US: Fed’s Miran: Four quarter-point cuts still warranted this year, no “all clear” for job market
Federal Reserve Governor Stephen Miran said strong job growth in January was “a really good thing,” but that the Fed should still cut a full percentage point from its policy rate this year because there were still risks to the labor market while inflation was no longer a problem. (Reuters)
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US mortgage rates reach lowest since 2022, spur refinancing
US mortgage rates slipped last week to the lowest level since 2022, generating more refinancing activity. The contract rate on a 30-year mortgage dropped eight basis points to 6.09% in the week ended Feb 20, according to Mortgage Bankers Association (MBA) data released Wednesday. The rate on five-year adjustable mortgages fell to 5.23%, also the lowest since September 2022. (The Edge Malaysia)
US consumer confidence improves in February
U.S. consumer confidence rebounded more than expected in February amid an improvement in households’ perceptions of the labor market, a survey showed on Tuesday.The Conference Board said its consumer confidence index increased 2.2 points to 91.2 this month. Data for January was revised higher to show the index at 89.0 instead of 84.5, which was the lowest level since May 2014. Economists polled by Reuters had forecast the index at 87.0. (Reuters)
US: Fed’s Waller says March rate call depends on labour market
Federal Reserve (Fed) Governor Christopher Waller said his decision on whether to support an interest-rate cut at the US central bank’s next policy meeting will hinge on upcoming labour-market data. (The Edge Malaysia)
US PCE inflation heats up in December
Underlying U.S. inflation increased more than expected in December, and signs are pointing to a further acceleration in January, which would strengthen expectations that the Federal Reserve would not cut interest rates before June. (Reuters)
US trade deficit widens, capping one of biggest since 1960
The US trade deficit widened in December, capping a turbulent year of erratic tariff policy. The goods and services trade gap expanded from the prior month to USD70.3b (274.2 billion), Commerce Department data showed on Thursday. (The Edge Malaysia)
US: Rates likely to stay steady as inflation eases – Fed’s Barr
Federal Reserve governor Michael Barr said on Tuesday that another central bank interest rate cut could come somewhere well down the road amid ongoing risks to the US inflation outlook. (New Straits Times)
US consumer prices increase marginally, but inflation pressures persist
U.S. consumer prices increased less than expected in January amid cheaper gasoline and a moderation in rental inflation, but households faced higher costs for services, suggesting little urgency for the Federal Reserve to resume cutting interest rates before summer. (Reuters)