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The Fed
Fed Beige Book finds labor and supply shortages are cramping the U.S. economy
Last Updated: Oct. 20, 2021 at 2:55 p.m. ET
First Published: Oct. 20, 2021 at 2:28 p.m. ET
By Jeffry Bartash
Fed says economy still growing at ‘moderate’ pace
The U.S. economy is still growing at a solid pace, a Federal Reserve report said Wednesday, but labor shortages and supply-chain bottlenecks are restraining growth and triggering higher inflation.
The Fed’s Beige Book, a period evaluation of the economy, shed more light on the unprecedented challenges facing the U.S. as it recovers from the pandemic. What’s hurting the economy the most right now are a lack of workers and the inability of companies to obtain badly needed parts and supplies.
https://www.marketwatch.com/story/fed-be...cle_inline
Market Snapshot
Dow and S&P 500 end higher, close to all-time records, while Fed’s Beige Book points to inflation, labor shortages
Last Updated: Oct. 20, 2021 at 4:31 p.m. ET
First Published: Oct. 20, 2021 at 5:39 a.m. ET
............However, inflation concerns remain an issue. Fed governor Randal Quarles said he was beginning to focus more of his attention on inflation and that there are “significant upside risks” to the widely-shared view that price pressures will decline sharply next year, in a Wednesday speech to the 2021 Milken Institute Global Conference.
Quarles also said he will support a decision at the Fed’s meeting in two weeks to begin tapering the central bank’s $120 billion in monthly bond purchases of Treasurys and agency mortgage-backed securities. Fed Reserve Gov. Christopher Waller on Tuesday said the central bank should begin tapering its monthly purchases starting next month.
Giorgio Caputo, senior investment analyst at JO Hambro Capital Management, said that while the economy appears to be moving past its earlier “air pocket” tied to global coronavirus cases and severe supply-chain bottlenecks, that tapering of bond purchases by the Fed will be important.
“We are going to be going through the removal of $120 billion of monthly liquidity that’s been coming into markets,” he told MarketWatch. “That’s the mother of all buyback plans.”
“If there’s one thing to be mindful of, and respect, it’s the power of liquidity,” Caputo said.
In economic data, the Fed’s latest Beige Book survey of economic conditions released Wednesday pointed to a U.S. economy that still is growing at a solid pace, but labor shortages and supply-chain bottlenecks that have been restraining growth and triggering higher inflation.
“It’s becoming more of a fact that even Fed members are worried about inflation being more structural, as opposed to temporary, and you have rising commodity prices,” Cardillo said..........
https://www.marketwatch.com/story/u-s-st..._headlines
Fed Beige Book finds labor and supply shortages are cramping the U.S. economy
Last Updated: Oct. 20, 2021 at 2:55 p.m. ET
First Published: Oct. 20, 2021 at 2:28 p.m. ET
By Jeffry Bartash
Fed says economy still growing at ‘moderate’ pace
The U.S. economy is still growing at a solid pace, a Federal Reserve report said Wednesday, but labor shortages and supply-chain bottlenecks are restraining growth and triggering higher inflation.
The Fed’s Beige Book, a period evaluation of the economy, shed more light on the unprecedented challenges facing the U.S. as it recovers from the pandemic. What’s hurting the economy the most right now are a lack of workers and the inability of companies to obtain badly needed parts and supplies.
https://www.marketwatch.com/story/fed-be...cle_inline
Market Snapshot
Dow and S&P 500 end higher, close to all-time records, while Fed’s Beige Book points to inflation, labor shortages
Last Updated: Oct. 20, 2021 at 4:31 p.m. ET
First Published: Oct. 20, 2021 at 5:39 a.m. ET
............However, inflation concerns remain an issue. Fed governor Randal Quarles said he was beginning to focus more of his attention on inflation and that there are “significant upside risks” to the widely-shared view that price pressures will decline sharply next year, in a Wednesday speech to the 2021 Milken Institute Global Conference.
Quarles also said he will support a decision at the Fed’s meeting in two weeks to begin tapering the central bank’s $120 billion in monthly bond purchases of Treasurys and agency mortgage-backed securities. Fed Reserve Gov. Christopher Waller on Tuesday said the central bank should begin tapering its monthly purchases starting next month.
Giorgio Caputo, senior investment analyst at JO Hambro Capital Management, said that while the economy appears to be moving past its earlier “air pocket” tied to global coronavirus cases and severe supply-chain bottlenecks, that tapering of bond purchases by the Fed will be important.
“We are going to be going through the removal of $120 billion of monthly liquidity that’s been coming into markets,” he told MarketWatch. “That’s the mother of all buyback plans.”
“If there’s one thing to be mindful of, and respect, it’s the power of liquidity,” Caputo said.
In economic data, the Fed’s latest Beige Book survey of economic conditions released Wednesday pointed to a U.S. economy that still is growing at a solid pace, but labor shortages and supply-chain bottlenecks that have been restraining growth and triggering higher inflation.
“It’s becoming more of a fact that even Fed members are worried about inflation being more structural, as opposed to temporary, and you have rising commodity prices,” Cardillo said..........
https://www.marketwatch.com/story/u-s-st..._headlines
