NY Fed President Dudley Reverses Interest Rate Hike Forecast

first_img in Daily Dose, Featured, Government, Market Studies, News Tagged with: Federal Reserve Bank of New York Interest Rate William Dudley Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save October 12, 2015 1,176 Views Previous: KBW lifts MGIC to Outperform, Delinquent Loan Inventory Drops 56 Percent in 3 Years Next: Survival in the SFR Market Requires Unorthodox Acquisition Strategies The Best Markets For Residential Property Investors 2 days ago Xhevrije West is a talented writer and editor based in Dallas, Texas. She has worked for a number of publications including The Syracuse New Times, Dallas Flow Magazine, and Bellwethr Magazine. She completed her Bachelors at Alcorn State University and went on to complete her Masters at Syracuse University. Related Articles  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago NY Fed President Dudley Reverses Interest Rate Hike Forecast Federal Reserve Bank of New York Interest Rate William Dudley 2015-10-12 Kendall Baercenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Xhevrije West Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / NY Fed President Dudley Reverses Interest Rate Hike Forecast Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The uncertainty surrounding the highly anticipated interest rate hike has kept the industry on its toes about just when the Federal Open Market Committee (FOMC) will raise rates, but New York Fed President William Dudley has recently reversed his initial forecast for the increase, presenting even more skepticism.Dudley, who is also a voting member of the Fed and vice chairman of the FOMC, noted in a recent interview with CNBC that his original forecast for the hike was altered by questions about a slowing global economy and its effect on the U.S. economy, which could potentially delay the rate increase further.”I think the key question is, are we going to get sufficient growth in the economy, put downward pressure on the unemployment rate, get an acceleration in wages? If we get that, I’ll be reasonably confident in inflation returning to 2 percent.”New York Fed President William DudleyIn late September, Dudley projected that the Fed may raise rates this year “if the economy continues on the same trajectory it’s on…and everything else suggests that’s likely to continue…then there is a pretty strong case for lifting off,” he said in a Wall Street Journal interview.However, contradictory to these remarks, in his recent CNBC interview Dudley seemed to back pedal on his previous statement, noting that he still predicts a rate hike this year, “but it’s a forecast and we’re going to get a lot of data between now and December, so it’s not a commitment.”The debate over whether it was time to raise rates as intensified as economic volatility in China has caused turbulence in the U.S. stock market in August. Following this, Dudley said that a rate increase in September seemed “less compelling” following turbulent stock market activity.At the September meeting, the Federal Reserve decided to keep the federal funds target rate at zero to 1/4 percent, where it has been for nine years.”In determining how long to maintain this target range, the Committee will assess progress—both realized and expected—toward its objectives of maximum employment and 2 percent inflation,” the Fed said in a statement. “This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments. The Committee anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen some further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term.The FOMC minutes from the September meeting showed that the Fed’s concern mostly lingers around global economic troubles, but they still intend to raise rates before the end of 2015.”The concerns about global economic growth and turbulence in financial markets led to greater uncertainty among market participants about the likely timing of the start of the normalization of the stance of U.S. monetary policy,” the minutes said. “Based on federal funds futures, the probability of a first increase in the target range for the federal funds rate at the September meeting fell slightly.”Even though most officials indicated that economic conditions will allow the hike to happen later this year, “the committee decided that it was prudent to wait for additional information confirming that the economic outlook had not deteriorated.’’Click here to read/watch the CNBC interview.Click here to read the WSJ interview. 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Sea Bright Voters To Consider Bond Referendum

