The Fed Will Wait. That’s a Positive for Stocks and a Departure From the Past.

Barrons2021-03-18

“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve. Any prospect—indeed even any discussion—of interest-rate increases or reductions in ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Report

Comment（13）

Joseph91
·2021-03-18
Great
Reply
1
Report
Fold Replies
- J999:
  Yeap
  2021-03-18
  Reply
  Report
- Joseph91:
  Great
  2021-03-18
  Reply
  Report
小赖赖
·2021-03-18
Please reply to my comment ❣️
Reply
Like
Report
Fold Replies
- XNOP593:
  Donee
  2021-03-18
  Reply
  Report
ProsperTTM
·2021-03-18
Ok
Reply
Like
Report
Chiat
·2021-03-18
.
Reply
1
Report
Janicetxy
·2021-03-18
Please help to comment thanks!
Reply
1
Report
Fold Replies
- 财富小吴:
  [强]
  2021-03-18
  Reply
  Report
- ProsperTTM:
  ??
  2021-03-18
  Reply
  Report
torrentialT
·2021-03-18
$Tesla Motors(TSLA)$to the moon!
Reply
Like
Report
财富小吴
·2021-03-18
Great news
Reply
1
Report
Fold Replies
- Janicetxy:
  ??
  2021-03-18
  Reply
  Report
Nickeando
·2021-03-18
Please comment and like tks
Reply
1
Report
Fold Replies
- 木吉蒂:
  Done!
  2021-03-18
  Reply
  Report
Kayabunz
·2021-03-18
Very good
Reply
2
Report
Iankoh
·2021-03-18
I need your response
Reply
Like
Report
ongcjeric
·2021-03-18
Pls like n comment
Reply
1
Report
ongcjeric
·2021-03-18
Pls like and comment
Reply
1
Report
Fold Replies
- ongcjeric:
  Good like
  2021-03-18
  Reply
  Report
- keenantk:
  ??
  2021-03-18
  Reply
  Report
- paul96:
  Ok
  2021-03-18
  Reply
  Report
BuyX3
·2021-03-18
Remain the same! Please like and comment! Thanks!
Reply
3
Report
Fold Replies
- PYCHUA:
  pls help to reply to me too. thx
  2021-03-18
  Reply
  Report
- BuyX3:
  Yeah!
  2021-03-18
  Reply
  Report

Most Discussed

7x24

All

Terms and Conditions·Privacy Policy

Company: TTMF Limited. Tech supported by Xiangshang Yixin.

Email：uservice@ttm.financial

{"i18n":{"language":"en_US"},"data":{"share":"https://ttm.financial/m/news/1196092062?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2021-03-18 08:56","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"1196092062","market":"us","top_or_hot":-1,"title":"The Fed Will Wait. That’s a Positive for Stocks and a Departure From the Past.","media":"Barrons","content":"<div>\n<p>“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.\nAny prospect—indeed even any discussion—of interest-rate increases or reductions in ...</p>\n\n<a href=\"https://www.barrons.com/articles/the-fed-will-wait-thats-a-positive-for-stocks-and-a-departure-from-the-past-51616022872?mod=hp_LEAD_1\">Source Link</a>\n\n</div>\n","source":"lsy1601382232898","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Fed Will Wait. That’s a Positive for Stocks and a Departure From the Past.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Fed Will Wait. That’s a Positive for Stocks and a Departure From the Past.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-18 08:56 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/the-fed-will-wait-thats-a-positive-for-stocks-and-a-departure-from-the-past-51616022872?mod=hp_LEAD_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.\nAny prospect—indeed even any discussion—of interest-rate increases or reductions in ...</p>\n\n<a href=\"https://www.barrons.com/articles/the-fed-will-wait-thats-a-positive-for-stocks-and-a-departure-from-the-past-51616022872?mod=hp_LEAD_1\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":".DJI","symbol_name":"道琼斯","start_time":0,"source_url":"https://www.barrons.com/articles/the-fed-will-wait-thats-a-positive-for-stocks-and-a-departure-from-the-past-51616022872?mod=hp_LEAD_1","article_id":"1196092062","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1196092062","pubTimestamp":1616029011,"sourceInfo":{"source_id":"lsy1601382232898","name":"Barrons"},"weMediaInfo":null,"summary":"“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.Powell’s comments were clearly aimed atheightened expectationsthat the Fed could raise rates multiple times by 2023, which in turn has lifted intermediate- and long-term Treasury yields. Those expectations pushed the benchmark 10-year Treasury yield to 1.68% at midday Wednesday, the highest level since January 2020. That benchmark yield eased back to 1.62% by the end of Powell’s press confe","collect":0,"end_time":0,"defaultTopTitle":"barrons.com","property":[],"viewcount":null,"language":"en","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"translate_title":"美联储将等待。这对股市来说是一个利好消息，也是一个与过去不同的消息。","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9},"content_text":"“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.\nAny prospect—indeed even any discussion—of interest-rate increases or reductions in securities purchases by the central bank will depend on the Fed having its goals in sight, not just in its forecasts, Fed Chairman Jerome Powell emphasized at a press conference on Wednesday. That doesn’t seem likely soon.\nPowell’s comments were clearly aimed atheightened expectationsthat the Fed could raise rates multiple times by 2023, which in turn has lifted intermediate- and long-term Treasury yields. Those expectations pushed the benchmark 10-year Treasury yield to 1.68% at midday Wednesday, the highest level since January 2020. That benchmark yield eased back to 1.62% by the end of Powell’s press conference, which, in turn, lifted stocks. The Dow Jones Industrial Average ended the day 0.6% higher and closed above the 33,000 mark for the first time.\nPowell’s remarks followed the release of the Federal Open Market Committee’s policy statement, which, as universally expected, contained no changes in its near-zero federal-funds target or its $120 billion monthly purchases of Treasury and agency mortgage-backed securities.\nNeither was it surprising that the Fed’s new Summary of Economic Projections contained significant upgrades to the central bank’s outlook for economic growth from its previous one released last December. Real gross domestic product is now expected to grow 6.5% in 2021, up from 4.2% previously, thanks to a boost from the recently enacted $1.9 trillion fiscal package. Similarly, the panel’s projection for unemployment is lowered and its expectation for inflation was increased slightly. Forecasts for 2022 and 2023 also were tweaked.\nBut the main message Powell conveyed was clear: The Fed will continue to maintain its ultra-accommodative policy until the monetary authorities are convinced its policy goals are in sight. That would mark a sharp departure from the practice of monetary policy for more than a generation.\nThe accepted modus operandi has been for the Fed to head off an increase in inflation by pre-emptively tightening monetary policy when what it considered to be full employment was in its forecast. Not only did the Fed’s target for full employment keep changing—falling from 6%, to 5%, and so on, until the jobless rate hit 3.5% in early 2020 before the pandemic—but inflation continuously fell short of the Fed’s 2% target.\nWhile the Fed’s so-called dot plot of rate expectations showed seven out of 18 FOMC members anticipated an increase in the fed-funds rate in 2023, Powell continually took pains to say those are only estimates of where the individual Fed governors and district presidents think the rate might be based on their individual forecasts. Not only is that a long ways off in the future, Powell noted, but the forecasts are even more uncertain than usual.\nMeanwhile, the Fed will be keeping its foot down on the monetary gas pedal. Financial conditions remain extremely accommodative, as indicated by the Dow’s record plus still historically low interest rates and tight credit spreads, which Powell called appropriate. What would be worrisome would be if financial conditions became disorderly.\nPowell didn’t think any change in the Fed’s bond purchases was needed in the face of higher yields at the long end of the Treasury market. He called the central bank’s purchases across the yield curve appropriate and didn’t see the need to skew its buying to try to pressure longer-term yields lower. Some central banks abroad, notably the Reserve Bank of Australia, have tried to manipulate bond markets by shifting their purchases.\nEven with the headline measures of unemployment expected by the Fed to drop from 6.2% last month to 4.5% by year end and 3.9% by the end of 2022, Powell emphasized that the total number of jobs remains more than 9 million below where it stood before the pandemic. Inflation also would have to show more than a transitory rise from the depressed levels of a year ago and stay above the 2% target for some time for the Fed to change its stance.\nKeeping Fed policy easy while the economy recovers clearly is bullish for financial markets. “It would be hard to craft a more constructive statement than this,” a client note from Evercore ISI asserted.\nBut this policy of maintaining zero rates and huge bond purchases, even as the economy recovers, is an experiment playing out in real time. The mantra had always been that monetary policy works with long and variable lags. That produced four decades of disinflation.\nWaiting until the Fed sees the whites of inflation’s eyes will be a test of this new experimental approach.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":324741130,"gmtCreate":1616033905320,"gmtModify":1704790003175,"author":{"id":"3574914963531057","authorId":"3574914963531057","name":"Joseph91","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":3,"crmLevelSwitch":0},"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/324741130","repostId":1196092062,"repostType":4,"repost":{"id":"1196092062","pubTimestamp":1616029011,"share":"https://www.laohu8.com/m/news/1196092062?lang=&edition=full","pubTime":"2021-03-18 08:56","market":"us","language":"en","title":"The Fed Will Wait. That’s a Positive for Stocks and a Departure From the Past.","url":"https://stock-news.laohu8.com/highlight/detail?id=1196092062","media":"Barrons","summary":"“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.Powell’s comments were clearly aimed atheightened expectationsthat the Fed could raise rates multiple times by 2023, which in turn has lifted intermediate- and long-term Treasury yields. Those expectations pushed the benchmark 10-year Treasury yield to 1.68% at midday Wednesday, the highest level since January 2020. That benchmark yield eased back to 1.62% by the end of Powell’s press confe","content":"<p>“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.</p>\n<p>Any prospect—indeed even any discussion—of interest-rate increases or reductions in securities purchases by the central bank will depend on the Fed having its goals in sight, not just in its forecasts, Fed Chairman Jerome Powell emphasized at a press conference on Wednesday. That doesn’t seem likely soon.</p>\n<p>Powell’s comments were clearly aimed atheightened expectationsthat the Fed could raise rates multiple times by 2023, which in turn has lifted intermediate- and long-term Treasury yields. Those expectations pushed the benchmark 10-year Treasury yield to 1.68% at midday Wednesday, the highest level since January 2020. That benchmark yield eased back to 1.62% by the end of Powell’s press conference, which, in turn, lifted stocks. The&nbsp;Dow Jones Industrial Average&nbsp;ended the day 0.6% higher and&nbsp;closed above the 33,000 mark&nbsp;for the first time.</p>\n<p>Powell’s remarks followed the release of the&nbsp;Federal Open Market Committee’s policy statement, which, as universally expected, contained no changes in its near-zero federal-funds target or its $120 billion monthly purchases of Treasury and agency mortgage-backed securities.</p>\n<p>Neither was it surprising that the Fed’s new&nbsp;Summary of Economic Projections&nbsp;contained significant upgrades to the central bank’s outlook for economic growth from its previous one released last December. Real gross domestic product is now expected to grow 6.5% in 2021, up from 4.2% previously, thanks to a boost from the recently enacted $1.9 trillion fiscal package. Similarly, the panel’s projection for unemployment is lowered and its expectation for inflation was increased slightly. Forecasts for 2022 and 2023 also were tweaked.</p>\n<p>But the main message Powell conveyed was clear: The Fed will continue to maintain its ultra-accommodative policy until the monetary authorities are convinced its policy goals are in sight. That would mark a sharp departure from the practice of monetary policy for more than a generation.</p>\n<p>The accepted modus operandi has been for the Fed to head off an increase in inflation by pre-emptively tightening monetary policy when what it considered to be full employment was in its forecast. Not only did the Fed’s target for full employment keep changing—falling from 6%, to 5%, and so on, until the jobless rate hit 3.5% in early 2020 before the pandemic—but inflation continuously fell short of the Fed’s 2% target.</p>\n<p>While the Fed’s so-called dot plot of rate expectations showed seven out of 18 FOMC members anticipated an increase in the fed-funds rate in 2023, Powell continually took pains to say those are only estimates of where the individual Fed governors and district presidents think the rate might be based on their individual forecasts. Not only is that a long ways off in the future, Powell noted, but the forecasts are even more uncertain than usual.</p>\n<p>Meanwhile, the Fed will be keeping its foot down on the monetary gas pedal. Financial conditions remain extremely accommodative, as indicated by the Dow’s record plus still historically low interest rates and tight credit spreads, which Powell called appropriate. What would be worrisome would be if financial conditions became disorderly.