#The New York Fed

Norwalk, CTGreenwichTime

Experts: remote working to extend into autumn and 2022 for many

In a new survey analysis, the Federal Reserve Bank of New York found that many companies intend to leave remote working options intact long after the pandemic, particularly those in services occupations where employees can perform the large majority of their work over a broadband connection. Companies cite both the...
Picture for Experts: remote working to extend into autumn and 2022 for many
EconomyPosted by

2. The inequality of business equity

Only 18.3% of American businesses are minority-owned, according to the U.S. Census Bureau, despite minorities comprising 40.3% of the population. Why it matters: Business ownership can create wealth, and wealth begets wealth in America. The inequality might be even more severe than the numbers suggest, given that they were compiled...
Picture for 2. The inequality of business equity
BusinessCourthouse News Service

Market Sees Dismal Week Amidst Stew of Inflation Data, Fed Worries

MANHATTAN (CN) — Markets fell significantly on Friday, intensifying less drastic losses earlier in the week, as investors prepare for longer-term inflation. The indices have been gradually shedding points all week, most notably on Wednesday after the Federal Reserve’s Federal Open Market Committee increased its inflation projections for the year to 3.4% from 2.4% in March and predicted two interest rate hikes in 2023 to 0.6%. The Fed forecasts median inflation will fall to 2.1% in 2022 and then rise slightly to 2.2% in 2023.

Holy Moly, Fed’s Reverse Repos Spike to $756 Billion, Undoing 6 Months of QE. In Opposite Direction, Fed’s QE Pushes Assets Past $8 Trillion

Yesterday, the Fed raised its interest rate on overnight reverse repos, and this morning, a giant sucking sound of cash. The Fed sold a record $756 billion in Treasury securities this morning in exchange for cash via overnight “reverse repos.” This was up by a stunning 45% from yesterday’s operations of $521 billion. There were 68 counterparties involved. Yesterday’s overnight reverse repos had matured and unwound this morning, to be more than replaced by today’s tsunami.
U.S. Politicsinvesting.com

Fed funds effective rate now highest since August 2020

(Reuters) - The U.S. fed funds effective rate rose 4 basis points on Thursday to 0.10% from 0.06% in the wake on the move by the Federal Reserve on Wednesday to increase by 5 bps the interest it pays banks on reserves (IOER) held at the central bank. The fed...
Philadelphia, PARTTNews

Philly Fed Index Points To Modest Slowdown In Growth In June

Philadelphia-area manufacturing activity expanded at a slightly slower rate in the month of June, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday. The Philly Fed said its diffusion index for current general activity slipped to 30.7 in June from 31.5 in May, although a...

york governor cuomo

Texas governor signs bill allowing concealed handguns without permit. You mean Goldman Sachs alum, Treliant Senior Advisor, and UBS' Board Member Bill Dudley? The same plutocracy grifter who ran the New York Fed and its inequality-exploding QE program? That Dudley? @Kathleen_Hays.
U.S. Politicsbywire.news

Fed gives money funds relief with short-term rate adjustments

- The Federal Reserve on Wednesday gave relief to money market investors that have been struggling to find high-quality short-term assets by raising two key short-term rates. The Fed raised the interest rate it pays banks on reserves held at the U.S. central bank at the end of its two-day policy meeting. It also lifted the rate it pays on overnight reverse repurchase agreements, a tool used to set a floor on short-term interest rates. The technical adjustments are aimed at keeping its key overnight benchmark interest rate from falling too low.

Fed “Had Discussion” on Tapering, Pulls Rate Hikes Closer, Raises Interest Rates on Reserves (IOER) & on Overnight Reverse Repos

With inflation hotter than it expected, the Fed is trying to slow the pace at which it’s falling further behind. There were some delicate morsels in the Fed’s monetary policy announcement today, none of them a surprise, but the nuances were perhaps such that some folks’ hopes got a little jostled, with the 10-year Treasury yield jumping 10 basis points in a matter of minutes and the Dow falling 265 points.
POTUSWashington Times

Lockdowns are disastrous pandemic policy that should never be repeated

Last year’s COVID-19 lockdowns resulted in a massive transfer of wealth from this nation’s small businesses to mega-corporations. In the U.S., as of June 2, the number of small businesses open dropped 39% compared to January 2020, according to newly released economic data compiled by Harvard and Brown Universities. More than half of the businesses in the leisure and hospitality industry were destroyed.

Feds To Cancel Stimulus Checks A Bit Too Late

The Federal Reserve weighs changes to its $120 billion-per-month asset purchase program and interest rate timeline. In meetings on Tuesday and Wednesday, the central bank will analyze disappointing job growth figures and white-hot inflation while considering when to raise its benchmark interest rate from near zero, where it has stayed since March 2020.