REUTERS
"Fed's Bostic says he is not in a 'mad dash hurry' on rate cuts"
By Reuters
April 18, 2024
April 18 (Reuters) - Atlanta Federal Reserve President Raphael Bostic on Thursday said inflation is going to return to the U.S. central bank's 2% more slowly than many had expected, and "for me, that's okay ... I'm not in a mad dash hurry to get there," because the economy is continuing to create jobs and wages are rising.
"I'm comfortable being patient," Bostic said during an appearance before the Greater Fort Lauderdale Alliance in Florida.
"I'm of the view that things are going to be slow enough this year that we won't be in a position to reduce our rates towards ... the end of the year."
The Fed has kept its policy rate in the 5.25%-5.50% range since last July.
Earlier this year most U.S. central bankers thought inflation was falling quickly enough to allow several rate cuts before the end of 2024.
But hotter-than-expected inflation readings so far this year have changed minds.
Bostic has been at the vanguard of that change, projecting just one rate cut in the fourth quarter, and earlier this month going so far as to suggest the Fed may end up not cutting rates at all this year.
Monetary policy, Bostic said on Thursday, is restrictive and will slow the economy and move inflation to the Fed's 2% target over the next two years.
"I'm going to be watching labor markets to make sure that we're still creating jobs" and wages continue to rise faster than inflation, he said.
"If we can keep those things going, and inflation has the signs that it is moving to that target, I'm happy to just stay where we are" on the policy rate.
Reporting by Ann Saphir; Editing by Paul Simao
https://www.reuters.com/markets/us/feds ... 024-04-18/
THE DAILY NEWS
Re: THE DAILY NEWS
REUTERS
"Fed policymakers coalesce around 'no rush' on rate cuts"
By Ann Saphir and Michael S. Derby
April 18, 2024
April 18 (Reuters) - Federal Reserve policymakers are coalescing around the idea of keeping borrowing costs where they are until perhaps well into the year, given slow and bumpy progress on inflation, and a still-strong U.S. economy.
On Thursday New York Fed President John Williams became the latest U.S. rate-setter to embrace the "no rush" on rate cuts view articulated in February by Fed Governor Christopher Waller and since echoed by many of his colleagues.
"I definitely don't feel urgency to cut interest rates" given the strength of the economy, Williams said at the Semafor's World Economy Summit in Washington.
"I think eventually...interest rates will need to be lower at some point, but the timing of that is driven by the economy."
Cleveland Fed President Loretta Mester, in comments late on Wednesday, also said the Fed will likely cut rates "at some point," steering clear of the later "this year" language she - and Williams - had previously used.
Speaking in Fort Lauderdale, Florida on Thursday, Atlanta Fed President Raphael Bostic offered "the end of the year" as his view of the likely timing for a first rate cut, saying "I'm comfortable being patient."
Minneapolis Fed President Neel Kashkari told Fox News Channel he also wants to be "patient," with the first rate cut "potentially" not appropriate until next year, Bloomberg News reported.
As recently as a few weeks ago many policymakers signaled they expected hotter-than-expected inflation in early 2024 would give way to cooler readings in the face of the Fed's tight monetary policy, necessitating several rate cuts before the end of the year to prevent policy from slowing the economy too much.
But strong growth in jobs, a third-month-in-a-row upside surprise on inflation in March, and robust retail spending among other recent economic indicators have convinced more central bankers that rate cuts ought to wait.
Earlier this week Fed Vice Chair Philip Jefferson omitted any reference to the appropriate timing for rate cuts, and Fed Chair Jerome Powell said it's likely to take longer to get enough confidence on inflation's decline to reduce borrowing costs.
As San Francisco Fed President Mary Daly put it on Monday, "the worst thing to do is act urgently when urgency is not required."
With Fed rhetoric shifting and the labor market data showing few signs of cracks, financial markets have also moved to price in fewer and later rate cuts.
Futures contracts that settle to the Fed's policy rate now reflect expectations that the first reduction comes in September, versus June just a few weeks ago.
The odds of a second rate cut by the end of the year have dropped to about 50-50, based on the CME FedWatch Tool.
A Reuters poll released on Thursday showed economists are on the same page.
Inflation by the Fed's targeted measure, the personal consumption expenditures price index, was 2.5% in February, and Fed policymakers say they expect the March reading of core PCE - a gauge of where inflation is heading - to be even higher.
The Fed targets 2% inflation.
That has even raised questions of whether the Fed may have to hike rates again to ensure price pressures ebb.
Williams said that appears unlikely but noted that it was impossible to rule out.
Fed policymakers next meet April 30-May 1 and are expected keep the policy rate in the 5.25%-5.5% range, where it has been since last July.
Reporting by Michael S. Derby and Ann Saphir; Editing by Andrea Ricci
https://www.reuters.com/markets/us/feds ... 024-04-18/
"Fed policymakers coalesce around 'no rush' on rate cuts"
By Ann Saphir and Michael S. Derby
April 18, 2024
April 18 (Reuters) - Federal Reserve policymakers are coalescing around the idea of keeping borrowing costs where they are until perhaps well into the year, given slow and bumpy progress on inflation, and a still-strong U.S. economy.
On Thursday New York Fed President John Williams became the latest U.S. rate-setter to embrace the "no rush" on rate cuts view articulated in February by Fed Governor Christopher Waller and since echoed by many of his colleagues.
"I definitely don't feel urgency to cut interest rates" given the strength of the economy, Williams said at the Semafor's World Economy Summit in Washington.
"I think eventually...interest rates will need to be lower at some point, but the timing of that is driven by the economy."
