Chicago Federal Reserve President Austan Goolsbee said on Friday he now projects a shallower rate-cutting path in 2025 than he had previously, but added he still believes the U.S. central bank's policy rate will fall a "judicious amount" next year.
* Fed's Williams still expects more rate cuts. * Williams says Fed policy still restraining economy. * Williams says starting to factor in Trump agenda in outlook. * Williams spoke on CNBC television. By Michael S. Derby.
* Nov PCE at 2.4% on yearly basis, below estimated 2.5% * Lilly up after Novo Nordisk drug shows less weight loss in trial. * FedEx (FDX) up after announcing freight truck division spinoff. * Indexes down: Dow 0.01%, S&P 500 0.24%, Nasdaq 0.66% By Medha Singh and Purvi Agarwal.
* Policymakers tie further rate cuts to progress on inflation. * Their comments echo Fed chief Powell's call for caution. * Williams, Daly say policy is in a good place. * Goolsbee sees rates falling next year by 'judicious' amount. By Michael S. Derby, Ann Saphir.
AM Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Rating and affirmed the Financial Strength Rating of B++ and the Long-Term ICR of ?bbb? of Irwell Insurance Company Limited.
* Consumer spending increases 0.4% in November. * Autos, recreation and financial services lift spending. * Personal income rises 0.3%; saving rate dips to 4.4% * Core PCE inflation rises 0.1%, smallest gain in six months. By Lucia Mutikani.
AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B+ and the Long-Term Issuer Credit Rating of ?bbb-? of Union Insurance Company P.J.S.C.. The Credit Ratings reflect Union?s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and marginal enterprise risk manage...
By Gertrude Chavez-Dreyfuss. U.S. Treasury yields fell on Friday after data showed inflation in the world's largest economy moderately cooled last month, backing the Federal Reserve's interest rate cut of a quarter of a percentage point earlier this week and bolstering expectations of two more reductions next year.
U.S. stocks rallied to close out the trading week on Friday after two lackluster sessions as a cooler-than-expected inflation report and comments from Federal Reserve officials eased worries about the path of interest rates.
* Lilly up after Novo Nordisk drug shows less weight loss in trial. * FedEx (FDX) up after announcing freight truck division spinoff. * Futures down: Dow 0.35%, S&P 500 0.54%, Nasdaq 0.82% By Medha Singh and Purvi Agarwal.
The U.S. dollar retreated from a two-year high on Friday, but was heading for its third consecutive week of gains, with data showing a slowdown in inflation two days after the Federal Reserve delivered a cut to interest rates. The dollar was down 0.42% against a basket of six other currencies at 107.97, but earlier in the session it rose as high as 108.54 - its highest level since November 2022.
-The personal consumption expenditures price index rose a less-than-expected 0.1% in November, marking a cooler inflation picture than October's unrevised 0.2% gain, and, combined with solid but disappointing consumer spending, supported markets struggling with the Federal Reserve's "hawkish' rate cut this week.
Federal Reserve Bank of Cleveland President Beth Hammack said Friday she voted against the central bank's rate cut earlier this week because economic strength and the inflation outlook argued against easing policy.
Federal Reserve Bank of New York President John Williams said Friday he expects the central bank to deliver more interest rate cuts but noted that what happens will be driven by incoming data, amid a policy that is still providing restraint on the economy's momentum.
Federal Reserve Bank of Cleveland President Beth Hammack said Friday she voted against the central bank's rate cut earlier this week because economic strength and the inflation outlook argued against easing policy.
Federal Reserve Bank of New York President John Williams said Friday that he expects the central bank to deliver more interest rate cuts but noted what happens will be driven by incoming data, amid a policy that's still providing restraint on the economy's momentum. "The baseline trajectory is moving down towards neutral rates," Williams said.
The Federal Reserve?s key inflation measure came in below expectations for November, delivering welcome relief Friday to markets after the central bank warned earlier this week of mounting price pressures heading into the new year. The Personal Consumption Expenditures price index grew by 2.4% in November 2024 on a year-over-year basis, up from 2.3% in October, according to government data.
U.S. Treasury yields fell on Friday after data showed inflation in the world's largest economy moderately cooled last month, partly backing the Federal Reserve's interest rate cut earlier this week. The benchmark 10-year yield slid 5.4 basis points to 4.516%, compared with 4.538% before the data's release.
-Federal Reserve policymakers, fresh from an interest rate cut this week, fleshed out on Friday the case for reducing borrowing costs more slowly next year as they assess progress in lowering inflation and the impact of tariffs and other policies promised by President-elect Donald Trump.
