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Rosengren says Fed should adopt target inflation range

FILE PHOTO: File Photo: The Federal Reserve Bank of Boston's President and CEO Eric S. Rosengren speaks in New York
FILE PHOTO: The Federal Reserve Bank of Boston's President and CEO Eric S. Rosengren speaks in New York, April 17, 2013. REUTERS/Keith Bedford/File Photo

April 16, 2019

The U.S. Federal Reserve should shore up its ability to fight economic downturns by committing to let inflation run above 2% when times are good, a top policymaker said on Monday.

The comments by Eric Rosengren, president of the Boston Fed, echoed remarks made earlier in the day by another Fed policymaker who cited the U.S. economy’s falling a bit short on the central bank’s inflation target as a problem. The Fed’s preferred inflation measure, the core personal consumption expenditures (PCE) price index, is currently at 1.8%.

Rosengren said he supports an approach that would see the Fed, which is “forced to accept” inflation below its 2% target during recessions, commit to achieve above-2% inflation “in good times.” Policymakers, for instance, could target a range of 1.5-2.5%.

“Looking forward, achieving a symmetric inflation target is likely to be that much more difficult in a world where interest rates are low, given the constraint on reducing rates enough to move inflation back toward (or above) the Fed policymakers’ target,” Rosengren said in remarks prepared for delivery at Davidson College in North Carolina. “My own preference is for the Federal Reserve to adopt an inflation range.”

The Fed, which adopted the 2% inflation aim in 2012, calls its current target “symmetric,” meaning it is not a cap.

The remarks come ahead of a broad policy review being conducted by the Fed this year. How the Fed meets its inflation target is one of the key topics.

The president of the Chicago Fed, Charles Evans, said earlier on Monday that the U.S. central bank should embrace inflation above its target half the time and consider cutting rates if prices do not rise as fast as expected. Both Rosengren and Evans are voting members on the Fed’s policy-setting committee this year.

Some policymakers and analysts think the Fed is better equipped to respond to upward spikes in prices than to persistently low readings. That is because interest rate cuts lose their potency as borrowing costs approach zero. The Fed now targets short-term rates between 2.25-2.50%, leaving relatively little room to cut in the face of a recession.

But even though the Fed says its current inflation target is “symmetric,” in practice, people have seen the figure as a “ceiling,” and prices have tended to grow less than 2% each year, Rosengren said. The Fed has kept rates steady this year after raising them four times in 2018, and Rosengren said one reason is policymakers want evidence that inflation will stay around 2%.

Alternatives to the Fed’s current approach, including the one endorsed by Rosengren and others discussed by his colleagues, come with their own risks, including the possibility that the public might not think the Fed will keep up its end of the bargain and keep prices in line with its target growth.

(Reporting by Trevor Hunnicutt in New York; Editing by Leslie Adler)

Source: OANN

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The Latest: Militia member faces judge on firearms charges

The Latest on fire arms charges filed against a member of an armed civilian that detains migrants on the US-Mexico border (all times local):

1 p.m.

A member of an armed civilian group that has detained migrants near the U.S.-Mexico border in southern New Mexico made an initial court appearance in following his weekend arrest on firearms charges.

FBI agents arrested Larry Hopkins, 69, at his home in northern New Mexico on Saturday on suspicion of being a felon in possession of firearms in November of 2017.

Wearing orange handcuffs and a green jumpsuit, Hopkins told the federal judge that he has medical problems, but didn't detail them.

The FBI says that Hopkins had nine firearms and ammunition in his home, and has three prior felony convictions. The Bureau declined to say why it waited over a year to file the charges.

Hopkins' lawyer said that he plans to enter a plea of "not guilty" at a bond hearing in Albuquerque next week.

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11:00 a.m.

A member of an armed civilian group that has detained migrants near the U.S.-Mexico border is set to make his first court appearance following his weekend arrest on firearms charges.

Larry Hopkins was arrested on suspicion of being a felon in possession of firearms. He reportedly faced similar charges 13 years ago in Oregon.

The 69-year-old is scheduled for an appearance Monday in U.S. District Court in Las Cruces, New Mexico. It wasn't immediately known if he had an attorney who could comment on the allegations.

