Cooling consumer spending, inflation put spotlight on Fed amid coronavirus

U.S. consumer spending slowed in January and could lose further momentum as the fast-spreading coronavirus outbreak, which has sparked a stock market sell-off and revived fears of a recession, causes households to tighten their purse strings....(read more)

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Wall Street bounce too little, too late as world stocks post shock weekly decline

Coronavirus panic sent world stock markets tumbling again on Friday, with an index of global stocks setting its largest weekly fall since the 2008 global financial crisis, and over $5 trillion wiped from global market value this week....(read more)

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Stocks pare losses slightly; Fed chair vows to support economy as appropriate

The S&P 500 pared losses slightly after the U.S. Federal Reserve Chair Jerome Powell said the economy was solid though coronavirus posed a risk and he vowed that the central bank would "use its tools and act as appropriate to support the economy." {nW1N2AL00A]...(read more)

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Fed's Powell says coronavirus poses 'evolving risks,' pledges to 'act as appropriate' for economy

Fed's Powell says coronavirus poses 'evolving risks,' pledges to 'act as appropriate' for economy<br/>https://ift.tt/2T99jR9read more)

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Plunging rates in the US are rewriting the history books

The 10-year Treasury yield has fallen more than 20 basis points since Monday as global equities sold off in response to the spreading coronavirus....(read more)

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The Economic Impact of the COVID-19

Several readers have asked about the economic impact of the novel coronavirus. The answer is it depends on the severity of the epidemic. Goldman Sachs economists wrote this morning: Our new baseline scenario involves a continued slowdown in infections in China that allows for a slow recovery in high-frequency indicators of economic activity. However, it also includes moderate supply chain disruptions in the global goods-producing sector, as well as a hit to consumer spending and business activity from national outbreaks that go well beyond China and the other countries (such as Korea and......(read more)

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Goldman expects 75 bps of Fed rate cuts by June

Goldman Sachs expects the coronavirus to drive the Federal Reserve to cut U.S. interest rates by 75 basis points by June it said on Friday, implying as many as three cuts starting at its next meeting in March....(read more)

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Mortgage rates just hit an 8-year low. Here's why they're not even lower

Mortgage rates just fell to an 8-year low, but they are not falling quite as fast as Treasury yields, because of the alacrity of the declines and the resulting risk to investors in mortgage-backed bonds....(read more)

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Coronavirus now poses 'very high' risk at global level: WHO

The risk of spread and impact of the coronavirus is now "very high" at a global level, the highest level of alarm, but containment is still possible, the World Health Organization (WHO) said on Friday....(read more)

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Bullard: Fed already insured against shocks like coronavirus

The Federal Reserve has already insured against shocks like the coronavirus, St. Louis Federal Reserve bank president James Bullard said on Friday....(read more)

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Hotels: Occupancy Rate Decreases Year-over-year

From HotelNewsNow.com: STR: US hotel results for week ending 22 February The U.S. hotel industry reported mostly negative year-over-year results in the three key performance metrics during the week of 16-22 February 2020, according to data from STR. In comparison with the week of 17-23 February 2019, the industry recorded the following: • Occupancy: -2.1% to 63.2% • Average daily rate (ADR): +0.7% to US$130.55 • Revenue per available room (RevPAR): -1.4% to US$82.55 Of note, U.S. airport hotels reported a 4.8% decrease in occupancy for the week , which was the steepest decline among all......(read more)

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Fed's James Bullard says rate cuts possible only if coronavirus turns into pandemic

Fed's James Bullard says rate cuts possible only if coronavirus turns into pandemic<br/>https://ift.tt/2I2Gn6Tread more)

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Personal Income increased 0.6% in January, Spending increased 0.2%, Core PCE increase 0.1%

The BEA released the Personal Income and Outlays report for January: Personal income increased $116.5 billion (0.6 percent) in January according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $101.4 billion (0.6 percent) and personal consumption expenditures (PCE) increased $29.6 billion (0.2 percent). Real DPI increased 0.5 percent in January and Real PCE increased 0.1 percent. The PCE price index increased 0.1 percent. Excluding food and energy, the PCE price index increased 0.1 percent. The January PCE price index increased 1.7......(read more)

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Coronavirus live updates: WHO warns virus could spread to every country, US markets point to continued losses

As of Friday, more than 83,700 cases of coronavirus have been reported, resulting in at least 2,859 deaths....(read more)

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ECB rate setters see no need for action as coronavirus spreads

The European Central Bank does not need to take immediate action in response to the coronavirus epidemic, two ECB policymakers said on Friday, confounding market bets on a rate cut....(read more)

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Ex-Fed Governor Warsh sees coordinated global central bank action soon in response to coronavirus