</p>\n<p>Powell didn’t think any change in the Fed’s bond purchases was needed in the face of higher yields at the long end of the Treasury market. He called the central bank’s purchases across the yield curve appropriate and didn’t see the need to skew its buying to try to pressure longer-term yields lower. Some central banks abroad, notably the Reserve Bank of Australia, have tried to manipulate bond markets by&nbsp;shifting their purchases.</p>\n<p>Even with the headline measures of unemployment expected by the Fed to drop from 6.2% last month to 4.5% by year end and 3.9% by the end of 2022, Powell emphasized that the total number of jobs remains more than 9 million below where it stood before the pandemic. Inflation also would have to show more than a transitory rise from the depressed levels of a year ago and stay above the 2% target for some time for the Fed to change its stance.</p>\n<p>Keeping Fed policy easy while the economy recovers clearly is bullish for financial markets. “It would be hard to craft a more constructive statement than this,” a client note from Evercore ISI asserted.</p>\n<p>But this policy of maintaining zero rates and huge bond purchases, even as the economy recovers, is an experiment playing out in real time. The mantra had always been that monetary policy works with long and variable lags. That produced four decades of disinflation.</p>\n<p>Waiting until the Fed sees the whites of inflation’s eyes will be a test of this new experimental approach.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Fed Will Wait. That’s a Positive for Stocks and a Departure From the Past.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Fed Will Wait. That’s a Positive for Stocks and a Departure From the Past.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-18 08:56 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/the-fed-will-wait-thats-a-positive-for-stocks-and-a-departure-from-the-past-51616022872?mod=hp_LEAD_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.\nAny prospect—indeed even any discussion—of interest-rate increases or reductions in ...</p>\n\n<a href=\"https://www.barrons.com/articles/the-fed-will-wait-thats-a-positive-for-stocks-and-a-departure-from-the-past-51616022872?mod=hp_LEAD_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/the-fed-will-wait-thats-a-positive-for-stocks-and-a-departure-from-the-past-51616022872?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196092062","content_text":"“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.\nAny prospect—indeed even any discussion—of interest-rate increases or reductions in securities purchases by the central bank will depend on the Fed having its goals in sight, not just in its forecasts, Fed Chairman Jerome Powell emphasized at a press conference on Wednesday. That doesn’t seem likely soon.\nPowell’s comments were clearly aimed atheightened expectationsthat the Fed could raise rates multiple times by 2023, which in turn has lifted intermediate- and long-term Treasury yields. Those expectations pushed the benchmark 10-year Treasury yield to 1.68% at midday Wednesday, the highest level since January 2020. That benchmark yield eased back to 1.62% by the end of Powell’s press conference, which, in turn, lifted stocks. The Dow Jones Industrial Average ended the day 0.6% higher and closed above the 33,000 mark for the first time.\nPowell’s remarks followed the release of the Federal Open Market Committee’s policy statement, which, as universally expected, contained no changes in its near-zero federal-funds target or its $120 billion monthly purchases of Treasury and agency mortgage-backed securities.\nNeither was it surprising that the Fed’s new Summary of Economic Projections contained significant upgrades to the central bank’s outlook for economic growth from its previous one released last December. Real gross domestic product is now expected to grow 6.5% in 2021, up from 4.2% previously, thanks to a boost from the recently enacted $1.9 trillion fiscal package. Similarly, the panel’s projection for unemployment is lowered and its expectation for inflation was increased slightly. Forecasts for 2022 and 2023 also were tweaked.\nBut the main message Powell conveyed was clear: The Fed will continue to maintain its ultra-accommodative policy until the monetary authorities are convinced its policy goals are in sight. That would mark a sharp departure from the practice of monetary policy for more than a generation.\nThe accepted modus operandi has been for the Fed to head off an increase in inflation by pre-emptively tightening monetary policy when what it considered to be full employment was in its forecast. Not only did the Fed’s target for full employment keep changing—falling from 6%, to 5%, and so on, until the jobless rate hit 3.5% in early 2020 before the pandemic—but inflation continuously fell short of the Fed’s 2% target.\nWhile the Fed’s so-called dot plot of rate expectations showed seven out of 18 FOMC members anticipated an increase in the fed-funds rate in 2023, Powell continually took pains to say those are only estimates of where the individual Fed governors and district presidents think the rate might be based on their individual forecasts. Not only is that a long ways off in the future, Powell noted, but the forecasts are even more uncertain than usual.\nMeanwhile, the Fed will be keeping its foot down on the monetary gas pedal. Financial conditions remain extremely accommodative, as indicated by the Dow’s record plus still historically low interest rates and tight credit spreads, which Powell called appropriate. What would be worrisome would be if financial conditions became disorderly.\nPowell didn’t think any change in the Fed’s bond purchases was needed in the face of higher yields at the long end of the Treasury market. He called the central bank’s purchases across the yield curve appropriate and didn’t see the need to skew its buying to try to pressure longer-term yields lower. Some central banks abroad, notably the Reserve Bank of Australia, have tried to manipulate bond markets by shifting their purchases.\nEven with the headline measures of unemployment expected by the Fed to drop from 6.2% last month to 4.5% by year end and 3.9% by the end of 2022, Powell emphasized that the total number of jobs remains more than 9 million below where it stood before the pandemic. Inflation also would have to show more than a transitory rise from the depressed levels of a year ago and stay above the 2% target for some time for the Fed to change its stance.\nKeeping Fed policy easy while the economy recovers clearly is bullish for financial markets. “It would be hard to craft a more constructive statement than this,” a client note from Evercore ISI asserted.\nBut this policy of maintaining zero rates and huge bond purchases, even as the economy recovers, is an experiment playing out in real time. The mantra had always been that monetary policy works with long and variable lags. That produced four decades of disinflation.\nWaiting until the Fed sees the whites of inflation’s eyes will be a test of this new experimental approach.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3829269,"gmtCreate":1616082303972,"gmtModify":1680780906397,"authorId":3560834065076807,"author":{"id":3560834065076807,"authorId":3560834065076807,"name":"J999","avatar":"https://static.tigerbbs.com/0f9f1800d3a366281ffecc1298808c82","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":324741130,"type":1,"supId":0,"prevId":0,"content":"<u>Yeap</u>","text":"<u>Yeap</u>","html":"<u>Yeap</u>"},{"id":3829288,"gmtCreate":1616082374830,"gmtModify":1680780901034,"authorId":3574914963531057,"author":{"id":3574914963531057,"authorId":3574914963531057,"name":"Joseph91","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":324741130,"type":1,"supId":3829269,"prevId":0,"content":"Great","text":"Great","html":"Great"}],"langContent":"EN"},{"id":324787013,"gmtCreate":1616031324032,"gmtModify":1704789954352,"author":{"id":"3574979473661125","authorId":"3574979473661125","name":"小赖赖","avatar":"https://static.tigerbbs.com/efbd85c02219122d727f3ce8ce3b6f24","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"Please reply to my comment ❣️","listText":"Please reply to my comment ❣️","text":"Please reply to my comment ❣️","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/324787013","repostId":1196092062,"repostType":4,"repost":{"id":"1196092062","pubTimestamp":1616029011,"share":"https://www.laohu8.com/m/news/1196092062?lang=&edition=full","pubTime":"2021-03-18 08:56","market":"us","language":"en","title":"The Fed Will Wait. That’s a Positive for Stocks and a Departure From the Past.","url":"https://stock-news.laohu8.com/highlight/detail?id=1196092062","media":"Barrons","summary":"“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.Powell’s comments were clearly aimed atheightened expectationsthat the Fed could raise rates multiple times by 2023, which in turn has lifted intermediate- and long-term Treasury yields. Those expectations pushed the benchmark 10-year Treasury yield to 1.68% at midday Wednesday, the highest level since January 2020. That benchmark yield eased back to 1.62% by the end of Powell’s press confe","content":"<p>“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.</p>\n<p>Any prospect—indeed even any discussion—of interest-rate increases or reductions in securities purchases by the central bank will depend on the Fed having its goals in sight, not just in its forecasts, Fed Chairman Jerome Powell emphasized at a press conference on Wednesday. That doesn’t seem likely soon.</p>\n<p>Powell’s comments were clearly aimed atheightened expectationsthat the Fed could raise rates multiple times by 2023, which in turn has lifted intermediate- and long-term Treasury yields. Those expectations pushed the benchmark 10-year Treasury yield to 1.68% at midday Wednesday, the highest level since January 2020. That benchmark yield eased back to 1.62% by the end of Powell’s press conference, which, in turn, lifted stocks. The&nbsp;Dow Jones Industrial Average&nbsp;ended the day 0.6% higher and&nbsp;closed above the 33,000 mark&nbsp;for the first time.</p>\n<p>Powell’s remarks followed the release of the&nbsp;Federal Open Market Committee’s policy statement, which, as universally expected, contained no changes in its near-zero federal-funds target or its $120 billion monthly purchases of Treasury and agency mortgage-backed securities.</p>\n<p>Neither was it surprising that the Fed’s new&nbsp;Summary of Economic Projections&nbsp;contained significant upgrades to the central bank’s outlook for economic growth from its previous one released last December. Real gross domestic product is now expected to grow 6.5% in 2021, up from 4.2% previously, thanks to a boost from the recently enacted $1.9 trillion fiscal package. Similarly, the panel’s projection for unemployment is lowered and its expectation for inflation was increased slightly. Forecasts for 2022 and 2023 also were tweaked.</p>\n<p>But the main message Powell conveyed was clear: The Fed will continue to maintain its ultra-accommodative policy until the monetary authorities are convinced its policy goals are in sight. That would mark a sharp departure from the practice of monetary policy for more than a generation.</p>\n<p>The accepted modus operandi has been for the Fed to head off an increase in inflation by pre-emptively tightening monetary policy when what it considered to be full employment was in its forecast. Not only did the Fed’s target for full employment keep changing—falling from 6%, to 5%, and so on, until the jobless rate hit 3.5% in early 2020 before the pandemic—but inflation continuously fell short of the Fed’s 2% target.</p>\n<p>While the Fed’s so-called dot plot of rate expectations showed seven out of 18 FOMC members anticipated an increase in the fed-funds rate in 2023, Powell continually took pains to say those are only estimates of where the individual Fed governors and district presidents think the rate might be based on their individual forecasts. Not only is that a long ways off in the future, Powell noted, but the forecasts are even more uncertain than usual.</p>\n<p>Meanwhile, the Fed will be keeping its foot down on the monetary gas pedal. Financial conditions remain extremely accommodative, as indicated by the Dow’s record plus still historically low interest rates and tight credit spreads, which Powell called appropriate. What would be worrisome would be if financial conditions became disorderly.</p>\n<p>Powell didn’t think any change in the Fed’s bond purchases was needed in the face of higher yields at the long end of the Treasury market. He called the central bank’s purchases across the yield curve appropriate and didn’t see the need to skew its buying to try to pressure longer-term yields lower. Some central banks abroad, notably the Reserve Bank of Australia, have tried to manipulate bond markets by&nbsp;shifting their purchases.</p>\n<p>Even with the headline measures of unemployment expected by the Fed to drop from 6.2% last month to 4.5% by year end and 3.9% by the end of 2022, Powell emphasized that the total number of jobs remains more than 9 million below where it stood before the pandemic. Inflation also would have to show more than a transitory rise from the depressed levels of a year ago and stay above the 2% target for some time for the Fed to change its stance.</p>\n<p>Keeping Fed policy easy while the economy recovers clearly is bullish for financial markets. “It would be hard to craft a more constructive statement than this,” a client note from Evercore ISI asserted.</p>\n<p>But this policy of maintaining zero rates and huge bond purchases, even as the economy recovers, is an experiment playing out in real time. The mantra had always been that monetary policy works with long and variable lags. That produced four decades of disinflation.</p>\n<p>Waiting until the Fed sees the whites of inflation’s eyes will be a test of this new experimental approach.