers in july and august given what phil is saying. >> i think it fills point the 90% is a little bit aggressive but if you look at the treasury yield on the two-year they came down after cpi came out and that's a leading indicator that we will probably get a rate cut in the imminent future whether september or november i think...
0
0.0
Jul 29, 2024
07/24
by
FBC
tv
eye 0
favorite 0
quote 0
. >> reporter: charles, the fomc gathers, they do that this week which means it is speculation time ford co. conventional wisdom holds there will be no action this week but nick timiraos and "the wall street journal" saying the fed will telegraph that sent cut as they get closer to getting that long-awaited soft landing but there is doubt out there for several reasons. bank of america thinks the fed has the luxury of patience. recently economic data has improved and official inflation data still makes purists uneasy. and then, there are political considerations. this goes back to complaints from our 41st president gorge h.w. bush who blamed the fed for not being reelected in 1992 even though the fed made an unscheduled cut of 25 basis points in april, 50 basis points in july, and another unscheduled 25 basis points cut in september. in an interview with david frost the next year mr. bush protested saying i think if the interest rates had been lowered more dramatically i would have been rye elected president because the economic recovery that we were in would have been more visible. i re
. >> reporter: charles, the fomc gathers, they do that this week which means it is speculation time ford co. conventional wisdom holds there will be no action this week but nick timiraos and "the wall street journal" saying the fed will telegraph that sent cut as they get closer to getting that long-awaited soft landing but there is doubt out there for several reasons. bank of america thinks the fed has the luxury of patience. recently economic data has improved and official...
0
0.0
Jul 12, 2024
07/24
by
FBC
tv
eye 0
favorite 0
quote 0
right now wall street's starting to price in a 50 basis point move at the september fomc meeting.'re going to be pushed to play catch up, and that's not a position jay powell wants to be in the p. charles: right. i've had a lot of debates with economists about the strength of the consumer. one thing i found interesting is right now wall street is short the xrt, which is the s&p retail index. it's a 400% short. >> my gosh. i mean, that's about as crowded as you get. charles: right. economists are saying that consumers are strong, but no one else believes that. where are you? >> i don't think there's any way to believe that after what we saw in the carnage in the university of michigan data this morning. you know, the average household, you know, expectations for keeping up with inflation if over the next five years dropped to a record low. 25%. record low. it's completely collapsed. charles: so then you have other parts, and you watch everything. you watch a markets, you watch the fed, you watch politics. politic is the dominating the headlines. >> oh, my gosh. consumer expectation
right now wall street's starting to price in a 50 basis point move at the september fomc meeting.'re going to be pushed to play catch up, and that's not a position jay powell wants to be in the p. charles: right. i've had a lot of debates with economists about the strength of the consumer. one thing i found interesting is right now wall street is short the xrt, which is the s&p retail index. it's a 400% short. >> my gosh. i mean, that's about as crowded as you get. charles: right....
0
0.0
Jul 10, 2024
07/24
by
BLOOMBERG
tv
eye 0
favorite 0
quote 0
the fed, and i know you pride yourself on that independence, do you acknowledge, do members of the fomc acknowledge that a rate cut in september could be viewed as political just 30 to 60 days before an election? chair powell: our undertaking is to make decisions when and as they need to be made based on the data, incoming data, evolving outlook, risks, not in consideration of other factors, including political factors. we have a long history of doing that including during election years. that is the undertaking we will make. anything we do will be well grounded. it is just not appropriate for us to get into the business of thinking about election cycles at all one way or the other. rep. lawler: so inflation year over may 2024 -- 2023 to 2024 is up 8.3%, overall inflation. energy inflation is up 3.7%. food inflation, 2.1%. with inflation continuing to be a challenge, do you see a rate cut as a possibility at this moment? chair powell: i think you are quoting the cpi numbers which are operating at an unusually high gap to the pce. 425 years, the fed has focused on personal income expendi
the fed, and i know you pride yourself on that independence, do you acknowledge, do members of the fomc acknowledge that a rate cut in september could be viewed as political just 30 to 60 days before an election? chair powell: our undertaking is to make decisions when and as they need to be made based on the data, incoming data, evolving outlook, risks, not in consideration of other factors, including political factors. we have a long history of doing that including during election years. that...
