Miércoles 07/09/22 libro beige del Fed

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Miércoles

Eventos económicos

Balance comercio internacional
Libro beige del Fed

International trade balance July -$70.2 billion -$79.6 billion
10 am Cleveland Fed President Loretta Mester speaks
12:35 pm Fed Vice Chair Lael Brainard speaks
2 pm Beige Book
2 pm Fed Vice Chair for Bank Supervision Michael Barr speaks

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LAST CHG %CHG
Crude Oil Futures 85.34 -1.54 -1.77
Brent Crude Futures 91.49 -1.34 -1.44
Gold Futures 1703.40 -9.50 -0.55
Silver Futures 17.760 -0.148 -0.83
DJIA Futures 30995 -171 -0.55
S&P 500 Futures 3887.00

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LAST CHG %CHG
Crude Oil Futures 86.10 -0.78 -0.90
Brent Crude Futures 91.96 -0.87 -0.94
Gold Futures 1710.30 -2.60 -0.15
Silver Futures 17.980 0.072 0.40
DJIA Futures 31068 -98 -0.31
S&P 500 Futures 3897.75 -12.75

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Euro (EUR/USD) 0.9889 -0.0016 -0.16
Japanese Yen (USD/JPY) 144.90 2.11 1.48
U.K. Pound (GBP/USD) 1.1429 -0.0090 -0.78
Swiss Franc (USD/CHF) 0.9858 0.0013 0.13
Chinese Yuan (USD/CNY) 6.9758 0.0215 0.31
U.S. Dollar Index 110.70

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YIELD(%) YIELD CHG
U.S. 10 Year 3.318 -0.031
Germany 10 Year 1.565 -0.076
U.K. 10 Year 3.015 -0.085
Japan 10 Year 0.247 0.006
Australia 10 Year 3.716 0.053
China 10 Year 2.644

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Copper September 07,08:59
Bid/Ask 3.4813 - 3.4825
Change -0.0048 -0.14%
Low/High 3.4416 - 3.4995
Charts

Nickel September 07,08:59
Bid/Ask 9.6278 - 9.6369
Change -0.0257 -0.27%
Low/High 9.5265 - 9.7714
Charts

Aluminum September 07,08:59
Bid/Ask 1.1086 - 1.1088
Change -0.0102 -0.91%
Low/High 1.1074 - 1.1262
Charts

Zinc September 07,08:59
Bid/Ask 1.4347 - 1.4358
Change -0.0225 -1.55%
Low/High 1.4260 - 1.4616
Charts

Lead September 07,08:59
Bid/Ask 0.8537 - 0.8542
Change -0.0043 -0.50%
Low/High 0.8475 - 0.8598
Charts

Uranium Sep 05, 2022
Ux U308 price: 51.25
Change from
previous week

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Jerome Powell’s Inflation-Fighting Pledge Could Tee Up Another 0.75-Point Interest Rate Rise
Fed officials face questions over how high to lift rates by year’s end and how fast to get there

Federal Reserve Chairman Jerome Powell recently underscored the central bank’s commitment to boosting interest rates enough to lower inflation from 40-year highs.
PHOTO: MANUEL BALCE CENETA/ASSOCIATED PRESS
By Nick TimiraosFollow
Updated Sept. 7, 2022 8:38 am ET

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The Federal Reserve appears to be on a path to raise interest rates by another 0.75 percentage point this month in the wake of Chairman Jerome Powell’s public pledge to reduce inflation even if it increases unemployment.

Fed officials have done little to push back against market expectations of a third consecutive 0.75-point rate rise in recent public statements and interviews ahead of their Sept. 20-21 policy meeting.

In a speech Aug. 26 in Jackson Hole, Wyo., Mr. Powell underscored the central bank’s commitment to boosting interest rates enough to lower inflation from 40-year highs. “We will keep at it until we are confident the job is done,” he said.

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His remarks and tone placed him among the Fed officials who favor a more aggressive pace of rate increases than others, said Tim Duy, chief U.S. economist at research firm SGH Macro Advisors. Raising rates by 0.75 percentage point would fit that approach, he said.

Mr. Powell’s speech showed he “very much did not want to leave the impression that the Fed would fall short on fighting inflation,” Mr. Duy said.

St. Louis Fed President James Bullard said in an Aug. 18 interview he was leaning in favor of a 0.75-point rate increase at the coming Fed meeting. “We should continue to move expeditiously to a level of the policy rate that will put significant downward pressure on inflation,” he said.

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Fed officials have raised rates this year at the fastest clip since the early 1980s, taking their benchmark federal-funds rate from near zero in March to a range between 2.25% and 2.5% in July.