Cleveland Fed President Loretta Mester, in comments late on Wednesday, also said the Fed will likely cut rates "at some point," steering clear of the later "this year" language she - and Williams - had previously used.
Speaking in Fort Lauderdale, Florida on Thursday, Atlanta Fed President Raphael Bostic offered "the end of the year" as his view of the likely timing for a first rate cut, saying "I'm comfortable being patient."
Minneapolis Fed President Neel Kashkari told Fox News Channel he also wants to be "patient," with the first rate cut "potentially" not appropriate until next year, Bloomberg News reported.
As recently as a few weeks ago many policymakers signaled they expected hotter-than-expected inflation in early 2024 would give way to cooler readings in the face of the Fed's tight monetary policy, necessitating several rate cuts before the end of the year to prevent policy from slowing the economy too much.
But strong growth in jobs, a third-month-in-a-row upside surprise on inflation in March, and robust retail spending among other recent economic indicators have convinced more central bankers that rate cuts ought to wait.
Earlier this week Fed Vice Chair Philip Jefferson omitted any reference to the appropriate timing for rate cuts, and Fed Chair Jerome Powell said it's likely to take longer to get enough confidence on inflation's decline to reduce borrowing costs.
As San Francisco Fed President Mary Daly put it on Monday, "the worst thing to do is act urgently when urgency is not required."
With Fed rhetoric shifting and the labor market data showing few signs of cracks, financial markets have also moved to price in fewer and later rate cuts.
Futures contracts that settle to the Fed's policy rate now reflect expectations that the first reduction comes in September, versus June just a few weeks ago.
The odds of a second rate cut by the end of the year have dropped to about 50-50, based on the CME FedWatch Tool.
A Reuters poll released on Thursday showed economists are on the same page.
Inflation by the Fed's targeted measure, the personal consumption expenditures price index, was 2.5% in February, and Fed policymakers say they expect the March reading of core PCE - a gauge of where inflation is heading - to be even higher.
The Fed targets 2% inflation.
That has even raised questions of whether the Fed may have to hike rates again to ensure price pressures ebb.
Williams said that appears unlikely but noted that it was impossible to rule out.
Fed policymakers next meet April 30-May 1 and are expected keep the policy rate in the 5.25%-5.5% range, where it has been since last July.
Reporting by Michael S. Derby and Ann Saphir; Editing by Andrea Ricci
https://www.reuters.com/markets/us/feds ... 024-04-18/
Re: THE DAILY NEWS
REUTERS
"US labor market stays resilient; housing regresses on higher mortgage rates"
By Lucia Mutikani
April 18, 2024
Summary
* Weekly jobless claims unchanged at 212,000
* Continuing claims rise 2,000 to 1.812 million
* Existing home sales drop 4.3% in March
WASHINGTON, April 18 (Reuters) - The number of Americans filing new claims for unemployment benefits was unchanged at a low level last week, pointing to continued labor market strength that is driving the economy.
Labor market resilience, together with elevated inflation have led financial markets and some economists to expect that the Federal Reserve could delay cutting interest rates until September.
A few economists doubt that the U.S. central bank will lower borrowing costs this year.
"Overall, layoffs remain low," said Rubeela Farooqi, chief U.S. economist at High Frequency Economics.
"We expect a continuation of the current trend, with a further adjustment in the labor market coming from a moderation in hiring rather than a surge in firings."
Initial claims for state unemployment benefits were unchanged at a seasonally adjusted 212,000 for the week ended April 13, the Labor Department said on Thursday.
Economists polled by Reuters had forecast 215,000 claims in the latest week.
Claims have been bouncing around in a 194,000-225,000 range this year.
Unadjusted claims declined 6,756 to 208,509 last week.
Filings in California jumped by 3,063.
There were also notable increases in claims in Connecticut, Georgia and Oregon.
These were more than offset by a decline of 4,551 in filings in New Jersey.
Claims in the state had surged in the prior week, a move that was blamed on layoffs in the accommodation and food services, transportation and warehousing, and public administration industries.
There were also significant decreases in filings in Minnesota, Ohio, Pennsylvania and Wisconsin.
Fed Chair Jerome Powell backed away on Tuesday from providing any guidance on when rates might be cut, saying instead that monetary policy needed to be restrictive for longer.
Financial markets initially expected the first rate cut to come in March, but the timing got pushed back to June and now to September as data on the labor market and inflation continued to surprise on the upside in the first three months of the year.
The Fed has kept its policy rate in the 5.25%-5.50% range since July.
It has raised the benchmark overnight interest rate by 525 basis points since March of 2022.
The claims data covered the period during which the government surveyed businesses and other establishments for the nonfarm payrolls component of April's employment report.
Claims were unchanged between the March and April survey weeks.
The economy added 303,000 jobs in March.
Stocks on Wall Street were trading higher.
The dollar gained versus a basket of currencies.
U.S. Treasury yields rose.
RISING LABOR SUPPLY
The Fed's latest "Beige Book" report on Wednesday described employment as rising at a "slight pace overall" since late February, adding that "several districts reported improved retention of employees, and others pointed to staff reductions at some firms."
It also noted that even as labor supply has improved, "many districts described persistent shortages of qualified applicants for certain positions, including machinists, trades workers and hospitality workers."
Data next week on the number of people receiving benefits after an initial week of aid, a proxy for hiring, will offer more clues on the state of the labor market in April.
The so-called continuing claims edged up 2,000 to 1.812 million during the week ending April 6, the claims report showed.
Though still low by historical standards, the slightly elevated level of continuing claims suggests it could be taking longer for some unemployed workers to land new jobs.
