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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
Check below for free stories on NOSYMBOL the last two weeks.
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September 17, 2014
15:40 EDTRates getting back to "normal" levels:
Rates getting back to "normal" levels: Yellen downplayed fears that the Fed could fall behind the curve. It's necessary for the Fed to maintain a more accommodative posture longer than would be needed, she said. The question was posed why the SEP forecasts suggest the economy could be back to more normal levels of growth sooner than the funds rate target arrives there, and thus there's danger of the Fed getting behind the curve. Regarding a predictable pace of rate moves, she said such may have contributed to diminished volatility in the markets, she denied it had anything to do with the apparent complacency that might have led to the housing bubble of 2004. She did admit that some policymakers believe somewhat less of a mechanical pace might be better, but that will be up for discussion. With that, the press conference ended.
15:25 EDTFed balance sheet operations:
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15:11 EDTYellen says could take until end of decade to normalize balance sheet
Yellen says growth has been slow relative to past recoveries. Fed Chair Janet Yellen continues speaking in a press conference.
14:55 EDTYellen says 'considerable time' pledge conditional, linked to economy
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14:50 EDTThe FOMC Forecast revisions
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14:40 EDTFOMC Takeaway: it's a mixed bag, not surprisingly
FOMC Takeaway: it's a mixed bag, not surprisingly. The statement leaned to the dovish side give the retention of a couple of key phrases, "considerable time" and "significant underutilization of labor resources." The SEP forecasts were mixed, and to some extent internally inconsistent. The "Dot Plot" turned a bit more hawkish than at the June meeting, with more members looking for the first rate hike next year, and with a slightly higher trajectory of rates. On the other hand, growth estimate for 2014 and 2015 were lowered, although the PCE price index for this year was left steady at 1.5% to 1.7%, and raised for both 2015 and 2016.
14:36 EDTWeek of 9/26 EIA Petroleum Status Report to be released at 10:30
14:35 EDTFX Action: USD-CAD had spent the morning session
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14:30 EDTU.S. Housing Starts Preview
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14:25 EDTFOMC also released a primer on its policy normalization plans
FOMC also released a primer on its policy normalization plans in conjunction with the statement. The first step, when economic conditions and the economic outlook warrant a less accommodative posture, will be to raise the funds rate, to be achieved "primarily by adjusting the interest rate it pays on excess reserve balance." The Fed will use "overnight reverse repos and other supplementary tools as needed to help control the funds rate." The ORR will be used only "to the extent necessary and will phase it out when it is no longer needed." The Fed's security holdings will be reduced in a "gradual and predictable manner primarily by ceasing to reinvest repayments of principal, the timing of which will depend on the economy.
14:24 EDTFed changes 2015 inflation outlook to 1.6%-1.9% from 1.5%-2%
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14:22 EDTFed alters 2015 unemployment forecast to 5.4%-5.6% from 5.4%-5.7%
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14:21 EDTFed cuts 2015 GDP growth forecast to 2.6%-3% from 3%-3.2%
14:20 EDTFed maintains 2014 inflation forecast of 1.5%-1.7%
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14:20 EDTTreasury Action: yields reversed higher
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14:20 EDTFX Action: The dollar spiked higher
FX Action: The dollar spiked higher after the FOMC announcement, despite the Fed keeping the "considerable time" phrase. Yields moved higher, as equities moved from positive to negative, and back to positive again. EUR-USD fell from 1.2960 to 1.2897, as USD-JPY ran up to 108.18 from 107.60. The dollar appears to be moving on the back of divergent central bank policies, as the BoJ and ECB are both still in easing mode, wile the Fed moves toward tightening, albeit at a snail's pace.
14:19 EDTFed lowers 2014 unemployment forecast to 5.9%-6% from 6%-6.1%
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14:18 EDTFed retains 'considerable time' language in policy statement
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14:18 EDTFed lowers 2014 GDP growth outlook to 2%-2.2% from 2.1%-2.3%
14:15 EDTThe FOMC kept the "considerable time" phrase regarding interest rates
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