Biden says Trump’s pressure on the Federal Reserve is an abuse of power

President Donald Trump’s attacks on the Federal Reserve and its chairman, Jerome Powell, are an abuse of power and represent a “big mistake” for the administration, 2020 Democratic presidential front-runner Joe Biden said in an interview with CNBC. “I’m not going to get into the personalities, but I do say this: The president should not be trying to pressure the Fed,” Biden said in the interview with John Harwood. It’s a big mistake. A big mistake, and I would not do that,” the former vice presi


President Donald Trump’s attacks on the Federal Reserve and its chairman, Jerome Powell, are an abuse of power and represent a “big mistake” for the administration, 2020 Democratic presidential front-runner Joe Biden said in an interview with CNBC.
“I’m not going to get into the personalities, but I do say this: The president should not be trying to pressure the Fed,” Biden said in the interview with John Harwood.
It’s a big mistake.
A big mistake, and I would not do that,” the former vice presi
Biden says Trump’s pressure on the Federal Reserve is an abuse of power Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-06  Authors: thomas franck
Keywords: news, cnbc, companies, federal, reserve, fed, interview, abuse, criticism, way, presidents, president, biden, power, big, mistake, trumps, pressure


Biden says Trump's pressure on the Federal Reserve is an abuse of power

President Donald Trump’s attacks on the Federal Reserve and its chairman, Jerome Powell, are an abuse of power and represent a “big mistake” for the administration, 2020 Democratic presidential front-runner Joe Biden said in an interview with CNBC.

“I’m not going to get into the personalities, but I do say this: The president should not be trying to pressure the Fed,” Biden said in the interview with John Harwood. “That’s supposed to be an independent entity out here. It’s just like how he pressures the military and intervenes in the chain of command.”

“It’s his way of abusing power across the board. It’s a big mistake. A big mistake, and I would not do that,” the former vice president added.

Powell has stressed the importance of the Fed’s independence from political influence throughout his tenure, almost always in response to the president’s criticisms.

Though other presidents have tried to coerce the Fed into accommodative monetary policy in the past, prior criticism by presidents has been less personal and less frequent. Trump has been outspoken in his criticism of the Fed for nearly two years.


Company: cnbc, Activity: cnbc, Date: 2019-12-06  Authors: thomas franck
Keywords: news, cnbc, companies, federal, reserve, fed, interview, abuse, criticism, way, presidents, president, biden, power, big, mistake, trumps, pressure


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November jobs report proves Fed was right to cut interest rates, former top official says

The strong November jobs report released Friday is evidence that the Federal Reserve has set interest rates correctly, former top Federal Reserve official Donald Kohn told CNBC. The Fed has cut interest rates three times this year, the most recent of which came in October, and lowered its benchmark funds rate by 25 basis points to a range of 1.5% to 1.75%. Fed Chairman Jerome Powell indicated then that the central bank was likely pausing its period of monetary easing. It’s doing great all by its


The strong November jobs report released Friday is evidence that the Federal Reserve has set interest rates correctly, former top Federal Reserve official Donald Kohn told CNBC.
The Fed has cut interest rates three times this year, the most recent of which came in October, and lowered its benchmark funds rate by 25 basis points to a range of 1.5% to 1.75%.
Fed Chairman Jerome Powell indicated then that the central bank was likely pausing its period of monetary easing.
It’s doing great all by its
November jobs report proves Fed was right to cut interest rates, former top official says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-06  Authors: kevin stankiewicz
Keywords: news, cnbc, companies, fed, vice, official, chairman, interest, cut, federal, proves, right, report, rates, economy, reserve, jobs, market, kohn


November jobs report proves Fed was right to cut interest rates, former top official says

The strong November jobs report released Friday is evidence that the Federal Reserve has set interest rates correctly, former top Federal Reserve official Donald Kohn told CNBC.

“If anything it reinforces their judgment that they’ve got policy in a good place … to support the continued good growth in the economy with very contained inflation,” Kohn, a former vice chairman of the Federal Reserve Board, said Friday on “Closing Bell.”