With the outlook for rate cuts uncertain, the average rate on the popular 30-year fixed-rate mortgage has drifted above 7%, data from mortgage finance agency Freddie Mac showed, combining with higher house prices to depress home sales.
A separate report from the National Association of Realtors showed existing home sales fell 4.3% in March to a seasonally adjusted annual rate of 4.19 million units.
Home resales, which account for a large portion of U.S. housing sales, declined 3.7% on a year-on-year basis in March.
Sales also continued to be constrained by tight supply, especially in the lower price segment of the market, resulting in multiple offers for properties.
The median existing home price increased 4.8% from a year earlier to $393,500 in March.
That was a record high for the month of March.
Sales of houses in the $100,000-$250,000 price range declined 15.8% year-on-year.
By contrast, sales for houses priced $1 million and above increased 14.0% from a year ago.
The weak sales followed data this week showing housing starts and building permits tumbled in March.
"We're forecasting a very subdued recovery in existing home sales," said Thomas Ryan, property economist at Capital Economics.
"Borrowing costs will fall from where they are now, but not enough to fully offset mortgage rate 'lock-in' effects, which will continue to hold back sales volumes."
While the housing market has regressed, signs of revival in manufacturing are growing.
A third report from the Philadelphia Fed showed its gauge of factory activity in the mid-Atlantic region rising to a two-year high in April amid a jump in new orders.
But businesses reported paying more for inputs, suggesting a pick-up in goods prices could be looming.
Some economists were, however, not too concerned about the rise in the survey's prices paid measure, noting the recent rebound in oil prices amid tensions in the Middle East.
Falling goods prices were the main driver of lower inflation last year.
Data this week showed manufacturing production rebounded in March from a year ago.
"While far from conclusive, this report provides some marginal support in favor of a recovery in the manufacturing sector after its prolonged slump," said Oliver Allen, senior U.S. Economist at Pantheon Macroeconomics.
Reporting by Lucia Mutikani; Editing by Chizu Nomiyama, Paul Simao and Andrea Ricci
https://www.reuters.com/world/us/us-wee ... 024-04-18/
"US labor market stays resilient; housing regresses on higher mortgage rates"
By Lucia Mutikani
April 18, 2024
Summary
* Weekly jobless claims unchanged at 212,000
* Continuing claims rise 2,000 to 1.812 million
* Existing home sales drop 4.3% in March
WASHINGTON, April 18 (Reuters) - The number of Americans filing new claims for unemployment benefits was unchanged at a low level last week, pointing to continued labor market strength that is driving the economy.
Labor market resilience, together with elevated inflation have led financial markets and some economists to expect that the Federal Reserve could delay cutting interest rates until September.
A few economists doubt that the U.S. central bank will lower borrowing costs this year.
"Overall, layoffs remain low," said Rubeela Farooqi, chief U.S. economist at High Frequency Economics.
"We expect a continuation of the current trend, with a further adjustment in the labor market coming from a moderation in hiring rather than a surge in firings."
Initial claims for state unemployment benefits were unchanged at a seasonally adjusted 212,000 for the week ended April 13, the Labor Department said on Thursday.
Economists polled by Reuters had forecast 215,000 claims in the latest week.
Claims have been bouncing around in a 194,000-225,000 range this year.
Unadjusted claims declined 6,756 to 208,509 last week.
Filings in California jumped by 3,063.
There were also notable increases in claims in Connecticut, Georgia and Oregon.
These were more than offset by a decline of 4,551 in filings in New Jersey.
Claims in the state had surged in the prior week, a move that was blamed on layoffs in the accommodation and food services, transportation and warehousing, and public administration industries.
There were also significant decreases in filings in Minnesota, Ohio, Pennsylvania and Wisconsin.
Fed Chair Jerome Powell backed away on Tuesday from providing any guidance on when rates might be cut, saying instead that monetary policy needed to be restrictive for longer.
Financial markets initially expected the first rate cut to come in March, but the timing got pushed back to June and now to September as data on the labor market and inflation continued to surprise on the upside in the first three months of the year.
The Fed has kept its policy rate in the 5.25%-5.50% range since July.
It has raised the benchmark overnight interest rate by 525 basis points since March of 2022.
The claims data covered the period during which the government surveyed businesses and other establishments for the nonfarm payrolls component of April's employment report.
Claims were unchanged between the March and April survey weeks.
The economy added 303,000 jobs in March.
Stocks on Wall Street were trading higher.
The dollar gained versus a basket of currencies.
U.S. Treasury yields rose.
RISING LABOR SUPPLY
The Fed's latest "Beige Book" report on Wednesday described employment as rising at a "slight pace overall" since late February, adding that "several districts reported improved retention of employees, and others pointed to staff reductions at some firms."
It also noted that even as labor supply has improved, "many districts described persistent shortages of qualified applicants for certain positions, including machinists, trades workers and hospitality workers."
Data next week on the number of people receiving benefits after an initial week of aid, a proxy for hiring, will offer more clues on the state of the labor market in April.
The so-called continuing claims edged up 2,000 to 1.812 million during the week ending April 6, the claims report showed.
Though still low by historical standards, the slightly elevated level of continuing claims suggests it could be taking longer for some unemployed workers to land new jobs.
With the outlook for rate cuts uncertain, the average rate on the popular 30-year fixed-rate mortgage has drifted above 7%, data from mortgage finance agency Freddie Mac showed, combining with higher house prices to depress home sales.
A separate report from the National Association of Realtors showed existing home sales fell 4.3% in March to a seasonally adjusted annual rate of 4.19 million units.
Home resales, which account for a large portion of U.S. housing sales, declined 3.7% on a year-on-year basis in March.
Sales also continued to be constrained by tight supply, especially in the lower price segment of the market, resulting in multiple offers for properties.