0
0.0
Jul 29, 2024
07/24
by
CNBC
tv
eye 0
favorite 0
quote 0
arguably you're seeing the fomc drift kick in, expectations, that happens tomorrow. nobody's expecting a cut this week, but the commentary about a september cut. that's what's on the table. all right, that's going to do it for us here at "overtime." >> "fast money" starts now. >>> live from the nasdaq market site in the heart of new york city's times square, this is "fast money." here's what's on tap tonight. loving it. shares of mcdonald's surging even as consumers pull back across its businesses. are investors feasting on hopes a value meal will bring back diners? >>> then, to the penny. the stocks the chart master says are bumping up against precise support levels. and where he thinks they're going from here. >>> plus, bond yields drop ahead of the fed meeting. tesla revs up. and call it a deadpool bounce. shares of disney getting a boost after big weekend at the box office. how much higher can it go from here? i'm melissa lee. on the desk tonight, carter worth, guy adami, mike khouw, and julie biel. we're going to get to all of those stories in just a moment. but
arguably you're seeing the fomc drift kick in, expectations, that happens tomorrow. nobody's expecting a cut this week, but the commentary about a september cut. that's what's on the table. all right, that's going to do it for us here at "overtime." >> "fast money" starts now. >>> live from the nasdaq market site in the heart of new york city's times square, this is "fast money." here's what's on tap tonight. loving it. shares of mcdonald's surging...
0
0.0
Jul 31, 2024
07/24
by
CNBC
tv
eye 0
favorite 0
quote 0
>> it's not something that comes up at all in the fomc. digital finance is an area that has significant implications for payments, generally, instant pages. it's something that's going to really change the way it's going to make more efficient and hopefully safer and all those things the way payments are made around the world. so we have people who are researching that and trying to keep up to speed because we play an important role in the payment's sector and as an operator, too. ? in terms of the cbdc, there's not much going on and we can't hit you with a retail cbdc available to the public and we're not seeking that authority. so what we're doing is keeping up with developments there and pretty much every central bank in the world is doing that. some of them areseriously looking at implementing a cbdc. we are really not. we are just evaluating the story and what's happening out there. so, you know, it's work that we need to be doing which could be very beneficial down the road, but on a cbdc, we would to climbers and no one thinks it's
>> it's not something that comes up at all in the fomc. digital finance is an area that has significant implications for payments, generally, instant pages. it's something that's going to really change the way it's going to make more efficient and hopefully safer and all those things the way payments are made around the world. so we have people who are researching that and trying to keep up to speed because we play an important role in the payment's sector and as an operator, too. ? in...
0
0.0
Jul 27, 2024
07/24
by
CNNW
tv
eye 0
favorite 0
quote 0
if they do wait, if the federal reserve has the near the fomc does wait until then, it might be too late. fed actions, interest rate changes tend to work with the phrase as long and variable lags. so if they wait until they're at their target it may be too late. it may mean that we overshoot and that we do tip into recession so we know everybody will be watching what powell says to get a sense of aware who thinks we are on that trajectory. but he's made a bunch of public comments recently as have other federal they've been they've tried to be relatively transparent about where they stand, but there's just so much uncertainty in this economy that even if they're fully transparent, that doesn't necessarily mean even they know exactly when they will next you know, catherine, it's been it's been a while since i've heard you use the r-word and about a year ago, maybe 18 months, every time you were on, we would ask about the coming recession and how long would it last? how deep would it be? we'd analyze what larry summers had said, are jamie dimon had said about the recession that's coming it
if they do wait, if the federal reserve has the near the fomc does wait until then, it might be too late. fed actions, interest rate changes tend to work with the phrase as long and variable lags. so if they wait until they're at their target it may be too late. it may mean that we overshoot and that we do tip into recession so we know everybody will be watching what powell says to get a sense of aware who thinks we are on that trajectory. but he's made a bunch of public comments recently as...
