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Three Challenges Weighing on Fed Chief Jerome Powell

  • Three Challenges Weighing on Fed Chief Jerome Powell Three Challenges Weighing on Fed Chief Jerome Powell 4:27
3:15 a.m. Nov. 11, 2019 - By Steve Goldstein
Boston Fed's Rosengren says capital buffers on banks should be increasingBoston Fed President Eric Rosengren told a conference in Oslo that capital buffers should be rising for big banks, not just in the U.S. but also Japan and Europe. "I am not sure that recent developments and proposals in bank regulation properly reflect the risks we are likely to face in a low interest rate environment that challenges bank profitability and provides less by way of monetary policy buffers. Specifically, capital buffers should be rising now so that there is more room for them to decline if the economy falters. While this is true for the United States, it may be even more true in Japan and Europe," he said. Only the Fed board of governors get to vote on capital buffers, so Rosengren doesn't have a say on U.S. buffers. The Fed in March voted to keep the countercyclical capital buffer at zero.
3:39 p.m. Nov. 10, 2019 - By Mike Murphy
‘This is the most prosperous economy the world has ever seen’ says Jamie Dimon — and it’s going to continue JPMorgan CEO tells ‘60 Minutes’ that income inequality is a big problem, but shrinking his pay isn’t the answerWhile many investors may worry about the effects that the U.S.-China trade war, Brexit and Middle East tensions are having on the global economy, Jamie Dimon has this advice: Relax.
4:08 a.m. Nov. 9, 2019 - By Andrea Riquier
FDIC Chairman on repo market, LIBOR, and farm loans One big concern: banks are still writing loans pegged to the LIBOR benchmark that will soon be retiredThe head of the banking regulator sat down with MarketWatch for a talk about the biggest issues in the banking world now.
4:00 a.m. Nov. 9, 2019 - By Sunny Oh
U.S. Treasury’s 10-year yield surge to three month highs may be good news for the stock market Fed cutting interest rates this year also supports equities despite long term yield rise The surge in the benchmark U.S. Treasury 10-year note yield to three month highs in the past week could be giving a thumbs up to equity investors despite the implied rise in the cost of capital from a higher yield curve.
10:19 a.m. Nov. 8, 2019 - By Rachel Koning Beals
Fed can no longer ignore the economic ‘shocks’ of climate change, Brainard says The central bank has lagged behind its global peers in commentary and policy positions on rising sea levels, fires and other climate-change risks Climate change poses just the kind of “shock” to the economy that she and colleagues can no longer just ignore, Federal Reserve Gov. Lael Brainard said Friday at a first-of-its-kind Fed summit in San Francisco.
6:48 a.m. Nov. 8, 2019 - By Rachel Koning Beals
Fed can no longer ignore potential economic 'shocks' of climate change: BrainardClimate change is just the kind of "shock" to the economy that the Federal Reserve can no longer ignore, Fed Governor Lael Brainard said Friday. Not only are there short-term natural disasters like the wild fires in California to consider, there are potential longer-term implications as well, she said. "To the extent that climate change and the associated policy responses affect productivity and long-run economic growth, there may be implications for the long-run neutral level of the real interest rate, which is a key consideration in monetary policy," Brainard said, at a first-of-its-kind Fed summit to focus on the economic and policy affects of climate change, hosted by the San Francisco Fed. Brainard said the Fed is monitoring how climate change effects the banking system's operations, the impact of climate policies on the energy sector and how weather affects the economy.
6:20 a.m. Nov. 8, 2019 - By Jacob Passy
Mortgage rates fall after 3 straight weeks of increases Rates had risen in recent weeks as a more optimistic picture of the U.S. economy emergedRates had risen in recent weeks as a more optimistic picture of the U.S. economy emerged.
12:38 p.m. Nov. 7, 2019 - By Greg Robb
U.S. September consumer credit grows at slowest rate in 15 months Consumers pull back on credit-card use for second straight monthU.S. consumer borrowing rose in September at the slowest rate in fifteen months, the Federal Reserve said Thursday.
9:41 a.m. Nov. 7, 2019 - By Sunny Oh
10-year Treasury yield on track for biggest one-day surge since Trump election The 10-year yield hit a three-month high on ThursdayAfter months of staying skeptical on a U.S - China trade relations, traders of long-term government bonds succumb to the optimism about a deal .