The Labor Department reported Friday that the U.S. economy added 266,000 jobs last month, significantly eclipsing estimates of 187,000 from economists polled by Dow Jones. The unemployment rate dropped back to 3.5%, equaling a mark earlier this year that was, at the time, the lowest since 1969.

The Fed has cut interest rates three times this year, the most recent of which came in October, and lowered its benchmark funds rate by 25 basis points to a range of 1.5% to 1.75%.

Fed Chairman Jerome Powell indicated then that the central bank was likely pausing its period of monetary easing. Fed officials have generally described the U.S. economy as strong, powered by robust consumer spending, despite external pressures such as the U.S.-China trade war and uncertainty around the United Kingdom’s departure from the European Union.

President Donald Trump, however, has continued to criticize Powell’s handling of interest rates, arguing that the Fed should lower them further to make the U.S. more competitive in a global market where some countries have negative rates.

Trump appointed Powell to lead the Fed, whose Federal Open Market Committee meets next week. It is widely expected to leave rates unchanged.

“They certainly don’t need to ease to help the labor market. It’s doing great all by itself,” said Kohn, who was vice chairman between 2006 and 2010.

Assuming no major economic event, Kohn said he expects the Fed to keep interest rates steady for the next year, arguing that would keep the economy in “decent shape.” If anything, he said, the next adjustment to rates would more likely be raising them by 25 basis points if inflation begins to pick up.

But, Kohn said, “Right now it looks like it’s a ways away.”


Company: cnbc, Activity: cnbc, Date: 2019-12-06  Authors: kevin stankiewicz
Keywords: news, cnbc, companies, fed, vice, official, chairman, interest, cut, federal, proves, right, report, rates, economy, reserve, jobs, market, kohn


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India’s central bank unexpectedly keeps interest rates unchanged and slashes GDP forecast

The Reserve Bank of India (RBI) logo is displayed outside of the bank’s headquarters in Mumbai, India, on Tuesday, Aug. 9, 2011. India’s central bank surprised on Thursday by keeping its interest rates unchanged. Markets had widely expected a sixth rate cut from the Reserve Bank of India amid a notable slowdown in the Indian economy. As things stand, the benchmark repo rate — the rate at which it lends to commercial banks — remains at 5.15%. The central bank reiterated it will maintain its “acco


The Reserve Bank of India (RBI) logo is displayed outside of the bank’s headquarters in Mumbai, India, on Tuesday, Aug. 9, 2011.
India’s central bank surprised on Thursday by keeping its interest rates unchanged.
Markets had widely expected a sixth rate cut from the Reserve Bank of India amid a notable slowdown in the Indian economy.
As things stand, the benchmark repo rate — the rate at which it lends to commercial banks — remains at 5.15%.
The central bank reiterated it will maintain its “acco
India’s central bank unexpectedly keeps interest rates unchanged and slashes GDP forecast Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-05  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, indian, unchanged, indias, interest, policy, rbi, reserve, central, rates, slashes, keeps, gdp, forecast, bank, inflation, remains, unexpectedly, target, india, rate


India's central bank unexpectedly keeps interest rates unchanged and slashes GDP forecast

The Reserve Bank of India (RBI) logo is displayed outside of the bank’s headquarters in Mumbai, India, on Tuesday, Aug. 9, 2011.

India’s central bank surprised on Thursday by keeping its interest rates unchanged.

Markets had widely expected a sixth rate cut from the Reserve Bank of India amid a notable slowdown in the Indian economy.

As things stand, the benchmark repo rate — the rate at which it lends to commercial banks — remains at 5.15%.

The Indian rupee weakened against the dollar, changing hands at 71.63 from an earlier level of 71.43. Indian stocks were mixed after the decision, with the Nifty 50 down 0.21% while the Sensex traded near flat.

In its policy statement, the RBI said the decision to keep the rate unchanged was in line with its objective of achieving its medium-term inflation target of 4%, with an upper and lower limit of 6% and 2%, respectively, while supporting growth.

