USD/JPY

Israel and Lebanon have reached an understanding about a plan for a full ceasefire in Lebanon conditioned on steps taken by Hezbollah, per two sources US STATE DEPARTMENT ANNOUNCES ISRAEL AND LEBANON HAVE AGREED TO A CEASEFIRE BROKERED BY WASHINGTON, WITH BOTH SIDES COMMITTING TO RAPIDLY ESTABLISH PILOT ZONES UNDER EXCLUSIVE LEBANESE ARMED FORCES CONTROL, FREE OF ALL NON-STATE ACTORS.

Fed's Logan: Current monetary policy looks neutral or loose. Fed's Logan: Need mildly restrictive policy.

Good afternoon. Thank you, Arturo [Barrio], for the generous introduction. It’s great to be back here. In my travels, I have many opportunities to thank people for welcoming me to their communities, and the welcome is never warmer than in El Paso. But I want to turn the tables today and welcome Arturo to the Dallas Fed. Our regional executives build the relationships that connect the Federal Reserve to the communities we serve. Those relationships help policymakers like me understand the economy. Equally, those relationships afford all of you the opportunity to help shape the Fed’s work. I’m so pleased to have a leader of Arturo’s caliber filling this role. And I’m delighted that Roberto Coronado, who preceded Arturo as regional executive, will remain in El Paso. Roberto will continue to connect with the community here while bringing his leadership acumen to broader responsibilities as head of community engagement and development throughout the Dallas Fed’s district. It’s wonderful to see so many special guests, including current and former board members of the Dallas Fed and our El Paso branch. And I’m honored to share the stage with a distinguished public servant, UTEP’s president, Heather Wilson. Dialogues like the one we’re having this afternoon are at the heart of the Fed’s mission. The Federal Reserve System is our nation’s central bank, but it is a decentralized institution. The system includes the Board of Governors in Washington and 12 Reserve Banks serving districts around the country. The Reserve Banks, in turn, have an additional 24 branch offices. I’m proud to say the Dallas Fed’s El Paso branch is believed to be the v FED'S LOGAN SAID SHE IS INCREASINGLY CONCERNED THAT HIGHER INTEREST RATES MAY BE NEEDED LATER THIS YEAR, CITING INFLATION'S SLOW RETURN TO THE FED'S 2% TARGET.

Another better-than-expected headline figure… this time it was the U.S. ISM Services PMI, which climbed 0.9 pts to 54.5. The gauge has now held in the expansion zone (above 50) for almost two years. Business activity climbed for a second straight month to 57.7, pointing to stronger demand and higher output. Meantime, new orders jumped to 57.3, suggesting ...

Economic activity increased at a "slight to moderate" pace for ten of the twelve Federal Reserve Districts, while one District reported a slight decline and one reported no change, according to the latest Fed Beige Book. The just released Beige Book - prepared at the Federal Reserve Bank of Kansas City based on information collected on or before May 27, ...

The Trump administration made what could be the first in a steady drumbeat of tariff news, announcing plans for a 10% tariff on top allies like the European Union and Canada and a 12.5% rate on other nations, including China. The release from Trump’s trade representative on Tuesday evening said that 59 countries and the 27 member states of the EU had failed ...

As Kevin Warsh takes over as chair of the Federal Reserve, investors and financial media outlets are looking closely for any hints at how his appointment will impact monetary policy. One series of comments Warsh made while testifying to Congress back in April as a nominee has been getting more attention in recent weeks, following some high inflation ...

Economic activity increased at a slight to moderate pace for ten of the twelve Federal Reserve Districts, while one District reported a slight decline and one reported no change. Consumer spending remained mixed across Districts and increasingly bifurcated across income groups amid affordability pressures. Higher-income households remained resilient and less sensitive to price increase, while middle-income households were described as “squeezing more life out of every dollar before deciding to spend it,” and low-income consumers showed greater financial strain. Overall, there were reports of increased credit card usage, fewer retail visits, and stronger demand for necessities. Auto dealers reported softer new vehicle demand tied to affordability and fuel costs, alongside substitution toward used and hybrid vehicles. By contrast, manufacturing activity increased at a modest to strong pace for nine of the Districts and only one noted a slight decline from the previous period. Banking conditions were stable across most Districts; however, residential mortgages, consumer, and agricultural loan delinquencies were noted as rising in several of the Districts. Agriculture conditions were unchanged or declined for most of the Districts, with cost pressures intensifying from fuel and fertilizer spikes. Energy activity increased in two of the markets, but Districts reported that the outlook remains highly uncertain leading producers to hold off on materially expanding activity. More broadly, business outlooks for the next six months were reported to have little change in anticipated growth, as elevated uncertainty and signs of weakening consumer spending weighed on sentiment. FED BEIGE BOOK: U.S. ECONOMIC ACTIVITY EXPANDED AT A SLIGHT TO MODERATE PACE ACROSS MOST FED DISTRICTS, THOUGH ELEVATED UNCERTAINTY AND SIGNS OF SOFTENING CONSUMER SPENDING CONTINUED TO WEIGH ON BUSINESS SENTIMENT. FED BEIGE BOOK: INFLATION PRESSURES STRENGTHENED, WITH MOST DISTRICTS REPORTING HIGHER PRICE GROWTH THAN IN THE PRIOR REPORT, WHILE EMPLOYMENT REMAINED LARGELY FLAT ACROSS THE COUNTRY.

BESSENT PREDICTS INFLATION WILL BE A 'TEMPORARY ISSUE.' BESSENT SAYS AMERICANS ARE FACING TOUGH TIMES BUT SHOULD OVERCOME THEM.

New orders for manufactured goods in the United States stood at $662.7 billion in April, rising 4.8% month-over-month, data from the US Census Bureau showed on Wednesday. Shipments increased by 1% or $6.3 billion compared to March, landing at $641 billion, while unfilled orders improved by 1.7% or $26.8 billion to $1.5 trillion. Inventories amounted to ...