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Fed Will Wait. That’s a Positive for Stocks and a Departure From the Past.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Fed Will Wait. That’s a Positive for Stocks and a Departure From the Past.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-18 08:56 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/the-fed-will-wait-thats-a-positive-for-stocks-and-a-departure-from-the-past-51616022872?mod=hp_LEAD_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.\nAny prospect—indeed even any discussion—of interest-rate increases or reductions in ...</p>\n\n<a href=\"https://www.barrons.com/articles/the-fed-will-wait-thats-a-positive-for-stocks-and-a-departure-from-the-past-51616022872?mod=hp_LEAD_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/the-fed-will-wait-thats-a-positive-for-stocks-and-a-departure-from-the-past-51616022872?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196092062","content_text":"“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.\nAny prospect—indeed even any discussion—of interest-rate increases or reductions in securities purchases by the central bank will depend on the Fed having its goals in sight, not just in its forecasts, Fed Chairman Jerome Powell emphasized at a press conference on Wednesday. That doesn’t seem likely soon.\nPowell’s comments were clearly aimed atheightened expectationsthat the Fed could raise rates multiple times by 2023, which in turn has lifted intermediate- and long-term Treasury yields. Those expectations pushed the benchmark 10-year Treasury yield to 1.68% at midday Wednesday, the highest level since January 2020. That benchmark yield eased back to 1.62% by the end of Powell’s press conference, which, in turn, lifted stocks. The Dow Jones Industrial Average ended the day 0.6% higher and closed above the 33,000 mark for the first time.\nPowell’s remarks followed the release of the Federal Open Market Committee’s policy statement, which, as universally expected, contained no changes in its near-zero federal-funds target or its $120 billion monthly purchases of Treasury and agency mortgage-backed securities.\nNeither was it surprising that the Fed’s new Summary of Economic Projections contained significant upgrades to the central bank’s outlook for economic growth from its previous one released last December. Real gross domestic product is now expected to grow 6.5% in 2021, up from 4.2% previously, thanks to a boost from the recently enacted $1.9 trillion fiscal package. Similarly, the panel’s projection for unemployment is lowered and its expectation for inflation was increased slightly. Forecasts for 2022 and 2023 also were tweaked.\nBut the main message Powell conveyed was clear: The Fed will continue to maintain its ultra-accommodative policy until the monetary authorities are convinced its policy goals are in sight. That would mark a sharp departure from the practice of monetary policy for more than a generation.\nThe accepted modus operandi has been for the Fed to head off an increase in inflation by pre-emptively tightening monetary policy when what it considered to be full employment was in its forecast. Not only did the Fed’s target for full employment keep changing—falling from 6%, to 5%, and so on, until the jobless rate hit 3.5% in early 2020 before the pandemic—but inflation continuously fell short of the Fed’s 2% target.\nWhile the Fed’s so-called dot plot of rate expectations showed seven out of 18 FOMC members anticipated an increase in the fed-funds rate in 2023, Powell continually took pains to say those are only estimates of where the individual Fed governors and district presidents think the rate might be based on their individual forecasts. Not only is that a long ways off in the future, Powell noted, but the forecasts are even more uncertain than usual.\nMeanwhile, the Fed will be keeping its foot down on the monetary gas pedal. Financial conditions remain extremely accommodative, as indicated by the Dow’s record plus still historically low interest rates and tight credit spreads, which Powell called appropriate. What would be worrisome would be if financial conditions became disorderly.\nPowell didn’t think any change in the Fed’s bond purchases was needed in the face of higher yields at the long end of the Treasury market. He called the central bank’s purchases across the yield curve appropriate and didn’t see the need to skew its buying to try to pressure longer-term yields lower. Some central banks abroad, notably the Reserve Bank of Australia, have tried to manipulate bond markets by shifting their purchases.\nEven with the headline measures of unemployment expected by the Fed to drop from 6.2% last month to 4.5% by year end and 3.9% by the end of 2022, Powell emphasized that the total number of jobs remains more than 9 million below where it stood before the pandemic. Inflation also would have to show more than a transitory rise from the depressed levels of a year ago and stay above the 2% target for some time for the Fed to change its stance.\nKeeping Fed policy easy while the economy recovers clearly is bullish for financial markets. “It would be hard to craft a more constructive statement than this,” a client note from Evercore ISI asserted.\nBut this policy of maintaining zero rates and huge bond purchases, even as the economy recovers, is an experiment playing out in real time. The mantra had always been that monetary policy works with long and variable lags. That produced four decades of disinflation.\nWaiting until the Fed sees the whites of inflation’s eyes will be a test of this new experimental approach.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3822486,"gmtCreate":1616034587133,"gmtModify":1680780803179,"authorId":3577092942653022,"author":{"id":3577092942653022,"authorId":3577092942653022,"name":"XNOP593","avatar":"https://static.tigerbbs.com/732877c9630f22cc8eb6bebac5e10f6d","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":324787013,"type":1,"supId":0,"prevId":0,"content":"Donee","text":"Donee","html":"Donee"}],"langContent":"EN"},{"id":324782664,"gmtCreate":1616031159258,"gmtModify":1704789950951,"author":{"id":"3575786148063178","authorId":"3575786148063178","name":"ProsperTTM","avatar":"https://community-static.tradeup.com/news/9a4e00a79e2c44219ae1947a62b734b4","vip":1,"crmLevel":3,"crmLevelSwitch":1},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/324782664","repostId":1196092062,"repostType":4,"repost":{"id":"1196092062","pubTimestamp":1616029011,"share":"https://www.laohu8.com/m/news/1196092062?lang=&edition=full","pubTime":"2021-03-18 08:56","market":"us","language":"en","title":"The Fed Will Wait. That’s a Positive for Stocks and a Departure From the Past.","url":"https://stock-news.laohu8.com/highlight/detail?id=1196092062","media":"Barrons","summary":"“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.Powell’s comments were clearly aimed atheightened expectationsthat the Fed could raise rates multiple times by 2023, which in turn has lifted intermediate- and long-term Treasury yields. Those expectations pushed the benchmark 10-year Treasury yield to 1.68% at midday Wednesday, the highest level since January 2020. That benchmark yield eased back to 1.62% by the end of Powell’s press confe","content":"<p>“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.</p>\n<p>Any prospect—indeed even any discussion—of interest-rate increases or reductions in securities purchases by the central bank will depend on the Fed having its goals in sight, not just in its forecasts, Fed Chairman Jerome Powell emphasized at a press conference on Wednesday. That doesn’t seem likely soon.</p>\n<p>Powell’s comments were clearly aimed atheightened expectationsthat the Fed could raise rates multiple times by 2023, which in turn has lifted intermediate- and long-term Treasury yields. Those expectations pushed the benchmark 10-year Treasury yield to 1.68% at midday Wednesday, the highest level since January 2020. That benchmark yield eased back to 1.62% by the end of Powell’s press conference, which, in turn, lifted stocks. The&nbsp;Dow Jones Industrial Average&nbsp;ended the day 0.6% higher and&nbsp;closed above the 33,000 mark&nbsp;for the first time.</p>\n<p>Powell’s remarks followed the release of the&nbsp;Federal Open Market Committee’s policy statement, which, as universally expected, contained no changes in its near-zero federal-funds target or its $120 billion monthly purchases of Treasury and agency mortgage-backed securities.</p>\n<p>Neither was it surprising that the Fed’s new&nbsp;Summary of Economic Projections&nbsp;contained significant upgrades to the central bank’s outlook for economic growth from its previous one released last December. Real gross domestic product is now expected to grow 6.5% in 2021, up from 4.2% previously, thanks to a boost from the recently enacted $1.9 trillion fiscal package. Similarly, the panel’s projection for unemployment is lowered and its expectation for inflation was increased slightly. Forecasts for 2022 and 2023 also were tweaked.</p>\n<p>But the main message Powell conveyed was clear: The Fed will continue to maintain its ultra-accommodative policy until the monetary authorities are convinced its policy goals are in sight. That would mark a sharp departure from the practice of monetary policy for more than a generation.</p>\n<p>The accepted modus operandi has been for the Fed to head off an increase in inflation by pre-emptively tightening monetary policy when what it considered to be full employment was in its forecast. Not only did the Fed’s target for full employment keep changing—falling from 6%, to 5%, and so on, until the jobless rate hit 3.5% in early 2020 before the pandemic—but inflation continuously fell short of the Fed’s 2% target.</p>\n<p>While the Fed’s so-called dot plot of rate expectations showed seven out of 18 FOMC members anticipated an increase in the fed-funds rate in 2023, Powell continually took pains to say those are only estimates of where the individual Fed governors and district presidents think the rate might be based on their individual forecasts. Not only is that a long ways off in the future, Powell noted, but the forecasts are even more uncertain than usual.</p>\n<p>Meanwhile, the Fed will be keeping its foot down on the monetary gas pedal. Financial conditions remain extremely accommodative, as indicated by the Dow’s record plus still historically low interest rates and tight credit spreads, which Powell called appropriate. What would be worrisome would be if financial conditions became disorderly.</p>\n<p>Powell didn’t think any change in the Fed’s bond purchases was needed in the face of higher yields at the long end of the Treasury market. He called the central bank’s purchases across the yield curve appropriate and didn’t see the need to skew its buying to try to pressure longer-term yields lower. Some central banks abroad, notably the Reserve Bank of Australia, have tried to manipulate bond markets by&nbsp;shifting their purchases.</p>\n<p>Even with the headline measures of unemployment expected by the Fed to drop from 6.2% last month to 4.5% by year end and 3.9% by the end of 2022, Powell emphasized that the total number of jobs remains more than 9 million below where it stood before the pandemic. Inflation also would have to show more than a transitory rise from the depressed levels of a year ago and stay above the 2% target for some time for the Fed to change its stance.</p>\n<p>Keeping Fed policy easy while the economy recovers clearly is bullish for financial markets. “It would be hard to craft a more constructive statement than this,” a client note from Evercore ISI asserted.</p>\n<p>But this policy of maintaining zero rates and huge bond purchases, even as the economy recovers, is an experiment playing out in real time. The mantra had always been that monetary policy works with long and variable lags. That produced four decades of disinflation.</p>\n<p>Waiting until the Fed sees the whites of inflation’s eyes will be a test of this new experimental approach.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Fed Will Wait. That’s a Positive for Stocks and a Departure From the Past.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Fed Will Wait. That’s a Positive for Stocks and a Departure From the Past.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-18 08:56 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/the-fed-will-wait-thats-a-positive-for-stocks-and-a-departure-from-the-past-51616022872?mod=hp_LEAD_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.\nAny prospect—indeed even any discussion—of interest-rate increases or reductions in ...</p>\n\n<a href=\"https://www.barrons.com/articles/the-fed-will-wait-thats-a-positive-for-stocks-and-a-departure-from-the-past-51616022872?mod=hp_LEAD_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/the-fed-will-wait-thats-a-positive-for-stocks-and-a-departure-from-the-past-51616022872?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196092062","content_text":"“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.\nAny prospect—indeed even any discussion—of interest-rate increases or reductions in securities purchases by the central bank will depend on the Fed having its goals in sight, not just in its forecasts, Fed Chairman Jerome Powell emphasized at a press conference on Wednesday. That doesn’t seem likely soon.\nPowell’s comments were clearly aimed atheightened expectationsthat the Fed could raise rates multiple times by 2023, which in turn has lifted intermediate- and long-term Treasury yields. Those expectations pushed the benchmark 10-year Treasury yield to 1.68% at midday Wednesday, the highest level since January 2020. That benchmark yield eased back to 1.62% by the end of Powell’s press conference, which, in turn, lifted stocks. The Dow Jones Industrial Average ended the day 0.6% higher and closed above the 33,000 mark for the first time.