0
0.0
Jul 31, 2024
07/24
by
FBC
tv
eye 0
favorite 0
quote 0
>> it's not something that comes up at all in the fomc. so more broadly, digital finances is an area that's having, it has really significant implications for payments generally. instant payments. and, you know, it's something that's going to really change the way, it's going to the make more efficient and hopefully safer and all those things the way a payments are a made around the world. and so we have people who are researching that and trying to keep up to speed because we play an important role in the payments sector. both as a, you know, as a convener and as an operator too. if in terms of a cbdc, there's really nothing new going on. there's not much going on at all. we're to not -- we don't have the authority to issue a, you know, a retail cdbc that's available to the public. we're not seeking that authority. so what we're doing is keeping up with, keeping up with developments there. pretty much every major central bank in the world is at least doing that. some of them are actually seriously looking at implementing a cdbc. we're rea
>> it's not something that comes up at all in the fomc. so more broadly, digital finances is an area that's having, it has really significant implications for payments generally. instant payments. and, you know, it's something that's going to really change the way, it's going to the make more efficient and hopefully safer and all those things the way a payments are a made around the world. and so we have people who are researching that and trying to keep up to speed because we play an...
0
0.0
Jul 16, 2024
07/24
by
BLOOMBERG
tv
eye 0
favorite 0
quote 0
i couldn't get him to say anything other than you will have an fomc meeting and do it they suggests.d gave insights into what it was like to be the fed chairman and everybody is paying attention to every word you say. you caught up with him with the inflation rate challenge and how difficult it was. it feels like it is slipping into the background and it is shifting more to the labor market. can you give me information on how the ark of your conversations have changed? david: when inflation came it was not recognized as being an enduring as it turned out to be. the secretary of treasury and others said it was transitory and said it was more enduring than that for the fed did a good job of increasing interest rates without putting us into a recession. people were predicting the high interest rates would produce a so-called hard landing last year and a hard landing this year and it hasn't happened. we are at the point where interest rates are likely to be lower and we haven't had the hard landing people have predicted. defendant deserves credit for managing this high inflationary perio
i couldn't get him to say anything other than you will have an fomc meeting and do it they suggests.d gave insights into what it was like to be the fed chairman and everybody is paying attention to every word you say. you caught up with him with the inflation rate challenge and how difficult it was. it feels like it is slipping into the background and it is shifting more to the labor market. can you give me information on how the ark of your conversations have changed? david: when inflation...
0
0.0
Jul 1, 2024
07/24
by
BLOOMBERG
tv
eye 0
favorite 0
quote 0
if you look at the meeting minutes from the fomc last meeting they are stale and it speaks to a differentfrom mary daly and fed chair powell recognizing this weakness more than the inflation rate. jonathan: the dollar coming off the back the week of four weeks of dollar strength. stronger euro, 1.0 747 of the back of the results. we will talk about the results in just a moment. traders preparing for a busy week of economic data and a lot more fed speak. u.s. pmi and fed minutes coming before the latest payroll report. we'll hear from jay powell tomorrow. wednesday is super busy. for good reason, we are off on thursday, most of us. thursday we will get jobless claims. lisa: even though we state -- even though we see stability in jobless claims initial claims have crept higher. there is a feeling there has been a steady or weakening at a time when it is unusual to see a linear move. to me it will be key to see whether we see a breakdown and that in tandem with jolts and the ism factor. remember when we used to say tertiary data? that it comes out with a surprise to the downside and suddenly
if you look at the meeting minutes from the fomc last meeting they are stale and it speaks to a differentfrom mary daly and fed chair powell recognizing this weakness more than the inflation rate. jonathan: the dollar coming off the back the week of four weeks of dollar strength. stronger euro, 1.0 747 of the back of the results. we will talk about the results in just a moment. traders preparing for a busy week of economic data and a lot more fed speak. u.s. pmi and fed minutes coming before...