The median existing home price increased 4.8% from a year earlier to $393,500 in March.
That was a record high for the month of March.
Sales of houses in the $100,000-$250,000 price range declined 15.8% year-on-year.
By contrast, sales for houses priced $1 million and above increased 14.0% from a year ago.
The weak sales followed data this week showing housing starts and building permits tumbled in March.
"We're forecasting a very subdued recovery in existing home sales," said Thomas Ryan, property economist at Capital Economics.
"Borrowing costs will fall from where they are now, but not enough to fully offset mortgage rate 'lock-in' effects, which will continue to hold back sales volumes."
While the housing market has regressed, signs of revival in manufacturing are growing.
A third report from the Philadelphia Fed showed its gauge of factory activity in the mid-Atlantic region rising to a two-year high in April amid a jump in new orders.
But businesses reported paying more for inputs, suggesting a pick-up in goods prices could be looming.
Some economists were, however, not too concerned about the rise in the survey's prices paid measure, noting the recent rebound in oil prices amid tensions in the Middle East.
Falling goods prices were the main driver of lower inflation last year.
Data this week showed manufacturing production rebounded in March from a year ago.
"While far from conclusive, this report provides some marginal support in favor of a recovery in the manufacturing sector after its prolonged slump," said Oliver Allen, senior U.S. Economist at Pantheon Macroeconomics.
Reporting by Lucia Mutikani; Editing by Chizu Nomiyama, Paul Simao and Andrea Ricci
https://www.reuters.com/world/us/us-wee ... 024-04-18/
Re: THE DAILY NEWS
REUTERS
"Mortgage rates top 7% for the first time this year, Freddie Mac says"
By Amina Niasse
April 18, 2024
NEW YORK, April 18 (Reuters) - U.S. mortgage rates increased by the most since June and also crossed the 7% threshold for the first time since December, muddling home sales growth, a Thursday report said.
The average rate on a 30-year fixed-rate mortgage rose to 7.10% for the week ended April 18 from 6.88% the week prior, Freddie Mac reported.
The 22-basis point increase was the largest in about 10 months.
“As rates trend higher, potential homebuyers are deciding whether to buy before rates rise even more or hold off in hopes of decreases later in the year," said Sam Khater, Freddie Mac's chief economist.
"Last week, purchase applications rose modestly, but it remains unclear how many homebuyers can withstand increasing rates in the future.”
While buyers saw rates on home loans ease during 2023's fourth quarter, they have steadily increased since January, though rates remain below two-decade highs nearing 8% in October.
High mortgage rates last year contributed to limited housing inventory, following the Federal Reserve's rate hike campaign launched in 2022.
Reporting by Amina Niasse; Editing by Chizu Nomiyama
https://www.reuters.com/markets/us/mort ... 024-04-18/
"Mortgage rates top 7% for the first time this year, Freddie Mac says"
By Amina Niasse
April 18, 2024
NEW YORK, April 18 (Reuters) - U.S. mortgage rates increased by the most since June and also crossed the 7% threshold for the first time since December, muddling home sales growth, a Thursday report said.
The average rate on a 30-year fixed-rate mortgage rose to 7.10% for the week ended April 18 from 6.88% the week prior, Freddie Mac reported.
The 22-basis point increase was the largest in about 10 months.
“As rates trend higher, potential homebuyers are deciding whether to buy before rates rise even more or hold off in hopes of decreases later in the year," said Sam Khater, Freddie Mac's chief economist.
"Last week, purchase applications rose modestly, but it remains unclear how many homebuyers can withstand increasing rates in the future.”
While buyers saw rates on home loans ease during 2023's fourth quarter, they have steadily increased since January, though rates remain below two-decade highs nearing 8% in October.
High mortgage rates last year contributed to limited housing inventory, following the Federal Reserve's rate hike campaign launched in 2022.
Reporting by Amina Niasse; Editing by Chizu Nomiyama
https://www.reuters.com/markets/us/mort ... 024-04-18/
Re: THE DAILY NEWS
REUTERS
"Philly Fed manufacturing gauge charges to 2-year high"
By Reuters
April 18, 2024
April 18 (Reuters) - Manufacturing activity in the U.S. Mid-Atlantic region expanded by the most in two years in April on the strength of new orders and shipments of finished goods, but renewed input cost pressures could reinforce hesitation among Federal Reserve officials to pivot toward interest rate cuts.
The Philadelphia Fed on Thursday said its monthly business conditions index rose to 15.5 from 3.2 in March, exceeding the median estimate among economists in a Reuters poll for a reading of 2.3 and overshooting even the most optimistic forecast among 34 economists surveyed.
The data buffers other recent indications of a recovery underway in a U.S. factory sector that by many measures had endured a modest downturn throughout 2023 even as the wider economy grew above its potential.
The Philly Fed's index for new orders climbed to its highest since last August and shipments activity was its most brisk since August 2022.
The prices paid index rose to its highest since December while prices received by goods producers saw a slight increase.
Both measures had trended notably lower through the second half of 2023, among the indicators that Fed officials had embraced at that time as a signal that inflation was on track to return to their 2% target.
Their increase this month echoes other recent data showing inflation this year is proving to be stubborn, prompting central bankers to back away from providing any guidance on when policy easing might begin.
Factory employment, meanwhile, continued to fall, dropping to its lowest level overall since May 2020, in keeping with other gauges showing sluggish employment in the sector.
Manufacturing job growth has been next to non-existent over the past year, with the Labor Department's measure of new factory jobs averaging just 2,000 a month in that span, among the weakest-performing industries in the private sector.