Ex-Fed Governor Warsh sees coordinated global central bank action soon in response to coronavirus<br/>https://ift.tt/3cjxaVwread more)

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Wall Street on record correction pace as pandemic fears loom

Wall Street's main indexes tumbled for the sixth straight session on Thursday with the S&P 500 on track for its fastest correction in history as the global spread of coronavirus intensified investor uncertainty about the economic impact....(read more)

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Thousands in California being monitored for coronavirus: governor

California health officials are monitoring 8,400 people for coronavirus symptoms after their arrival on domestic commercial flights, but the state had only a limited supply of test kits available, Governor Gavin Newsom said on Thursday....(read more)

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Fed's Evans: too early to cut growth outlook or rates on coronavirus

Chicago Federal Reserve Bank President Charles Evans said on Thursday it was too soon to say if the U.S. growth forecast would be lowered due to the coronavirus epidemic, let alone if the U.S. central bank would need to cut rates. ....(read more)

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Fed seen slashing rates amid virus threat, low inflation

The Federal Reserve may need to move aggressively to cut borrowing costs to cushion the economy from the rapid spread of the new coronavirus, in part because interest rates are already low and so is inflation....(read more)

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Ex-Fed official Richard Fisher warns against Fed-to-the-rescue every time there's a crisis

"I think the market is getting ahead of itself because the market is dependent on Fed largess," Fisher said....(read more)

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Exclusive: U.S. mulls using sweeping powers to ramp up production of coronavirus protective gear

President Donald Trump's administration is considering invoking special powers through a law called the Defense Production Act to rapidly expand domestic production of protective masks and clothing to combat the coronavirus in the United States, two U.S. officials told Reuters....(read more)

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California is monitoring 8,400 people for the coronavirus

California is monitoring 8,400 people for the coronavirus<br/>https://ift.tt/32ytw63read more)

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Kansas City Fed: "Tenth District Manufacturing Activity Increased Modestly" in February

From the Kansas City Fed: Tenth District Manufacturing Activity Increased Modestly The Federal Reserve Bank of Kansas City released the February Manufacturing Survey today. According to Chad Wilkerson, vice president and economist at the Federal Reserve Bank of Kansas City, the survey revealed that Tenth District manufacturing activity increased modestly, reaching positive territory for the first time in eight months . "Regional factory activity finally expanded again in February," said Wilkerson. " This was despite over 40 percent of firms reporting some negative effect from the spread of......(read more)

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Multifamily Builder and Developer Confidence Unchanged in Fourth Quarter

Confidence in the market for new multifamily housing remained unchanged in the fourth quarter of 2019, according to results from the National Association of Home Builders' Multifamily Market Survey (MMS). The MMS produces two separate indices: The Multifamily Production Index (MPI) which remained even at 49 (Figure 1), and the Multifamily Vacancy Index (MVI) which also remained unchanged at 40... Read More ›...(read more)

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Q4 GDP Unchanged at 2.1% Annual Rate

From the BEA: Gross Domestic Product, Fourth Quarter and Year 2019 (Second Estimate) Real gross domestic product (GDP) increased at an annual rate of 2.1 percent in the fourth quarter of 2019 (table 1), according to the "second" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP also increased 2.1 percent. The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was also 2.1 percent. In the second estimate, an upward revision to......(read more)

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US weekly jobless claims rise more than expected

The number of Americans filing for unemployment benefits increased more than expected last week, but the underlying trend remained consistent with solid labor market conditions....(read more)

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US orders for durable goods slip 0.2% in January

Orders to U.S. factories for big-ticket manufactured goods dipped in January, pulled down by decreased demand for cars, auto parts, and military aircraft....(read more)

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Goldman sees zero earnings growth for US companies this year because of coronavirus

Goldman Sachs revised its earnings estimate for the year to $165 per share, representing 0% growth in 2020....(read more)

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Coronavirus live updates: Possible community spread in US, Japan to close all schools

As of Thursday, more than 81,400 cases of coronavirus have been reported, resulting in at least 2,770 deaths....(read more)

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Pandemic fears pummel stocks, push bond rally to fresh heights

Stocks sunk deeper into the red on Thursday, oil prices fell and U.S. Treasuries rallied into record territory as more signs of the global spread of the coronavirus heightened fears of a pandemic....(read more)

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Germany 'heading for epidemic' as virus spreads faster outside China

Germany said on Wednesday that it was heading for a coronavirus epidemic and could no longer trace all cases, as the number of new infections inside China - the source of the outbreak - was for the first time overtaken by those elsewhere....(read more)

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There's nowhere to go but lower for bond yields as long as coronavirus scare persists

U.S. government bonds have been a safe haven for investors amid cascading losses on Wall Street....(read more)

