Fed’s Barkin Says ‘Job’s Not Done’ on Bringing Inflation Down
US economic data points to an economy that’s expanding while price growth is slowing, but the progress isn’t sufficient for the Federal Reserve to declare victory on inflation, Richmond Fed President Thomas Barkin said. “The economy is still growing — unemployment is still 3.9% and as you showed a little bit ago, inflation does seem to be settling. So all that’s good,” Barkin said in an interview with Fox Business Monday. “But the job’s not done, and so you have to keep on until you get the job done, and we’ll see where we land.” US central bankers held the benchmark policy rate steady for a ... (full story)
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Many thanks for the introduction, Terry. It is a pleasure to be here this evening. Let me also add my thanks to you, Minette. You have been a strong and clear voice for British farming throughout your term as President of the National Farmers’ Union. What a time it has been. Costs have been rising sharply. Trading arrangements and farm support have been changing. Summer droughts have been followed by winter floods. It is no small job to confront all of those challenges. I would like to spend my time this evening talking about food price inflation. To set the scene, I will start by showing a chart with the evolution of overall consumer price inflation over the past five years. Chart 1 shows how inflation (the white line) fell below the Bank’s 2% target in the first year of the pandemic before it started to rise above the target in the second half of 2021, reaching a peak of 11.1% in October 2022. It shows how inflation has since come down significantly again, to 4.6% in the latest data for October published last week. In the shaded area, it shows how we expect it to remain around this level for the remainder of the year. In our forecast, it then continues to fall back towards the 2% target over next year. Last week’s data release was good news. It means that we are on track to bring inflatio post: BOE GOV. BAILEY: IT IS FAR TOO EARLY TO BE THINKING ABOUT RATE CUTS. post: <GBP=>: *BOE'S BAILEY: INFLATION RISK FROM FOOD PRICE INFLATION AHEAD *BOE'S BAILEY: MIDEAST EVENTS ADD TO UPSIDE ENERGY PRICE RISKS ? *BOE'S BAILEY: CONCERNED ABOUT SECOND ROUND EFFECTS ON FOOD post: BoE’s Bailey: The Labour Market, Despite Softening Recently, Remains Tight And Wage Inflation Remains Elevated post: BOE GOV. BAILEY: THE MONETARY POLICY COMMITTEE’S LATEST PROJECTIONS INDICATE THAT MONETARY POLICY IS LIKELY TO NEED TO BE RESTRICTIVE FOR QUITE SOME TIME YET.
Sr. Technical Strategist Michael Boutros highlights the targets & invalidation levels that matter on the technical charts into the weekly open.
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post: ECB's Villeroy: We Should Expect More Bond Volatility, Renewed Increases Would Be Another Reason Not To Hike Rates post: ECB'S VILLEROY: WE WILL HAVE TO DISCONTINUE OUR PEPP REINVESTMENTS IN DUE TIME, AND POSSIBLY EARLIER THAN END 2024 post: ECB's Villeroy: On Our Inflation Target, I Am Not Fixated On 2.0% To The Nearest Decimal Place post: ECB'S VILLEROY: I SEE RATES PLATEAUING FOR AT LEAST THE NEXT SEVERAL MEETINGS AND THE NEXT FEW QUARTERS.
A looming recession, a slow-to-respond Federal Reserve, and a rapid cutting cycle will combine to push gold to new all-time highs in the first half of 2024, according to Daniel ...
China’s Premier Li Qiang chaired a meeting of the ruling Communist party’s new body for overseeing the financial sector, underlining his influence as details of the country’s new ...