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Chinese refiners processed lower crude volumes in April due to maintenance, while apparent oil demand in the world’s top importer of the commodity fell for the first time on an annual basis since the end of 2022. Chinese government data showed on ...
Last October, when we pointed out that China's FX outflows had just hit a whopping $75BN - the single biggest monthly outflow since the 2015 currency devaluation - we concluded that the "unfavorable interest rate spread between China and the US will ...
Gold looks well poised to build on this year’s gains, with speculative momentum seeming to entice marginal buying and perpetrating a virtuous circle. Bullion is on track for a fourth successive monthly rally, with its gains so far this year of over ...
I would like to thank the Pennsylvania Bankers Association for the invitation to join you today.1 I appreciate the opportunity to engage with you on matters that affect the banking industry. Before sharing my thoughts about the current bank regulatory environment, I will discuss my views on the economy and monetary policy. Update on the Economy and Monetary Policy Outlook Over the past two years, the Federal Open Market Committee (FOMC) has significantly tightened the stance of monetary policy to address high inflation. At our meeting earlier this month, the FOMC voted to continue to hold the federal funds rate target range at 5-1/4 to 5-1/2 percent and to continue to reduce the Federal Reserve's securities holdings, but at a slower pace beginning in June. After seeing considerable progress on slowing inflation last year, we have not yet seen further progress this year. The 12-month measures of total and core personal consumption expenditures (PCE) inflation have moved roughly sideways since December and remained elevated at 2.7 percent and 2.8 percent, respectively, in March. With average core consumer price index (CPI) inflation this year through April running at an annualized rate of 4.3 percent, well above average inflation in the second half of last year, I expect inflation to remain elevated for some time. The recent pickup seems to be evident across many goods and services categories, suggesting that inflation was temporarily lower in the latter half of last year. Prices continue to be much higher than before the pandemic, which is weighing on consumer sentiment. Inflation has hit lower-income households hardest since food, energy, and housing services price increases far outpaced overall inflation throughout this episode. Economic activity increased at a strong pace last year but post: Bowman: We Have Not Yet Seen Further Progress on Inflation This Year Fed’s Bowman: Monitoring Data to Assess if Policy is Sufficiently Restrictive Bowman: Repeats Baseline Outlook That Inflation Will Decline Further with Policy Rate Steady, but Sees Risks post: Fed’s Bowman: Willing To Raise Rates If Inflation Stalls Or Reverses - Inflation To Remain Elevated For ‘Some Time’ - Policy Is Restrictive, Monitoring To See If It Is Sufficient
Bitcoin was lumped in with other speculative investments during the run-up of the Federal Reserve’s last tightening cycle, slumping on expectations higher interest rates would damp the appetite for risk. Now with optimism growing again that ...
The current commodity sector rally, which kicked off with gold’s solid move higher back in March, continues to gather momentum, and this past week the Bloomberg Commodity Total Return index reached a 15-month high, thereby strengthening the ...
In March, the Bank of Japan (BOJ) raised interest rates for the first time in 17 years. In an early April interview, Governor Ueda suggested that further weakness in the yen could trigger another rate hike, a statement that surprised the markets. ...
Russia and China are interested in increasing their oil and gas trade, President Vladimir Putin told reporters in Harbin on Friday. “Mutual interest in implementation of such projects has been confirmed,” Putin said in the final hours of his state ...
post: Fed’s Powell Tested Positive for Covid-19 Yesterday, Experiencing Symptoms, Working From Home and Staying Away From Others -- Fed Spokesperson
The Financial Crimes Compliance department of Binance has partnered with Taiwan’s Ministry of Justice Investigation Bureau and the Taipei District Prosecutors Office to address a money laundering case involving 200 million New Taiwan dollars ($6.2 ...
April's data continued to show a shift away from consumption as a growth driver for 2024. April retail sales growth fell to 2.3% YoY, down from 3.1% YoY in March, bringing the year-to-date growth rate to 4.1% YoY. The largest drag to retail sales in ...
Latest statements from Governor Andrew Bailey reflected the bullish potential of the UK economy, as he claimed that markets have not yet priced in the full impact of the coming rate cuts below the 16-year highs. The optimism of the BOE will be ...
Recent statistics have expressed a positive outlook for Bitcoin in the crypto market. A CryptoQuant analyst has mentioned that the chief crypto token is regaining momentum in terms of price performance and that the bull run could go on for another ...
Asian spot liquefied natural gas (LNG) prices rose this week to its highest levels since January, as hot weather across the region spurred more demand for the super-chilled fuel, and as it tracked gains in European gas prices on the back of ...
Spot silver surpassed $30 an ounce for the first time in more than a decade in a rally that has become more forceful and fast than gold’s gains amid robust financial and industrial demand. The precious metal rose as much as 3.3% to $30.55 an ounce, ...
Thank you, President Kashkari, for the introduction, and thank you to the conference participants for the opportunity to speak with you.1 As you all know, the payment system relies on the kind of cooperation and collaboration that this body ...
Domestic energy bills are predicted to fall by a further 7% in July, offering some relief to households struggling with their budgets. The bill for a home using a typical amount of gas and electricity could drop from £1,690 a year to £1,574, ...
The Hong Kong Monetary Authority (HKMA) and the People’s Bank of China (PBoC) have made further progress in the e-CNY pilot for cross-border payments and will expand the scope of e-CNY pilot in Hong Kong to facilitate the set up and the use of e-CNY ...
video Shelby: Erin, can you begin by sharing PIMCO’s economic outlook and its implications for positioning in our multi-asset portfolios? Erin: Over the next six to twelve months, we anticipate diverging paths among regions and sectors. US growth ...
The Conference Board Leading Economic Index® (LEI) for theU.S. decreased by 0.6 percent in April 2024 to 101.8 (2016=100), after decreasing by 0.3 percent in March. Over the six-month period between October 2023 and April 2024, the LEI contracted by ...