Armed civilian groups have been a fixture on the border for years, especially when large numbers of migrants come through. The latest influx includes many families and children.

An FBI spokesman said additional information about Hopkins would be released after his court appearance.

Source: Fox News National

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Hyundai Motor denies tie-up with Tencent on driverless car software

A man walks past the logo of Hyundai Motor during the 2019 Seoul Motor Show in Goyang
FILE PHOTO: A man walks past the logo of Hyundai Motor during the 2019 Seoul Motor Show in Goyang, South Korea, March 28, 2019. REUTERS/Kim Hong-Ji

April 7, 2019

SEOUL (Reuters) – South Korean automaker Hyundai Motor Co on Sunday denied a report that it had signed a preliminary deal with Chinese technology firm Tencent Holdings to develop software for driverless vehicles.

Hyundai’s comments come a day after South Korea’s Maeil Business Newspaper cited unnamed industry sources on Saturday saying that the two companies planned to conduct joint research and development on safety and security systems for self-driving cars, which Hyundai seeks to roll out commercially by 2030.

Both companies had not offered any immediate comments on Saturday.

Hyundai said in a statement on Sunday that its cooperation with the Chinese tech giant was focused on infotainment. Modern cars have so-called infotainment systems on a screen below the dashboard to provide services such as navigation and music.

(Reporting by Jane Chung and Hyunjoo Jin; Editing by Jacqueline Wong)

Source: OANN

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Kuwait: Many in UN oppose Israel action on Palestinian taxes

Kuwait's U.N. ambassador says an "overwhelming" number of Security Council members oppose Israel's decision to deduct money that Palestinians transfer to the families of people killed, injured or imprisoned for attacks on Israel from their monthly tax revenue.

Mansour Al-Otaibi told reporters after a closed-door council meeting that Israel's unilateral action was "in violation of existing bilateral agreements."

But U.S. Mideast envoy Jason Greenblatt came to New York from Washington to defend close ally Israel.

He told the council that the Palestinians' decision to reject the latest tax transfer was only hurting the Palestinian people because they were rejecting the 95 percent of the tax revenue that Israel is not withholding, according to a diplomat at the meeting, who spoke on condition of anonymity because discussions were private.

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Source: Fox News World

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U.S. Senators introduce bill to stop transfer of F-35 fighter jets to Turkey

FILE PHOTO - A real-size mock of F-35 fighter jet is displayed at Japan International Aerospace Exhibition in Tokyo
FILE PHOTO - A real-size mock of F-35 fighter jet is displayed at Japan International Aerospace Exhibition in Tokyo, Japan November 28, 2018. REUTERS/Tim Kelly

March 28, 2019

WASHINGTON (Reuters) – U.S. Senators on Thursday introduced a bipartisan bill to prohibit the transfer of F-35 fighter aircraft to Turkey until the U.S. government certifies that Ankara will not take delivery of a Russian S-400 air defense system, a statement on the move said.

“The prospect of Russia having access to U.S. aircraft and technology in a NATO country, Turkey, is a serious national and global security risk,” said Democratic Senator Jeanne Shaheen, one of the four co-authors of the bill.

Turkey is a production partner in the trillion-dollar F-35 fighter jet program but Ankara also wants to purchase a Russian missile defense system, which the United States says would compromise the security of F-35 aircraft.

(Reporting by Humeyra Pamuk; Editing by James Dalgleish)

Source: OANN

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China’s vice premier to visit United States for trade talks this week

U.S. Trade Representative Robert Lighthizer listens as Chinese Vice Premier Liu He talks while they line up for a group photo at the Diaoyutai State Guesthouse in Beijing
FILE PHOTO: U.S. Trade Representative Robert Lighthizer, left, listens as Chinese Vice Premier Liu He talks while they line up for a group photo at the Diaoyutai State Guesthouse in Beijing, China February 15, 2019. Mark Schiefelbein/Pool via REUTERS

February 19, 2019

BEIJING (Reuters) – Chinese Vice Premier Liu He will visit Washington on Thursday and Friday to continue trade negotiations with the United States, the Commerce Ministry in Beijing said.

Liu will meet U.S. Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer, the ministry said in a short statement on Tuesday. It gave no other details.