Reporting By Dan Burns; editing by Christina Fincher
https://www.reuters.com/markets/us/phil ... 024-04-18/
"Philly Fed manufacturing gauge charges to 2-year high"
By Reuters
April 18, 2024
April 18 (Reuters) - Manufacturing activity in the U.S. Mid-Atlantic region expanded by the most in two years in April on the strength of new orders and shipments of finished goods, but renewed input cost pressures could reinforce hesitation among Federal Reserve officials to pivot toward interest rate cuts.
The Philadelphia Fed on Thursday said its monthly business conditions index rose to 15.5 from 3.2 in March, exceeding the median estimate among economists in a Reuters poll for a reading of 2.3 and overshooting even the most optimistic forecast among 34 economists surveyed.
The data buffers other recent indications of a recovery underway in a U.S. factory sector that by many measures had endured a modest downturn throughout 2023 even as the wider economy grew above its potential.
The Philly Fed's index for new orders climbed to its highest since last August and shipments activity was its most brisk since August 2022.
The prices paid index rose to its highest since December while prices received by goods producers saw a slight increase.
Both measures had trended notably lower through the second half of 2023, among the indicators that Fed officials had embraced at that time as a signal that inflation was on track to return to their 2% target.
Their increase this month echoes other recent data showing inflation this year is proving to be stubborn, prompting central bankers to back away from providing any guidance on when policy easing might begin.
Factory employment, meanwhile, continued to fall, dropping to its lowest level overall since May 2020, in keeping with other gauges showing sluggish employment in the sector.
Manufacturing job growth has been next to non-existent over the past year, with the Labor Department's measure of new factory jobs averaging just 2,000 a month in that span, among the weakest-performing industries in the private sector.
Reporting By Dan Burns; editing by Christina Fincher
https://www.reuters.com/markets/us/phil ... 024-04-18/
Re: THE DAILY NEWS
The Daily Mail
"Israel 'strikes Iran' as explosions rock hostile state"
Story by Will Potter For Dailymail.Com
19 APRIL 2024
Israel has conducted airstrikes on a target in Iran, US officials say.
An official told ABC News that strikes hit a site in Iran, however it is unclear what target was hit or the extent of the damage.
Footage shared on social media appeared to show anti-aircraft fire striking over the city of Isfahan in central Iran, which hosts one of Iran's nuclear facilities.
It comes in response to Iran launching a barrage of hundreds of drones and rockets at Israel on Saturday, which was largely thwarted by Israel and its international allies.
The Biden administration had stressed the need for de-escalation from Israel following Saturday's strikes.
Further explosions have reportedly hit Iraq and Syria.
Florida Senator Marco Rubio tweeted soon after reports of the strikes: 'Israel has the ability to conduct strikes against targets inside Iran without entering Iranian air space from aircraft over Syrian and Iraqi airspace.'
https://www.msn.com/en-us/news/world/is ... 620a&ei=31
"Israel 'strikes Iran' as explosions rock hostile state"
Story by Will Potter For Dailymail.Com
19 APRIL 2024
Israel has conducted airstrikes on a target in Iran, US officials say.
An official told ABC News that strikes hit a site in Iran, however it is unclear what target was hit or the extent of the damage.
Footage shared on social media appeared to show anti-aircraft fire striking over the city of Isfahan in central Iran, which hosts one of Iran's nuclear facilities.
It comes in response to Iran launching a barrage of hundreds of drones and rockets at Israel on Saturday, which was largely thwarted by Israel and its international allies.
The Biden administration had stressed the need for de-escalation from Israel following Saturday's strikes.
Further explosions have reportedly hit Iraq and Syria.
Florida Senator Marco Rubio tweeted soon after reports of the strikes: 'Israel has the ability to conduct strikes against targets inside Iran without entering Iranian air space from aircraft over Syrian and Iraqi airspace.'
https://www.msn.com/en-us/news/world/is ... 620a&ei=31
Re: THE DAILY NEWS
The New York Post
"The week in whoppers: WH’s John Kirby flips reality on Iran, AG Merrick Garland goes blind to Biden’s ‘impairment’ and more"
Opinion by Post Editorial Board
19 APRIL 2024
Diary of disturbing disinformation and dangerous delusions
This claim:
“When Biden says, ‘don’t escalate’ . . . [Iran] didn’t.”
— WH National Security spokesman John Kirby, Monday
We say: What cojones!
Kirby claims Iran heeded Biden’s warning to its leaders not to “escalate” and attack Israel after it killed Oct. 7 planner Gen. Mohammad Reza Zahedi.
Yet in his very next sentence, Kirby himself admits, “Yes, they fired an unprecedented amount of munitions” at the Jewish state.
How is that heeding Biden’s warning?
Kirby notes the attack failed and “very little infrastructure” was damaged.
Sorry: That doesn’t mean Tehran didn’t try to inflict damage in an outrageous and dangerous escalation.
And in clear defiance of Biden.
This remark:
“The president has no [mental] impairment.”
— Attorney General Merrick Garland, Tuesday
We say: We get it.
Garland has to stand up for the guy who gave him his job, Joe Biden.
But does he really think people can’t see for themselves the prez’s obvious decline?
They see it every time he slurs words, mangles sentences, rambles on, misstates names, dates and facts, fails to recall key events and roams around looking lost.
Special counsel Robert Hur even cited the prez’s confusion as the key reason prosecuting him for his classified-docs misdeeds would likely fail.
This self-appraisal:
“I’m more about deterring a crime than reacting to crime after it’s been committed.”
— Assembly Speaker Carl Heastie, Tuesday
We say: Heastie admits he isn’t hot on imposing penalties on criminals after they commit a crime.
