Page 48 - Fomc News Today

Former Federal Reserve Chairman Ben Bernanke said the current Fed leaders were too slow to react to surging U.S. inflation and as a result face a period of stagflation, or a combination of stagnant growth and high inflation.

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“Unless there are some big surprises, I expect it to be appropriate to raise the policy rate another 50 basis points at each of our next two meetings,” Mester said Friday.

Outflows continue with the Investment Company Institute reporting $6.167 billion pulled from muni bond mutual funds in the week ending May 4, up from $5.371 billion of outflows in the previous week. 

During his confirmation hearing, Jefferson’s experience and commitment to follow the Fed’s limited mandates had earned Republican plaudits, while Democrats have praised his research on poverty and the diversity he’ll add to the board.

The Senate voted to confirm Jerome Powell for a second four-year term as Federal Reserve chair on Thursday, trusting him to tackle the highest inflation to confront the country in decades.

Logan, 49, currently oversees implementation of the Fed’s monetary policy as manager of the Fed’s $9 trillion securities portfolio and executive vice president of the Federal Reserve Bank of New York, where she has led Market Operations, Monitoring and Analysis since 2012.

KUALA LUMPUR: The ringgit reversed yesterday’s gains and ended lower against the US dollar on Friday, tracking other Asian currencies as the risk aversion wave by equities as well as higher US Treasury yields saw investors pile into US dollars.

Mohamed El-Erian, a closely followed bond-market strategist, says the Federal Reserve has a trust problem with financial markets and the nation over inflation.

Investors pulled more from municipal bond mutual funds in the latest week, with Refinitiv Lipper reporting $2.669 billion of outflows, though down from $2.875 billion of outflows in the previous week.