first_imgThe total bonded amount to be repaid through taxes will be $4,275,000 according to the statement.Another explanatory draft statement was suggested by borough resident Marianne McKenzie which gave a fuller description of the new buildings that would be paid for by the bonds.At the July 26 meeting, Borough Administrator Joseph Verruni asked council members to submit their comments and suggestions for an explanatory statement by Thursday so one could be drawn up to be voted on at the Aug. 2 meeting.The referendum on the bond issues was required after a petition signed by 87 residents (of which 69 were qualified), was filed, according to Borough Clerk Christina Pfeiffer.She said the law states when a petition is signed by more than 15 percent of the voters in the last election in which members of the State Assembly are on the ballot, it qualifies. Pfeiffer said that number was 47.In a previous meeting, Councilman Brian Kelly said the bonds, after factoring in fees for a new metered parking system in the town and the stopping of rent payments for facilities that were paid to replace the lost buildings would raise taxpayer costs by around 2 cents per $100 of valuation.Borough official Frank Lawrence said Wednesday that the town now pays around $150,000 a year in rentals for facilities that replace the ones lost in Sandy.Lamnia, in speaking to the people who signed the referendum petition, found they were not against the replacement of the facilities but wanted them to be less costly than proposed. Lamnia said after the July 26 meeting “let the people speak.” He said he thought the added expenses in the plans for the new buildings were “not warranted.”Mayor Dina Long said after the meeting that there would be a public Town Hall presentation on the bonds at 7:30 p.m. Tuesday Aug. 23, and a drop-in information session from 10 a.m. to noon Saturday, Aug. 27, at which time questions about the bonds can be answered by council members and members of the borough staff. Another drop-in session will be held from 4 to 7 p.m. Sept. 7. Story and photo by Liz SheehanSEA BRIGHT – The plans drawn up after years of working with the Federal Emergency Management Agency to finance the two buildings that will be replacements of the fire house, police headquarters and library, which were destroyed by Super Storm Sandy almost four years ago, and for the existing Borough Hall will be the subject of a referendum on Sept. 27.The Borough Council will consider at its Aug. 2 meeting what explanatory statement will appear on the ballot for the September bond referendum vote that will determine the fate of the three bond issues approved by the town to finance the construction of the two buildings.At its June 1 meeting, the council, in a 4-2 vote approved the bond issues, with councilmen Jack Keeler and John Lamia Jr., voting against them. Both said they were concerned with the costs and wanted less costly alternatives considered.According to a draft explanatory statement prepared by Borough Attorney Roger McLaughlin, distributed at a special meeting of the council on July 26, the total costs of the Municipal Center, which would contain municipal offices and the fire and police departments and First Aid offices, will be $7,851,721 with the Federal Emergency Management Agency funding $3,058,335 and insurance payments funding $1,032,742, with $3,942,500 to be bonded.The cost of the library and beach building is $4,875,248, the statement said, with FEMA providing $845,733 towards the library and $1,486,733 towards the beach portion of the building, and insurance payments and beach fees $813,609 to the beach section of the building and insurance payments $166,071 to the library section.The bonded amount for the library portion of the building will be $332,500 and for the beach portion, $1,486,750, with the beach amount having no effect on taxes as it will be paid by beach fees, the statement said.last_img read more

Warriors welcome students, faculty from Parkland shooting at shootaround

first_imgKlay Thompson subscribes. You can too for just 11 cents a day for 11 months + receive a free Warriors Championship book. Sign me up!MIAMI – The Warriors gathered together for morning shootaround on Wednesday, and talked about more important things than basketball.Besides preparing for when the Warriors (43-17) visit the Miami Heat (26-33) on Wednesday, they also welcomed students and faculty from Marjory Stoneman Douglas High School and Miami Northwestern Senior high school. Just over a year …last_img

Warriors, Shaun Livingston push back guarantee date on contract

first_imgAfter trusting his presence with his steady play and calming locker room presence for the past fours year, the Warriors have agreed with Shaun Livingston to delay when to reach a decision on his future on July 10. By doing this, the Warriors have more flexibility with assembling their roster in free-agency, while Livingston has more time to contemplate his future. ESPN first reported the news.The Warriors originally had until Sunday to decide whether to keep Livingston, or else all of his …last_img

