The Fed plans to tighten the rules regarding the financial activities of its officials; The US economy is resilient despite the rise in the delta



Good day. News last week that the chairmen of two regional Federal Reserve banks have actively traded in financial markets has prompted the Fed to review its rules regarding the financial activities of its officials. “This review will help identify ways to further strengthen these rules and standards,” a Fed spokesperson said, adding that the central bank “will make changes, if necessary, and any changes will be added to the code of conduct. of the reserve bank “. Meanwhile, government data on Thursday showed the U.S. economy has proven to be resilient despite the Delta variant, with shoppers ramping up spending at retailers and early jobless claims – an indicator of layoffs – standing near the bottom. ‘a pandemic trough.

Now on to today’s news and analysis.

Top news

Fed to review financial trading rules for civil servants

The Federal Reserve is launching a review of its internal rules governing the financial activities of its officials following the announcement last week that the heads of regional Fed banks in Dallas and Boston have actively traded in financial markets.

“Because the confidence of the American people is essential for the Federal Reserve to effectively carry out our important mission, President [Jerome] Late last week, Powell asked board staff to take a fresh and comprehensive look at the ethical rules regarding financial assets and activities authorized by senior Fed officials, “said Thursday. a spokesperson for the Fed.

U.S. economy shows resilience during delta surge

Americans sharply increased spending at retailers last month, while employers largely resisted the urge to lay off workers, the government reported Thursday, two signs of strong demand in the economy.

Glynn’s Perspective: The RBA Review Is Something For The Post-Covid Era

By James Glynn

Calls for a thorough review of the Reserve Bank of Australia’s practices peaked this week amid suggestions that it is failing in key areas of its political mission. Read more.

Key developments around the world

Energy price crisis pushes European investors to bet on inflation

Record-breaking energy prices are pushing bond investors to bet on a surge in eurozone inflation in the coming months, reversing the trade bloc’s rhetoric of ultra-low price growth, at least temporarily.

Soaring energy prices shut down UK factories

Biden steps up efforts to advance $ 3.5 trillion spending bill

President Biden takes a more public role in negotiations around the roughly $ 3.5 trillion Democratic Social Protection and Climate Bill, touting proposals to raise taxes for high-income households and US businesses to finance it.

China seeks to join Pacific Trade Pact after US formation of new alliance

China has officially applied to join an 11-country Asia-Pacific trade pact, seeking to draw traditional U.S. allies into its economic orbit as competition for alliances intensifies between Beijing and Washington.

China presents itself as an ally of workers in the battle against big tech

The Chinese Communist state has pretended to support the lowest workers in the country’s barehanded tech industry, an emerging element of leader Xi Jinping’s campaign to usher in a new era of “common prosperity.”

World Bank cancels flagship ‘Doing Business’ report after investigation

The World Bank has canceled a major report assessing the business environment of countries around the world after an investigation concluded that the bank’s senior management pressured staff to change data affecting China’s ranking and other countries.

Overview of financial regulation

Democrats rethink climate measures and consider carbon tax

Democrats take another look at their carbon reduction proposals in their $ 3.5 trillion spending package, hoping to win over moderate party members who have raised concerns about elements of the plan .

Justice Department fights against Purdue Pharma settlement

The Justice Department, which is challenging an estimated $ 4.5 billion settlement that will protect the family that owns OxyContin maker Purdue Pharma LP from opioid lawsuits, is seeking to put the deal on hold until what the federal courts of appeal have ruled.

Forward-looking indications

Friday (every hour ET)

10 a.m .: University of Michigan releases preliminary US consumer sentiment data in September

Wednesday

Time N / A: US Federal Reserve begins two-day political meeting; National Bank of Hungary issues policy statement; Bank of Indonesia issues policy statement; Central Bank of Nigeria issues policy statement

3:30 am: Riksbank publishes interest rate decision and monetary policy report

8:30 a.m .: US Department of Commerce releases August housing starts

Remark

The wave of US spending has yet to hit

The fact remains that many Americans have accumulated significant savings since the onset of the Covid-19 crisis, thanks to both a sharp initial reduction in their spending and significant income relief, writes. Justin Lahart.

Base points

Japanese exports climbed double-digit for the sixth consecutive month in August, driven by strong demand for steel, semiconductor-related products and auto parts in major overseas markets, according to data from the Ministry of Finance. Exports rose 26.2% from the same period a year earlier, declining from July’s 37% increase. (Dow Jones Newswires)

An unprecedented 61 boxships were waiting to dock at ports in Los Angeles and Long Beach on Wednesday, with wait times for unloading stretching to three weeks, shipping officials said. (DJN)

Eurozone exports rose 1.0% in July compared with June, while imports rose 0.3%, both seasonally adjusted, the European Union statistical agency said. , signaling that international merchandise trade was on a weak basis despite the easing of most coronavirus restrictions. (DJN)

Passenger car registrations in the European Union fell 19% year on year in August, as EU markets performed poorly during the summer amid a shortage of semiconductors. Registrations, which reflect sales, were recorded for 622,993 vehicles last month, the Association of European Automobile Manufacturers said Thursday. (DJN)

 

(END) Dow Jones Newswires

September 17, 2021 09:24 ET (13:24 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.


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