The central bank reiterated it will maintain its “accommodative” stance as long as it is necessary to revive growth while ensuring that inflation remains within the target. It added that while there is “monetary policy space for future action,” it felt appropriate to pause at the stage in light of the current growth-inflation dynamics.

Economists have questioned the efficacy of the RBI’s aggressive rate cuts this when much of that did not appear to have been transmitted back to the economy, especially in the credit market. Inflation is also ticking up due to rising food prices.


Company: cnbc, Activity: cnbc, Date: 2019-12-05  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, indian, unchanged, indias, interest, policy, rbi, reserve, central, rates, slashes, keeps, gdp, forecast, bank, inflation, remains, unexpectedly, target, india, rate


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Trump says he will restore tariffs on Brazil, Argentina metal imports

U.S. President Donald Trump said on Monday that he will immediately restore tariffs on U.S. steel and aluminum imports from Brazil and Argentina. “Brazil and Argentina have been presiding over a massive devaluation of their currencies, which is not good for our farmers. Therefore, effective immediately, I will restore the Tariffs on all Steel & Aluminum that is shipped into the U.S. from those countries,” Trump said in a tweet. Trump also urged the Federal Reserve to prevent countries from gaini


U.S. President Donald Trump said on Monday that he will immediately restore tariffs on U.S. steel and aluminum imports from Brazil and Argentina.
“Brazil and Argentina have been presiding over a massive devaluation of their currencies, which is not good for our farmers.
Therefore, effective immediately, I will restore the Tariffs on all Steel & Aluminum that is shipped into the U.S. from those countries,” Trump said in a tweet.
Trump also urged the Federal Reserve to prevent countries from gaini
Trump says he will restore tariffs on Brazil, Argentina metal imports Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-02  Authors: kevin breuninger
Keywords: news, cnbc, companies, immediately, imports, restore, countries, rates, argentina, urged, steel, fed, brazil, reserve, tariffs, trump, metal


Trump says he will restore tariffs on Brazil, Argentina metal imports

U.S. President Donald Trump said on Monday that he will immediately restore tariffs on U.S. steel and aluminum imports from Brazil and Argentina.

“Brazil and Argentina have been presiding over a massive devaluation of their currencies, which is not good for our farmers. Therefore, effective immediately, I will restore the Tariffs on all Steel & Aluminum that is shipped into the U.S. from those countries,” Trump said in a tweet.

Trump also urged the Federal Reserve to prevent countries from gaining an economic advantage by devaluing their currencies.

“The Federal Reserve should likewise act so that countries, of which there are many, no longer take advantage of our strong dollar,” Trump tweeted

“Lower Rates & Loosen – Fed!,” he said.

Trump has repeatedly urged the Fed to lower rates to below zero, arguing that negative rates in Europe and elsewhere give those countries a competitive advantage.

However, Fed policymakers have been reluctant to take the unorthodox policy steps tried by other global central banks. The U.S. central bank’s policymaking committee holds its next meeting on Dec. 10-11.


Company: cnbc, Activity: cnbc, Date: 2019-12-02  Authors: kevin breuninger
Keywords: news, cnbc, companies, immediately, imports, restore, countries, rates, argentina, urged, steel, fed, brazil, reserve, tariffs, trump, metal


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Treasury yields tick higher ahead of Powell speech

ET, the yield on the benchmark 10-year Treasury note , which moves inversely to price, was higher at around 1.7843%, while the yield on the 30-year Treasury bond was also higher at around 2.2307%. U.S. government debt prices were lower Monday morning, as investors awaited a speech from Federal Reserve Chairman Jerome Powell. Investors are monitoring developments on the U.S.-China trade front as well as in Hong Kong. Meanwhile, in Hong Kong, pro-democracy candidates saw a landslide victory in loc