K1 champs defend their Dusi titles

first_imgHe crossed the line in three hours, eight minutes and 12 seconds, with Shaun Rubenstein turning in the second best time of 3:22:13, followed by Mbanjwa in 3:25:47, 17 minutes and 35 seconds behind Stott. Final dayOn the final day, Mbanjwa made up lots of ground on Stott as the race leader elected to portage over the dreaded climb of Burma Road. Stott, however, reclaimed most of his advantage on the way into the finish at Blue Lagoon. Mbanjwa was attempting to add the K1 title to the K2 crown he clinched the previous year with “Dusi Duke” Martin Dreyer. He did, in fact, outperform Stott on the first and third day of the race, but Stott built up a massive lead on day two, which proved too much for Mbanjwa to haul in, despite a strong performance on the final stage. Mbanjwa’s problems began when he damaged his rudder at the Washing Machine Rapid, which forced him to stop for repairs, costing him four minutes. Then, he took a swim at the Hippo Rapids. Robyn Kime, who had entered the day in second place, had a miserable time as she got caught up in hyacinth and gave up over 16 minutes to Abie Adie on the stage, which allowed Adie to come through and take second in 10:49:20, just over three minutes clear of Kime. In the women’s race, Miedema enjoyed a smooth final day as she cruised to victory in 10:18:51. Portaging prowessOn the opening day of the race, Thursday, Mbanjwa used his superlative running skills to dominate the first stage. In the Dusi, more so than in other any canoe marathon, the ability to portage is a vital skill needed for victory; because of this the challenge of the Dusi is unique. Convincing winMiedema, meanwhile, fought back from her horror start to haul in her opposition before going on to a convincing stage win. She finished in a time of three hours, 25 minutes and 56 minutes. Robyn Kime placed second in a time of 3:32:53. Miedema’s only problems occurred right at the start when another paddler clipped her at the top of Ernie Pierce Weir, causing the defending champion to fall out of her boat. It took her six minutes to finally right herself, but after that she stamped her authority on the race. Would you like to use this article in your publication or on your website? See: Using SAinfo materialcenter_img With a third stage time of 02:38:51, he was 47 seconds slower than Mbanjwa, but the overall winner by a comfortable margin, clocking 08:38:54 to Mbanjwa’s 08:51:20. Rubenstein completed the podium finishers, finishing just over 14 minutes behind Mbanjwa. Mbanjwa took the first day honours in two hours, 47 minutes and 28 seconds, with Ant Stott, the World Marathon Championships winner in a K2 in 2008, following him across the line, over four minutes adrift in 2:51:50. Third place went to Olympic canoe sprinter Shaun Rubenstein in 2:58:04. Miedema continued her dominance in the women’s race, clocking 3:44:57. Kime held onto second after finishing 10 minutes behind Miedema. 20 January 2009 The outcome of the men’s race was decided on day two when things went wrong for Mbanjwa, while and Stott enjoyed an excellent day. After the stage, Stott admitted that he simply couldn’t keep up with the running prowess of “Banji”, as Mbanjwa is known in the paddling community. Defending K1 champions Ant Stott and Abbey Miedema successfully defended their Hansa Powerade Dusi Canoe Marathon titles on the weekend. While Stott withstood a strong challenge from Michael Mbanjwa, Miedema cruised to victory. Seized the opportunityStott, seeing his rival in trouble, seized the opportunity to fly past Mbanjwa and into the lead. The demoralised Mbanjwa then struggled on the flat water of the Inanda Dam, heading into the second overnight stop as Stott recorded a massive stage victory.last_img read more

Woolworths grows Australia footprint

first_img2 August 2012South African retail group Woolworths Holdings is to expand its footprint in Australia through subsidiary Country Road’s acquisition of fashion brand Witchery Group, the company announced in Cape Town on Wednesday.The deal, worth AU$172-million, is expected to boost Woolworths’ operations in Australia, which began in 1998 when the South African company secured an 88% controlling interest in Country Road.Woolworths rebuilt Country Road and re-launched the brand in 2004. “It was successfully repositioned, grew sales, and won the retail industry’s top honour as Australian Retailer of the Year in 2008,” Woolworths said in a statement.“The acquisition of Witchery Group creates one of Australia’s largest speciality fashion retailers with complementary brands and a strong position in the mid to upper tier specialist retail sector,” said Woolworths chief executive officer and Country Road chairperson, Ian Moir.“The acquisition delivers an attractive portfolio of owned brands, greater scale, diversified revenue streams and industry leading margins.”Witchery Group’s portfolio is made up of two brands, Witchery and Mimco. “With 40 years of trading, Witchery is a leading fashion brand offering women’s, men’s and kids apparel and accessories with 210 stores and concessions in Australia, New Zealand, South Africa and Singapore,” he said.Mimco sells luxury bags, jewellery, shoes, sunglasses and watches with 96 shops and concessions in Australia, New Zealand and Singapore, as well as a successful online business.The group is performing well financially and made $266-million in revenue in 2011.“The acquisition has the capacity to create significant shareholder value through the delivery of synergies that are estimated by Country Road management to be approximately $10-million on an annualised basis and expected to be achieved over four years,” Moir said.These synergies refer to supply chain efficiencies, integration of systems and structures, optimisation of sourcing opportunities and increased growth opportunities in new geographies, categories and channels.The deal will also allow Woolworths – through Country Road – to consolidate its position in Australia.Funding for the acquisition will come through a combination of acquisition debt worth $92-million raised from Australian banks and a rights issue by Country Road, which Woolworths as majority shareholder will follow. It has already received the required exchange control approvals from the South African Reserve Bank.SAinfo reporterlast_img read more

