New York Fed president John Williams is speaking to the Mortgage Bankers Association in New York City. Williams is a permanent voting member on the Federal Reserve Board:
- Recent economic data has been very good.
- Labor market is pretty much in balance
- First quarter growth was unusual trade issues
- Inflation has been coming down slowly and gradually.
- Keyword for economy is uncertainty.
- Monetary policy is in a good place.
- Fed rate policy is well-positioned. It is slightly restrictive.
- Some forward-looking indicators are signaling concern.
- Trade is particular point of uncertainty.
- Many firms and households are in a wait-and-see mode
- Fed has a ways to go in shrinking its balance sheet
- Balance sheet drawdown not affecting market prices.
- Dollar remains the world’s reserve currency.
- Global investors associate USS place to invest.
- We are not seeing major changes in investor interest in treasury bonds.
- Core fixed income markets have been functioning really well.
- Consumers are still in good shape.
Comments remain balanced as a Fed awaits the impact from tariffs mainly. When the keyword is uncertainty, they Fed is on hold until they get the next shove from the economy. .
Meanwhile the premarket for US stocks still remain negative:
- Dow industrial average -233.74 points
- S&P index -58.63 points
- NASDAQ index -290 point
looking at the US debt market at 9 AM ET:
- 2-year yield 4.025%, +4.2 basis points.
- 5-year yield 4.147%, +8.5 basis points
- 10 year yield 4.562%, +2.1 basis points
- 30 year yield 5.032%, +13.5 basis points
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decision-making for investors and traders alike.