\nPowell’s remarks followed the release of the Federal Open Market Committee’s policy statement, which, as universally expected, contained no changes in its near-zero federal-funds target or its $120 billion monthly purchases of Treasury and agency mortgage-backed securities.\nNeither was it surprising that the Fed’s new Summary of Economic Projections contained significant upgrades to the central bank’s outlook for economic growth from its previous one released last December. Real gross domestic product is now expected to grow 6.5% in 2021, up from 4.2% previously, thanks to a boost from the recently enacted $1.9 trillion fiscal package. Similarly, the panel’s projection for unemployment is lowered and its expectation for inflation was increased slightly. Forecasts for 2022 and 2023 also were tweaked.\nBut the main message Powell conveyed was clear: The Fed will continue to maintain its ultra-accommodative policy until the monetary authorities are convinced its policy goals are in sight. That would mark a sharp departure from the practice of monetary policy for more than a generation.\nThe accepted modus operandi has been for the Fed to head off an increase in inflation by pre-emptively tightening monetary policy when what it considered to be full employment was in its forecast. Not only did the Fed’s target for full employment keep changing—falling from 6%, to 5%, and so on, until the jobless rate hit 3.5% in early 2020 before the pandemic—but inflation continuously fell short of the Fed’s 2% target.\nWhile the Fed’s so-called dot plot of rate expectations showed seven out of 18 FOMC members anticipated an increase in the fed-funds rate in 2023, Powell continually took pains to say those are only estimates of where the individual Fed governors and district presidents think the rate might be based on their individual forecasts. Not only is that a long ways off in the future, Powell noted, but the forecasts are even more uncertain than usual.\nMeanwhile, the Fed will be keeping its foot down on the monetary gas pedal. Financial conditions remain extremely accommodative, as indicated by the Dow’s record plus still historically low interest rates and tight credit spreads, which Powell called appropriate. What would be worrisome would be if financial conditions became disorderly.\nPowell didn’t think any change in the Fed’s bond purchases was needed in the face of higher yields at the long end of the Treasury market. He called the central bank’s purchases across the yield curve appropriate and didn’t see the need to skew its buying to try to pressure longer-term yields lower. Some central banks abroad, notably the Reserve Bank of Australia, have tried to manipulate bond markets by shifting their purchases.\nEven with the headline measures of unemployment expected by the Fed to drop from 6.2% last month to 4.5% by year end and 3.9% by the end of 2022, Powell emphasized that the total number of jobs remains more than 9 million below where it stood before the pandemic. Inflation also would have to show more than a transitory rise from the depressed levels of a year ago and stay above the 2% target for some time for the Fed to change its stance.\nKeeping Fed policy easy while the economy recovers clearly is bullish for financial markets. “It would be hard to craft a more constructive statement than this,” a client note from Evercore ISI asserted.\nBut this policy of maintaining zero rates and huge bond purchases, even as the economy recovers, is an experiment playing out in real time. The mantra had always been that monetary policy works with long and variable lags. That produced four decades of disinflation.\nWaiting until the Fed sees the whites of inflation’s eyes will be a test of this new experimental approach.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":324781119,"gmtCreate":1616030956631,"gmtModify":1704789946742,"author":{"id":"3563325422612526","authorId":"3563325422612526","name":"Chiat","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":5,"crmLevelSwitch":0},"htmlText":".&nbsp;","listText":".&nbsp;","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/324781119","repostId":1196092062,"repostType":4,"repost":{"id":"1196092062","pubTimestamp":1616029011,"share":"https://www.laohu8.com/m/news/1196092062?lang=&edition=full","pubTime":"2021-03-18 08:56","market":"us","language":"en","title":"The Fed Will Wait. That’s a Positive for Stocks and a Departure From the Past.","url":"https://stock-news.laohu8.com/highlight/detail?id=1196092062","media":"Barrons","summary":"“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.Powell’s comments were clearly aimed atheightened expectationsthat the Fed could raise rates multiple times by 2023, which in turn has lifted intermediate- and long-term Treasury yields. Those expectations pushed the benchmark 10-year Treasury yield to 1.68% at midday Wednesday, the highest level since January 2020. That benchmark yield eased back to 1.62% by the end of Powell’s press confe","content":"<p>“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.</p>\n<p>Any prospect—indeed even any discussion—of interest-rate increases or reductions in securities purchases by the central bank will depend on the Fed having its goals in sight, not just in its forecasts, Fed Chairman Jerome Powell emphasized at a press conference on Wednesday. That doesn’t seem likely soon.</p>\n<p>Powell’s comments were clearly aimed atheightened expectationsthat the Fed could raise rates multiple times by 2023, which in turn has lifted intermediate- and long-term Treasury yields. Those expectations pushed the benchmark 10-year Treasury yield to 1.68% at midday Wednesday, the highest level since January 2020. That benchmark yield eased back to 1.62% by the end of Powell’s press conference, which, in turn, lifted stocks. The&nbsp;Dow Jones Industrial Average&nbsp;ended the day 0.6% higher and&nbsp;closed above the 33,000 mark&nbsp;for the first time.</p>\n<p>Powell’s remarks followed the release of the&nbsp;Federal Open Market Committee’s policy statement, which, as universally expected, contained no changes in its near-zero federal-funds target or its $120 billion monthly purchases of Treasury and agency mortgage-backed securities.</p>\n<p>Neither was it surprising that the Fed’s new&nbsp;Summary of Economic Projections&nbsp;contained significant upgrades to the central bank’s outlook for economic growth from its previous one released last December. Real gross domestic product is now expected to grow 6.5% in 2021, up from 4.2% previously, thanks to a boost from the recently enacted $1.9 trillion fiscal package. Similarly, the panel’s projection for unemployment is lowered and its expectation for inflation was increased slightly. Forecasts for 2022 and 2023 also were tweaked.</p>\n<p>But the main message Powell conveyed was clear: The Fed will continue to maintain its ultra-accommodative policy until the monetary authorities are convinced its policy goals are in sight. That would mark a sharp departure from the practice of monetary policy for more than a generation.</p>\n<p>The accepted modus operandi has been for the Fed to head off an increase in inflation by pre-emptively tightening monetary policy when what it considered to be full employment was in its forecast. Not only did the Fed’s target for full employment keep changing—falling from 6%, to 5%, and so on, until the jobless rate hit 3.5% in early 2020 before the pandemic—but inflation continuously fell short of the Fed’s 2% target.</p>\n<p>While the Fed’s so-called dot plot of rate expectations showed seven out of 18 FOMC members anticipated an increase in the fed-funds rate in 2023, Powell continually took pains to say those are only estimates of where the individual Fed governors and district presidents think the rate might be based on their individual forecasts. Not only is that a long ways off in the future, Powell noted, but the forecasts are even more uncertain than usual.</p>\n<p>Meanwhile, the Fed will be keeping its foot down on the monetary gas pedal. Financial conditions remain extremely accommodative, as indicated by the Dow’s record plus still historically low interest rates and tight credit spreads, which Powell called appropriate. What would be worrisome would be if financial conditions became disorderly.</p>\n<p>Powell didn’t think any change in the Fed’s bond purchases was needed in the face of higher yields at the long end of the Treasury market. He called the central bank’s purchases across the yield curve appropriate and didn’t see the need to skew its buying to try to pressure longer-term yields lower. Some central banks abroad, notably the Reserve Bank of Australia, have tried to manipulate bond markets by&nbsp;shifting their purchases.</p>\n<p>Even with the headline measures of unemployment expected by the Fed to drop from 6.2% last month to 4.5% by year end and 3.9% by the end of 2022, Powell emphasized that the total number of jobs remains more than 9 million below where it stood before the pandemic. Inflation also would have to show more than a transitory rise from the depressed levels of a year ago and stay above the 2% target for some time for the Fed to change its stance.</p>\n<p>Keeping Fed policy easy while the economy recovers clearly is bullish for financial markets. “It would be hard to craft a more constructive statement than this,” a client note from Evercore ISI asserted.</p>\n<p>But this policy of maintaining zero rates and huge bond purchases, even as the economy recovers, is an experiment playing out in real time. The mantra had always been that monetary policy works with long and variable lags. That produced four decades of disinflation.</p>\n<p>Waiting until the Fed sees the whites of inflation’s eyes will be a test of this new experimental approach.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Fed Will Wait. That’s a Positive for Stocks and a Departure From the Past.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Fed Will Wait. That’s a Positive for Stocks and a Departure From the Past.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-18 08:56 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/the-fed-will-wait-thats-a-positive-for-stocks-and-a-departure-from-the-past-51616022872?mod=hp_LEAD_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.\nAny prospect—indeed even any discussion—of interest-rate increases or reductions in ...</p>\n\n<a href=\"https://www.barrons.com/articles/the-fed-will-wait-thats-a-positive-for-stocks-and-a-departure-from-the-past-51616022872?mod=hp_LEAD_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/the-fed-will-wait-thats-a-positive-for-stocks-and-a-departure-from-the-past-51616022872?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196092062","content_text":"“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.\nAny prospect—indeed even any discussion—of interest-rate increases or reductions in securities purchases by the central bank will depend on the Fed having its goals in sight, not just in its forecasts, Fed Chairman Jerome Powell emphasized at a press conference on Wednesday. That doesn’t seem likely soon.\nPowell’s comments were clearly aimed atheightened expectationsthat the Fed could raise rates multiple times by 2023, which in turn has lifted intermediate- and long-term Treasury yields. Those expectations pushed the benchmark 10-year Treasury yield to 1.68% at midday Wednesday, the highest level since January 2020. That benchmark yield eased back to 1.62% by the end of Powell’s press conference, which, in turn, lifted stocks. The Dow Jones Industrial Average ended the day 0.6% higher and closed above the 33,000 mark for the first time.\nPowell’s remarks followed the release of the Federal Open Market Committee’s policy statement, which, as universally expected, contained no changes in its near-zero federal-funds target or its $120 billion monthly purchases of Treasury and agency mortgage-backed securities.\nNeither was it surprising that the Fed’s new Summary of Economic Projections contained significant upgrades to the central bank’s outlook for economic growth from its previous one released last December. Real gross domestic product is now expected to grow 6.5% in 2021, up from 4.2% previously, thanks to a boost from the recently enacted $1.9 trillion fiscal package. Similarly, the panel’s projection for unemployment is lowered and its expectation for inflation was increased slightly. Forecasts for 2022 and 2023 also were tweaked.\nBut the main message Powell conveyed was clear: The Fed will continue to maintain its ultra-accommodative policy until the monetary authorities are convinced its policy goals are in sight. That would mark a sharp departure from the practice of monetary policy for more than a generation.\nThe accepted modus operandi has been for the Fed to head off an increase in inflation by pre-emptively tightening monetary policy when what it considered to be full employment was in its forecast. Not only did the Fed’s target for full employment keep changing—falling from 6%, to 5%, and so on, until the jobless rate hit 3.5% in early 2020 before the pandemic—but inflation continuously fell short of the Fed’s 2% target.\nWhile the Fed’s so-called dot plot of rate expectations showed seven out of 18 FOMC members anticipated an increase in the fed-funds rate in 2023, Powell continually took pains to say those are only estimates of where the individual Fed governors and district presidents think the rate might be based on their individual forecasts. Not only is that a long ways off in the future, Powell noted, but the forecasts are even more uncertain than usual.\nMeanwhile, the Fed will be keeping its foot down on the monetary gas pedal. Financial conditions remain extremely accommodative, as indicated by the Dow’s record plus still historically low interest rates and tight credit spreads, which Powell called appropriate. What would be worrisome would be if financial conditions became disorderly.