How I Learned to Leave a Message

first_imgWhen I was about 21 years old, I moved to Los Angeles, California. I had a nice, one-bedroom apartment in Brentwood, and I had a good job. When I moved in, I bought a state-of-the-art answering machine (state-of-the-art in 1990).This answering machine stored messages on a little, tiny cassette tape. Cassette tapes are nothing like today’s digital storage, and this little tape held about 20 minutes’ worth of messages, and 20 minutes was more than enough. Most people left a message that was less than 30 seconds.Except one of my best friends, Rickman. Rickman isn’t like other people. He has a great sense of humor. He’s also a bit of a scalawag. When he wanted to talk to me, he would just go ahead and talk to me.When I would walk in from work, the light on my answering machine would be flashing red, indicating that I had received a message. I’d hit play, and there was Rickman. He’d start off by saying hello, and then he would proceed to tell me everything that was on his mind. He’d leave the details about his day. He’d tell me stories about his girlfriend. He’d leave dirty jokes or sing songs. He’d ask me questions, knowing that I wasn’t there to answer. His messages were highly entertaining, and I listened to all of them to the end.The bad thing was that Rickman would run me out of tape. If anyone else tried to reach me, there was no tape left on which to leave a message.LessonBut Rickman taught me a lesson I applied to voice mails. I started leaving my whole side of the conversation on my prospective client’s voice mails. I wouldn’t leave anything nearly along as Rickman’s, but I would tell the client who I was, why I was calling, what I wanted from them, and that if they weren’t the right person, to let me know who to call instead. I closed by telling that I would call back in a few days.I got more return calls. I also had more people take my call, many of them passing me off to the person I needed. A lot of people received enough calls from me that, over time, they knew my name when I finally reached them.I always recommend that you leave a message when you call. You want your dream clients to know you are pursuing them. But you don’t have to worry about this too much. Now that so few salespeople make calls, having the chops to dial is going to distinguish and differentiate you like never before. If you don’t reach your dream client, leave a good message with some personality. Essential Reading! Get my 3rd book: Eat Their Lunch “The first ever playbook for B2B salespeople on how to win clients and customers who are already being serviced by your competition.” Buy Nowlast_img read more

17 days agoBig Sam: Man Utd could be RELEGATED

first_imgBig Sam: Man Utd could be RELEGATEDby Paul Vegas17 days agoSend to a friendShare the loveFormer England boss Sam Allardyce says Manchester United could be RELEGATED this season.The former Bolton, Newcastle and England manager cited United’s side in 1974 that, against all expectations, went down to the second tier. With Solskjaer overseeing the club’s worst start in 30 years, Allardyce has used the side from 45 years ago as a warning to the current crop that they are not too good to be relegated. He told talkSPORT: “It isn’t beyond the realms of possibility that they could catastrophically fall into more problems if confidence goes and injuries stay like they are.”Players tend not to get as fit as quick as they would do when things are going well, that’s an absolute fact. There’s the disturbance of [Paul] Pogba wanting away and who will pop up next saying, ‘I see this going the wrong way, I want to leave?'”Manchester United do not have enough goals and you can see it becoming a struggle. Hopefully it’s not a struggle down the bottom end, but they’re certainly heading that way.” About the authorPaul VegasShare the loveHave your saylast_img read more