(Reporting by Ben Blanchard and Lusha Zhang; Editing by Paul Tait)

Source: OANN

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Fed should consider holding more short-term bonds: Rosengren

FILE PHOTO: The Federal Reserve Bank of Boston's President and CEO Eric S. Rosengren speaks during the
FILE PHOTO: The Federal Reserve Bank of Boston's President and CEO Eric S. Rosengren speaks during the "Hyman P. Minsky Conference on the State of the U.S. and World Economies", in New York, April 17, 2013. REUTERS/Keith Bedford

March 26, 2019

HONG KONG – The Federal Reserve should consider raising the proportion of short-term Treasury bonds it holds to give itself more options to respond to economic pullbacks, a top policy maker said on Tuesday.

In remarks to be delivered in Hong Kong, Eric Rosengren, president of the Federal Reserve Bank of Boston, offered a hard-line defense for one of policy makers’ most controversial responses to the 2008 global financial crisis: bond buying.

He is the third Fed policymaker in two days to weigh in on exactly what bonds the Fed should keep and why, following speeches by his counterparts in Chicago and Philadelphia. Rosengren, who is a voter this year on the Fed’s policy-setting committee, said holding shorter-term bonds could help the U.S. central bank in a future crisis by giving officials a security they could exchange for longer-term bonds to push those rates down without expanding their balance sheet.

Interest rates, he said, would likely hit their lower limits near zero percent again during a recession and bond buying would be an option. The Fed currently targets short-term rates between 2.25 and 2.5 percent.

“Some have suggested that the Fed’s balance sheet is partly responsible for financial market volatility at the end of 2018, but I disagree,” Rosengren said in remarks prepared for delivery at the Credit Suisse Asian Investment Conference in Hong Kong. “The Federal Reserve’s balance sheet decline has been quite gradual, and proceeded along roughly the same path when stock prices have been rising as when stock prices have been falling.”

The Fed bought bonds to help the economy after the financial crisis, but drew criticism for a policy seen increasing the risk of inflation or financial instability.

Last year, the Fed was criticized for letting the bonds disappear. President Donald Trump pressed the central bank to stop the balance sheet runoff on Twitter, and shares sank on Wall Street after Fed Chairman Jerome Powell said in December that plans to trim the holdings were on “automatic pilot.”

In January, the Fed said it would be willing to adjust its plans if financial conditions warranted. Last week policymakers announced the runoff would end by September.

The Fed may have to decide to buy assets again even in the absence of a recession, Rosengren said, to keep a significant amount of bank reserves. Policy makers now control rates by paying banks a percentage on the assets they keep in reserve, but those are likely to decline from current levels for reasons out of the Fed’s control.

“I dare say it is important for market observers, lawmakers and the public to become more comfortable with the benefits of central banks using their balance sheet tools to pursue the public interest,” Rosengren said.

(Reporting by Noah Sin in Hong Kong; Writing by Trevor Hunnicutt in New York; Editing by Leslie Adler)

Source: OANN

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Britain's Chancellor of the Exchequer Philip Hammond looks on during an interview with Reuters at the British Ambassador's residence in Beijing
Britain’s Chancellor of the Exchequer Philip Hammond looks on during an interview with Reuters at the British Ambassador’s residence in Beijing, China April 26, 2019. REUTERS/Florence Lo/Pool

April 26, 2019

BEIJING (Reuters) – British finance minister Philip Hammond said on Friday that he had a “very constructive meeting” with his counterpart in the opposition Labour Party before leaving for Beijing and that he was optimistic about finding common ground.

Hammond, speaking on the sidelines of a summit on China’s Belt and Road initiative in Beijing, said talks with Labour aimed at finding a way forward on Brexit had not stalled.

“I’m optimistic that we will find common ground,” he said. “Both sides have got clear positions and both sides will have to compromise in order to reach an agreement.”

Hammond added that he absolutely did not favor a no deal exit from the European Union.

(Reporting by Ben Blanchard; editing by Darren Schuettler)

Source: OANN

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Police secure the area where the body of a woman was discovered near the village of Orounta
Police secure the area where the body of a woman was discovered near the village of Orounta, Cyprus, April 25, 2019. REUTERS/Stefanos Kouratzis

April 26, 2019

NICOSIA (Reuters) – Cypriot police searched on Friday for more victims of a suspected serial killer, in a case which has shocked the Mediterranean island and exposed the authorities to charges of “criminal indifference” because the dead women were foreigners.