ET, the yield on the benchmark 10-year Treasury note , which moves inversely to price, was higher at around 1.7843%, while the yield on the 30-year Treasury bond was also higher at around 2.2307%.
U.S. government debt prices were lower Monday morning, as investors awaited a speech from Federal Reserve Chairman Jerome Powell.
Investors are monitoring developments on the U.S.-China trade front as well as in Hong Kong.
Meanwhile, in Hong Kong, pro-democracy candidates saw a landslide victory in loc
Treasury yields tick higher ahead of Powell speech Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-25  Authors: silvia amaro
Keywords: news, cnbc, companies, yield, reserve, federal, jerome, powell, kong, etthe, tick, yields, ahead, higher, trade, treasury, hong, speech


Treasury yields tick higher ahead of Powell speech

At 02:00 a.m. ET, the yield on the benchmark 10-year Treasury note , which moves inversely to price, was higher at around 1.7843%, while the yield on the 30-year Treasury bond was also higher at around 2.2307%.

U.S. government debt prices were lower Monday morning, as investors awaited a speech from Federal Reserve Chairman Jerome Powell.

Investors are monitoring developments on the U.S.-China trade front as well as in Hong Kong. According to Reuters, citing officials, law makers and trade experts, a phase two deal between China and the U.S. is unlikely to come soon.

Meanwhile, in Hong Kong, pro-democracy candidates saw a landslide victory in local council elections, amid a record voter turnout, Reuters reported.

However, Monday’s focus is on Federal Reserve Chairman Jerome Powell, who is due to speak at 07:00 a.m. ET.

The data calendar is thin with only Dallas Fed Manufacturing figures due at 10:30 a.m. ET.

The U.S. Treasury is due to auction $87 billion in 13 and 28-week bills as well as $40 billion in two-year notes.


Company: cnbc, Activity: cnbc, Date: 2019-11-25  Authors: silvia amaro
Keywords: news, cnbc, companies, yield, reserve, federal, jerome, powell, kong, etthe, tick, yields, ahead, higher, trade, treasury, hong, speech


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Powell says the Fed is ‘strongly committed’ to 2% inflation goal, a sign that rates are likely to hold steady

Arnd Wiegmann | ReutersFederal Reserve Chairman Jerome Powell signaled that interest rates are unlikely to rise anytime soon, saying Monday that the central bank remains firmly committed to meeting its inflation goals. The Fed consider a 2% inflation rate to be a signal of sustainable growth and a level that keeps interest rates high enough to allow for mobility in the event of an economic downturn. However, inflation has run well below that level for 2019 despite three interest rate cuts over t


Arnd Wiegmann | ReutersFederal Reserve Chairman Jerome Powell signaled that interest rates are unlikely to rise anytime soon, saying Monday that the central bank remains firmly committed to meeting its inflation goals.
The Fed consider a 2% inflation rate to be a signal of sustainable growth and a level that keeps interest rates high enough to allow for mobility in the event of an economic downturn.
However, inflation has run well below that level for 2019 despite three interest rate cuts over t
Powell says the Fed is ‘strongly committed’ to 2% inflation goal, a sign that rates are likely to hold steady Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-25  Authors: jeff cox
Keywords: news, cnbc, companies, sign, likely, chairman, zurich, level, powell, hold, rates, goal, rate, strongly, steady, interest, reserve, inflation, fed


Powell says the Fed is 'strongly committed' to 2% inflation goal, a sign that rates are likely to hold steady

Federal Reserve Chairman Jerome Powell speaks during the “The Economic Outlook and Monetary Policy” panel discussion hosted by the Swiss Institute of International Studies at the University of Zurich in Zurich, Switzerland September 6, 2019. Arnd Wiegmann | Reuters

Federal Reserve Chairman Jerome Powell signaled that interest rates are unlikely to rise anytime soon, saying Monday that the central bank remains firmly committed to meeting its inflation goals. The Fed consider a 2% inflation rate to be a signal of sustainable growth and a level that keeps interest rates high enough to allow for mobility in the event of an economic downturn. However, inflation has run well below that level for 2019 despite three interest rate cuts over the past four months. As part of a speech he delivered in Providence, Rhode Island, Powell expressed a sense of urgency in meeting the inflation part of the Fed’s dual mandate. He said low inflation expectations feed on themselves and make it tougher for the Fed to support the economy.

