Fed's Goolsbee: Current rate policy too tight for economy
(Reuters) -Federal Reserve Bank of Chicago President Austan Goolsbee said on Friday monetary policy is quite tight and is no longer aligned with current economic conditions, although he declined to provide specific guidance on what lies ahead for it. "I usually don't like saying, tying our hands before a meeting, but I've been saying for some time, if you take the level of tightness" now seen in the Fed's interest rate target, "you only want to be that tight on purpose if you're trying to cool an overheating economy, and this is not overheating," Goolsbee said in a CNBC interview. Goolsbee spoke on the cable television network after a speech earlier in the day from Fed Chairman Jerome Powell, who clearly signaled the time of Fed rate cuts is fast arriving amid falling inflation pressures and rising risks to the job market.
Goolsbee Says It’s Critical Fed Keeps Eye on Cooling Job Market
(Bloomberg) -- Federal Reserve Bank of Chicago President Austan Goolsbee said it’s time to pay more attention to the employment side of the central bank’s dual mandate now that inflation is cooling toward the 2% target.Most Read from BloombergChicago's Migrant Surge Is Stirring Trouble for Democrats in DNC Host CitySydney Central Train Station Is Now an Architectural DestinationWith Housing Costs High, Democrats Hone YIMBY MessageWith Self-Driving Vans, Hamburg Tries to Make Microtransit WorkUK
Analysis-Powell's Fed not shy about election-year cuts, ready to defend job market
Federal Reserve Chair Jerome Powell made it clear on Friday the U.S. central bank would not shy away from pivoting to interest rate cuts in the final weeks of a presidential election campaign and that protecting the job market was now its top priority. "The time has come for policy to adjust," Powell said in a speech to the Kansas City Fed's annual Jackson Hole conference in a strong signal the central bank will start cutting rates in mid-September, roughly seven weeks before the Nov. 5 election. His remarks - essentially a declaration that the Fed's fight with inflation was over and safeguarding employment was now at the top of its to-do list - came the morning after Vice President Kamala Harris accepted the Democratic nomination for president, a development that has disrupted a contest that had been leaning toward former President Donald Trump, the Republican candidate.
OK, Bloomer!
Bloomberg’s editorial board says Harris and Trump shouldn’t “pander” to crypto. The piece itself panders to stereotypes about the digital assets industry.
DMarket snatches NFT sales lead from CryptoPunks
DMarket tops daily NFT sales, Ethereum dominates blockchain transactions.
Summers Says Fed Recovered From ‘Egregious’ Inflation Mistake
(Bloomberg) -- Former Treasury Secretary Lawrence Summers said that, while the Federal Reserve hit a “low point” in its monetary policy history by failing to act quickly against the 2021 inflation surge, in the end it did enough to right the economy.Most Read from BloombergChicago's Migrant Surge Is Stirring Trouble for Democrats in DNC Host CitySydney Central Train Station Is Now an Architectural DestinationWith Housing Costs High, Democrats Hone YIMBY MessageWith Self-Driving Vans, Hamburg Tri
Fires break out on abandoned Greek-flagged oil tanker Sounion that Yemen rebels attacked in Red Sea
Fires broke out Friday on a Greek-flagged oil tanker previously attacked by Yemen's Houthi rebels this week, with the vessel now appearing to be adrift in the Red Sea, authorities said. It wasn't immediately clear what had happened to the oil tanker Sounion, which had been abandoned by its crew on Thursday and reportedly anchored in place. The Houthis didn't immediately acknowledge the fire.
How to prepare for the Fed's forthcoming interest rate cuts
The Federal Reserve is poised to cut its benchmark interest rate next month from its 23-year high, with consequences for consumers when it comes to debt, savings, auto loans and mortgages. Right now, most experts envision three quarter-point Fed cuts — in September, November and December — though even steeper rate cuts are possible. “The time has come” for the Fed to reduce interest rates, Powell said Friday in his keynote speech at the Fed’s annual economic conference in Jackson Hole, Wyoming.