The main opposition party, the left-wing AKEL, called for the resignation of Cyprus’s justice minister and police chief.

Police were combing three different locations west of the capital Nicosia for victims of the suspected killer, a 35-year-old army officer who has been in detention for a week.

The bodies of three women, including two thought to be from the Philippines, have been recovered. Police sources said the suspect had indicated the location of the third body, found on Thursday, and had said the person was “either Indian or Nepali”.

Police said they were searching for a further four people, including two children, based on the suspect’s testimony.

“These women came here to earn a living, to help their families. They lived away from their families. And the earth swallowed them, nobody was interested,” AKEL lawmaker Irene Charalambides told Reuters.

“This killer will be judged by the court but the other big question is the criminal indifference shown by the others when the reports first surfaced. I believe, as does my party, that the justice minister and the police chief should resign. They are irrevocably exposed.”

Police have said they will investigate any perceived shortcomings in their handling of the case.

One person who did attempt to alert the authorities over the disappearances, a 70-year-old Cypriot citizen, said his motives were questioned by police.

The bodies of the two Filipino women reported missing in May and August 2018 were found in an abandoned mine shaft this month. Police discovered the body of the third woman at an army firing range about 14 km (9 miles) from the mine shaft.

Police are now searching for the six-year-old daughter of the first victim found, a Romanian mother who disappeared with her eight-year-old child in 2016, and a woman from the Phillipines who vanished in Dec. 2017.

The suspect has not been publicly named, in line with Cypriot legal practice.

A public vigil for the missing was planned later on Friday.

(Reporting By Michele Kambas; Editing by Gareth Jones)

Source: OANN

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An employee looks up at goods at the Miniclipper Logistics warehouse in Leighton Buzzard
FILE PHOTO: An employee looks up at goods at the Miniclipper Logistics warehouse in Leighton Buzzard, Britain December 3, 2018. REUTERS/Simon Dawson

April 26, 2019

LONDON, April 26 – British factories stockpiled raw materials and goods ahead of Brexit at the fastest pace since records began in the 1950s, and they were increasingly downbeat about their prospects, a survey showed on Friday.

The Confederation of British Industry’s (CBI) quarterly survey of the manufacturing industry showed expectations for export orders in the next three months fell to their lowest level since mid-2009, when Britain was reeling from the global financial crisis.

The record pace of stockpiling recorded by the CBI was mirrored by the closely-watched IHS Markit/CIPS purchasing managers’ index published earlier this month.

(Reporting by Andy Bruce, editing by David Milliken)

Source: OANN

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Malaysian Prime Minister Mahathir Mohamad speaks at the opening ceremony for the second Belt and Road Forum in Beijing
Malaysian Prime Minister Mahathir Mohamad speaks at the opening ceremony for the second Belt and Road Forum in Beijing, China April 26, 2019. REUTERS/Florence Lo

April 26, 2019

KUALA LUMPUR (Reuters) – Fewer than half of Malaysians approve of Prime Minister Mahathir Mohamad, an opinion poll showed on Friday, as concerns over rising costs and racial matters plague his administration nearly a year after taking office.

The survey, conducted in March by independent pollster Merdeka Center, showed that only 46 percent of voters surveyed were satisfied with Mahathir, a sharp drop from the 71 percent approval rating he received in August 2018.

Mahathir’s Pakatan Harapan coalition won a stunning election victory in May 2018, ending the previous government’s more than 60-year rule.

But his administration has since been criticized for failing to deliver on promised reforms and protecting the rights of majority ethnic Malay Muslims.

Of 1,204 survey respondents, 46 percent felt that the “country was headed in the wrong direction”, up from 24 percent in August 2018, the Merdeka Center said in a statement. Just 39 percent said they approved of the ruling government.

High living costs remained the top most concern among Malaysians, with just 40 percent satisfied with the government’s management of the economy, the survey showed.

It also showed mixed responses to Pakatan Harapan’s proposed reforms.

