Thursday, 19 September, 2019

Fed officials saw rate cut as 'mid-cycle adjustment,' minutes reveal

Trump says Fed ‘biggest problem’ for US economy, calls Powell ‘golfer who can’t putt’ Trump ramps up criticism of Federal Reserve amid White House fears of a slowdown
Russell Knight | 22 August, 2019, 05:55

"We are competing with many countries that have a far lower interest rate, and we should be lower than them", he wrote.

Currently, traders are pricing in a 100 percent chance of a rate cut during the Fed's upcoming September meeting.

After four rate increases previous year, the last one in December, the Fed has been under relentless pressure from Mr Trump to stimulate the economy by reversing course and slashing rates.

Even though the Fed might not be equipped to energize USA growth at this point, most economists see few alternative solutions at a time when Congress seems disinclined to take any action. It comes at a time of concern that the risk of a recession over the next year or two is rising, in part because of Trump's aggressive use of tariffs against China and other key trading partners.

"A couple of participants indicated that they would have preferred a 50 basis point cut", according to the minutes, which added that policymakers favoring such a move were concerned by inflation being too low.

Mark Zandi, chief economist at Moody's Analytics, suggested that if Powell were to signal the likelihood of multiple rate cuts, he might actually weaken consumer and business confidence because fears could spread that the economy could be on the brink of recession.

Mr. Trump said Tuesday that he is considering a temporary payroll tax cut and capital gains tax cuts, but he doesn't believe the economy is headed for a recession. "The only problem we have is Jay Powell and the Fed", Trump wrote on Twitter.

XFL unveils team names and logos
The league features eight teams from eight cities: Dallas , Washington D.C., Houston , Los Angeles , New York , Seattle , St. The Vince McMahon-backed football league is set to begin on February 8, the weekend after the Super Bowl.

Microsoft’s revamped Edge is ready - and you can download the beta today
Yesterday we reported how Microsoft is collecting Insider feedback to improve Chromium-based Microsoft Edge . Microsoft Edge insider builds can now sync passwords and sign-in data for work and school accounts.

First Trailers Show Two Sides of Noah Baumbach's 'Marriage Story'
Driver plays Charlie, an experimental theater director in NY , while Johansson is Nicole, an actress who is moving to L.A. Meanwhile, Baumbach's significant other, Greta Gerwig, also has a big Oscar movie releasing this year, " Little Women ".

The diverse set of views from USA policymakers shown in the minutes highlights the difficulties facing the Fed ahead of next month's policy decision when investors expect another rate cut. While the heads of the US Federal Reserve are appointed by acting presidents, the Fed follows an independent monetary policy.

The Shanghai Composite Index lost 0.5 points to 2,880.52 and Tokyo's Nikkei 225 shed 0.4 percent to 20,603.43.

"Germany is paying Zero interest and is actually being paid to borrow money, while the US, a far stronger and more important credit, is paying interest and just stopped (I hope!) Quantitative Tightening", the president said, referring to a policy of gradually decreasing the money supply. "Such growth potential, nearly like never before!"

"It would be nearly risky for him to signal more rate cuts are coming, given the fact that he has precious little ammunition left", Sohn said.

As U.S. President Donald Trump heaps pressure on Federal Reserve Chair Jerome Powell to slash interest rates, a former senior banking executive says the impact from any cuts will be limited.

Investors expect Powell to signal the Federal Reserve "is about to embark on a reinvigorated wave of easing", said Halley.

And with inflation stubbornly weak, a slowing United States economy would further delay a sustained return of inflation to the two percent objective, the report said. They dropped 1.2% as the company said it was tweaking its policies to allow users to see and control the data that other websites and apps share with the social network to improve targeted advertising. Beijing's economic health is crucial for global growth.

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