1:24 a.m. Nov. 7, 2019 - By Sunny Oh
Bond traders take crack at frustrating bet on steeper yield curve for umpteenth time Wall Street bond market analysts are showing renewed confidence in yield curve steepener tradesA growing cohort of rates strategists say easing uncertainty around the global economy could finally clear the way for the gap between short-term and long-term bond yields to widen.
2:56 p.m. Nov. 6, 2019 - By Tanner Brown
How the latest steps by Alipay and WeChat bring China closer to replacing cash with cellphones Digital payment giants Alipay and WeChat Pay to allow tourists to connect foreign credit cards to their platformsChina’s two leading mobile-payment platforms announced this week that they will begin allowing foreign visitors to utilize their digital wallets on the Chinese mainland.
11:10 a.m. Nov. 6, 2019 - By Sunny Oh
Treasury yields fall after reports say U.S.-China trade meeting postponed Fed’s Evans and Williams say no further interest rate cuts needed for nowU.S. Treasury yields fall Tuesday after reports say that a meeting between President Donald Trump and Chinese President Xi Jinping could be delayed until December.
8:28 a.m. Nov. 6, 2019 - By Greg Robb
Fed’s Evans: Economy might not need any more interest rate cuts Outlook is ‘quite good’ and economy ‘quite resilient’, Chicago Fed president saysThe U.S. economy might not need any more interest rate cuts, said Chicago Fed President Charles Evans on Wednesday.
10:11 a.m. Nov. 5, 2019 - By Greg Robb
Inflation expectations hit record low, suggesting Fed may have more to do Survey shows one-year ahead inflation expectations now at 2.3%Consumers expectations of inflation has fallen to the lowest level since measurement started in 2013, according to a New York Fed survey released Tuesday.
3:09 a.m. Nov. 5, 2019 - By Greg Robb
Fed's Barkin worried 'we could talk ourselves into recession'There is a risk that U.S. businesses could convince itself that bad times are around the corner and actually cause a downturn, said Richmond Fed President Thomas Barkin on Tuesday. Right now, firms are frustrated with political polarization and uncertainty about regulation, Barkin said in a speech to business leaders in Baltimore. Businesses say they're not scaling back yet but are reluctant to double down. "For these reasons, I don't discount the idea that we could talk ourselves into a recession -- particularly if the uncertainty begins to affect consumer confidence and spending," he said. Barkin said he didn't think a recession was imminent. "There's no evidence that we're faltering."
11:38 a.m. Nov. 4, 2019 - By Sunny Oh
10-year, 30-year Treasury yields see biggest daily climb in three weeks Commerce Secretary Ross says U.S. might not place tariffs on European cars ahead of deadlineU.S. Treasury yields shift higher on Monday as investors ramped up appetite for riskier assets in anticipation of the conclusion of a Phase 1 U.S.-China trade deal following upbeat comments from the Trump administration
10:11 a.m. Nov. 4, 2019 - By Greg Robb
Fed is open to changing its plan to calm repo markets if necessary, top staffer saysThe Federal Reserve is open to making adjustments to its program put in place last month to curb volatility in short-term lending markets that flared in mid-September, said Lorie Logan, senior vice president at the New York Fed, on Monday. The Fed has started to buy $60 billion per month of Treasury bills to boost its balance sheet and this is going smoothly so far, Logan said, in a speech to primary dealers. The Fed expects to be able to maintain the current pace of T-bill purchases "for some time," she added. But the Fed "is prepared to adjust the pace and other parameters as needed," she said. The Fed is also willing to increase the size of repo operations going into year-end, just as it did to keep rates stable over October's month-end. "We will monitor conditions closely and will be prepared to adapt open market operations as needed," Logan said. In October, overnight and term repo operations together resulted in a daily average of around $190 billion in total repos outstanding.
5:51 a.m. Nov. 4, 2019 - By Greg Robb
Powell to talk to Congress about economic outlook next weekFed Chairman Jerome Powell will discuss the outlook for the economy in testimony before the Joint Economic Committee of Congress on Nov. 13, the panel announced Monday. The hearing will start at 11 a.m. Eastern. The Fed cut rates last week for the third time this year and Powell indicated the central bank would likely pause to see if the lower rates are enough to offset the headwinds from weak global growth and the trade war with China.
