Fed announces Dudley mid-2018 retirement

  • November 6, 2017
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Federal Reserve Bank of New York President William Dudley will retire next year, around six months earlier than scheduled, the Fed’s regional New York bank confirmed Monday in a statement. A search for Dudley’s successor will start with an eye toward the finding one in mid-2018. Dudley’s term ends in January of 2019 when he

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US created 261,000 jobs in Oct, vs 310,000 jobs expected

  • November 3, 2017
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The U.S. economy added 261,000 jobs in October and the unemployment rate was 4.1 percent as labor conditions returned to normal following the storm-weakened September. However, the number was considerably below Wall Street expectations of 310,000. The tick lower in the unemployment rate came against expectations it would hold steady at 4.2 percent. A broader

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Tax plan caps property deduction at $10,000, puts new limit on mortgage deduction

  • November 2, 2017
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A sweeping overhaul of the tax code would cap the deduction for property taxes at $10,000 and preserve the mortgage interest deduction only for existing mortgages and new purchases with loans of $500,000 or less, documents distributed to House members Thursday show.

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BOE Raises Interest Rate for First Time in More Than 10 Years

  • November 2, 2017
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Bank of England policy makers raised interest rates for the first time in a decade, yet showed concern for Britain’s Brexit-dented economy by indicating that another increase isn’t imminent. Led by Governor Mark Carney, the Monetary Policy Committee voted 7-2 to increase the benchmark rate to 0.5 percent from 0.25 percent. The minutes underscored worries

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U.S. jobless claims near 44-1/2-year low; productivity accelerates

  • November 2, 2017
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The number of Americans filing for unemployment benefits fell to a near 44-1/2-year low last week, supporting expectations of a sharp rebound in job growth in October after employment was depressed by hurricane-related disruptions in September.

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Fed holds off on November rate hike

  • November 1, 2017
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The Federal Reserve will hold interest rates steady for another month, the central bank’s policy arm announced Wednesday. The Federal Open Markets Committee is keeping the money market interest rate range between 1 to 1.25 percent, opting against a raise. The Fed last hiked rates in June, the second hike of 2017. Fed officials are

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What to expect from the Fed today

  • November 1, 2017
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It’s Fed decision day. And if investors and analysts are judging correctly, the Federal Reserve will announce it is standing pat on interest rates and monetary policy at the conclusion of this week’s Federal Open Market Committee (FOMC) meeting. Even though the Fed isn’t expected to increase its benchmark interest rate — and won’t hold a

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Yellen reportedly out of race to be Fed chief

  • October 26, 2017
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Janet Yellen is no longer in the race to serve a second term as chair of the Federal Reserve, Politico reported, citing a person who talks “regularly” with President Donald Trump. That would leave the race to Fed Gov. Jerome Powell and Stanford economist John Taylor. The same report quoted someone “close to the process”

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Consumer confidence climbs to a nearly 17-year high in October

  • October 31, 2017
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The Conference Board said its consumer confidence index rose to 125.9 in October from an upwardly revised 120.6 in September. That’s the best reading since Dec. 2000.

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Chicago PMI jumps to six-and-a-half-year high in October

  • October 31, 2017
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The Chicago PMI jumped to 66.2 in October from 65.2 in the prior month, on a scale where any reading over 50 indicates improving conditions. This is the highest level in six-and-a-half years. Economists has expected a decline to 62.

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