Hello?
How do you deter crime if not by making clear that perps will face penalties if they commit one?
With such perverse thinking from one of the state’s three top leaders, it’s no wonder New York is in such awful shape.
This boast:
“Gas prices remain well below the peak back in 2022 . . . The average gas price is cheaper than this time last year.”
— WH Press Secretary Karine Jean-Pierre, Monday
We say: As a reporter noted after Jean-Pierre’s grotesque, uh, gaslighting, fuel at the pump is cheaper today (at $3.62 a gallon) than at “this time last year” ($3.65) — but by just three cents!
And, yes, prices have fallen since Bidenflation and Biden energy policies drove them as high as $5.01 in 2022.
But they’re still 52% more than when President Donald Trump left office ($2.39).
Compiled by The Post Editorial Board
https://www.msn.com/en-us/news/opinion/ ... 620a&ei=42
"The week in whoppers: WH’s John Kirby flips reality on Iran, AG Merrick Garland goes blind to Biden’s ‘impairment’ and more"
Opinion by Post Editorial Board
19 APRIL 2024
Diary of disturbing disinformation and dangerous delusions
This claim:
“When Biden says, ‘don’t escalate’ . . . [Iran] didn’t.”
— WH National Security spokesman John Kirby, Monday
We say: What cojones!
Kirby claims Iran heeded Biden’s warning to its leaders not to “escalate” and attack Israel after it killed Oct. 7 planner Gen. Mohammad Reza Zahedi.
Yet in his very next sentence, Kirby himself admits, “Yes, they fired an unprecedented amount of munitions” at the Jewish state.
How is that heeding Biden’s warning?
Kirby notes the attack failed and “very little infrastructure” was damaged.
Sorry: That doesn’t mean Tehran didn’t try to inflict damage in an outrageous and dangerous escalation.
And in clear defiance of Biden.
This remark:
“The president has no [mental] impairment.”
— Attorney General Merrick Garland, Tuesday
We say: We get it.
Garland has to stand up for the guy who gave him his job, Joe Biden.
But does he really think people can’t see for themselves the prez’s obvious decline?
They see it every time he slurs words, mangles sentences, rambles on, misstates names, dates and facts, fails to recall key events and roams around looking lost.
Special counsel Robert Hur even cited the prez’s confusion as the key reason prosecuting him for his classified-docs misdeeds would likely fail.
This self-appraisal:
“I’m more about deterring a crime than reacting to crime after it’s been committed.”
— Assembly Speaker Carl Heastie, Tuesday
We say: Heastie admits he isn’t hot on imposing penalties on criminals after they commit a crime.
Hello?
How do you deter crime if not by making clear that perps will face penalties if they commit one?
With such perverse thinking from one of the state’s three top leaders, it’s no wonder New York is in such awful shape.
This boast:
“Gas prices remain well below the peak back in 2022 . . . The average gas price is cheaper than this time last year.”
— WH Press Secretary Karine Jean-Pierre, Monday
We say: As a reporter noted after Jean-Pierre’s grotesque, uh, gaslighting, fuel at the pump is cheaper today (at $3.62 a gallon) than at “this time last year” ($3.65) — but by just three cents!
And, yes, prices have fallen since Bidenflation and Biden energy policies drove them as high as $5.01 in 2022.
But they’re still 52% more than when President Donald Trump left office ($2.39).
Compiled by The Post Editorial Board
https://www.msn.com/en-us/news/opinion/ ... 620a&ei=42
Re: THE DAILY NEWS
RIGZONE
"Oil Managed Slight Gain as Risk Premium Falls"
by Bloomberg | Julia Fanzeres and Alex Longley
Friday, April 19, 2024
Oil eked out a meager gain after Iranian media appeared to downplay the effect of Israeli strikes, lowering the geopolitical risk premium for crude.
Global benchmark Brent earlier soared more than $3, popping above $90 a barrel, after the attack reignited concerns that a wider regional conflict could endanger oil supplies.
Israel launched a strike on Iran, according to two US officials, but the Islamic Republic’s state media said the attack failed.
The strikes followed last weekend’s unprecedented bombardment by Tehran.
An Iranian military official told Reuters the country isn’t planning to react immediately.
Traders had been awaiting an Israeli response to last weekend’s missile and drone attack, with the rhetoric escalating as Tehran warned against striking its nuclear facilities.
The Middle East accounts for about a third of global crude supply.
There have been signs in recent days that crude’s risk premium was easing, with benchmark crudes falling sharply earlier this week.
While Friday’s muted response to the Middle East may bolster the view that traders are confident that an escalation in the region can be avoided, there has been a flurry of options buying this month to protect against a price spike.
“Our analysis suggests a fair market value of $83 per barrel based on fundamentals, indicating a current premium attributable to geopolitical concerns,” Jorge Leon, senior vice president of oil market research at Rystad Energy, said in a note.
“The near future is likely to see continued volatility in the oil market due to these geopolitical factors.”
The deluge of market-moving headlines prompted unusually large trading of both futures and options early in the day.
About 950,000 Brent futures had traded by midday in London, roughly the same amount as would trade in an entire session normally.
Brent has rallied around 13% this year, with gains driven by the worsening hostilities in the Middle East, as well as OPEC+ supply cuts that have tightened the market.
Higher energy prices, if sustained, would boost risks for the global economy and pose a challenge for central bankers as they seek to tame inflation.
Prices:
West Texas Intermediate for May delivery rose 41 cents to settle at $83.14 a barrel in New York.
