US Consumer Sentiment Slips to Five-Month Low on Inflation Woes
US consumer sentiment edged down to a five-month low in October as high prices and rising interest rates depressed morale.
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US consumer sentiment edged down to a five-month low in October as high prices and rising interest rates depressed morale.
Barclays senior US economist Pooja Sriram said higher interest rates are a blunt tool that tighten financial conditions and hit rate-sensitive sectors such as housing and autos first. While rising Treasury yields and the bond selloff have added restraint, she said it is unclear whether conditions are restrictive enough. With oil prices rising again, further pressure on housing and auto demand could create uneven economic damage without resolving inflation. Sriram said the Fed’s approach, reflected in September meeting minutes, is focused on managing the risk that strong demand, persistent inflation or adverse supply shocks push prices higher. The Fed appears prepared to raise rates further, though she said a hike as soon as October is unlikely. (Source: Bloomberg)
Wells Fargo & Co. Chief Financial Officer Mike Santomassimo says they've seen "good activity" across different parts of the business. He talks about lending, interest rates and deals activity on "Bloomberg The Close." Third-quarter results topped Wall Street estimates as consumers and businesses held steady. (Source: Bloomberg)
Three of the biggest US banks set a fresh record in the third quarter for how much they earned from lending, with customers continuing to borrow even as interest rates increased. Norah Mulinda has more. (Source: Bloomberg)
Federal Reserve Bank of Cleveland President Beth Hammack pointed to smaller, more frequent policy adjustments to help inflation expectations remain anchored. At an event in Cleveland Monday, Hammack stopped short of backing a rate increase this month, but said, “When feasible, I generally think it’s preferable to make smaller adjustments, and to do so relatively quickly, rather than to wait and risk needing a larger course correction.” (Source: Bloomberg)
St. Louis Fed President Alberto Musalem warned against a broader resurgence in inflation and signaled that interest rates may need to rise over the next six to nine months, even as the U.S. economy remains strong. Musalem spoke with Bloomberg's Michael Mckee at The Bloomberg Future of Fixed Income Forum in New York. (Source: Bloomberg)
St. Louis Fed president Alberto Musalem said that interest rates will have to increase over the next six to nine months in order to bring inflation down in a 'timely manner,' but stopped short of endorsing a rate hike at the Fed's October meeting. Musalem, speaking with Bloomberg's Mike McKee at the Future of Fixed Income conference in New York, said that he goes into every meeting without 'prejudging' the outcome. (Source: Bloomberg)
Washington, Oct. 7 (Jiji Press)--International Monetary Fund Managing Director Kristalina Georgieva expressed concern over soaring long-term interest rates in Japan and the United States in a speech in Singapore on Wednesday. Georgieva described recent interest rate hikes by the central banks in Japan, the United States and Europe as "highly appropriate" in the speech ahead of the annual me...
As U.S. mortgage rates rise above 7% for the first time in a couple of years, Elizabeth Bell, Co-Head of Real Estate at Hamilton Lane, discusses whether the broader real estate market has been written off amid a slow post-pandemic recovery, changing consumer spending and higher rates. Bell says the market faces risks from elevated interest rates and geopolitics, which weigh on investment and yields, but still offers opportunities. She speaks with Romaine Bostick on "The Close." (Source: Bloomberg)