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Federal Reserve Chairman Jerome Powell said the central bank must continue raising rates until it is confident inflation is under control. He spoke at the Kansas City Fed’s annual symposium in Wyoming. Photo: Jim Urquhart/Reuters
They face two main questions heading into their Sept. 20-21 meeting that are likely to determine whether to approve another 0.75-point rate rise: How much higher do they expect to raise rates in coming months, and what steps do they take to get there?

Several officials have signaled a desire to raise the fed-funds rate closer to 4% by year’s end—or about 1.5 percentage point higher than its current level. That could be accomplished in rate increases of various sizes at each of the three remaining Fed meetings this year.

The hawkish approach would point to a 0.75-point rate rise at the coming meeting, followed by smaller increases at the next two, analysts said.

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“The argument is you’re going to have to go much further than where policy rates are now, and the risk of overshooting is still fairly low,” said Mr. Duy. “And you would rather try to get a little bit more ahead of the curve rather than risk falling behind further.”

Mr. Bullard said in the interview, “I don’t really see why you want to drag out interest-rate increases into next year. I think you might as well do it relatively quickly.”

Another option would be to raise rates by a half percentage point at each of the remaining meetings this year.

Officials will submit new economic projections at their meeting this month, showing how high they expect to lift the fed-funds rate by year’s end.

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Their next steps needed to be guided by “where do we want to see interest rates by the end of the year and into next year,” New York Fed President John Williams said in an interview last week. “If, based on the data, it’s clear that we need to get interest rates significantly higher by the end of the year, then obviously that informs a decision at any given meeting.”

The U.S. labor market has remained strong this year, with employers adding 315,000 jobs in August, a robust gain. While inflation slowed a bit in July, underlying price pressures and wage growth suggest it could run well above the Fed’s 2% target for some time. The Labor Department releases next week its inflation report for August.

Mr. Powell is set to speak Thursday in a moderated discussion at the Cato Institute, his last scheduled public remarks before the coming Fed meeting.

The Fed is raising rates to combat inflation by slowing the economy through tighter financial conditions—such as higher mortgage rates and bond yields, as well as lower stock prices—which typically curb spending, hiring and investment. Any sustained easing in financial conditions—such as through falling yields and rising stocks—could have the opposite effect, fueling inflation.

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Officials have been uncomfortable by how markets rallied—easing financial conditions—following their July 26-27 meeting, when Mr. Powell at a news conference signaled the central bank would at some point slow its rate rises.

The rally risked undoing some of the Fed’s work to slow the economy. The average 30-year fixed mortgage fell to 5.45% in mid-August, down from 5.82% in July, according to the Mortgage Bankers Association.

After that rally, “they are much more aware of the communications challenges they face with markets,” said Jonathan Pingle, chief U.S. economist at UBS. Mortgage rates rose to 5.94% last week, the MBA said on Wednesday.

Officials are trying to convey their expectations that rates will need to stay higher for longer, and “one way to send that message is with a third 0.75-point hike,” said Mr. Duy.

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https://www.wsj.com/articles/iphone-14- ... 47?mod=mhp

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LAST CHG %CHG
DJIA 31120.41 -24.89 -0.08
S&P 500 3908.71 0.52 0.01
Nasdaq Composite 11576.84 31.94 0.28
Japan: Nikkei 225 27430.30 -196.21 -0.71
UK: FTSE 100 7230.03 -70.41 -0.96
Crude Oil Futures 83.80 -3.08 -3.55
Gold Futures 1709.70 -3.20 -0.19
Yen 144.72 1.92 1.35
Euro 0.9912 0

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LAST CHG %CHG
DJIA 31511.40 366.10 1.18
S&P 500 3965.19 57.00 1.46
Nasdaq Composite 11724.53 179.62 1.56
Japan: Nikkei 225 27430.30 -196.21 -0.71
UK: FTSE 100 7237.83 -62.61 -0.86
Crude Oil Futures 82.62 -4.26 -4.90
Gold Futures 1728.70 15.80 0.92
Yen 143.88 1.08 0.76
Euro 1.0002

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https://www.bvl.com.pe/

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LAST CHG %CHG
DJIA 31532.96 387.66 1.24
S&P 500 3965.19 57.00 1.46
Nasdaq Composite 11725.13 180.22 1.56
Japan: Nikkei 225 27430.30 -196.21 -0.71
UK: FTSE 100 7237.83 -62.61 -0.86
Crude Oil Futures 82.49 -4.39 -5.05
Gold Futures 1729.30 16.40 0.96
Yen 143.88 1.08 0.76
Euro

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Price: US$/lb

Copper September 07,13:39
Bid/Ask 3.4798 - 3.4816
Change -0.0063 -0.18%
Low/High 3.4416 - 3.4995
Charts