\nPowell didn’t think any change in the Fed’s bond purchases was needed in the face of higher yields at the long end of the Treasury market. He called the central bank’s purchases across the yield curve appropriate and didn’t see the need to skew its buying to try to pressure longer-term yields lower. Some central banks abroad, notably the Reserve Bank of Australia, have tried to manipulate bond markets by shifting their purchases.\nEven with the headline measures of unemployment expected by the Fed to drop from 6.2% last month to 4.5% by year end and 3.9% by the end of 2022, Powell emphasized that the total number of jobs remains more than 9 million below where it stood before the pandemic. Inflation also would have to show more than a transitory rise from the depressed levels of a year ago and stay above the 2% target for some time for the Fed to change its stance.\nKeeping Fed policy easy while the economy recovers clearly is bullish for financial markets. “It would be hard to craft a more constructive statement than this,” a client note from Evercore ISI asserted.\nBut this policy of maintaining zero rates and huge bond purchases, even as the economy recovers, is an experiment playing out in real time. The mantra had always been that monetary policy works with long and variable lags. That produced four decades of disinflation.\nWaiting until the Fed sees the whites of inflation’s eyes will be a test of this new experimental approach.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":324714923,"gmtCreate":1616030687662,"gmtModify":1704789939780,"author":{"id":"3567160842587234","authorId":"3567160842587234","name":"Janicetxy","avatar":"https://static.tigerbbs.com/63b856bdd08debeda5ded66d11e6ed08","vip":1,"crmLevel":4,"crmLevelSwitch":0},"htmlText":"Please help to comment thanks!","listText":"Please help to comment thanks!","text":"Please help to comment thanks!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/324714923","repostId":1196092062,"repostType":4,"repost":{"id":"1196092062","pubTimestamp":1616029011,"share":"https://www.laohu8.com/m/news/1196092062?lang=&edition=full","pubTime":"2021-03-18 08:56","market":"us","language":"en","title":"The Fed Will Wait. That’s a Positive for Stocks and a Departure From the Past.","url":"https://stock-news.laohu8.com/highlight/detail?id=1196092062","media":"Barrons","summary":"“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.Powell’s comments were clearly aimed atheightened expectationsthat the Fed could raise rates multiple times by 2023, which in turn has lifted intermediate- and long-term Treasury yields. Those expectations pushed the benchmark 10-year Treasury yield to 1.68% at midday Wednesday, the highest level since January 2020. That benchmark yield eased back to 1.62% by the end of Powell’s press confe","content":"<p>“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.</p>\n<p>Any prospect—indeed even any discussion—of interest-rate increases or reductions in securities purchases by the central bank will depend on the Fed having its goals in sight, not just in its forecasts, Fed Chairman Jerome Powell emphasized at a press conference on Wednesday. That doesn’t seem likely soon.</p>\n<p>Powell’s comments were clearly aimed atheightened expectationsthat the Fed could raise rates multiple times by 2023, which in turn has lifted intermediate- and long-term Treasury yields. Those expectations pushed the benchmark 10-year Treasury yield to 1.68% at midday Wednesday, the highest level since January 2020. That benchmark yield eased back to 1.62% by the end of Powell’s press conference, which, in turn, lifted stocks. The&nbsp;Dow Jones Industrial Average&nbsp;ended the day 0.6% higher and&nbsp;closed above the 33,000 mark&nbsp;for the first time.</p>\n<p>Powell’s remarks followed the release of the&nbsp;Federal Open Market Committee’s policy statement, which, as universally expected, contained no changes in its near-zero federal-funds target or its $120 billion monthly purchases of Treasury and agency mortgage-backed securities.</p>\n<p>Neither was it surprising that the Fed’s new&nbsp;Summary of Economic Projections&nbsp;contained significant upgrades to the central bank’s outlook for economic growth from its previous one released last December. Real gross domestic product is now expected to grow 6.5% in 2021, up from 4.2% previously, thanks to a boost from the recently enacted $1.9 trillion fiscal package. Similarly, the panel’s projection for unemployment is lowered and its expectation for inflation was increased slightly. Forecasts for 2022 and 2023 also were tweaked.</p>\n<p>But the main message Powell conveyed was clear: The Fed will continue to maintain its ultra-accommodative policy until the monetary authorities are convinced its policy goals are in sight. That would mark a sharp departure from the practice of monetary policy for more than a generation.</p>\n<p>The accepted modus operandi has been for the Fed to head off an increase in inflation by pre-emptively tightening monetary policy when what it considered to be full employment was in its forecast. Not only did the Fed’s target for full employment keep changing—falling from 6%, to 5%, and so on, until the jobless rate hit 3.5% in early 2020 before the pandemic—but inflation continuously fell short of the Fed’s 2% target.</p>\n<p>While the Fed’s so-called dot plot of rate expectations showed seven out of 18 FOMC members anticipated an increase in the fed-funds rate in 2023, Powell continually took pains to say those are only estimates of where the individual Fed governors and district presidents think the rate might be based on their individual forecasts. Not only is that a long ways off in the future, Powell noted, but the forecasts are even more uncertain than usual.</p>\n<p>Meanwhile, the Fed will be keeping its foot down on the monetary gas pedal. Financial conditions remain extremely accommodative, as indicated by the Dow’s record plus still historically low interest rates and tight credit spreads, which Powell called appropriate. What would be worrisome would be if financial conditions became disorderly.</p>\n<p>Powell didn’t think any change in the Fed’s bond purchases was needed in the face of higher yields at the long end of the Treasury market. He called the central bank’s purchases across the yield curve appropriate and didn’t see the need to skew its buying to try to pressure longer-term yields lower. Some central banks abroad, notably the Reserve Bank of Australia, have tried to manipulate bond markets by&nbsp;shifting their purchases.</p>\n<p>Even with the headline measures of unemployment expected by the Fed to drop from 6.2% last month to 4.5% by year end and 3.9% by the end of 2022, Powell emphasized that the total number of jobs remains more than 9 million below where it stood before the pandemic. Inflation also would have to show more than a transitory rise from the depressed levels of a year ago and stay above the 2% target for some time for the Fed to change its stance.</p>\n<p>Keeping Fed policy easy while the economy recovers clearly is bullish for financial markets. “It would be hard to craft a more constructive statement than this,” a client note from Evercore ISI asserted.</p>\n<p>But this policy of maintaining zero rates and huge bond purchases, even as the economy recovers, is an experiment playing out in real time. The mantra had always been that monetary policy works with long and variable lags. That produced four decades of disinflation.</p>\n<p>Waiting until the Fed sees the whites of inflation’s eyes will be a test of this new experimental approach.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Fed Will Wait. That’s a Positive for Stocks and a Departure From the Past.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Fed Will Wait. That’s a Positive for Stocks and a Departure From the Past.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-18 08:56 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/the-fed-will-wait-thats-a-positive-for-stocks-and-a-departure-from-the-past-51616022872?mod=hp_LEAD_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.\nAny prospect—indeed even any discussion—of interest-rate increases or reductions in ...</p>\n\n<a href=\"https://www.barrons.com/articles/the-fed-will-wait-thats-a-positive-for-stocks-and-a-departure-from-the-past-51616022872?mod=hp_LEAD_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/the-fed-will-wait-thats-a-positive-for-stocks-and-a-departure-from-the-past-51616022872?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196092062","content_text":"“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.\nAny prospect—indeed even any discussion—of interest-rate increases or reductions in securities purchases by the central bank will depend on the Fed having its goals in sight, not just in its forecasts, Fed Chairman Jerome Powell emphasized at a press conference on Wednesday. That doesn’t seem likely soon.\nPowell’s comments were clearly aimed atheightened expectationsthat the Fed could raise rates multiple times by 2023, which in turn has lifted intermediate- and long-term Treasury yields. Those expectations pushed the benchmark 10-year Treasury yield to 1.68% at midday Wednesday, the highest level since January 2020. That benchmark yield eased back to 1.62% by the end of Powell’s press conference, which, in turn, lifted stocks. The Dow Jones Industrial Average ended the day 0.6% higher and closed above the 33,000 mark for the first time.\nPowell’s remarks followed the release of the Federal Open Market Committee’s policy statement, which, as universally expected, contained no changes in its near-zero federal-funds target or its $120 billion monthly purchases of Treasury and agency mortgage-backed securities.\nNeither was it surprising that the Fed’s new Summary of Economic Projections contained significant upgrades to the central bank’s outlook for economic growth from its previous one released last December. Real gross domestic product is now expected to grow 6.5% in 2021, up from 4.2% previously, thanks to a boost from the recently enacted $1.9 trillion fiscal package. Similarly, the panel’s projection for unemployment is lowered and its expectation for inflation was increased slightly. Forecasts for 2022 and 2023 also were tweaked.\nBut the main message Powell conveyed was clear: The Fed will continue to maintain its ultra-accommodative policy until the monetary authorities are convinced its policy goals are in sight. That would mark a sharp departure from the practice of monetary policy for more than a generation.\nThe accepted modus operandi has been for the Fed to head off an increase in inflation by pre-emptively tightening monetary policy when what it considered to be full employment was in its forecast. Not only did the Fed’s target for full employment keep changing—falling from 6%, to 5%, and so on, until the jobless rate hit 3.5% in early 2020 before the pandemic—but inflation continuously fell short of the Fed’s 2% target.\nWhile the Fed’s so-called dot plot of rate expectations showed seven out of 18 FOMC members anticipated an increase in the fed-funds rate in 2023, Powell continually took pains to say those are only estimates of where the individual Fed governors and district presidents think the rate might be based on their individual forecasts. Not only is that a long ways off in the future, Powell noted, but the forecasts are even more uncertain than usual.\nMeanwhile, the Fed will be keeping its foot down on the monetary gas pedal. Financial conditions remain extremely accommodative, as indicated by the Dow’s record plus still historically low interest rates and tight credit spreads, which Powell called appropriate. What would be worrisome would be if financial conditions became disorderly.\nPowell didn’t think any change in the Fed’s bond purchases was needed in the face of higher yields at the long end of the Treasury market. He called the central bank’s purchases across the yield curve appropriate and didn’t see the need to skew its buying to try to pressure longer-term yields lower. Some central banks abroad, notably the Reserve Bank of Australia, have tried to manipulate bond markets by shifting their purchases.\nEven with the headline measures of unemployment expected by the Fed to drop from 6.2% last month to 4.5% by year end and 3.9% by the end of 2022, Powell emphasized that the total number of jobs remains more than 9 million below where it stood before the pandemic. Inflation also would have to show more than a transitory rise from the depressed levels of a year ago and stay above the 2% target for some time for the Fed to change its stance.\nKeeping Fed policy easy while the economy recovers clearly is bullish for financial markets. “It would be hard to craft a more constructive statement than this,” a client note from Evercore ISI asserted.\nBut this policy of maintaining zero rates and huge bond purchases, even as the economy recovers, is an experiment playing out in real time. The mantra had always been that monetary policy works with long and variable lags. That produced four decades of disinflation.\nWaiting until the Fed sees the whites of inflation’s eyes will be a test of this new experimental approach.