Hurricane Sally leaves 550,000 without power on US Gulf Coast: BBC
Federal Reserve expects to keep rates near zero for years: CNBC
CDC chief: coronavirus vaccine may not be ready until mid-2021: WSJ
Are weekly jobless claims figures reliable? NYT
Snowflake stock more than doubles — largest software IPO in history: CNBC
Homebuilder sentiment increases to record high in September: CNBC
US retail spending continued rising in August: NYT
Lower For Longer: If it wasn’t already clear, the Federal Reserve has no plans to raise interest rates any time soon. Noting that inflation continues to run “persistently below” its 2% target and the labor market remains well below its “maximum” mandate for full employment, the central bank announced that it “expects to maintain an accommodative stance of monetary policy until these outcomes are achieved.”
Since the US stock market hit bottom on March 23, the subsequent rally has been swift but uneven. An elite set of sectors have outperformed the broad market, based on a set of ETFs through yesterday’s close (Sep. 15). The majority, however, are still playing catch-up.
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Hurricane Sally remains a threat to US Gulf Coast states: CNN
Israel signs pact with two Gulf Arab states at White House: AP
US retail sales growth expected to slow in today’s August report: WSJ
Fed economic forecasts expected to edge up in today’s policy meeting: Reuters
OECD projects global GDP on track for “unprecedented” decline in 2020: CNBC
UK inflation falls to a five-year low: CNN
US import-price inflation increased more than expected in August: CNBC
NY Fed Mfg Index: growth picks up in September in bank’s region: MW
US industrial output growth continued to slow in August: Reuters
When a central bank announces a formal policy change to lift inflation it’s reasonable to expect that the government bond market would notice. But so far there are few signs that US Treasuries are reacting to last month’s roll out of the Fed’s average inflation targeting (AIT) policy, which is designed to “moderately overshoot” the 2% target for “some time,” the bank’s chair, Jerome Powell, explained last month.
Hurricane Sally begins lashing Gulf Coast: Reuters
Historic Arab-Israel diplomatic deals set for signing ceremony today: AP
No relief in site from wildfires burning across US West: AP
Minimal guidance expected from Fed on new policy for setting rates: BBG
25 years of global progress on health and economics reversed this year: Politico
Researchers find no evidence of a small-cap risk premium: II
China’s consumer and industrial data show rebound continued in August: CNBC
German investor sentiment rises in September, beating expectations: Reuters
Consumer inflation expectations tick up to 3.0% for 1-year horizon: NYF
US economy’s full recovery will take additional 6 months without stimulus: BBG
Real Treasury yields stay negative for more than five months:
Investors had a tough time identifying a unified narrative for global markets last week, based on a set of ETFs. Performances ranged from a slight gain for equities in developed markets-ex US to a hefty loss for US shares, based on the trading week ended Sep. 11.
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WHO reports record one-day rise in new coronavirus infections: BBC
Gulf Coast prepares for Tropical Storm Sally: AP
Congress has one last chance before election to pass stimulus bill: BBG
Trump signs executive order to lower drug prices: Politico
After nearly a month, California continues to battle wildfires: CNN
Yoshihide Suga, chief cabinet secretary, will be Japan’s next prime minister: JT
Israel’s new peace agreements suggest new era for Middle East: NYT
Eurozone industrial output continued to recover in July: CAM
Oracle wins bidding contest to buy TikTok operations in US: WSJ
Amazon to hire 100,000 new workers: Reuters
US consumer inflation increased for third month in August: MW
Treasury market isn’t convinced Fed can push inflation higher: BBG
Jamie K. McCallum
Review via Vice
Data shows that workers fear technology even more than immigrants. “Survey data shows that American workers are more afraid of being replaced by robots than by immigrants, are hesitant to apply for jobs in which applicants are sorted by algorithms, and strongly believe automation will drive down wages,” McCallum writes in his book Worked Over.
And That Makes Two: US stocks fell for a second straight week, which hasn’t happened since April. The S&P 500 retreated 2.5% for the trading week through today’s close (Sep. 11), which left the index just above its 50-day moving average.
