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Potentially more worrisome, a key measure of business investment fell for a second straight month, the first time that’s happened since early 2016. Economists surveyed had forecast a 1.7% decline in orders for durable goods. Stripping out planes and cars, orders fell a much smaller 0.3%. Transportation often exaggerate the ups and downs in durable-goods
READ MOREIn his first appearance on Capitol Hill in his new role, Powell told House lawmakers that the Fed “will continue to strike a balance between avoiding an overheated economy” and reaching 2% inflation, the target the Fed considers healthy. In prepared remarks, he did not suggest any plans to speed up the Fed’s planned interest
READ MOREFederal Reserve Chairman Jerome Powell downplayed concerns over recent market volatility, and said the central bank remains on course for more interest rate hikes. Powell emphasized that the job market remains robust, consumer spending is solid and wage growth is accelerating. The Fed has been aiming to boost inflation to 2 percent, but the recent
READ MORESt. Louis Fed President James Bullard said Monday he does not think the so-called neutral U.S. interest rate is likely to rise much over the next two years. “The natural, safe real rate of interest, and hence the appropriate policy rate, is relatively low and unlikely to change very much over the forecast horizon,” Bullard
READ MOREConstruction on new homes in the U.S., known as housing starts, jumped almost 10% in January to an annual rate of 1.33 million. That’s the second highest level since the Great Recession and it easily exceeded the 1.24 million forecast of economists. Permits to build new homes also hit a 10 1/2-year high, rising 7.4%
READ MOREThe import price index leaped 1% in January to add to a picture of rising inflation in the United States. Although the increase was driven by oil, prices rose for a variety of goods such as German cars, French cheese and Italian wine. Excluding fuel, import prices rose a sharp 0.4%, the government said. That’s
READ MOREInitial claims for state unemployment benefits increased 7,000 to a seasonally adjusted 230,000 for the week ended Feb. 10, the Labor Department said on Thursday. Claims for the prior week were revised to show 2,000 more applications received than previously reported. Claims fell to 216,000 in mid-January, which was the lowest level since January 1973.
READ MORESales at U.S. retailers fell by 0.3% in January — the biggest drop in almost a year — largely because of declines at auto dealers and home centers. And a previously reported increase in sales in December was wiped out. Economists had forecast a 0.2% increase in sales. Excluding autos, retail sales were flat last
READ MORETreasury yields rose after a stronger-than-expected rise in the January consumer price index Wednesday. The 10-year note yield climbed 2.2 basis points to 2.862%, after sitting as low as 2.819%. The 2-year note yield was up 2.1 basis points to 2.127%, while the 30-year bond yield rose 0.8 basis points to 3.136%. Consumer price index
READ MOREThe consumer price index leaped 0.5% in January to mark the biggest increase in five months. The cost of rent, clothes, gasoline, health care and auto insurance all rose. Economists surveyed had forecast a 0.4% increase. Higher consumer prices in January, however, did not substantially alter the overall picture on inflation. The increase in the
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