Brent for June settlement advanced 18 cents to settle at $87.29 a barrel.
https://www.rigzone.com/news/wire/oil_m ... 9-article/
"Oil Managed Slight Gain as Risk Premium Falls"
by Bloomberg | Julia Fanzeres and Alex Longley
Friday, April 19, 2024
Oil eked out a meager gain after Iranian media appeared to downplay the effect of Israeli strikes, lowering the geopolitical risk premium for crude.
Global benchmark Brent earlier soared more than $3, popping above $90 a barrel, after the attack reignited concerns that a wider regional conflict could endanger oil supplies.
Israel launched a strike on Iran, according to two US officials, but the Islamic Republic’s state media said the attack failed.
The strikes followed last weekend’s unprecedented bombardment by Tehran.
An Iranian military official told Reuters the country isn’t planning to react immediately.
Traders had been awaiting an Israeli response to last weekend’s missile and drone attack, with the rhetoric escalating as Tehran warned against striking its nuclear facilities.
The Middle East accounts for about a third of global crude supply.
There have been signs in recent days that crude’s risk premium was easing, with benchmark crudes falling sharply earlier this week.
While Friday’s muted response to the Middle East may bolster the view that traders are confident that an escalation in the region can be avoided, there has been a flurry of options buying this month to protect against a price spike.
“Our analysis suggests a fair market value of $83 per barrel based on fundamentals, indicating a current premium attributable to geopolitical concerns,” Jorge Leon, senior vice president of oil market research at Rystad Energy, said in a note.
“The near future is likely to see continued volatility in the oil market due to these geopolitical factors.”
The deluge of market-moving headlines prompted unusually large trading of both futures and options early in the day.
About 950,000 Brent futures had traded by midday in London, roughly the same amount as would trade in an entire session normally.
Brent has rallied around 13% this year, with gains driven by the worsening hostilities in the Middle East, as well as OPEC+ supply cuts that have tightened the market.
Higher energy prices, if sustained, would boost risks for the global economy and pose a challenge for central bankers as they seek to tame inflation.
Prices:
West Texas Intermediate for May delivery rose 41 cents to settle at $83.14 a barrel in New York.
Brent for June settlement advanced 18 cents to settle at $87.29 a barrel.
https://www.rigzone.com/news/wire/oil_m ... 9-article/
Re: THE DAILY NEWS
CNBC
"Fed’s Goolsbee says ‘more sniffing’ may be needed before rate cuts"
Kelli Grant, CFP @KELLIGRANT.MONEY
PUBLISHED FRI, APR 19 2024
KEY POINTS
* The path to 2% inflation is “more difficult” in 2024, Federal Reserve Bank of Chicago president Austan Goolsbee said on Friday.
* Inflation has dropped significantly since its pandemic-era peak of 9.1%, but it remains above the Fed’s target.
* Goolsbee said the Fed needs “more sniffing” before it can start cutting interest rates.
CHICAGO — The path to 2% inflation is “more difficult” in 2024, said Federal Reserve Bank of Chicago President Austan Goolsbee.
“We’re going to get to 2%,” Goolsbee said Friday during a session at the Society for Advancing Business Editing and Writing’s annual conference.
“We said it."
"That’s our stated target.“
Inflation has come down significantly from its pandemic-era peak of 9.1%, but remains stubbornly above that stated target.
The consumer price index, a broad measure of costs for goods and services across the economy, rose 3.5% in March from a year ago.
“If you take a broad view, inflation got way above where we were comfortable with and it’s down a lot,” he said.
The first three readings for this year indicate covering the remaining distance to 2% “may not be as rapid,” he added.
That “stalling” merits further investigation on the direction of the economy before the Fed moves to cut rates, said Goolsbee, who is a nonvoting member this year of the rate-setting Federal Open Market Committee.
He described himself as a “proud data dog,” and pointed to what he says is “the first rule of the kennel.”
“If you are unclear, stop walking and start sniffing,” he said.
“And with these numbers, we need to do more sniffing.”
“We want to have confidence that we are on this path to 2[%],” he said.
“That’s the thing we have got to pay attention to.”
Housing inflation is a key area to watch, Goolsbee said.
“That’s the one that has not behaved as we thought it would,” he said.
Shelter costs, which make up about one-third of the weighting in the CPI, rose 5.7% in March from a year ago.
“The market rent inflation is well down, but it hasn’t flowed through into the official measure,” he said.
“If it doesn’t — I still think it will — but if it doesn’t, I think we’re going to have a hard time."
"It’s definitely going to be more difficult to get to 2% overall if we do not see progress.”
https://www.cnbc.com/2024/04/19/feds-go ... cuts-.html
"Fed’s Goolsbee says ‘more sniffing’ may be needed before rate cuts"
Kelli Grant, CFP @KELLIGRANT.MONEY
PUBLISHED FRI, APR 19 2024
KEY POINTS
* The path to 2% inflation is “more difficult” in 2024, Federal Reserve Bank of Chicago president Austan Goolsbee said on Friday.
* Inflation has dropped significantly since its pandemic-era peak of 9.1%, but it remains above the Fed’s target.
* Goolsbee said the Fed needs “more sniffing” before it can start cutting interest rates.
CHICAGO — The path to 2% inflation is “more difficult” in 2024, said Federal Reserve Bank of Chicago President Austan Goolsbee.
“We’re going to get to 2%,” Goolsbee said Friday during a session at the Society for Advancing Business Editing and Writing’s annual conference.
“We said it."
"That’s our stated target.“
Inflation has come down significantly from its pandemic-era peak of 9.1%, but remains stubbornly above that stated target.
The consumer price index, a broad measure of costs for goods and services across the economy, rose 3.5% in March from a year ago.
“If you take a broad view, inflation got way above where we were comfortable with and it’s down a lot,” he said.
