The service industry continues to struggle and again saw the largest declines, as many restaurants and hospitality sectors struggle amid the pandemic.
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Speaking at a GOP retreat in Philadelphia on Thursday, President Donald Trump told a group of Republican lawmakers that the murder rate in Philly is “steady, I mean just terribly increasing.” That is not true. According to statistics from the Philadelphia Police Department, there were 277 murders in 2016 compared with 280 murders in 2015. Over a five year period, murders were down 19%. And over a ten year period, murders were down 41%.
Fed Minutes Suggest More Rate Hikes Coming Soon
” the minutes said. that In discussing the outlook for monetary policy over the period ahead, many participants expressed the view
that it might be appropriate to raise the federal funds rate again fairly soon if incoming information on the labor market and inflation was in line with or stronger than their current expectations or if the risks of overshooting the Committee’s maximum-employment and inflation objectives increased,
On Tuesday, Federal Reserve Bank of Philadelphia President Patrick Harker said he would be looking closely at data leading into the March 14-15 meeting, with a preface
that a move in three weeks is not out of the question.
(See also: JPMorgan: Optimism is High Among U. S. Business Leaders)
Following the release of the minutes, U. S. yields have drifted off their highs.
Officials added that gradually increasing the fed funds rate would give the bank “greater
flexibility in responding to subsequent changes in economic conditions.”
In her testimony to Congress, Fed Chair Janet Yellen echoed this message, saying the continued strength
in the labor market will likely lead to “gradual increases in the federal funds rate.”
Officials said a hike would likely arrive “fairly soon” to combat any risk of over-heating the economy.
Officials “expressed concern that the low level of implied volatility in equity markets appeared
inconsistent with the uncertainty attending the outlook for such policy initiatives.”