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Fed Chair Powell testifying to House on Wednesday. What investors are expecting
Federal Reserve Chairman Jerome Powell heads to Capitol Hill on Wednesday with markets intent on getting more clarity about how the central bank plans on proceeding with monetary policy this year. The past several months have seen a changing dynamic between financial markets and the Fed over the pace and timing of expected interest rate cuts this…
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Services PMI® at 52.6%; February 2024 Services ISM® Report On Business®
Business Activity Index at 57.2%; New Orders Index at 56.1%; Employment Index at 48%; Supplier Deliveries Index at 48.9% TEMPE, Ariz., March 5, 2024 /PRNewswire/ — Economic activity in the services sector expanded in February for the 14th consecutive month as the Services PMI® registered 52.6 percent, say the nation’s purchasing and supply executives in the latest Services ISM® Report On Business®. The sector has…
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Fed’s Powell to Double Down on ‘No Rush to Cut’ Message
Powell is headed to Capitol Hill, where he’ll deliver his semiannual monetary policy testimony to a House committee on Wednesday and a Senate panel on Thursday. The US central bank chief and nearly all of his colleagues have said in recent weeks that they can afford to be patient in deciding when to cut rates…
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High points for US economic data scheduled for March 4 week
The March 4 week has two reports that are likely to inform the tone of the deliberations at the upcoming March 19-20 FOMC meeting. However, these will be overshadowed by Fed Chair Jerome Powell’s upcoming semiannual monetary policy testimony – what old hands still call the Humphrey-Hawkins testimony. Powell will appear before the House Financial…
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Pending Home Sales Receded 4.9% in January
WASHINGTON (February 29, 2024) – Pending home sales in January dropped 4.9%, according to the National Association of REALTORS®. The Northeast and West posted monthly gains in transactions while the Midwest and South recorded losses. All four U.S. regions registered year-over-year decreases. The Pending Home Sales Index (PHSI)* – a forward-looking indicator of home sales based…
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Gross Domestic Product, Fourth Quarter and Year 2023 (Second Estimate)
Real gross domestic product (GDP) increased at an annual rate of 3.2 percent in the fourth quarter of 2023 (table 1), according to the “second” estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 4.9 percent. The GDP estimate released today is based on more complete source data than were…
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US Manufacturing Activity Expands at Fastest Pace Since 2022
The S&P Global flash February purchasing managers index advanced to 51.5 from 50.7. Readings greater than 50 indicate expansion and, while only modest, the gauge has shown growth in consecutive months for the first time in over a year. The group’s measure of orders climbed to the highest since May 2022, while factory output expanded…
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GBP BOE Gov Bailey Speaks
In a recent speech, Bank of England Governor Andrew Bailey discussed the UK’s economic outlook, focusing on inflation, interest rates, and the possibility of a recession. Bailey highlighted the significant reduction in inflation from 10% a year ago to 4% currently, emphasizing progress but also cautioning that it’s too early to consider lowering interest rates.…
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USD Unemployment Claims
The United States witnessed a notable rise in unemployment claims in January 2024, a development that caught the attention of economists and policymakers alike. According to data released by the Department of Labor, the number of initial jobless claims surged to 214,000 in the week ending January 20, marking an increase of 25,000 from the…
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USD ISM Services PMI
The United States ISM Services Purchasing Managers’ Index (PMI) for January 2024 exhibited a significant upturn, signaling a robust expansion in the service sector. The index increased to 53.4, marking the 13th consecutive month of growth following a single month of contraction in December 2022. This rebound is attributable to enhanced performances across new orders,…