Fed’s Beige Book Shows Slight to Modest Expansion

The Federal Reserve’s latest Beige Book survey of economic activity through the 12 regional bank districts Wednesday found little evidence of any V-shaped recovery, instead seeing “slight to modest” improvements in most regions. Assembled by the St Louis Fed, the survey prepared for the next Federal Open Market Committee meeting November 4-5 was able to […]
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BoE’s Ramsden: UK Doesn’t Need Negative Rates Right Now

The UK economy does not require sub-zero interest rates at present, according to a top central banker Wednesday, who added the negative borrowing rates have been most effective in other jurisdictions once a recovery is underway. “The time” for negative rates in the UK “is not right now”, said Dave Ramsden, the Bank of England […]
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ECB Hints at Refinement of ‘Price Stability’ Goal

The European Central Bank (ECB) could refine its approach to achieving price stability during its delayed strategy review, assessing its inflation target and the components of the inflation basket, according to top rate setters Wednesday. The ECB has resumed a strategy review halted by the COVID pandemic, an evaluation that will include whether the current […]
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Italian Banks’ Net Bad Loans Fell in August

The volume of Italy’s banks’ net bad loans fell to €24 billion in August, down from €32 billion a year ago and €40 billion in 2018, Italy’s Banking Association, ABI, said Tuesday in a report. Since November 2015, when the highest peak in bad loans reached €89 billion, there has been an overall drop of – […]
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Sept Housing Starts Rebound on Single-Family

The US September home building data, released Tuesday, continued to represent the shift toward single-family homes and away from condos and apartments as buyers seek more space and larger homes since the COVID-19 quarantines. The pace of housing starts rose by 1.9% to a 1.415 million annual rate, below the 1.451 million pace expected and […]
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Low Rates, Hurricane, Fire Damage Lift Home Building

The housing sector has been on a general upward trend for the last several months, fueled by record low mortgage rates. Home building and sales tumbled at the beginning of the pandemic due to uncertainty and social distancing. But the Federal Reserve’s stance of low rates for a long time, a recovery of some jobs […]
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Retail Sales Surge, Up 1.9% in October

Retail sales rose for the fifth straight month in September, with gains in almost every sales category. Total retail sales rose by 1.9%, well ahead of the 0.7% gain expected and following a 0.6% gain in August and a 1.1% rise in July. Motor vehicle sales jumped by 3.6% in September after 0.7% gain in […]
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US Initial Claims Surge; Manufacturing Data Mixed

Initial claims rose by 53,000 to a level of 898,000 in the October 10 week, well above expectations for a decline to 833,000. The four-week moving average for initial claims rose by 8,000 to 866,250 in the current week, the first increase after 10 straight declines, the Labor Department reported Thursday, based on state tallies. […]
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US Sept PPI Jumps 0.4% on Surge in Food

US business prices rose by 0.4% in September, ahead of expectations for a 0.2% increase and reflecting a sharp rebound in food prices and a strong gain in the core measure, the Labor Department reported Wednesday. Larger-than-expected monthly gains lifted their year/year rates to their highest points since the beginning of the pandemic. Food prices […]
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BoE’s Bailey Discusses Negative Rate Criteria

The UK’s top rate setter suggested that negative interest rates may be more effective once an economy begins to recover, but repeated that the Bank of England (BoE) is not considering an imminent rate cut. “We’re not there at the moment,” said BoE Governor Andrew Bailey Tuesday, addressing the House of Lords Economic Affairs Committee […]
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