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3821986,"gmtCreate":1616030938953,"gmtModify":1680780789224,"authorId":3578228816325247,"author":{"id":3578228816325247,"authorId":3578228816325247,"name":"财富小吴","avatar":"https://static.tigerbbs.com/a9f284324790d0c3cf5b131d0d4baf96","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":324714923,"type":1,"supId":0,"prevId":0,"content":"[强]","text":"[强]","html":"[强]"},{"id":3822030,"gmtCreate":1616031198421,"gmtModify":1680780788994,"authorId":3575786148063178,"author":{"id":3575786148063178,"authorId":3575786148063178,"name":"ProsperTTM","avatar":"https://community-static.tradeup.com/news/9a4e00a79e2c44219ae1947a62b734b4","vip":1,"currentWearingBadge":{"badgeId":"44212b71d0be4ec88898348dbe882e03-3","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"President Tiger","description":"The transaction amount of the securities account reaches $1,000,000","bigImgUrl":"https://static.tigerbbs.com/fbeac6bb240db7da8b972e5183d050ba","smallImgUrl":"https://static.tigerbbs.com/436cdf80292b99f0a992e78750ac4e3a","grayImgUrl":"https://static.tigerbbs.com/506a259a7b456f037592c3b23c779599","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.07.14","exceedPercentage":"93.29%","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1101},"crmLevel":3,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":324714923,"type":1,"supId":0,"prevId":0,"content":"??","text":"??","html":"??"}],"langContent":"EN"},{"id":324718593,"gmtCreate":1616030492912,"gmtModify":1704789935369,"author":{"id":"3558849329059364","authorId":"3558849329059364","name":"torrentialT","avatar":"https://static.tigerbbs.com/96ca40426e74f1de05493dfa86c9b8d3","vip":1,"crmLevel":4,"crmLevelSwitch":0},"htmlText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>to the moon!&nbsp;","listText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>to the moon!&nbsp;","text":"$Tesla Motors(TSLA)$to the moon!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/324718593","repostId":1196092062,"repostType":4,"repost":{"id":"1196092062","pubTimestamp":1616029011,"share":"https://www.laohu8.com/m/news/1196092062?lang=&edition=full","pubTime":"2021-03-18 08:56","market":"us","language":"en","title":"The Fed Will Wait. That’s a Positive for Stocks and a Departure From the Past.","url":"https://stock-news.laohu8.com/highlight/detail?id=1196092062","media":"Barrons","summary":"“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.Powell’s comments were clearly aimed atheightened expectationsthat the Fed could raise rates multiple times by 2023, which in turn has lifted intermediate- and long-term Treasury yields. Those expectations pushed the benchmark 10-year Treasury yield to 1.68% at midday Wednesday, the highest level since January 2020. That benchmark yield eased back to 1.62% by the end of Powell’s press confe","content":"<p>“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.</p>\n<p>Any prospect—indeed even any discussion—of interest-rate increases or reductions in securities purchases by the central bank will depend on the Fed having its goals in sight, not just in its forecasts, Fed Chairman Jerome Powell emphasized at a press conference on Wednesday. That doesn’t seem likely soon.</p>\n<p>Powell’s comments were clearly aimed atheightened expectationsthat the Fed could raise rates multiple times by 2023, which in turn has lifted intermediate- and long-term Treasury yields. Those expectations pushed the benchmark 10-year Treasury yield to 1.68% at midday Wednesday, the highest level since January 2020. That benchmark yield eased back to 1.62% by the end of Powell’s press conference, which, in turn, lifted stocks. The&nbsp;Dow Jones Industrial Average&nbsp;ended the day 0.6% higher and&nbsp;closed above the 33,000 mark&nbsp;for the first time.</p>\n<p>Powell’s remarks followed the release of the&nbsp;Federal Open Market Committee’s policy statement, which, as universally expected, contained no changes in its near-zero federal-funds target or its $120 billion monthly purchases of Treasury and agency mortgage-backed securities.</p>\n<p>Neither was it surprising that the Fed’s new&nbsp;Summary of Economic Projections&nbsp;contained significant upgrades to the central bank’s outlook for economic growth from its previous one released last December. Real gross domestic product is now expected to grow 6.5% in 2021, up from 4.2% previously, thanks to a boost from the recently enacted $1.9 trillion fiscal package. Similarly, the panel’s projection for unemployment is lowered and its expectation for inflation was increased slightly. Forecasts for 2022 and 2023 also were tweaked.</p>\n<p>But the main message Powell conveyed was clear: The Fed will continue to maintain its ultra-accommodative policy until the monetary authorities are convinced its policy goals are in sight. That would mark a sharp departure from the practice of monetary policy for more than a generation.</p>\n<p>The accepted modus operandi has been for the Fed to head off an increase in inflation by pre-emptively tightening monetary policy when what it considered to be full employment was in its forecast. Not only did the Fed’s target for full employment keep changing—falling from 6%, to 5%, and so on, until the jobless rate hit 3.5% in early 2020 before the pandemic—but inflation continuously fell short of the Fed’s 2% target.</p>\n<p>While the Fed’s so-called dot plot of rate expectations showed seven out of 18 FOMC members anticipated an increase in the fed-funds rate in 2023, Powell continually took pains to say those are only estimates of where the individual Fed governors and district presidents think the rate might be based on their individual forecasts. Not only is that a long ways off in the future, Powell noted, but the forecasts are even more uncertain than usual.</p>\n<p>Meanwhile, the Fed will be keeping its foot down on the monetary gas pedal. Financial conditions remain extremely accommodative, as indicated by the Dow’s record plus still historically low interest rates and tight credit spreads, which Powell called appropriate. What would be worrisome would be if financial conditions became disorderly.</p>\n<p>Powell didn’t think any change in the Fed’s bond purchases was needed in the face of higher yields at the long end of the Treasury market. He called the central bank’s purchases across the yield curve appropriate and didn’t see the need to skew its buying to try to pressure longer-term yields lower. Some central banks abroad, notably the Reserve Bank of Australia, have tried to manipulate bond markets by&nbsp;shifting their purchases.</p>\n<p>Even with the headline measures of unemployment expected by the Fed to drop from 6.2% last month to 4.5% by year end and 3.9% by the end of 2022, Powell emphasized that the total number of jobs remains more than 9 million below where it stood before the pandemic. Inflation also would have to show more than a transitory rise from the depressed levels of a year ago and stay above the 2% target for some time for the Fed to change its stance.</p>\n<p>Keeping Fed policy easy while the economy recovers clearly is bullish for financial markets. “It would be hard to craft a more constructive statement than this,” a client note from Evercore ISI asserted.</p>\n<p>But this policy of maintaining zero rates and huge bond purchases, even as the economy recovers, is an experiment playing out in real time. The mantra had always been that monetary policy works with long and variable lags. That produced four decades of disinflation.</p>\n<p>Waiting until the Fed sees the whites of inflation’s eyes will be a test of this new experimental approach.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Fed Will Wait. That’s a Positive for Stocks and a Departure From the Past.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Fed Will Wait. That’s a Positive for Stocks and a Departure From the Past.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-18 08:56 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/the-fed-will-wait-thats-a-positive-for-stocks-and-a-departure-from-the-past-51616022872?mod=hp_LEAD_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.\nAny prospect—indeed even any discussion—of interest-rate increases or reductions in ...</p>\n\n<a href=\"https://www.barrons.com/articles/the-fed-will-wait-thats-a-positive-for-stocks-and-a-departure-from-the-past-51616022872?mod=hp_LEAD_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/the-fed-will-wait-thats-a-positive-for-stocks-and-a-departure-from-the-past-51616022872?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196092062","content_text":"“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.\nAny prospect—indeed even any discussion—of interest-rate increases or reductions in securities purchases by the central bank will depend on the Fed having its goals in sight, not just in its forecasts, Fed Chairman Jerome Powell emphasized at a press conference on Wednesday. That doesn’t seem likely soon.\nPowell’s comments were clearly aimed atheightened expectationsthat the Fed could raise rates multiple times by 2023, which in turn has lifted intermediate- and long-term Treasury yields. Those expectations pushed the benchmark 10-year Treasury yield to 1.68% at midday Wednesday, the highest level since January 2020. That benchmark yield eased back to 1.62% by the end of Powell’s press conference, which, in turn, lifted stocks. The Dow Jones Industrial Average ended the day 0.6% higher and closed above the 33,000 mark for the first time.\nPowell’s remarks followed the release of the Federal Open Market Committee’s policy statement, which, as universally expected, contained no changes in its near-zero federal-funds target or its $120 billion monthly purchases of Treasury and agency mortgage-backed securities.\nNeither was it surprising that the Fed’s new Summary of Economic Projections contained significant upgrades to the central bank’s outlook for economic growth from its previous one released last December. Real gross domestic product is now expected to grow 6.5% in 2021, up from 4.2% previously, thanks to a boost from the recently enacted $1.9 trillion fiscal package. Similarly, the panel’s projection for unemployment is lowered and its expectation for inflation was increased slightly. Forecasts for 2022 and 2023 also were tweaked.\nBut the main message Powell conveyed was clear: The Fed will continue to maintain its ultra-accommodative policy until the monetary authorities are convinced its policy goals are in sight. That would mark a sharp departure from the practice of monetary policy for more than a generation.\nThe accepted modus operandi has been for the Fed to head off an increase in inflation by pre-emptively tightening monetary policy when what it considered to be full employment was in its forecast. Not only did the Fed’s target for full employment keep changing—falling from 6%, to 5%, and so on, until the jobless rate hit 3.5% in early 2020 before the pandemic—but inflation continuously fell short of the Fed’s 2% target.\nWhile the Fed’s so-called dot plot of rate expectations showed seven out of 18 FOMC members anticipated an increase in the fed-funds rate in 2023, Powell continually took pains to say those are only estimates of where the individual Fed governors and district presidents think the rate might be based on their individual forecasts. Not only is that a long ways off in the future, Powell noted, but the forecasts are even more uncertain than usual.\nMeanwhile, the Fed will be keeping its foot down on the monetary gas pedal. Financial conditions remain extremely accommodative, as indicated by the Dow’s record plus still historically low interest rates and tight credit spreads, which Powell called appropriate. What would be worrisome would be if financial conditions became disorderly.\nPowell didn’t think any change in the Fed’s bond purchases was needed in the face of higher yields at the long end of the Treasury market. He called the central bank’s purchases across the yield curve appropriate and didn’t see the need to skew its buying to try to pressure longer-term yields lower. Some central banks abroad, notably the Reserve Bank of Australia, have tried to manipulate bond markets by shifting their purchases.\nEven with the headline measures of unemployment expected by the Fed to drop from 6.2% last month to 4.5% by year end and 3.9% by the end of 2022, Powell emphasized that the total number of jobs remains more than 9 million below where it stood before the pandemic. Inflation also would have to show more than a transitory rise from the depressed levels of a year ago and stay above the 2% target for some time for the Fed to change its stance.\nKeeping Fed policy easy while the economy recovers clearly is bullish for financial markets. “It would be hard to craft a more constructive statement than this,” a client note from Evercore ISI asserted.\nBut this policy of maintaining zero rates and huge bond purchases, even as the economy recovers, is an experiment playing out in real time. The mantra had always been that monetary policy works with long and variable lags. That produced four decades of disinflation.\nWaiting until the Fed sees the whites of inflation’s eyes will be a test of this new experimental approach.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":324713722,"gmtCreate":1616030373066,"gmtModify":1704789932925,"author":{"id":"3578228816325247","authorId":"3578228816325247","name":"财富小吴","avatar":"https://static.tigerbbs.com/a9f284324790d0c3cf5b131d0d4baf96","vip":1,"crmLevel":1,"crmLevelSwitch":0},"htmlText":"Great news&nbsp;","listText":"Great news&nbsp;","text":"Great news","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/324713722","repostId":1196092062,"repostType":4,"repost":{"id":"1196092062","pubTimestamp":1616029011,"share":"https://www.laohu8.com/m/news/1196092062?lang=&edition=full","pubTime":"2021-03-18 08:56","market":"us","language":"en","title":"The Fed Will Wait. That’s a Positive for Stocks and a Departure From the Past.","url":"https://stock-news.laohu8.com/highlight/detail?id=1196092062","media":"Barrons","summary":"“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.Powell’s comments were clearly aimed atheightened expectationsthat the Fed could raise rates multiple times by 2023, which in turn has lifted intermediate- and long-term Treasury yields. Those expectations pushed the benchmark 10-year Treasury yield to 1.68% at midday Wednesday, the highest level since January 2020. That benchmark yield eased back to 1.62% by the end of Powell’s press confe","content":"<p>“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.