US Briefing - Friday 08.11
Headlines
  • Fed’s Bostic ‘Fairly Comfortable’ With Holding Rates Steady For Now
  • WH’s Kudlow: Phase-One China Deal Would Include Tariff Rollback
  • WH’s Navarro: No Agreement At This Time To Remove Any Existing Tariffs
  • US Sec Of State Pompeo: Ideal Trade With The EU Would Be Without Tariffs
  • ECB’s Vasle: Will Continue With Present Policy Until Conditions Improve
  • German Sep Exports Beat Estimates Providing Unexpected Rebound
  • China’s Exports And Imports Fell Less Than Expected In October
  • China Auto Sales Fall For The 4th Straight Month In October
  • China Is Considering Cutting Electric Car Subsidies Again
  • WTI Slumps Over 1.6% To $56.30, Gold Firms A Tad As Risk Appetite Eases
  • Riksbank Appoints Anna Breman New Deputy Gov Of The Riksbank
  • Disney Stock Rises Pre-Mkt After Beating On Top And Bottom Lines
  • Alibaba Seeks To Raise Up To $15 Bln In Hong Kong Share Sale
  • Richemont Falls As Profit Misses Expectations Despite Rising Sales
Commentary
Fed’s Bostic: ‘Fairly Comfortable’ Holding Rates Steady For Now

Federal Reserve Bank of Atlanta President Raphael Bostic said he doesn’t believe last week’s rate cut was justified and would have most likely voted against it if he could have.

 

Referring to the private board of directors that oversees the Atlanta Fed, Mr. Bostic told reporters after a speech on Thursday that “my directors were pretty much in the hold stage [with interest rates], so that’s probably where I would have come down for that meeting.” He added, “my directors were pretty clear that they weren’t seeing the weakness and didn’t feel like an easing was really required, that the amount of risk management that had happened was sufficient.”

 

Last week, the rate-setting Federal Open Market Committee voted to lower rates for the third time this year, moving them to between 1.50% and 1.75%. (WSJ – Continue Reading)

China States Tariffs Will Go, But US Doubts Remain

Beijing’s announcement Thursday that the U.S. and China have mutually agreed to roll back tariffs as part of a “phase one” trade accord lifted financial markets, but questions remained over how much ground—if any —the Trump administration had agreed to give.

 

Optimism that the trade war was finally nearing an end was raised by comments from a Chinese Commerce Ministry spokesman in Beijing on Thursday.

 

“If the phase-one deal is signed, China and the U.S. should remove the same proportion of tariffs simultaneously based on the content of the deal,” Chinese Commerce Ministry spokesman Gao Feng said at a regular press briefing. “This is what [the two sides] agreed on following careful and constructive negotiations over the past two weeks,” he said. (WSJ – Continue Reading)

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