The euro sank on Thursday after the European Central Bank unexpectedly cut its ultra-low interest rates even further and said it would start buying loans and bonds next month to prop up the continent’s struggling economy. The move gave the euro, used by 18 nations, its biggest single-day drop sin…
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Euro slumps on ECB moves; Wall St sells off
After a long slumber, emerging markets are finally waking up. The iShares MSCI Emerging Market ETF, (EEM) which tracks the widely-followed benchmark for emerging market stocks, has surged 7% in the last three months, outpacing U.S. markets. It’s hard to recall that at the start of 2014, investors…
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Emerging markets roar back to life
Tomorrow morning we will be obsessing over the details of the August employment report with an eye toward the implications for monetary policy. Time for a quick review of some key indicators. First, initial unemployment claims continue to track at pre-recession levels: The employment components…
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August Employment Report Tomorrow
BP was “grossly negligent” for its role in the oil spill in the Gulf of Mexico four years ago, a US district judge has said in a ruling that could add billions of dollars in fines to the more than US$42 billion (NZ$50.5b) in charges taken so far for the worst offshore disaster in US history. Shar…
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BP facing billions in fines for 2010 US spill
BP was “grossly negligent” for its role in the oil spill in the Gulf of Mexico four years ago, a US district judge has said in a ruling that could add billions of dollars in fines to the more than US$42 billion (NZ$50.5b) in charges taken so far for the worst offshore disaster in US history. Shar…
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BP facing billions in fines for 2010 US spill
The gap between the richest Americans and the rest of the nation widened after the Great Recession, a survey by the Federal Reserve showed on Thursday, suggesting deepening U.S. income inequality. Though incomes of the highest-earners rose, none of the groups analyzed by the Fed had regained thei…
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Fed survey highlights widening U.S. wealth, income gap
The gap between the richest Americans and the rest of the nation widened after the Great Recession, a survey by the Federal Reserve showed on Thursday, suggesting deepening U.S. income inequality. Though incomes of the highest-earners rose, none of the groups analyzed by the Fed had regained thei…
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Fed survey highlights widening U.S. wealth, income gap
It has been a bullish day for stocks after the European Central Bank unveiled fresh policy measures to help stimulate growth in the single currency bloc. The ECB unexpectedly cut its benchmark interest rate to 0.05% from 0.15% and the deposit rate to negative 0.2 per cent. The Bank also announced…
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Dow hovers near key technical level ahead of NFP; sharp moves likely
It has been a bullish day for stocks after the European Central Bank unveiled fresh policy measures to help stimulate growth in the single currency bloc. The ECB unexpectedly cut its benchmark interest rate to 0.05% from 0.15% and the deposit rate to negative 0.2 per cent. The Bank also announced…
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Dow hovers near key technical level ahead of NFP; sharp moves likely
Forty-five percent of all government bonds yield less than 1 percent, Bank of America Corp. said, as central bankers in Japan, Europe and the U.K. decide on how to support their economies. Speculation that the European Central Bank would start buying debt in the year ahead had pushed the yield sp…
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Yields Driven Under 1% on Almost Half World’s Government Bonds
During the past 12 months, the U.S. jobless rate has fallen by 1.1 percentage points. If it continues at that pace, it will touch 5.5% in January and 5.2% by April. That range is around where many Federal Reserve officials believe the jobless rate will settle in the long-run. Much of this descent…
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Friday’s Jobs Report Next Clue on Likely Fed Policy Path
BREAKING
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EU plans to target Russian oil groups with new sanctions
It is a real pleasure to be here today and to address the Economic Club of Pittsburgh, the CFA Society Pittsburgh, and the Pittsburgh Society of Investment Professionals. I have been on quite a journey during my first three months on the job as the new president of the Cleveland Fed. Not only have…
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Mester: The Economic Outlook, Monetary Policy, and Communications: Progress on Multiple Journeys
In announcing a new round of extraordinary measures to support the euro-area recovery, the European Central Bank is sending three loud and unambiguous messages. Their implications extend well beyond Europe. First, it is committed to experimenting even more with its use of unconventional monetary …
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What the ECB’s Moves Mean for the World
We hear frequently that the Fed is printing money like crazy these days. This is not quite true. There are various definitions of money: For money that is being printed, one needs to look at currency in circulation, which actually counts all printed banknotes less those that have not left the Fed’s…
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How much money is the Fed printing?
U.S. crude-oil inventories declined 900,000 barrels in the week ended Aug. 29, the Energy Information Administration said Thursday. Analysts polled by Platts had expected crude stockpiles to decline 2 million barrels. Crude-oil futures declined further on the news, with the October contract clv14…
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Oil supply data shows less-than-expected decline
The European Central Bank (ECB) met and voted on its monetary policy. The bank surprised forecasts as the governing council voted to cut the benchmark interest rate from 0.15% to 0.05%. It also reduced the deposit rate from -0.1% to -0.2% to discourage saving and encourage more lending. More…
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ECB Cuts Rates and Signals QE; EUR/USD Outlook
The European Central Bank cut interest rates and will start buying assets, easing the flow of funding for the region’s economy while holding back for now on larger-scale action. The ECB “will purchase a broad portfolio of simple and transparent securities,” President Mario Draghi said at a press…
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ECB Readying Broad Asset-Backed Purchases After Rate Cut, Draghi Says
NMI® at 59.6% Business Activity Index at 65% New Orders Index at 63.8% Employment Index at 57.1% – Economic activity in the non-manufacturing sector grew in August for the 55th consecutive month, say the nation’s purchasing and supply executives in the latest Non-Manufacturing ISM® Report On B…
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August 2014 US Non-Manufacturing ISM Report On Business
After much fanfare, the ECB has surprised the market. It delivered a 10 bp cut in key rates and committed itself to a ABS/covered bond purchase scheme to start next month. The euro sold off, dragging down other European currencies, and sparked a dramatic bond and stock rally. The decision to …
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Draghi Delivers
