U.S. Government

  • 2016-09-07 15:15


    --Senate Majority Leader: In Talks W/White House, Senate Dems
    --Senate Minority Leader: 'Hopeful' Of Stop-Gap Accord

    WASHINGTON (MNI) - Senate Majority Leader Mitch McConnell said Wednesday he was in talks with the White House and Senate Democrats on a fiscal year 2017 stop-gap spending bill that would fund the federal government until December 9.

    At a briefing following a policy luncheon with Senate Republicans, McConnell said he has "started discussions" with key Democrats on the FY 2017 spending bill and would like to get an agreement quickly and bring it up in the Senate as early as next week.

    McConnell said funding the government after October 1 was the "single biggest business" before Congress this fall and he wanted a bipartisan agreement.

    "We h

  • 2016-09-07 14:00


    WASHINGTON (MNI) - The following is the text of the summary section of the Federal Reserve's summary of economic conditions report, or Beige Book, released Wednesday:

    Reports from the twelve Federal Reserve Districts suggest that national economic activity continued to expand at a modest pace on balance during the reporting period of July through late August. Most Districts reported a modest or moderate pace of overall growth. However, Kansas City and New York reported no change in activity, and Philadelphia and Richmond noted that, while still expanding, activity slowed from the previous period. Contacts across the twelve Districts generally expect moderate economic growth in coming months.

  • 2016-09-07 14:00


    WASHINGTON (MNI) - The following is the text of the employment, wages, and prices section of the Federal Reserve's summary of economic conditions report, or Beige Book, released Wednesday:

    Employment, Wages, and Prices

    Employment expanded at moderate pace since the previous report. Conditions in the labor market remained tight in the Boston, Chicago, New York, San Francisco, St. Louis, and Minneapolis Districts. In Boston, contacts reported an unusually high number of job openings, and in the Richmond District turnover rates increased for entry-level positions. Employment gains were only modest in Cleveland, and contacts in Philadelphia reported an increase in part-time employees and longer workweeks along with a reduction in full-time hires.

  • 2016-09-07 14:00


    WASHINGTON (MNI) - The following is the text of the consumer spending and tourism section of the Federal Reserve's summary of economic conditions report, or Beige Book, released Wednesday:

    Consumer Spending and Tourism

    Retail sales volumes appeared little changed since the prior reporting period, although the Boston, Cleveland, and San Francisco Districts suggested modest gains on balance. Respondents in Boston reported a pickup in retail sales due in part to increased customer traffic, while contacts in the Philadelphia District reported that decreased foot traffic did not reduce sales volumes. Retail sales declined in the Dallas and Kansas City Districts, and Chicago reported that consumer spending slowed notably.

  • 2016-09-07 14:00


    WASHINGTON (MNI) - The following is the text of the manufacturing section of the Federal Reserve's summary of economic conditions report, or Beige Book, released Wednesday:

    Manufacturing

    Activity in the manufacturing sector was flat to slightly up in general, with Chicago in particular reporting a moderate pace of growth. Activity in technology manufacturing was up modestly in Dallas, but contacts in San Francisco noted that production of semiconductors was flat and that capacity remained somewhat underutilized. Several transportation equipment and industrial machinery manufacturers reported plans to expand facilities in the St. Louis District.

  • 2016-09-07 14:00


    WASHINGTON (MNI) - The following is the text of the agriculture and energy section of the Federal Reserve's summary of economic conditions report, or Beige Book, released Wednesday:

    Agriculture and Natural Resources

    Agricultural producers faced mixed conditions during the reporting period, as contacts in many Districts reported that lower prices pushed down revenue despite growth in volumes. In the Chicago District, already low expectations for farm incomes deteriorated further, as the potential for a record national harvest pushed down crop prices further. Above-average water availability translated into record yields for almonds and walnuts in the San Francisco District. Contacts in several Districts reported strong yields for corn and soybeans.

  • 2016-09-07 14:00


    WASHINGTON (MNI) - The following is the text of the real estate and construction section of the Federal Reserve's summary of economic conditions report, or Beige Book, released Wednesday:

    Real Estate and Construction

    Activity in residential real estate markets expanded further in most Districts. Growth in residential construction activity was moderate across many Districts but robust in San Francisco, where contacts reported that contractors are bumping up against capacity constraints for new projects. In Minneapolis, strong growth in the construction of single-family units was offset somewhat by a slowdown in the construction of multifamily units.

  • 2016-09-06 21:15


    --US At Full Employment, Inflation On Track to Reach Target
    --But New Normal of Low Natural Interest Rates Poses Challenges For Monetary

    Policy

    --Urges Critical Reevaluation of Monetary Policy Frameworks

    WASHINGTON (MNI) - San Francisco Federal Reserve Bank President John Williams repeated Tuesday his call for an increase in the Fed's policy rate sooner rather than later, amid signs of continued solid momentum in the economy in line with the central bank's established policy framework.

  • 2016-09-05 22:49


    --Pledges to Make More Use of SDR
    --Creates Global Forum on Steel; Avoids Naming China

    BEIJING (MNI) - Leaders of the Group of 20 countries wound up their China summit by acknowledging that monetary policy alone could not achieve balanced growth and that they would emphasize fiscal strategies and pursue structural reforms to ensure that growth is also strong, sustainable, and inclusive.

    In the final communique Monday following a two-day summit in Hangzhou, the G20 said excess exchange rate fluctuations and disorderly adjustments weaken economic and financial stability.

    The communique mentioned other areas of particular interest to China, including a pledge to broaden the use of the IMF's Special Drawing Rights and the issuance of SDR-denominated bonds.

  • 2016-09-02 08:27


    WASHINGTON (MNI) - Treasury Secretary Jacob Lew met Friday with Chinese Vice Premier Wang Yang on the sidelines of the G-20 Leaders Summit in Hangzhou, China, continuing their conversation regarding the importance of the U.S. and China relations, an emailed statement from the Treasury Department.

    Lew and Wang Yang also discussed continued cooperation to make progress on macroeconomic rebalancing and on addressing global excess capacity in industrial sectors, including steel and aluminium.

    Additionally, they discussed promoting open and competitive markets, including those for technology products and services, the statement said.