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Boston Fed President Asks for a Delay in Interest Rate Increases

Boston Fed President Asks for a Delay in Interest Rate Increases

first_img June 1, 2015 483 Views Eric Rosengren, president and CEO of the Federal Reserve Bank in Boston, said in his speech called “One Policymaker’s Wait for Better Economic Data” at the Capital Workforce Partners “Workforce Stars” Event in Hartford, Connecticut that predictions concerning the economy have been much weaker than expected in the first half of this year. He also noted that policymakers should wait until the economy picks up before raising short-term interest rates.Rosengren mentions the severe winter we endured last year as one of the reasons that economic activity is dragging. He also says that although the weather deterred economic activity, the data was also down before the storms and has been weaker than expected ever since.The last three quarters of real GDP growth have been a disappointment, and forecasts a bit too optimistic, he says in his speech.“Despite a disappointing first half, most forecasters expect a stronger second half of the year,” Rosengren said. “Among the factors supporting this optimism are growth in personal income, the positive impact of lower gas prices, and household net worth that continues to grow. However, so far this improvement is only in the forecast, and not in the data. The data have disappointed before, and an appropriately data-dependent monetary policy requires confirmation in the numbers, not just in forecasts of better times.”Since the change in seasons, the economic numbers have not improved and retail sales do not show large variations by region, while only some regions had severe winter weather. In contrast, the personal saving rate has grown significantly from where it was before the Great Recession.“If consumer behavior is still being impacted by the experience of the financial crisis, the Great Recession, and the painfully slow recovery, then it is possible that the economy will not be as robust as many economic models would suggest, because the models do not take into account this behavioral change,” Rosengren said.The economic data is the reason as to why the monetary policy conditions have not yet been met, he mentions in his speech.Rosengren observed real GDP growth in the two years preceding the tightening cycles and it was above 3 percent. Today, that rate is at 2.3 percent, and will possibly be less than 2 percent in the first half of this year.“In my view, such a pace of GDP growth does not meet some of the economic preconditions we look for when we begin a tightening cycle,” Rosengren said.Making note of the Federal Reserve’s dual mandate from Congress that is focused on stable prices and maximum sustainable employment, Rosengren said that measures of inflation are not yet showing much evidence of returning to the 2 percent level that the Fed is targeting.“If the economy continues to grow at the same pace as we witnessed on average in the current and the past two quarters, I do not expect to see timely improvements in the unemployment rate and sufficient progress towards the 2 percent inflation target,” Rosengren said. “This, in my view, makes a compelling argument for continued patience in monetary policy.” Share Boston Fed President Asks for a Delay in Interest Rate Increasescenter_img Capital Workforce Partners Federal Reserve Bank in Boston One Policymaker’s Wait for Better Economic Data Short-Term Interest Rates 2015-06-01 Staff Writer in Daily Dose, Data, Featured, News, Originationlast_img read more

Go back to the enewsletter As Finland prepares to

Go back to the enewsletter As Finland prepares to

first_imgGo back to the e-newsletterAs Finland prepares to celebrate 100 years of independence on Wednesday 6 December, its flag carrier, Finnair, shared its latest developments with a select media group on Wednesday 29 November at Aria Restaurant on Sydney Harbour.Geoff Stone, GM for Australia, New Zealand and New Caledonia, Lilliana Svircev, Finnair Training & Product Development Manager, and Sally Morgan from Unique Tourism invited guests to a three-course sit-down lunch, offering a choice of entrées (tomato, nectarine and salted green almond; King George whiting; Kurobuta porchetta), mains (truffle-baked daikon; roasted chicken and fennel; grilled Angus beef fillet) and dessert (peach vanilla tart; Valrhona chocolate and salted caramel sphere; cheese selection).During the presentation, Geoff was proud to announce that Finnair is currently undergoing the fastest growth phase in its 94-year history with new aircraft, new routes and a strong focus on Asia. The next quarter sees new routes added to the network – namely to Goa in India, Havana in Cuba, Puerto Vallarta in Mexico and Puerto Plata in the Dominican Republic – with the opening of Finnair’s seventh Greater China destination, Nanjing, planned for next year, adding up to 97 weekly flights to Asia (up from the current 87). It is also the largest European carrier operating in Japan, with 31 weekly frequencies to four cities. Finnair is part of the oneworld alliance, with Hong Kong, Singapore and Bangkok serving as major gateways for Australian customers. With Australia’s qualification into the World Cup Soccer tournament, Finnair would be the perfect carrier to travel to Russia next year to attend the event.Finnair currently operates 11 Airbus A350s with eight more to come before 2023. This aircraft is helping Finnair move towards a cleaner, more collaborative future, supporting its emissions and noise reductions targets.The official airline for Santa Claus is also preparing to release a dedicated ‘Santa’ campaign on Monday 11 December, with great pricing to Europe and around the world. In this centenary year, now is the perfect time to visit one of the world’s top ‘bucket list’ destinations and see the Northern Lights of Finnish Lapland.Go back to the e-newsletterlast_img read more

Blazing quasars reveal the universe hit peak star birth 3 billion to

Blazing quasars reveal the universe hit peak star birth 3 billion to

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Required fields are indicated by an asterisk (*) By Sid PerkinsNov. 29, 2018 , 2:00 PM Email When were most of the universe’s stars born? Scientists have long known that the answer is “long ago.” But a new study that scrutinizes the radiation from blazing quasars suggests a far more precise answer: some 3 billion to 4 billion years after the big bang.Blazing quasars, or “blazars,” are galaxies whose intense brightness is fueled in large part by gas, dust, and stars being sucked into the supermassive black holes that lie at their centers. Unlike most distant stars and galaxies, blazars pump out gamma rays that can be picked up by sensors on space-based observatories orbiting Earth. As material spirals inward along the plane of the galaxy’s disk, powerful beams of radiation (above) emerge along the galaxy’s rotational axis. When one of those spotlightlike beams is pointed toward Earth, the blazars appear particularly bright.In the new study, researchers looked at the radiation beamed toward Earth by more than 700 blazars scattered across the sky. Analyzing the blazars’ gamma ray emissions, they found that some were blocked more effectively than others. That’s significant because when photons from the gamma rays travel through space, they can interact with the low-energy photons from stars to create subatomic particles like electrons and protons. So the more gamma ray emissions blocked, the thicker the fog of photons in that part of intergalactic space—and the more stars required to make them. Sign up for our daily newsletter Get more great content like this delivered right to you! Country Blazing quasars reveal the universe hit ‘peak star birth’ 3 billion to 4 billion years after the big bang DESY/Science Communication Lab Matching the “foggy” regions up to the distance of the blazars—between 200 million and 11.6 billion light-years from Earth—the researchers were able to determine rates of star formation for those regions, accounting for more than 90% of the history of the universe, they report today in Science. Peak rates of star birth, which were about 10 times higher than today’s rates, occurred between 9.7 billion and 10.7 billion years ago.*Correction, 29 November, 3:50 p.m.: This story has been updated to correct the date range in the headline and first paragraph.last_img read more