Sunday, 24 June, 2018

Trump undecided on renominating Yellen to lead Federal Reserve

Janet Yellen Trump undecided on renominating Yellen to lead Federal Reserve
Orlando Vargas | 26 July, 2017, 10:42

Sharp dollar losses over the past few weeks will loosen monetary policy and should lead to more hawkish elements within this week's Federal Reserve policy statement, which should also help stem further short-term selling pressure on the United States currency.

This could allow GBP/USD to maintain recent ground but with sentiment so negative towards the Dollar don't be surprised if we see a decent rally on any positives coming out of the healthcare vote and the Fed meeting.

The dollar index has fallen about 2 percent so far this month, and is down 8 percent in 2017.

Yellen's term expires in February 2018.

"As the domestic economy continues to tread water at a 2 percent-ish growth rate, the risk is not that we head to 3 percent from here, but down to 1 percent or lower", says Lindsey Piegza, chief economist for Stifel. With rates already low, if there's a downturn the Fed won't have many tools to spur the economy.

Bloomberg's survey of economists reflected that nagging concern, showing that 36 percent of respondents felt risks on growth and inflation were tilted to the downside, versus 30 percent in June and 13 percent in March. During and shortly after the major recession of 2008/2009, the Federal Reserve dramatically increased its balance sheet from less than $900 billion in assets to over $4.5 trillion in assets through quantitative easing.

With a rate hike not in the picture this time, the focus will be on the Fed's statement, with markets looking for signs of when the central bank will begin paring its massive bond holdings and next raise rates.

Man Utd have Lukaku at flawless time, says legend
United have spent £106m this summer to sign Everton striker Lukaku (£75m) and Benfica central defender Lindelof (£31m). I could stay more strong in my mind, like mentally. "But I never speak about players that belong to other teams".


Advanced Micro Devices Spikes on Earnings Beat and Q3 Revenue Guidance
The firm has "Buy" rating by Argus Research given on Wednesday, August 19. 7/22/2017-Summit Redstone Reiterated Rating of Hold. In related news, SVP James Robert Anderson sold 20,000 shares of the company's stock in a transaction on Friday, June 23rd.


Israeli troops raid home of Palestinian attacker
Three Palestinians died in street clashes in Jerusalem and three Israelis in a stabbing attack at a West Bank settlement Friday. The Israelis killed were a man and woman in their sixties and another man in his forties, according to Israeli sources.


In June, Yellen and other officials sought to explain away the unwelcome slip in inflation as a result of such onetime factors as a plunge in consumer cellphone charges and a dip in prescription drug prices.

In Europe the Stoxx 600 dropped 1 percent last Friday after Der Spiegel magazine reported that German auto makers may have colluded for years, potentially violating competition rules.

"Markets are certainly a little bit cautious ahead of the Fed meeting and that's probably hindering investor appetite", said ANZ analyst Daniel Hynes.

A rate hike was always off the table at this meeting anyway, but a run of frustrating data since that rate hike will nearly certainly make it hard to muster a consensus for even hinting at further tightening for the time being. "I like her; I like her demeanor". "There is a real desire on the part of the Fed to hit the pause button until the haze clears and they can see more clearly what is happening".

"The valuations in financial markets are very high right now", Zandi said.

In the weeks before her testimony, Fed officials had been describing the dip in inflation as "transitory". The Fed targets 2% annual inflation as the ideal figure. "(That would) signal that the committee plans to announce balance sheet reduction in September", they said in the note. He said he foresees three additional Fed rate increases next year.

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