0
0.0
Jul 11, 2024
07/24
by
CSPAN
tv
eye 0
favorite 0
quote 0
after a delayed response of runaway inflation, the fomc has acted with a historic pace of interest-rate hikes to ease the pain caused by democrats failed economic policies. it is a response, not the actual disease, but the response the fed is trying to tame these claims. but it's the response to democrat policies here on capitol hill and the administration. so far this year, inflation has been more persistent than many including wood fed expected. there is still work to be done to reach the feds's 2% target. as i repeatedly said, the feds -- as i repeatedly said, the commitment to the independent federal reserve is of utmost importance. it is critical, especially in a political year like this. just as you did in previous administrations, you must not allow politics to clout the fed's monetary policy. however, despite your best efforts, fed independence remains at risk. unfortunately calls are coming from inside the building. under vice chair bar, the fed's regulatory and supervisory agenda has become politicized. most notably, the development of the basel three and game proposal has bee
after a delayed response of runaway inflation, the fomc has acted with a historic pace of interest-rate hikes to ease the pain caused by democrats failed economic policies. it is a response, not the actual disease, but the response the fed is trying to tame these claims. but it's the response to democrat policies here on capitol hill and the administration. so far this year, inflation has been more persistent than many including wood fed expected. there is still work to be done to reach the...
0
0.0
Jul 30, 2024
07/24
by
CNBC
tv
eye 0
favorite 0
quote 0
. >> results from cnbc's exclusive fed survey as the fomc kicks off another meeting on rates and somets are coming. >> and "squawk on the street" heads live to the olympics in paris. let's do it now. andrew ross sorkin has more on what's head. andrew? >> thank you. we've got a lot coming up right here in paris at the olympic games. ahead, we're going to bring you what is trending and there's a lot trending and a couple things going viral, some of which just happened. we'll tell you about it. david solomon, coo of goldman sachs making comments about what the fed maor my ay not do next. we'll tell you all about it when we return. with so much entertainment out there wouldn't it be great... ...if you could find what you want, all in one place? show me paris. xfinity internet customers can enjoy the ultimate entertainment experience and save on some of the biggest names in streaming, all for just $15 a month. get the fastest connection to paris with xfinity. >>> welcome back to "squawk on the street." andrew ross sorkin is live at the paris olympics. big interviews including having spoken
. >> results from cnbc's exclusive fed survey as the fomc kicks off another meeting on rates and somets are coming. >> and "squawk on the street" heads live to the olympics in paris. let's do it now. andrew ross sorkin has more on what's head. andrew? >> thank you. we've got a lot coming up right here in paris at the olympic games. ahead, we're going to bring you what is trending and there's a lot trending and a couple things going viral, some of which just happened....
0
0.0
Jul 29, 2024
07/24
by
CNBC
tv
eye 0
favorite 0
quote 0
we think the fomc will almost surely leave policy rate unchanged this week on wednesday as it waits tofidence inflation is moving towards 2%. activity remains very resilient so that implies no urgency for a july rate cut but we have seen a lot of progress on inflation, the prints look encouraging, pc, what the fed looks at looked tame in june and for the second quarter showed a big improvement, so we thought that it's -- we think it's likely, in fact, that the fed will feel enough confidence by the september meeting to start with the first rate cut. >> do you think we'll get evidence of that in the forward guidance explicitly or do you think they will remain more measured and say, you know, we're taking this on a case-by-case basis. remain data dependent, everything we've heard for a while. >> this week we don't expect a change to the forward guidance. we don't see any upside frankly for the fed to change its forward guidance. if you look as i mentioned at the data still looks strong. the market already anticipates a cut, has pretty much fully priced in a cut plus more later this year.
we think the fomc will almost surely leave policy rate unchanged this week on wednesday as it waits tofidence inflation is moving towards 2%. activity remains very resilient so that implies no urgency for a july rate cut but we have seen a lot of progress on inflation, the prints look encouraging, pc, what the fed looks at looked tame in june and for the second quarter showed a big improvement, so we thought that it's -- we think it's likely, in fact, that the fed will feel enough confidence by...
