El-Erian says the Fed made a ‘policy mistake of historic proportions’

Allianz economic adviser Mohamed El-Erian says investors are paying the price for the Federal Reserve’s policy mistakes. “This is a two-pronged policy mistake of historic proportions,” the former CEO of bond giant Pimco told CNBC’s “Squawk Box” in a Monday interview. “Part No. 1 was tempted by ‘transient’ and doing nothing,” he added, referring to … Read more

Retail in August 2022:

Retail sales were better than expected in August as price increases across many industries offset a significant drop in gas station receipts, the Census Bureau reported Thursday. Retail presale sales for the month were up 0.3% from July, outperforming the Dow Jones estimate without change. The total is not adjusted for inflation, which rose 0.1% … Read more

Fed Waller sees ‘significant’ rate hike this month and backs data-driven approach

Christopher Waller, US President Donald Trump’s nominee for governor of the Federal Reserve, speaks at a Senate Banking Committee hearing in Washington, DC, US, on Thursday, February 13, 2020. Andrew Harrer | Bloomberg | Getty Images Federal Reserve Governor Christopher Waller echoed his colleagues’ recent sentiments on Friday and said he expects a major rate … Read more

Watch Fed Chair Jerome Powell live during Q&A at the Cato Institute

[The stream is slated to start at 9:10 a.m. ET. Please refresh the page if you do not see a player above at that time.] Federal Reserve Chair Jerome Powell speaks in a question-and-answer session Thursday morning at the Cato Institute, a Washington, DC-based think tank. His comments come along with markets widely expecting the … Read more

Fed Vice President Brainard pledges ‘we’ll be in this as long as it takes’ to stop inflation

Federal Reserve Vice-Chairman Lael Brainard vowed Wednesday to fight inflation, which she says is hurting lower-income Americans the most. That means more rate hikes and higher interest rates for longer, she said in comments prepared for a speech in New York. “We’ll be in this for as long as it takes to curb inflation,” the … Read more

Unemployed claims total 232,000, the lowest level in two months

Initial unemployment insurance claims fell to their lowest level since late June last week, a sign that the labor market is resilient in a slowing economy. Claims totaled 232,000 seasonally for the week ended Aug. 27, down 5,000 from the prior period and the lowest since June 25, the Labor Department reported Thursday. Economists surveyed … Read more

Private payrolls grew by just 132,000 . in August

On August 5, 2022 in Manhattan, New York City, a hiring sign can be seen in a cafe as the United States Department of Labor released its July employment report. Andrew Kelly | Reuters According to payroll processing firm ADP, companies sharply slowed the pace of hiring in August amid growing fears of an economic … Read more

Fed rate hikes won’t curb inflation if spending stays high, paper says

John C. Williams, president and chief executive officer of the Federal Reserve Bank of New York, Lael Brainard, vice chairman of the Federal Reserve Board of Governors, and Jerome Powell, chairman of the Federal Reserve, hiking in Teton National Park where financial leaders from around the world gathered for the Jackson Hole Economic Symposium outside … Read more

Fed Minutes July 2022:

Federal Reserve officials indicated at their July meeting that they probably wouldn’t consider withdrawing rate hikes until inflation fell significantly, according to minutes of the session released Wednesday. At a meeting in which the central bank approved a 0.75 percentage point rate hike, policymakers expressed their determination to push inflation well above the Fed’s target … Read more

US is in recession in housing market, homebuilders say

A worker drills plywood into a single-family home under construction in Lehi, Utah, on Friday, January 7, 2022. George Frey | Bloomberg | Getty Images Construction sentiment in the single-family market fell into negative territory in August as builders and buyers grapple with higher costs. The National Association of Home Builders/Wells Fargo Housing Market Index … Read more