Some 69 percent opposed plans to abolish the death penalty, while respondents were sharply divided over proposals to lower the minimum voting age to 18, or to implement a sugar tax.

“In our opinion, the results appear to indicate a public that favors the status quo, and thus requires a robust and coordinated advocacy efforts in order to garner their acceptance of new measures,” Merdeka Center said.

The survey also found 23 percent of Malaysians were concerned over ethnic and religious matters.

Some groups representing Malays have expressed fear that affirmative-action policies favoring them in business, education and housing could be taken away and criticized the appointments of non-Muslims to key government posts.

Last November, the government reversed its pledge to ratify a UN convention against racial discrimination, after a backlash from Malay groups.

Earlier this month, Pakatan Harapan suffered its third successive loss in local elections since taking power, which has been seen as a further sign of waning public support.

Despite the decline, most Malaysians – 67 percent – agreed that Mahathir’s government should be given more time to fulfill its election promises, Merdeka Center said.

This included a majority of Malay voters who were largely more critical of the new administration, it added.

(Reporting by Rozanna Latiff; Editing by Nick Macfie)

Source: OANN

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The German share price index DAX graph at the stock exchange in Frankfurt
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, April 25, 2019. REUTERS/Staff

April 26, 2019

By Medha Singh and Agamoni Ghosh

(Reuters) – European shares slipped on Friday after losses in heavyweight banks and Glencore outweighed gains in healthcare and auto stocks, while investors remained on the sidelines ahead of U.S. economic data for the first quarter.

The pan-European STOXX 600 index was down 0.1 percent by 0935 GMT, eyeing a modest loss at the end of a holiday-shortened week. Banks-heavy Italian and Spanish indices were laggards.

The banking index fell for a fourth day, at the end of a heavy earnings week for lenders.

Britain’s Royal Bank of Scotland tumbled after posting lower first quarter profit, hurt by intensifying competition and Brexit uncertainty, while its investment bank also registered poor returns.

Weakness in investment banking also dented Deutsche Bank’s quarterly trading revenue and sent its shares lower a day after the German bank abandoned merger talks with smaller rival Commerzbank.

“The current interest rate environment makes it challenging for banks to make proper earnings because of their intermediary function,” said Teeuwe Mevissen, senior market economist eurozone, at Rabobank.

Since the start of April, all country indexes were on pace to rise between 1.8 percent and 3.4 percent, their fourth month of gains, while Germany was strongly outperforming with 6 percent growth.

“For now the current sentiment is very cautious as markets wait for the first estimates of the U.S. GDP growth which could see a surprise,” Mevissen said.

U.S. economic data for the first-quarter is due at 1230 GMT. Growth worries outside the United States resurfaced this week after South Korea’s economy unexpectedly contracted at the start of the year and weak German business sentiment data for April also disappointed.

Among the biggest drags on the benchmark index in Europe were the basic resources sector and the oil and gas sector, weighed down by Britain’s Glencore and France’s Total, respectively.

Glencore dropped after reports that U.S authorities were investigating whether the company and its subsidiaries violated certain provisions of the commodity exchange act.

Energy major Total said its net profit for the first three months of the year fell compared with a year ago due to volatile oil prices and debt costs.

Chip stocks in the region including Siltronic, Ams and STMicroelectronics lost more than 1 percent after Intel Corp reduced its full-year revenue forecast, adding to concerns that an industry-wide slowdown could persist until the end of 2019.

Meanwhile, healthcare, which is also seen as a defensive sector, was a bright spot. It was helped by French drugmaker Sanofi after it returned to growth with higher profits and revenues for the first-quarter.

Luxembourg-based satellite operator SES led media stocks higher after it maintained its full-year outlook on the back of the company’s Networks division.

Automakers in the region rose 0.4 percent, led by Valeo’s 6 percent jump as the French parts maker said its performance would improve in the second half of the year.

Continental AG advanced after it backed its outlook for the year despite reporting a fall in first-quarter earnings.

Renault rose more than 3 percent as it clung to full-year targets and pursues merger talks with its Japanese partner Nissan.

(Reporting by Medha Singh and Agamoni Ghosh in Bengaluru; Editing by Gareth Jones and Elaine Hardcastle)

Source: OANN

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