5:09 a.m. Nov. 4, 2019 - By Greg Robb
U.S. factory orders slump in September Factory orders fell 0.6% in September, the Commerce Department said Monday. Economists were expecting a 0.4% drop, according to a MarketWatch survey. Durable goods orders fell a revised 1.2%, down slightly from last week's initial estimate of a 1.1% decline. Orders for nondurable goods rose 0.1% in the month. The closely-watched index of non-defense orders excluding aircraft were revised down to a 0.6% decline from the initial estimate of a 0.5% drop.
3:49 a.m. Nov. 4, 2019 - By Greg Robb
Fed is 'effectively on pause for a while,' Kashkari saysThe Federal Reserve is "effectively on pause for a while," said Minneapolis Fed President Neel Kashkari on Monday. In an interview on CNBC, Kashkari said he was happy with the three rate cuts this year. Kashkari, who is not a voting member this year, and is one of the most dovish regional Fed presidents, said he wanted the Fed to commit to not raising its benchmark interest rate until core inflation returned to a 2% annual growth rate. Inflation expectations "seem to be drifting lower and lower," and that is "concerning," he said. "We don't want to follow Europe and Japan and have inflation unanchored to the downside because then our tools would be very limited," he said. The Fed's preferred inflation barometer, known as the PCE, or personal-consumption expenditures index, rose at a 1.7% yearly rate in September.
11:53 a.m. Nov. 2, 2019 - By Howard Gold
Wall Street is way too paranoid about a President Elizabeth Warren A Warren administration would face big obstacles enacting its most ambitious plansA Warren administration would face big obstacles enacting its most ambitious plans.
11:32 a.m. Nov. 2, 2019 - By Sanjiv Das
Here’s why home prices keep going up — and what we can do about it Mortgage lenders must find innovative, affordable ways to help buyersMortgage lenders must find innovative, affordable ways to help buyers, writes Sanjiv Das.
10:20 a.m. Nov. 1, 2019 - By Greg Robb
Fed’s Clarida says he is ‘very happy’ with the stance of interest-rate policy Fed Vice Chairman says he’s optimistic about the outlookFed Vice Chairman Richard Clarida said Friday he’s ‘very happy’ with the stance of monetary policy, signalling the hurdle for more interest rate cuts is high.
8:19 a.m. Nov. 1, 2019 - By Jeffrey Schultz
The U.S. cannabis industry needs access to the U.S. capital markets The SAFE Banking Act must explicitly include a safe harbor for capital markets, not just banking The U.S. cannabis industry cannot thrive without access to U.S. capital markets, including stock exchanges.
5:14 a.m. Nov. 1, 2019 - By Robert Schroeder
Kudlow says China tariffs could still be increased if phase-one pact isn't achievedWhite House economic adviser Larry Kudlow said trade talks between the U.S. and China are "not complete but they are going well." In an interview on Bloomberg Television, Kudlow cited progress on agriculture, financial services and currency. But he held out the possibility of tariff increases until the so-called phase one of a deal is finished. Thursday, President Donald Trump said Washington and Beijing were working to select a new site for signing that phase of an agreement, following the cancelation of an Asia-Pacific summit in Chile.
5:06 a.m. Nov. 1, 2019 - By Greg Robb
Construction spending picks up in September Outlays for U.S. construction projects rose 0.5% in September at a seasonally adjusted annual rate of $1.29 trillion, the Commerce Department reported Friday. Economists polled by MarketWatch had expected growth of 0.3%. Spending in August was revised down to a 0.3% fall from the prior estimate of a 0.1% gain. Housing has been picking up as interest rates fall and residential construction rose 0.6% in September. Spending on public construction projects rose 1.5% in the month.
10:55 a.m. Oct. 31, 2019 - By Joy Wiltermuth
America’s ‘fragile’ corporate debt pile faces a massive $4 trillion refinancing test, Oxford Economics warns Fallout from leveraged loans could be worse than in past, hitting investors who bought corporate debt for higher returns A slowing U.S. economy could put companies in jeopardy that already are grappling with lower profitability and higher leverage as they seek to refinance trillions worth of bonds that come due over the next five years
10:03 a.m. Oct. 31, 2019 - By Greg Robb
Fed’s Powell to markets: Don’t bank on more interest-rate cuts Market sees 20% chance of two interest-rate cuts over next year — Citibank’s top economist says Fed thinks that’s too gloomyFed Chairman Jerome Powell’s goal at his news conference was to make the market doubt its expectation of two more rate cuts over the next year, says Citi’s top economist.