Nickel September 07,13:37
Bid/Ask 9.6369 - 9.7231
Change -0.0166 -0.17%
Low/High 9.5257 - 9.7952
Charts

Aluminum September 07,13:38
Bid/Ask 1.1088 - 1.1097
Change -0.0100 -0.89%
Low/High 1.1065 - 1.1262
Charts

Zinc September 07,13:38
Bid/Ask 1.4380 - 1.4393
Change -0.0193 -1.32%
Low/High 1.4260 - 1.4616
Charts

Lead September 07,13:38
Bid/Ask 0.8595 - 0.8602
Change +0.0014 +0.17%
Low/High 0.8475 - 0.8620
Charts

Uranium Sep 05, 2022
Ux U308 price: 51.25
Change from
previous wee

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LAST CHG %CHG
DJIA 31581.28 435.98 1.40
S&P 500 3979.87 71.68 1.83
Nasdaq Composite 11791.90 246.99 2.14
Japan: Nikkei 225 27430.30 -196.21 -0.71
UK: FTSE 100 7237.83 -62.61 -0.86
Crude Oil Futures 81.76 -5.12 -5.89
Gold Futures 1730.00 17.10 1.00
Yen 143.76 0.97 0.68
Euro 1.0008

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Stocks Shrug Off Growth Concerns, Rise in Broad-Based Reversal
Major U.S. benchmarks gain after weeks of declines; oil prices tumble

By Joe WallaceFollow
and Eric WallersteinFollow
Updated Sept. 7, 2022 4:30 pm ET
The S&P 500 rose 71.68 points, or 1.8%, to 3979.87. The Dow Jones Industrial Average rose 435.98 points, or 1.4%, to 31581.28. The Nasdaq Composite gained 246.99 points, or 2.1%, to 11791.90. That snapped a seven-day losing streak, the worst stretch for the tech-heavy index since 2016.

Each of the S&P 500’s 11 sectors notched gains, besides energy stocks, pushing the benchmark to its best one-day performance since Aug. 10.

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Stocks and commodities have fallen for three consecutive weeks on three-pronged concerns for the world economy. In China, Covid-19 lockdowns are curtailing activity and disrupting international supply chains. Europe’s energy crisis is shutting down parts of industry and saddling governments with enormous bills.

In the U.S., the problem for markets is different. Some investors say the economy is too strong, encouraging the Federal Reserve to keep raising interest rates to curb inflation. Wednesday’s move might suggest that sentiment is changing.

“For the last several weeks, the market read positive economic news as bad news, because it meant further tightening from the Fed,” said Art Hogan, chief market strategist at B. Riley FBR Inc. “That counterintuitive reaction can only last for so long—today investors are realizing they overreacted.”

Mr. Hogan noted that the best-case scenario—the Fed tackling inflation without causing a recession—requires economic growth to remain fairly robust. Long-term U.S. Treasury yields also halted their recent rise, adding some relief for investors who feared rates could hit even more restrictive levels, he said.

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Yields on 10-year U.S. Treasurys declined to 3.264% from 3.339% Tuesday. Yields fall when bond prices rise.

Oil prices fell to their lowest level since before the invasion of Ukraine. International benchmark Brent crude sank 5.2% to $88 a barrel. Domestic West Texas Intermediate fell 5.7% to $81.94, for its lowest close since Jan. 11, according to Dow Jones Market Data.

“What we are seeing today is worry over Chinese demand,” said Stewart Glickman, senior equity analyst and head of energy sector at CFRA Research.

“The lion’s share of incremental demand for oil on a yearly basis comes from emerging markets,” added Mr. Glickman. “When China taps the brake hard on its economy with its zero-tolerance policy on Covid-19, that eats into projected demand.”

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Chinese trade data showed outbound shipments rose 7.1% from a year earlier in August, slowing from an 18% increase in July. China’s imports increased 0.3% from a year earlier, down from 2.3% growth in July.

The export figures point to softening global growth, while the import data suggest lockdowns are hurting demand in China, said BNP Paribas Asset Management strategist Daniel Morris. “You are conceivably losing your second-biggest global motor of growth because Covid just seems to drag on and on in terms of the restrictions,” he said.


A trader worked on the floor of the New York Stock Exchange on Tuesday.Photo: BRENDAN MCDERMID/REUTERS
Investors parsed another batch of data on the U.S. economy on Wednesday, in the Fed’s release of its periodic compilation of economic anecdotes collected from businesses around the country.

Comments in the so-called beige book contained notions of resilient economic strength to this point, which investors weighed against a bleaker forward outlook. Similarly, continued wage growth was measured against an overall slowing in price increases in many of the Fed’s 12 districts.

Global stocks broadly fell as the Stoxx Europe 600 fell 0.6% and Japan’s Nikkei 225 lost 0.7%.