0
0.0
Jul 10, 2024
07/24
by
CSPAN
tv
eye 0
favorite 0
quote 0
what specifically are you looking at and looking for as we head into the next fomc meeting? and how do you factor in this recent labor data and certainly the significant part of that being government jobs? >> so we are looking for two things really. one is just more good inflation data. we had quite a bit of good inflation data the last seven months of last year and then we had a bump in the first quarter. now we have had one good and one very good inflation reading. we need more good dta that we can be confident that what we are seeing, that is where inflation is going, going back towards 2%. we don't need to see it at 2%. right now we are at 2.6%. so that's on inflation. on the labor market, to your question, we have seen that the labor market has cooled significantly across so many measures and a number of people here today pointed them out. the unemployment rate has moved up. you can see a labor market that is pretty much in balance and where it was in 2019. it is not a source of broad inflationary pressures for the economy now but it is still a strong labor market. 4.1%
what specifically are you looking at and looking for as we head into the next fomc meeting? and how do you factor in this recent labor data and certainly the significant part of that being government jobs? >> so we are looking for two things really. one is just more good inflation data. we had quite a bit of good inflation data the last seven months of last year and then we had a bump in the first quarter. now we have had one good and one very good inflation reading. we need more good dta...
0
0.0
Jul 26, 2024
07/24
by
CNBC
tv
eye 0
favorite 0
quote 0
down as quickly as everyone would like, and finally, we have two more cpi prints before the september fomc in september, but let's just wait and see a little more progress on the inflation front, exactly as jay powell has been saying. >> you are not convinced? it was a pretty -- core pce, and i -- we're going to do decimal points here, because 0.182% was the monthly change. i mean, that -- that's okay. and even with the may revision higher, we're not talking about any kind of flare-ups of inflation like we saw in q1, and torsten, incomes were lower than expect, and spending was lower than expected. >> understood, but the tailwinds coming from the gains in the stock market, the s&p is up more than 10 trillion since the fed decided to talk about cuts in november of last year. that tailwind to consumer spending is the whole reason why we're still seeing strength in hotel, airlines, restaurants, concerts, sporting events across theboard. it's not surprising that consumers are doing so well, despite that the fed has hiked. i know everyone wants this cut to come, sooner rather than later, becaus
down as quickly as everyone would like, and finally, we have two more cpi prints before the september fomc in september, but let's just wait and see a little more progress on the inflation front, exactly as jay powell has been saying. >> you are not convinced? it was a pretty -- core pce, and i -- we're going to do decimal points here, because 0.182% was the monthly change. i mean, that -- that's okay. and even with the may revision higher, we're not talking about any kind of flare-ups of...
0
0.0
Jul 10, 2024
07/24
by
CSPAN2
tv
eye 0
favorite 0
quote 0
second mortgages, unlawful student debt cancellations and petroleum reserve prices and president biden's fomcto lower rates. the federal reserve structured to shield monetary policy from the political influence and the independence has given unique credibility and executing its mission. rather than the economic data it would severely damage the credibility as an independent institution and uncertainty in the markets and jeopardize the status as a global reserve currency. thank you, mr. chair. >> the sender of massachusetts is recognized. >> thank you, mr. chairman. when the ceo can get them to take on more risk that they will end up running. congress passed the dodd frank act financial regulators solve this problem. two months ago regulators but for thepp proposal that the fed refused to join. in 2018 you told the committee that you, quote, expect that banks will have in place compensation plans that do not provide excessive risk-taking. in other words, you trusted the banks to write their own rules. so let's see if they actually have. do thing the proposal would is require big banks to deliv
second mortgages, unlawful student debt cancellations and petroleum reserve prices and president biden's fomcto lower rates. the federal reserve structured to shield monetary policy from the political influence and the independence has given unique credibility and executing its mission. rather than the economic data it would severely damage the credibility as an independent institution and uncertainty in the markets and jeopardize the status as a global reserve currency. thank you, mr. chair....