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U.S. consumer spending could see one-two punch from stocks drop, coronavirus

The coronavirus outbreak has yet to spread meaningfully to U.S. shores, but fears of it alone have already eviscerated some $2 trillion of American stock market value, setting off a market rout that could stymie consumer spending - even before other economic effects of the disease are felt....(read more)

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Toll Brothers says home sales in California impacted by coronavirus

Home builder Toll Brothers Inc said on Wednesday that the coronavirus outbreak in China had led to shortages of lighting fixtures and small appliances, forcing it to delay sales of some homes in California, one of its biggest markets....(read more)

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Retail sales expected to climb between 3.5% and 4.1% in 2020, unless coronavirus derails growth, trade group says

Retail sales are forecast to rise between 3.5% and 4.1%, topping $3.9 trillion, in 2020, the industry's trade group said Tuesday....(read more)

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New coronavirus cases outside China exceeded those in China for the first time, WHO says

"The sudden increases of cases in Italy, the Islamic Republic of Iran and the Republic of Korea are deeply concerning," Tedros Adhanom Ghebreyesus, director-general of WHO, said....(read more)

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US new home sales surge to 12.5-year high in January

US new home sales surge to 12.5-year high in January<br/>https://ift.tt/2wb0yg4read more)

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Fed's Kaplan says unclear right now if coronavirus calls for U.S. rate change: WSJ

Federal Reserve Bank of Dallas President Robert Kaplan said on Tuesday events are still too fluid around the coronavirus outbreak to say the U.S. central bank needs to lower short-term rates, the Wall Street Journal reported on Tuesday....(read more)

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World shares slump for fifth day, bets grow on interest rate cuts to counter damage

World stocks tumbled for the fifth straight day on Wednesday, while safe-haven gold rose back towards seven-year highs and U.S. bond yields held near record lows after governments and health authorities warned of a possible coronavirus pandemic....(read more)

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Coronavirus watch, earnings, new home sales: 3 things to watch for in the markets on Wednesday

We'll be looking for updates on the coronavirus, monitoring a slew of earnings and new home sales on Wednesday....(read more)

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Director of busiest US port: Economic fallout from Coronavirus appears 'much worse' than SARS

Gene Seroka, executive director of the Port of Los Angeles, told CNBC that he's basing his assessment on the sharp slowdown in shipping then and now....(read more)

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As stocks sell off again, chart analyst sees buy signal in bond market

The fear trade took over to begin the week. But, even with this recent turn to safety, Oppenheimer's head of technical analysis, Ari Wald, says the bond market bid could be flashing a buy signal for riskier stocks....(read more)

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Kudlow says he's not expecting the Fed to make a 'panic move' and cut interest rates

Kudlow says he's not expecting the Fed to make a 'panic move' and cut interest rates<br/>https://ift.tt/2VoDSngread more)

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FDIC: Fewer Problem banks, Residential REO Declined in Q4

The FDIC released the Quarterly Banking Profile for Q4 2019 today: For the 5,177 commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC), aggregate net income totaled $55.2 billion in fourth quarter 2019, a decline of $4.1 billion (6.9 percent) from a year ago. The decline in net income was led by lower net interest income and higher expenses. Financial results for fourth quarter 2019 are included in the FDIC's latest Quarterly Banking Profile released today. ... The Number of Banks on the "Problem Bank List" Remained Low: The number of problem......(read more)

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U.S. consumer confidence nudges up in February

U.S. consumer confidence edged up in February, suggesting a steady pace of consumer spending that could support the economy despite growing fears over the impact of the fast spreading coronavirus, which have roiled financial markets....(read more)

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Housing market strength underpins Home Depot's holiday-quarter results

Home Depot Inc benefited from a solid U.S. housing market and higher job growth that led consumers to spend more at its stores in the holiday shopping quarter, helping the home improvement chain beat sales and profit estimates....(read more)

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Multifamily Built-for-Rent: 94% Market Share

An elevated rental share of multifamily construction is holding typical apartment size below levels seen during the pre-Great Recession period. According to fourth quarter 2019 data, the average per unit square footage of multifamily housing construction starts was 1,074, off from the post-recession high set at the start of 2015 (1,247 square feet). The median was 1,053 square feet for... Read More ›...(read more)

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'This is different' — El-Erian warns against buying this pullback amid coronvirus fears

Disruptions to earnings and the economy from "shock" events such as the coronavirus tend to stick around longer than more fundamental downturns, the Allianz chief economic advisor said....(read more)

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Coronavirus update, earnings, consumer confidence: 3 things to watch for in the markets on Tuesday

We'll get updates on the coronavirus, earnings from Home Depot and Salesforce, and a reading on consumer confidence on Tuesday....(read more)

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