The first three readings for this year indicate covering the remaining distance to 2% “may not be as rapid,” he added.
That “stalling” merits further investigation on the direction of the economy before the Fed moves to cut rates, said Goolsbee, who is a nonvoting member this year of the rate-setting Federal Open Market Committee.
He described himself as a “proud data dog,” and pointed to what he says is “the first rule of the kennel.”
“If you are unclear, stop walking and start sniffing,” he said.
“And with these numbers, we need to do more sniffing.”
“We want to have confidence that we are on this path to 2[%],” he said.
“That’s the thing we have got to pay attention to.”
Housing inflation is a key area to watch, Goolsbee said.
“That’s the one that has not behaved as we thought it would,” he said.
Shelter costs, which make up about one-third of the weighting in the CPI, rose 5.7% in March from a year ago.
“The market rent inflation is well down, but it hasn’t flowed through into the official measure,” he said.
“If it doesn’t — I still think it will — but if it doesn’t, I think we’re going to have a hard time."
"It’s definitely going to be more difficult to get to 2% overall if we do not see progress.”
https://www.cnbc.com/2024/04/19/feds-go ... cuts-.html
Re: THE DAILY NEWS
CNBC
"10-year Treasury yield falls as investors weigh economic data and Israel strike against Iran"
Alex Harring @ALEX_HARRING Sophie Kiderlin @IN/SOPHIE-KIDERLIN-B327B914A/ @SKIDERLIN
PUBLISHED FRI, APR 19 2024
The U.S. 10-year Treasury yield slipped on Friday as investors assessed a strike by Israel against Iran, while also considering the latest economic data and remarks from Federal Reserve officials.
The yield on the 10-year Treasury fell more than 2 basis points to 4.623%.
The 2-year Treasury yield was last at 4.986%, retreating by less than 1 basis point.
Yields and prices move in opposite directions.
One basis point is equivalent to 0.01%.
A person familiar with the matter told NBC News that Israel conducted a limited strike against Iran.
Earlier, Iran’s Fars news agency reported explosions were heard near the airport at the country’s central Isfahan city, but the reason was unknown.
“The worst place to be as a bondholder is the uncertain middle,” Thierry Wizman, global foreign exchange and rates strategist at Macquarie, wrote in a note to clients.
“That’s where the threat of a wider war - with super-power involvement - lingers, and oil prices stay elevated, and the Fed stays guarded against that risk of supply-side disruptions and inflation.”
“That situation is not grave enough to cause a flight-to-safety to bonds, nor disinflationary enough to want to own bonds,” he added.
“That’s where we are now, and its not good for bonds.”
Investors also digested the latest economic data and remarks from policymakers as they considered the outlook for interest rates.
Fed officials have in recent days and weeks indicated that interest rates may remain elevated for longer than previously anticipated.
“I definitely don’t feel urgency to cut interest rates,” New York Fed President John Williams said on Thursday, adding that this position was linked to strength in the economy.
Interest rates would eventually need to be cut, but that would depend on how the economy develops, he said at Semafor’s World Economy Summit.
Elsewhere, Atlanta Fed President Raphael Bostic said rate cuts may not come until the end of the year, and that he was “comfortable being patient,” while Minneapolis Fed President Neel Kashkari suggested rate cuts may not begin until 2025.
The comments echo those of other Fed policymakers, including Chairman Jerome Powell.
https://www.cnbc.com/2024/04/19/us-trea ... ments.html
"10-year Treasury yield falls as investors weigh economic data and Israel strike against Iran"
Alex Harring @ALEX_HARRING Sophie Kiderlin @IN/SOPHIE-KIDERLIN-B327B914A/ @SKIDERLIN
PUBLISHED FRI, APR 19 2024
The U.S. 10-year Treasury yield slipped on Friday as investors assessed a strike by Israel against Iran, while also considering the latest economic data and remarks from Federal Reserve officials.
The yield on the 10-year Treasury fell more than 2 basis points to 4.623%.
The 2-year Treasury yield was last at 4.986%, retreating by less than 1 basis point.
Yields and prices move in opposite directions.
One basis point is equivalent to 0.01%.
A person familiar with the matter told NBC News that Israel conducted a limited strike against Iran.
Earlier, Iran’s Fars news agency reported explosions were heard near the airport at the country’s central Isfahan city, but the reason was unknown.
“The worst place to be as a bondholder is the uncertain middle,” Thierry Wizman, global foreign exchange and rates strategist at Macquarie, wrote in a note to clients.
“That’s where the threat of a wider war - with super-power involvement - lingers, and oil prices stay elevated, and the Fed stays guarded against that risk of supply-side disruptions and inflation.”
“That situation is not grave enough to cause a flight-to-safety to bonds, nor disinflationary enough to want to own bonds,” he added.
“That’s where we are now, and its not good for bonds.”
Investors also digested the latest economic data and remarks from policymakers as they considered the outlook for interest rates.
Fed officials have in recent days and weeks indicated that interest rates may remain elevated for longer than previously anticipated.
“I definitely don’t feel urgency to cut interest rates,” New York Fed President John Williams said on Thursday, adding that this position was linked to strength in the economy.
Interest rates would eventually need to be cut, but that would depend on how the economy develops, he said at Semafor’s World Economy Summit.
Elsewhere, Atlanta Fed President Raphael Bostic said rate cuts may not come until the end of the year, and that he was “comfortable being patient,” while Minneapolis Fed President Neel Kashkari suggested rate cuts may not begin until 2025.
The comments echo those of other Fed policymakers, including Chairman Jerome Powell.
https://www.cnbc.com/2024/04/19/us-trea ... ments.html