The chairman said in prepared remarks that “it is essential that we at the Fed use our tools to make sure that we do not permit an unhealthy downward drift in inflation expectations and inflation. We are strongly committed to symmetrically and sustainably achieving our 2 percent inflation objective so that in making long-term plans, households and businesses can reasonably expect 2 percent inflation over time.” A symmetric goal means policymakers would be content with inflation running a little above or below the 2% level. Other Fed officials have said that a period of time above 2% would be fine, with some members suggesting the Fed make an express commitment not to raise rates until the goal is met. Higher rates are used to keep inflation low.

Focus on the labor market


Company: cnbc, Activity: cnbc, Date: 2019-11-25  Authors: jeff cox
Keywords: news, cnbc, companies, sign, likely, chairman, zurich, level, powell, hold, rates, goal, rate, strongly, steady, interest, reserve, inflation, fed


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Watch CNBC’s full interview with Federal Reserve Governor Lael Brainard

Watch CNBC’s full interview with Federal Reserve Governor Lael BrainardLael Brainard, Federal Reserve Governor, sits down with CNBC’s Steve Liesman to discuss the state of the economy, trade and more.


Watch CNBC’s full interview with Federal Reserve Governor Lael BrainardLael Brainard, Federal Reserve Governor, sits down with CNBC’s Steve Liesman to discuss the state of the economy, trade and more.
Watch CNBC’s full interview with Federal Reserve Governor Lael Brainard Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-20
Keywords: news, cnbc, companies, brainard, watch, governor, steve, sits, trade, liesman, lael, federal, state, cnbcs, interview, reserve


Watch CNBC's full interview with Federal Reserve Governor Lael Brainard

Watch CNBC’s full interview with Federal Reserve Governor Lael Brainard

Lael Brainard, Federal Reserve Governor, sits down with CNBC’s Steve Liesman to discuss the state of the economy, trade and more.


Company: cnbc, Activity: cnbc, Date: 2019-11-20
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Fed’s Williams says rates are ‘in the right place’ but policy is not set in stone

John Williams, Chief Executive Officer of the Federal Reserve Bank of New York, speaks at an event in New York, November 6, 2019. New York Fed President John Williams said he is content with the current position of monetary policy and interest rates but said the central bank should be prepared to act aggressively to anticipate negative shocks to the economy. Monetary policy is well-positioned given the recent actions,” he said at the Securities Industry and Financial Markets Association’s annual


John Williams, Chief Executive Officer of the Federal Reserve Bank of New York, speaks at an event in New York, November 6, 2019.
New York Fed President John Williams said he is content with the current position of monetary policy and interest rates but said the central bank should be prepared to act aggressively to anticipate negative shocks to the economy.
Monetary policy is well-positioned given the recent actions,” he said at the Securities Industry and Financial Markets Association’s annual
Fed’s Williams says rates are ‘in the right place’ but policy is not set in stone Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-19  Authors: jeff cox
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Fed's Williams says rates are 'in the right place' but policy is not set in stone

John Williams, Chief Executive Officer of the Federal Reserve Bank of New York, speaks at an event in New York, November 6, 2019.

New York Fed President John Williams said he is content with the current position of monetary policy and interest rates but said the central bank should be prepared to act aggressively to anticipate negative shocks to the economy.

In a speech Tuesday, Williams also said he considers the U.S. economy to be “in a very good place” and inflation to be drifting up to the Fed’s 2% longer-term goal.

“I think we’ve gotten the adjustments that we need at least right now. Monetary policy is well-positioned given the recent actions,” he said at the Securities Industry and Financial Markets Association’s annual meeting. “My outlook is one for continued growth. I think we have monetary policy in the right place. Our key thing is we’re not linked in to any specific decisions” at future meetings.

Federal Reserve officials in October approved the third quarter-point rate cut this year. But in doing so, they also indicated that they likely will be on hold for a period as they evaluate incoming data. The Fed’s benchmark funds rate is now targeted in a range between 1.5%-1.75%.