</p>\n<p>Any prospect—indeed even any discussion—of interest-rate increases or reductions in securities purchases by the central bank will depend on the Fed having its goals in sight, not just in its forecasts, Fed Chairman Jerome Powell emphasized at a press conference on Wednesday. That doesn’t seem likely soon.</p>\n<p>Powell’s comments were clearly aimed atheightened expectationsthat the Fed could raise rates multiple times by 2023, which in turn has lifted intermediate- and long-term Treasury yields. Those expectations pushed the benchmark 10-year Treasury yield to 1.68% at midday Wednesday, the highest level since January 2020. That benchmark yield eased back to 1.62% by the end of Powell’s press conference, which, in turn, lifted stocks. The&nbsp;Dow Jones Industrial Average&nbsp;ended the day 0.6% higher and&nbsp;closed above the 33,000 mark&nbsp;for the first time.</p>\n<p>Powell’s remarks followed the release of the&nbsp;Federal Open Market Committee’s policy statement, which, as universally expected, contained no changes in its near-zero federal-funds target or its $120 billion monthly purchases of Treasury and agency mortgage-backed securities.</p>\n<p>Neither was it surprising that the Fed’s new&nbsp;Summary of Economic Projections&nbsp;contained significant upgrades to the central bank’s outlook for economic growth from its previous one released last December. Real gross domestic product is now expected to grow 6.5% in 2021, up from 4.2% previously, thanks to a boost from the recently enacted $1.9 trillion fiscal package. Similarly, the panel’s projection for unemployment is lowered and its expectation for inflation was increased slightly. Forecasts for 2022 and 2023 also were tweaked.</p>\n<p>But the main message Powell conveyed was clear: The Fed will continue to maintain its ultra-accommodative policy until the monetary authorities are convinced its policy goals are in sight. That would mark a sharp departure from the practice of monetary policy for more than a generation.</p>\n<p>The accepted modus operandi has been for the Fed to head off an increase in inflation by pre-emptively tightening monetary policy when what it considered to be full employment was in its forecast. Not only did the Fed’s target for full employment keep changing—falling from 6%, to 5%, and so on, until the jobless rate hit 3.5% in early 2020 before the pandemic—but inflation continuously fell short of the Fed’s 2% target.</p>\n<p>While the Fed’s so-called dot plot of rate expectations showed seven out of 18 FOMC members anticipated an increase in the fed-funds rate in 2023, Powell continually took pains to say those are only estimates of where the individual Fed governors and district presidents think the rate might be based on their individual forecasts. Not only is that a long ways off in the future, Powell noted, but the forecasts are even more uncertain than usual.</p>\n<p>Meanwhile, the Fed will be keeping its foot down on the monetary gas pedal. Financial conditions remain extremely accommodative, as indicated by the Dow’s record plus still historically low interest rates and tight credit spreads, which Powell called appropriate. What would be worrisome would be if financial conditions became disorderly.</p>\n<p>Powell didn’t think any change in the Fed’s bond purchases was needed in the face of higher yields at the long end of the Treasury market. He called the central bank’s purchases across the yield curve appropriate and didn’t see the need to skew its buying to try to pressure longer-term yields lower. Some central banks abroad, notably the Reserve Bank of Australia, have tried to manipulate bond markets by&nbsp;shifting their purchases.</p>\n<p>Even with the headline measures of unemployment expected by the Fed to drop from 6.2% last month to 4.5% by year end and 3.9% by the end of 2022, Powell emphasized that the total number of jobs remains more than 9 million below where it stood before the pandemic. Inflation also would have to show more than a transitory rise from the depressed levels of a year ago and stay above the 2% target for some time for the Fed to change its stance.</p>\n<p>Keeping Fed policy easy while the economy recovers clearly is bullish for financial markets. “It would be hard to craft a more constructive statement than this,” a client note from Evercore ISI asserted.</p>\n<p>But this policy of maintaining zero rates and huge bond purchases, even as the economy recovers, is an experiment playing out in real time. The mantra had always been that monetary policy works with long and variable lags. That produced four decades of disinflation.</p>\n<p>Waiting until the Fed sees the whites of inflation’s eyes will be a test of this new experimental approach.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Fed Will Wait. That’s a Positive for Stocks and a Departure From the Past.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Fed Will Wait. That’s a Positive for Stocks and a Departure From the Past.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-18 08:56 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/the-fed-will-wait-thats-a-positive-for-stocks-and-a-departure-from-the-past-51616022872?mod=hp_LEAD_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.\nAny prospect—indeed even any discussion—of interest-rate increases or reductions in ...</p>\n\n<a href=\"https://www.barrons.com/articles/the-fed-will-wait-thats-a-positive-for-stocks-and-a-departure-from-the-past-51616022872?mod=hp_LEAD_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/the-fed-will-wait-thats-a-positive-for-stocks-and-a-departure-from-the-past-51616022872?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196092062","content_text":"“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.\nAny prospect—indeed even any discussion—of interest-rate increases or reductions in securities purchases by the central bank will depend on the Fed having its goals in sight, not just in its forecasts, Fed Chairman Jerome Powell emphasized at a press conference on Wednesday. That doesn’t seem likely soon.\nPowell’s comments were clearly aimed atheightened expectationsthat the Fed could raise rates multiple times by 2023, which in turn has lifted intermediate- and long-term Treasury yields. Those expectations pushed the benchmark 10-year Treasury yield to 1.68% at midday Wednesday, the highest level since January 2020. That benchmark yield eased back to 1.62% by the end of Powell’s press conference, which, in turn, lifted stocks. The Dow Jones Industrial Average ended the day 0.6% higher and closed above the 33,000 mark for the first time.\nPowell’s remarks followed the release of the Federal Open Market Committee’s policy statement, which, as universally expected, contained no changes in its near-zero federal-funds target or its $120 billion monthly purchases of Treasury and agency mortgage-backed securities.\nNeither was it surprising that the Fed’s new Summary of Economic Projections contained significant upgrades to the central bank’s outlook for economic growth from its previous one released last December. Real gross domestic product is now expected to grow 6.5% in 2021, up from 4.2% previously, thanks to a boost from the recently enacted $1.9 trillion fiscal package. Similarly, the panel’s projection for unemployment is lowered and its expectation for inflation was increased slightly. Forecasts for 2022 and 2023 also were tweaked.\nBut the main message Powell conveyed was clear: The Fed will continue to maintain its ultra-accommodative policy until the monetary authorities are convinced its policy goals are in sight. That would mark a sharp departure from the practice of monetary policy for more than a generation.\nThe accepted modus operandi has been for the Fed to head off an increase in inflation by pre-emptively tightening monetary policy when what it considered to be full employment was in its forecast. Not only did the Fed’s target for full employment keep changing—falling from 6%, to 5%, and so on, until the jobless rate hit 3.5% in early 2020 before the pandemic—but inflation continuously fell short of the Fed’s 2% target.\nWhile the Fed’s so-called dot plot of rate expectations showed seven out of 18 FOMC members anticipated an increase in the fed-funds rate in 2023, Powell continually took pains to say those are only estimates of where the individual Fed governors and district presidents think the rate might be based on their individual forecasts. Not only is that a long ways off in the future, Powell noted, but the forecasts are even more uncertain than usual.\nMeanwhile, the Fed will be keeping its foot down on the monetary gas pedal. Financial conditions remain extremely accommodative, as indicated by the Dow’s record plus still historically low interest rates and tight credit spreads, which Powell called appropriate. What would be worrisome would be if financial conditions became disorderly.\nPowell didn’t think any change in the Fed’s bond purchases was needed in the face of higher yields at the long end of the Treasury market. He called the central bank’s purchases across the yield curve appropriate and didn’t see the need to skew its buying to try to pressure longer-term yields lower. Some central banks abroad, notably the Reserve Bank of Australia, have tried to manipulate bond markets by shifting their purchases.\nEven with the headline measures of unemployment expected by the Fed to drop from 6.2% last month to 4.5% by year end and 3.9% by the end of 2022, Powell emphasized that the total number of jobs remains more than 9 million below where it stood before the pandemic. Inflation also would have to show more than a transitory rise from the depressed levels of a year ago and stay above the 2% target for some time for the Fed to change its stance.\nKeeping Fed policy easy while the economy recovers clearly is bullish for financial markets. “It would be hard to craft a more constructive statement than this,” a client note from Evercore ISI asserted.\nBut this policy of maintaining zero rates and huge bond purchases, even as the economy recovers, is an experiment playing out in real time. The mantra had always been that monetary policy works with long and variable lags. That produced four decades of disinflation.\nWaiting until the Fed sees the whites of inflation’s eyes will be a test of this new experimental approach.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3821944,"gmtCreate":1616030701886,"gmtModify":1680780785057,"authorId":3567160842587234,"author":{"id":3567160842587234,"authorId":3567160842587234,"name":"Janicetxy","avatar":"https://static.tigerbbs.com/63b856bdd08debeda5ded66d11e6ed08","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":324713722,"type":1,"supId":0,"prevId":0,"content":"??","text":"??","html":"??"}],"langContent":"EN"},{"id":324710353,"gmtCreate":1616030215472,"gmtModify":1704789929202,"author":{"id":"3574931340480508","authorId":"3574931340480508","name":"Nickeando","avatar":"https://static.tigerbbs.com/949cb99f55161bbf42890e5fd6aefb02","vip":1,"hat":"https://static.tigerbbs.com/b0a2963eb37c60c5d6d4a8dbcd266952","crmLevel":2,"crmLevelSwitch":1},"htmlText":"Please comment and like tks&nbsp;","listText":"Please comment and like tks&nbsp;","text":"Please comment and like tks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/324710353","repostId":1196092062,"repostType":4,"repost":{"id":"1196092062","pubTimestamp":1616029011,"share":"https://www.laohu8.com/m/news/1196092062?lang=&edition=full","pubTime":"2021-03-18 08:56","market":"us","language":"en","title":"The Fed Will Wait. That’s a Positive for Stocks and a Departure From the Past.","url":"https://stock-news.laohu8.com/highlight/detail?id=1196092062","media":"Barrons","summary":"“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.Powell’s comments were clearly aimed atheightened expectationsthat the Fed could raise rates multiple times by 2023, which in turn has lifted intermediate- and long-term Treasury yields. Those expectations pushed the benchmark 10-year Treasury yield to 1.68% at midday Wednesday, the highest level since January 2020. That benchmark yield eased back to 1.62% by the end of Powell’s press confe","content":"<p>“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.</p>\n<p>Any prospect—indeed even any discussion—of interest-rate increases or reductions in securities purchases by the central bank will depend on the Fed having its goals in sight, not just in its forecasts, Fed Chairman Jerome Powell emphasized at a press conference on Wednesday. That doesn’t seem likely soon.</p>\n<p>Powell’s comments were clearly aimed atheightened expectationsthat the Fed could raise rates multiple times by 2023, which in turn has lifted intermediate- and long-term Treasury yields. Those expectations pushed the benchmark 10-year Treasury yield to 1.68% at midday Wednesday, the highest level since January 2020. That benchmark yield eased back to 1.62% by the end of Powell’s press conference, which, in turn, lifted stocks. The&nbsp;Dow Jones Industrial Average&nbsp;ended the day 0.6% higher and&nbsp;closed above the 33,000 mark&nbsp;for the first time.</p>\n<p>Powell’s remarks followed the release of the&nbsp;Federal Open Market Committee’s policy statement, which, as universally expected, contained no changes in its near-zero federal-funds target or its $120 billion monthly purchases of Treasury and agency mortgage-backed securities.