Tuesday, 21 May, 2019

Jerome Powell sworn in as new US Federal Reserve chair

Spencer Platt  Getty Images Spencer Platt Getty Images
Russell Knight | 08 February, 2018, 19:00

It was also that government bond yields were allowed to drop to historically low levels, and nothing was done to stop financial institutions from making very risky loans at unusually low interest rates.

Ware notes that growth in productivity, or worker output, has been meager in recent years.

President Trump's choice to lead the central bank will have to manage raising interest rates at a time when inflation remains subdued. Higher pay and inflation typically do kick in after years of steady economic growth.

MSNBC anchor Stephanie Ruhle weighed in on the stock market's historic plunge on Monday, stating "we didn't see this when Janet YellenJanet Louise YellenListen: What's next after the Nunes memo?"

"If we were to face another period where you need innovative and creative leadership, Jay has a lot of skills, and it could still go OK, but you'd like to add to those skills a lifetime of studying monetary policy". Amazon, whose stock has soared in the past year, declined 2.8 percent. Politicians, including Trump, campaigned on giving USA workers raises. "National debt "should keep people awake at night" Yellen earns "I" for "incomplete" on final Fed report card MORE" was Federal Reserve chairwoman during the network's coverage of the market's wild ride on Tuesday morning. "There's a global cap on wages".

"The financial system is much better capitalized". Thus, the Dow Jones Industrial Average fell by 666 points on Friday and by more than 400 points (and counting) earlier today.

Even if inflation seems unlikely to surge significantly higher anytime soon, economists cite another potential cause for alarm: There is more uncertainty about how the Fed might react to faster price gains.

Markets Right Now: Dow rises 350, erasing an early plunge
Currency markets were steady, with the euro down 0.2 percent at $1.2349 and the dollar 0.2 percent lower at 109.36 yen. The DJIA gained 567 points, or 2.3 percent, recouping almost half of the 1,175-point plunge it took the day before.

Major Pentagon Agency Failed to Account for More Than $800 Million
DLA has become one of the Defense Department's most crucial agencies since it was established in the mid-20th century. The agency told Politico the audit was meant to be a starting place and it was not surprised by the results.

Digging Through Boston Scientific Corporation (BSX) Technicals
It is positive, as 33 investors sold BSX shares while 166 reduced holdings. 43 funds opened positions while 164 raised stakes. For shareholders, given the total diluted outstanding shares of 1.37 billion, this means overall earnings per share of -0.45.

His predecessor Janet Yellen is the first chair of the Fed since World War II to serve only one four-year term, and also the first woman to hold that position.

"Everybody knew this was coming - stocks are close to record valuations and it was a matter of when it was going to happen, not if", said Dan North, chief economist at Euler Hermes North America.

Past experience should have informed her that the trouble with this approach is that if one waits for clear signs of accelerating inflation before reacting with interest rate increases, one might have let the inflation genie out of the bottle and thus have real trouble in getting inflation back under control.

On Wednesday, The Treasury released data showing that the government is on track to borrow almost $1 trillion this year, an 84 percent increase from last year. Congress is also considering a big increase in spending as part of a budget deal being negotiated.

If inflation is 10%, then a £50 pair of shoes will cost £55 in a year's time and £60.50 a year after that.

"I've worked with Gov. Powell for five years, very constructively", Yellen said.

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