January 30 and 31 will mark the first meeting of 2018 for the Fed Open Market Committee as well as the last meeting for Janet Yellen as Chair. As we move into the second full year of Trump’s presidency, the composition of the voting members of Board of Governors will change. Cleveland Fed President Loretta Mester, Richmond Interim Fed President Mark Mullinix (soon to be replaced by Thomas Barkin), Atlanta Fed President Raphael Bostic, and San Francisco Fed President John Williams will replace Chicago Fed President Charles Evans, Philadelphia Fed President Patrick Harker, Dallas Fed President Robert Kaplan and Minneapolis Fed President Neel Kashkari as the latter rotate from voting to non-voting members.» Read More
The US Bureau of Labor Statistics released its August employment statistics this morning. The numbers fell short of the 165,000 – 185,000 total non-farm job increases expected by markets. The BLS Release at 8:30 AM DST reported that “Total nonfarm payroll employment increased by 151,000 in August, and the unemployment rate remained at 4.9 percent…” noting that “employment continued to trend up in several service-providing industries.” Read the news release here.» Read More
James Glassman, Managing Director and Senior Economist of JP Morgan Chase & Co., delivered remarks about the state of the economic recovery and how the changing economy will affect the U.S. business community at Wilkin & Guttenplan P.C.’s Second Annual Economic & Industry Outlook Forum.
So where exactly is the United States economic recovery?» Read More
The Federal Reserve released the minutes of its July meeting this afternoon (2:00 PM EST) and the board members appear to be split on when to begin tapering QE3. [Under Quantitative Easing 3 (“QE3”) the Fed has been purchasing $85 billion of bonds and mortgage backed securities each month with the goal of keeping market interest rates low to encourage economic growth.] Looking back to the aftermath of its June meeting, Fed Board Chairman Ben Bernanke noted at the time that the Fed’s decision to begin winding down bond purchases would be based primarily on the strength of the job market.» Read More
Federal Reserve Chairman Ben Bernanke addressed Congress this morning advising Congress about the Fed’s plans regarding Quantitative Easing. In anticipation of his address, Bernanke released his prepared remarks. Those remarks were consistent with statements he made in a press conference about a month ago in response to the markets’ negative reaction to statements by the Chairman that the Fed may start “tapering” its QE3 bond buying program.» Read More