Kashechewan First Nation gets agreement from feds Ontario to relocate

first_imgThe Canadian PressThe Kashechewan First Nation in northern Ontario has an agreement with the federal and provincial governments that lays out a plan to move the reserve annually threatened by flood waters.Kashechewan, located north of Fort Albany, Ont., along the James Bay coast, has had to repeatedly evacuate from flooding and infrastructure problems, including last month when a state of emergency forced more than 2,500 members to fly to other locations across the province.“I hope that the people of Kashechewan, who have been evacuated for several weeks now as a precautionary measure, will soon be able to return home safely, knowing that we hear them and are acting,” said Indigenous Services Minister Seamus O’Regan.The First Nation has been asking for years to be relocated to higher ground.In front of 300 community members today, the federal and provincial governments signed an agreement with the First Nation to commit to moving the reserve.Indigenous O’Regan said the relocation process will likely take around eight years under the terms of the agreement that he hopes assures the community that it will not face flooding issues forever.“I would like to thank Chief Leo Friday, Regional Chief RoseAnne Archibald, Grand Chief Alvin Fiddler and Grand Chief Jonathan Solomon for their efforts to advance this crucial work together,” said O’Regan.“With this Framework Agreement in place, we have a clear path forward to meet the needs of the community, both in the immediate and long term.”NDP MP Charlie Angus, whose riding includes Kashechewan, calls the deal a very important step and says it is the result of pressure from the community who are tired of spending their springs in evacuation centres.Ontario’s Minister of Indigenous Affairs Greg Rickford says the province is on board.“The Ontario Government is committed to do everything in its authority to support the relocation of Kashechewan First Nation,” Rickford said in a [email protected]last_img read more

Imperial Oil CEO says proposed Syncrude partner deals must make sense for

first_imgCALGARY – Negotiations on commercial deals to improve reliability at the problem-plagued Syncrude oilsands mine and upgrader need to “make sense for all parties,” the CEO of its second-largest owner said on a conference call Friday.Rich Kruger of Imperial Oil Ltd., which owns 25 per cent of the four-decades-old project in northern Alberta, said his company is co-operating in discussions to find ways to improve Syncrude performance, especially after a power outage in June shut down the 350,000-barrel-per-day project.On Thursday, Steve Williams, CEO of majority owner Suncor Energy Inc., said other partners in Syncrude don’t have a “sense of urgency or support” to negotiate a commercial deal, noting there’s a proposal to build pipelines to connect Syncrude with the nearby Suncor Base Plant to allow greater integration of production operations.Imperial is “focused like a laser” on changes to the corporate structure at Syncrude to make it more efficient, Kruger said on the call to discuss second-quarter results, without referring specifically to Williams’ remarks.He said Imperial and its American parent company, ExxonMobil, have 120 people seconded to Syncrude under their management services contract and there is already co-operation with Suncor on regional logistics and warehousing.“Now we’re looking at … are there commercial arrangements that can be constructed that can help on both sides of the fence and I think, like all commercial arrangements, they need to make sense for all parties in the deal,” he said.“And we are working on a belief there are commercial enhancements that can be achieved here at Syncrude. If it can enhance value at Syncrude, we are 100 per cent behind it.”The Syncrude upgrader has been partially repaired since the June incident but isn’t expected to return to full operation until September.The Syncrude consortium also includes subsidiaries of Chinese companies Sinopec and CNOOC. Suncor’s share in Syncrude has grown from about 12 per cent to the current 58.74 per cent over the past three years through the purchase of Canadian Oil Sands Ltd. and minor stakes owned by Mitsubishi Corp. and Murphy Oil.Imperial reported a profit of $196 million or 24 cents per share in the three months ended June 30, beating the year-earlier loss of $77 million or nine cents, but falling short of analysts estimates of $495 million or 53 cents per share according to Thomson Reuters Eikon.Total revenue was $9.5 billion, up about $2.5 billion from a year earlier, and ahead of estimates of $8.8 billion.The results were rated “negative” by analyst Nick Lupick of AltaCorp Capital due to a material miss on cash flow linked to the higher-than-expected impact of planned maintenance.Imperial is poised to improve its performance in the second half of the year after completing its major maintenance programs, notably at its Edmonton-area Strathcona Refinery, and the disappointing performance of Syncrude in the quarter, Kruger said.The Calgary-based company will update its plans for its proposed two-phase, 150,000-barrel-per-day Aspen project, which will use solvent and steam to produce bitumen from wells, at its investor day in October or November, Kruger said.He repeated criticism of the length of time it has taken the Alberta Energy Regulator to produce a decision for the $2.5-billion-per-phase project, noting an application was first submitted in 2013 and the regulator ruled its environmental impact assessment was complete in 2016.AER spokeswoman Cassie Naas said the review period was prolonged due to changes to the application and First Nation consultation adequacy requirements, adding a hearing is expected to be called by commissioners who are reviewing application materials and statements of concern.Several different applications have been submitted at different times since December 2013 with the most recent, for Public Lands Act approvals, submitted in May 2017, she said.Follow @HealingSlowly on Twitter.Companies in this story: (TSX:IMO, TSX:SU)last_img read more