U.S. consumer spending increased in November amid strong demand for a range of goods and services, underscoring the economy's resilience, which saw the Federal Reserve this week projecting fewer interest rate cuts in 2025 than it had in September. There was also good news on inflation last month after a series of warmer readings.
San Francisco Federal Reserve Bank President Mary Daly on Friday said the decision by the U.S. central bank to lower interest rates on Wednesday by another quarter percentage point was a "close call," adding she agreed with Chair Jerome Powell that caution is now warranted toward further policy adjustments. "The most important thing to me was we needed to recalibrate policy.
U.S. consumer spending increased in November, underscoring the economy's enduring strength, which prompted the Federal Reserve this week to project fewer interest rate cuts in 2025 than it had three months ago.
The Trump administration may cut the Affordable Care Act and Medicaid, which threatens to land on a hospital sector still recovering from the COVID-19 pandemic.
NEW YORK, Dec. 20, 2024 Neuberger Berman, a private, independent, employee-owned investment manager, is pleased to announce the launch of two new actively managed ETFs: Neuberger Berman Total Return Bond ETF? and Neuberger Berman Growth ETF?. The new Neuberger Berman Total Return Bond ETF (NBTR) is a Core-plus fixed income portfolio seeking to outperform its benchmark over market cycles, driven by mu...
Sterling held up against the dollar on Friday but was set to end the week lower after coming under pressure from divided Bank of England policymakers' views and a U.S. Federal Reserve that is now more reluctant to lower interest rates. The pound was flat against the dollar at $1.2500, after it slipped to a one-month low of $1.2475 earlier in the day.
Indianapolis-based Sycamore Advisors is building its quantitative muscle with two new experienced municipal finance hires in New York: Peter Orr and Ching Yin.
Brazil's real gained against the U.S. dollar on Friday, extending the previous session's rise after a steep sell-off that took the currency to all-time lows earlier this week amid fiscal concerns and the global strength of the greenback.
- Major brokerages, including BofA and Goldman Sachs, expect the U.S. Federal Reserve to hold rates steady in the upcoming January meeting after the central bank cut interest rates by a quarter of a percentage point at its December policy meeting.
- Investors liquidated equity funds at the fastest rate in 15 years in the week to Dec. 18, driven by caution and profit-taking in anticipation of a hawkish outcome from the U.S. Federal Reserve's policy meeting after a recent market rally.
Investors liquidated equity funds at the fastest rate in 15 years in the week to Dec. 18, driven by caution and profit-taking in anticipation of a hawkish outcome from the U.S. Federal Reserve's policy meeting after a recent market rally.
- Investors pulled a net $50.2 billion from U.S. equity funds in the week ending Dec. 18, according to LSEG Lipper data, the biggest net outflow since Sept. 2009, as they cashed in profits from a market rally ahead of the Fed policy decision.
Investors pulled a net $50.2 billion from U.S. equity funds in the week ending Dec. 18, according to LSEG Lipper data, the biggest net outflow since Sept. 2009, as they cashed in profits from a market rally ahead of the Fed policy decision.
Futures tracking Canada's main stock index fell on Friday, mirroring their Wall Street peers, as investors awaited key U.S. inflation and domestic retail sales data due later in the day. Futures on the S&P/TSX index were down 0.8% at 5:58 a.m. ET. The Core Personal Consumption Expenditures data - a closely watched U.S. inflation gauge - is due at 8.30 a.m. ET.
As 2025 approaches, Bitcoin finds itself navigating a shifting macroeconomic landscape, with fading tailwinds raising concerns about sustained momentum, according to a report. What Happened: The Federal Reserve?s hawkish stance, coupled with broader macroeconomic headwinds, suggests a year of heightened caution for traders and investors, 10x Research report on Friday stated.
Euro zone government bond yields dropped slightly on Friday ahead of U.S. economic data later in the session that could provide further clues about the Federal Reserve easing path. Euro area borrowing costs spent the previous session catching up with a jump in U.S. Treasury yields after their gap with German Bunds reached its widest point in over five years.
* Benchmark 10-year Treasury yields at highest level in over 6 months. * 8 of the 11 S&P 500 sectors in negative territory in December. * S&P 500 trading on forward earnings estimates well above historical average. By Lewis Krauskopf.
U.S. stocks rallied to close out the trading week on Friday after two lackluster sessions as a cooler-than-expected inflation report and comments from Federal Reserve officials eased worries about the path of interest rates.
* Markets had expected 2 percentage point increase to 23% * Putin called publicly on Thursday for 'balanced' action. * Central bank had been heavily criticised by business. * Economy heavily skewed by conflict in Ukraine. By Elena Fabrichnaya and Gleb Bryanski.
In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.
Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.
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