3:37 a.m. Oct. 31, 2019 - By Jacob Passy
This city’s real-estate market is the least likely to tank during the next recession If investors have flocked to your town, keep a close eye on home pricesIf investors have flocked to your town, keep a close eye on home prices.
12:26 p.m. Oct. 30, 2019 - By Greg Robb
Fed cuts rates for third meeting in a row, signals pause Powell says it will take ‘material’ change in outlook to justify further rate cut The Federal Reserve cut its benchmark interest rate for the third meeting in a row but signaled it may pause its policy changes.
9:15 a.m. Oct. 30, 2019 - MarketWatch.com
Fed rate decision and Powell press conference: live blog Market expects quarter-point rate cutHere is the live blog of the Fed’s October monetary policy meeting and Chairman Jerome Powell’s press conference.
3:30 a.m. Oct. 30, 2019 - By Greg Robb
U.S. Treasury mulling offering new products including 50-year bondsThe U.S. Treasury said Wednesday it is exploring a range of new products, including an ultra-long bond. In a statement, the department said it is mulling issuing a 50-year bond and bringing back 20-year bonds. The department gave no timetable for any final decision. Treasury said it is also considering a one-year SOFR-linked floating rate note. SOFR, or the the Secured Overnight Financial Rate, is an alternative to the U.S. dollar London interbank offered rate (Libor). The Treasury has not sold 20-year bonds since 1986.
3:03 a.m. Oct. 30, 2019 - By Greg Robb
Three things to watch from the Fed meeting Divisions among Fed officials cloud interest-rate outlookHere are three things to watch when the Federal Reserve interest-rate meeting ends later Wednesday.
3:01 a.m. Oct. 30, 2019 - By Greg Robb
Meet the lonely economist who thinks the Fed might just leave interest rates unchanged There is wide consensus among economists that a third quarter-point rate cut is coming later WednesdayAlmost all economists think the Fed will cut interest rates on Oct. 30. We found one who thinks they just might pause.
2:20 a.m. Oct. 30, 2019 - By Sunny Oh
Here’s why the U.S. Treasury may struggle to take full advantage of Fed’s bill-buying program U.S. Treasury unlikely to ramp up bill issuance dramatically soonAnalysts say the U.S. Treasury Department is unlikely to ramp up bill issuance dramatically soon
11:26 a.m. Oct. 29, 2019 - By Greg Robb
Pending home sales rise for the second straight month in September Compared to 12 months ago, sales jumped 3.9%U.S. pending homes sales rose in September for the second straight month, the National Association of Realtors said Tuesday.
11:25 a.m. Oct. 29, 2019 - By Greg Robb
U.S. house prices drop 0.2% in August Year-over-year growth at 2%U.S. home prices fell 0.2% in August, according to the S&P CoreLogic Case-Shiller adjusted 20-city composite index released Tuesday.
7:24 a.m. Oct. 29, 2019 - By Greg Robb
Warren warns White House that big banks may use repo-market volatility to get rid of liquidity rules they despise In response, Mnuchin disagrees with Democratic Senator and says he is open to loosening financial crisis-era regulations Senator Elizabeth Warren warned the White House not to go along with big banks, who may be using the repo-market volatility to get rid of liquidity rules they despise
10:00 a.m. Oct. 28, 2019 - By Greg Robb
U.S. Treasury lowers borrowing estimate for fourth quarter The U.S. Treasury Department said Monday it expects to borrow $352 billion in the fourth quarter, which is $29 billion lower than previously estimated. The decline was driven by a larger cash balance at the beginning of the quarter, the agency said. The updated forecast includes an end-of-quarter cash balance of $410 billion. Looking ahead to the first quarter, Treasury said it expects to borrow $389 billion in net marketable debt with a cash balance of $400 billion. Treasury borrowed $440 billion in net marketable debt in the third quarter and ended with a cash balance of $382 billion. This was slightly higher than the Treasury's prior $433 billion estimate, which included a cash balance of $350 billion. Additional financing details related to the Treasury's quarterly refunding will be released at 8:30 a.m. Eastern on Wednesday.
9:44 a.m. Oct. 28, 2019 - By Sunny Oh
Bond investors confident of Fed rate cut this week but pare bets on further easing Fed is expected to deliver a quarter-point rate cut, bringing it down to 1.50%-to-1.75% rangeBond investors look for the Federal Reserve to cut rates this week, but are less eager to pencil in further reductions.
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