While endorsing that position, Williams also veered back into a discussion that generated some controversy back in July, when he said research has shown that it’s better to be aggressive in cutting rates before a downturn hits rather than waiting for one to arrive. He said he does not endorse the concept of “keeping your powder dry” because of the lags between rate cuts and their impact on economic conditions.

When he made the remarks initially, they prompted a market reaction that eventually led to Williams clarifying his remarks to say that he was speaking theoretically rather than commenting on where he thought current policy should go.

“Given these lags in monetary policy, you really need to be preemptive,” he said. “You need to be managing risk in anticipation of where a shock may hit and be prepared to adjust course if need be.”


Company: cnbc, Activity: cnbc, Date: 2019-11-19  Authors: jeff cox
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Powell says he doesn’t see a ‘day of reckoning’ coming for the US anytime soon

“If you look at today’s economy, there’s nothing that’s really booming now that would want to bust,” Powell said in testimony before the House Budget Committee. “We have such strengths, and I think possibly the day of reckoning could be quite far off.” He did issue warnings about several dangers such as a manufacturing slowdown and trade headwinds, and he again called the path of government debt unsustainable. “I think by definition that makes it unsustainable,” Powell said of the debt. “Our chi


“If you look at today’s economy, there’s nothing that’s really booming now that would want to bust,” Powell said in testimony before the House Budget Committee.
“We have such strengths, and I think possibly the day of reckoning could be quite far off.”
He did issue warnings about several dangers such as a manufacturing slowdown and trade headwinds, and he again called the path of government debt unsustainable.
“I think by definition that makes it unsustainable,” Powell said of the debt.
“Our chi
Powell says he doesn’t see a ‘day of reckoning’ coming for the US anytime soon Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-14  Authors: jeff cox
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Powell says he doesn't see a 'day of reckoning' coming for the US anytime soon

He added that the dollar’s status as the global reserve currency is helping forestall any trouble from the nation’s growing debt load, which just surpassed $23 trillion.

“If you look at today’s economy, there’s nothing that’s really booming now that would want to bust,” Powell said in testimony before the House Budget Committee. “In other words, it’s a pretty sustainable picture.”

Amid a roaring stock market and ever-increasing levels of corporate and government debt, Federal Reserve Chairman Jerome Powell said Thursday he does not see signs of bubbles brewing or immediate dangers being posed by trillion-dollar deficits.

“We are the strongest country, we have the best institutions, we have the best labor force,” he said. “We have such strengths, and I think possibly the day of reckoning could be quite far off.”

The central bank chief responded to a question as to whether he sees, as former Fed Chairman Alan Greenspan did in 1996, signs of “irrational exuberance” in financial markets, as well as another about the status of the government’s fiscal picture.

While stocks continued to rise after Greenspan made the now-iconic observation, the line often is cited as a warning shot for the dot-com bust that would happen a few years later.

In the current case, stock market averages have continued to make new highs. Corporate debt is close to $6.5 trillion, nearly double where it was leading into the financial crisis.

Overall, the U.S. economy is in the midst of its longest period of growth, a gain that dates to mid-2009 that has generally been slower than other recoveries but also steady.

Powell said the nature of expansions now is to last longer than they have in the past.

“We think that really is because we are no longer facing high and volatile inflation,” he said. “What we’ve seen is three of the four longest business cycles in U.S. recorded history have been quite recent.”

He did issue warnings about several dangers such as a manufacturing slowdown and trade headwinds, and he again called the path of government debt unsustainable. The national debt is expanding at a faster pace than economic growth.

“I think by definition that makes it unsustainable,” Powell said of the debt. “Our children and grandchildren will be paying more of their tax dollars for interest on the borrowing that we’ve done.”

Solving the problem, he added, will require the economy growing faster than the debt, “and you have to do that for 10 or 20 years.”


Company: cnbc, Activity: cnbc, Date: 2019-11-14  Authors: jeff cox
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Retail sales, industrial numbers and the world’s largest Starbucks: 3 things to watch for in the markets on Friday

Starbucks’ Reserve Roastery in Chicago Source: StarbucksHere are the most important things to know about Friday before you hit the door. The Street is watching the number perhaps even more closely than usual after retail sales unexpectedly declined 0.3% in September, which was the first contraction in seven months. Industrial productionAt 9:15 a.m. we’ll get industrial production for October, which measures the output from manufacturing, mining, and utility companies. According to the Federal Re


Starbucks’ Reserve Roastery in Chicago Source: StarbucksHere are the most important things to know about Friday before you hit the door.
The Street is watching the number perhaps even more closely than usual after retail sales unexpectedly declined 0.3% in September, which was the first contraction in seven months.
Industrial productionAt 9:15 a.m. we’ll get industrial production for October, which measures the output from manufacturing, mining, and utility companies.
According to the Federal Re
Retail sales, industrial numbers and the world’s largest Starbucks: 3 things to watch for in the markets on Friday Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-14  Authors: pippa stevens
Keywords: news, cnbc, companies, retail, worlds, sales, numbers, manufacturing, industrial, output, reserve, watch, markets, largest, spending, retailers, things, starbucks, production


Retail sales, industrial numbers and the world's largest Starbucks: 3 things to watch for in the markets on Friday

Starbucks’ Reserve Roastery in Chicago Source: Starbucks

Here are the most important things to know about Friday before you hit the door.

1. Read on the American consumer

As retailers gear up for the all-important holiday shopping season, we’ll get a read on the state of the American consumer when the retail sales number for October is released at 8:30 a.m. on Friday. The consensus is for sales to rise 0.2%. The Street is watching the number perhaps even more closely than usual after retail sales unexpectedly declined 0.3% in September, which was the first contraction in seven months. The number, which measures spending in stores, at restaurants, and online, among other things, is important since consumer spending is one of the key drivers of the U.S. economy. It can also act as an indicator for the overall health of the economy since spending is sensitive to many factors including unemployment rates and gas prices. On Thursday Walmart kicked off earnings from major retailers. The company beat top-line estimates, according to FactSet, although revenue did come up short. Target, Best Buy, Home Depot, Lowe’s and Macy’s are among the retailers set to report next week.

2. Industrial production

At 9:15 a.m. we’ll get industrial production for October, which measures the output from manufacturing, mining, and utility companies. The street is expecting total production to slip 0.5%, weighed down in part by the United Auto Workers strike which ended in mid-October. Output fell 0.4% in September, also hit by the strike, so this would be the second straight month of declines. Manufacturing numbers for October will also be released at 9:15 a.m. According to the Federal Reserve, in the 12 months through September manufacturing production fell 0.9%. Disruptions and uncertainties from the US-China trade war, now in its sixteenth month, are among the things that have pressured production.

Workers manufacture steel reinforcement bars that are used in support structures like the Lincoln Tunnel Stephanie Dhue | CNBC

Also on the docket is the Empire State Manufacturing Index, which is a closely followed gauge of output from the New York area, as well as import and export prices and business inventories. Abroad, the focus will be on the Eurozone, where we’ll get October’s Consumer Price Index and trade balance readings. This comes after Germany — the bloc’s largest economy — just barely avoided the technical definition of a recession when it reported third quarter GDP of 0.1%. Two consecutive quarters of contraction signifies a recession, and in the second quarter GDP was -0.2%.

3. Starbucks’ colossal new store

The world’s largest Starbucks, on Chicago’s “magnificent mile,” will open its doors on Friday. The new Reserve Roastery, which boasts 35,000 square feet of retail space spread across five floors, has three coffee bars, an artisanal bakery and cafe, and a cocktail bar. The centerpiece is a 56-foot tall steel cask full of pre-roasted coffee beans.

Source: Starbucks


Company: cnbc, Activity: cnbc, Date: 2019-11-14  Authors: pippa stevens
Keywords: news, cnbc, companies, retail, worlds, sales, numbers, manufacturing, industrial, output, reserve, watch, markets, largest, spending, retailers, things, starbucks, production


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