</p>\n<p>Neither was it surprising that the Fed’s new&nbsp;Summary of Economic Projections&nbsp;contained significant upgrades to the central bank’s outlook for economic growth from its previous one released last December. Real gross domestic product is now expected to grow 6.5% in 2021, up from 4.2% previously, thanks to a boost from the recently enacted $1.9 trillion fiscal package. Similarly, the panel’s projection for unemployment is lowered and its expectation for inflation was increased slightly. Forecasts for 2022 and 2023 also were tweaked.</p>\n<p>But the main message Powell conveyed was clear: The Fed will continue to maintain its ultra-accommodative policy until the monetary authorities are convinced its policy goals are in sight. That would mark a sharp departure from the practice of monetary policy for more than a generation.</p>\n<p>The accepted modus operandi has been for the Fed to head off an increase in inflation by pre-emptively tightening monetary policy when what it considered to be full employment was in its forecast. Not only did the Fed’s target for full employment keep changing—falling from 6%, to 5%, and so on, until the jobless rate hit 3.5% in early 2020 before the pandemic—but inflation continuously fell short of the Fed’s 2% target.</p>\n<p>While the Fed’s so-called dot plot of rate expectations showed seven out of 18 FOMC members anticipated an increase in the fed-funds rate in 2023, Powell continually took pains to say those are only estimates of where the individual Fed governors and district presidents think the rate might be based on their individual forecasts. Not only is that a long ways off in the future, Powell noted, but the forecasts are even more uncertain than usual.</p>\n<p>Meanwhile, the Fed will be keeping its foot down on the monetary gas pedal. Financial conditions remain extremely accommodative, as indicated by the Dow’s record plus still historically low interest rates and tight credit spreads, which Powell called appropriate. What would be worrisome would be if financial conditions became disorderly.</p>\n<p>Powell didn’t think any change in the Fed’s bond purchases was needed in the face of higher yields at the long end of the Treasury market. He called the central bank’s purchases across the yield curve appropriate and didn’t see the need to skew its buying to try to pressure longer-term yields lower. Some central banks abroad, notably the Reserve Bank of Australia, have tried to manipulate bond markets by&nbsp;shifting their purchases.</p>\n<p>Even with the headline measures of unemployment expected by the Fed to drop from 6.2% last month to 4.5% by year end and 3.9% by the end of 2022, Powell emphasized that the total number of jobs remains more than 9 million below where it stood before the pandemic. Inflation also would have to show more than a transitory rise from the depressed levels of a year ago and stay above the 2% target for some time for the Fed to change its stance.</p>\n<p>Keeping Fed policy easy while the economy recovers clearly is bullish for financial markets. “It would be hard to craft a more constructive statement than this,” a client note from Evercore ISI asserted.</p>\n<p>But this policy of maintaining zero rates and huge bond purchases, even as the economy recovers, is an experiment playing out in real time. The mantra had always been that monetary policy works with long and variable lags. That produced four decades of disinflation.</p>\n<p>Waiting until the Fed sees the whites of inflation’s eyes will be a test of this new experimental approach.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Fed Will Wait. That’s a Positive for Stocks and a Departure From the Past.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Fed Will Wait. That’s a Positive for Stocks and a Departure From the Past.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-18 08:56 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/the-fed-will-wait-thats-a-positive-for-stocks-and-a-departure-from-the-past-51616022872?mod=hp_LEAD_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.\nAny prospect—indeed even any discussion—of interest-rate increases or reductions in ...</p>\n\n<a href=\"https://www.barrons.com/articles/the-fed-will-wait-thats-a-positive-for-stocks-and-a-departure-from-the-past-51616022872?mod=hp_LEAD_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/the-fed-will-wait-thats-a-positive-for-stocks-and-a-departure-from-the-past-51616022872?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196092062","content_text":"“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.\nAny prospect—indeed even any discussion—of interest-rate increases or reductions in securities purchases by the central bank will depend on the Fed having its goals in sight, not just in its forecasts, Fed Chairman Jerome Powell emphasized at a press conference on Wednesday. That doesn’t seem likely soon.\nPowell’s comments were clearly aimed atheightened expectationsthat the Fed could raise rates multiple times by 2023, which in turn has lifted intermediate- and long-term Treasury yields. Those expectations pushed the benchmark 10-year Treasury yield to 1.68% at midday Wednesday, the highest level since January 2020. That benchmark yield eased back to 1.62% by the end of Powell’s press conference, which, in turn, lifted stocks. The Dow Jones Industrial Average ended the day 0.6% higher and closed above the 33,000 mark for the first time.\nPowell’s remarks followed the release of the Federal Open Market Committee’s policy statement, which, as universally expected, contained no changes in its near-zero federal-funds target or its $120 billion monthly purchases of Treasury and agency mortgage-backed securities.\nNeither was it surprising that the Fed’s new Summary of Economic Projections contained significant upgrades to the central bank’s outlook for economic growth from its previous one released last December. Real gross domestic product is now expected to grow 6.5% in 2021, up from 4.2% previously, thanks to a boost from the recently enacted $1.9 trillion fiscal package. Similarly, the panel’s projection for unemployment is lowered and its expectation for inflation was increased slightly. Forecasts for 2022 and 2023 also were tweaked.\nBut the main message Powell conveyed was clear: The Fed will continue to maintain its ultra-accommodative policy until the monetary authorities are convinced its policy goals are in sight. That would mark a sharp departure from the practice of monetary policy for more than a generation.\nThe accepted modus operandi has been for the Fed to head off an increase in inflation by pre-emptively tightening monetary policy when what it considered to be full employment was in its forecast. Not only did the Fed’s target for full employment keep changing—falling from 6%, to 5%, and so on, until the jobless rate hit 3.5% in early 2020 before the pandemic—but inflation continuously fell short of the Fed’s 2% target.\nWhile the Fed’s so-called dot plot of rate expectations showed seven out of 18 FOMC members anticipated an increase in the fed-funds rate in 2023, Powell continually took pains to say those are only estimates of where the individual Fed governors and district presidents think the rate might be based on their individual forecasts. Not only is that a long ways off in the future, Powell noted, but the forecasts are even more uncertain than usual.\nMeanwhile, the Fed will be keeping its foot down on the monetary gas pedal. Financial conditions remain extremely accommodative, as indicated by the Dow’s record plus still historically low interest rates and tight credit spreads, which Powell called appropriate. What would be worrisome would be if financial conditions became disorderly.\nPowell didn’t think any change in the Fed’s bond purchases was needed in the face of higher yields at the long end of the Treasury market. He called the central bank’s purchases across the yield curve appropriate and didn’t see the need to skew its buying to try to pressure longer-term yields lower. Some central banks abroad, notably the Reserve Bank of Australia, have tried to manipulate bond markets by shifting their purchases.\nEven with the headline measures of unemployment expected by the Fed to drop from 6.2% last month to 4.5% by year end and 3.9% by the end of 2022, Powell emphasized that the total number of jobs remains more than 9 million below where it stood before the pandemic. Inflation also would have to show more than a transitory rise from the depressed levels of a year ago and stay above the 2% target for some time for the Fed to change its stance.\nKeeping Fed policy easy while the economy recovers clearly is bullish for financial markets. “It would be hard to craft a more constructive statement than this,” a client note from Evercore ISI asserted.\nBut this policy of maintaining zero rates and huge bond purchases, even as the economy recovers, is an experiment playing out in real time. The mantra had always been that monetary policy works with long and variable lags. That produced four decades of disinflation.\nWaiting until the Fed sees the whites of inflation’s eyes will be a test of this new experimental approach.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3821895,"gmtCreate":1616030432962,"gmtModify":1680780782426,"authorId":3577229760496516,"author":{"id":3577229760496516,"authorId":3577229760496516,"name":"木吉蒂","avatar":"https://static.tigerbbs.com/89290f2c42589f1e42296c61dde71238","vip":1,"currentWearingBadge":{"badgeId":"1026c425416b44e0aac28c11a0848493-2","templateUuid":"1026c425416b44e0aac28c11a0848493","name":"Senior Tiger","description":"Join the tiger community for 1000 days","bigImgUrl":"https://static.tigerbbs.com/0063fb68ea29c9ae6858c58630e182d5","smallImgUrl":"https://static.tigerbbs.com/96c699a93be4214d4b49aea6a5a5d1a4","grayImgUrl":"https://static.tigerbbs.com/35b0e542a9ff77046ed69ef602bc105d","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.11.22","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1001},"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":324710353,"type":1,"supId":0,"prevId":0,"content":"Done!","text":"Done!","html":"Done!"}],"langContent":"EN"},{"id":324737921,"gmtCreate":1616030137263,"gmtModify":1704789927418,"author":{"id":"3578558472894517","authorId":"3578558472894517","name":"Kayabunz","avatar":"https://static.tigerbbs.com/f55b83d8dfc7c9f14a1d8b86e9727914","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"Very good","listText":"Very good","text":"Very good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/324737921","repostId":1196092062,"repostType":4,"repost":{"id":"1196092062","pubTimestamp":1616029011,"share":"https://www.laohu8.com/m/news/1196092062?lang=&edition=full","pubTime":"2021-03-18 08:56","market":"us","language":"en","title":"The Fed Will Wait. That’s a Positive for Stocks and a Departure From the Past.","url":"https://stock-news.laohu8.com/highlight/detail?id=1196092062","media":"Barrons","summary":"“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.Powell’s comments were clearly aimed atheightened expectationsthat the Fed could raise rates multiple times by 2023, which in turn has lifted intermediate- and long-term Treasury yields. Those expectations pushed the benchmark 10-year Treasury yield to 1.68% at midday Wednesday, the highest level since January 2020. That benchmark yield eased back to 1.62% by the end of Powell’s press confe","content":"<p>“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.</p>\n<p>Any prospect—indeed even any discussion—of interest-rate increases or reductions in securities purchases by the central bank will depend on the Fed having its goals in sight, not just in its forecasts, Fed Chairman Jerome Powell emphasized at a press conference on Wednesday. That doesn’t seem likely soon.</p>\n<p>Powell’s comments were clearly aimed atheightened expectationsthat the Fed could raise rates multiple times by 2023, which in turn has lifted intermediate- and long-term Treasury yields. Those expectations pushed the benchmark 10-year Treasury yield to 1.68% at midday Wednesday, the highest level since January 2020. That benchmark yield eased back to 1.62% by the end of Powell’s press conference, which, in turn, lifted stocks. The&nbsp;Dow Jones Industrial Average&nbsp;ended the day 0.6% higher and&nbsp;closed above the 33,000 mark&nbsp;for the first time.</p>\n<p>Powell’s remarks followed the release of the&nbsp;Federal Open Market Committee’s policy statement, which, as universally expected, contained no changes in its near-zero federal-funds target or its $120 billion monthly purchases of Treasury and agency mortgage-backed securities.</p>\n<p>Neither was it surprising that the Fed’s new&nbsp;Summary of Economic Projections&nbsp;contained significant upgrades to the central bank’s outlook for economic growth from its previous one released last December. Real gross domestic product is now expected to grow 6.5% in 2021, up from 4.2% previously, thanks to a boost from the recently enacted $1.9 trillion fiscal package. Similarly, the panel’s projection for unemployment is lowered and its expectation for inflation was increased slightly. Forecasts for 2022 and 2023 also were tweaked.</p>\n<p>But the main message Powell conveyed was clear: The Fed will continue to maintain its ultra-accommodative policy until the monetary authorities are convinced its policy goals are in sight. That would mark a sharp departure from the practice of monetary policy for more than a generation.</p>\n<p>The accepted modus operandi has been for the Fed to head off an increase in inflation by pre-emptively tightening monetary policy when what it considered to be full employment was in its forecast. Not only did the Fed’s target for full employment keep changing—falling from 6%, to 5%, and so on, until the jobless rate hit 3.5% in early 2020 before the pandemic—but inflation continuously fell short of the Fed’s 2% target.</p>\n<p>While the Fed’s so-called dot plot of rate expectations showed seven out of 18 FOMC members anticipated an increase in the fed-funds rate in 2023, Powell continually took pains to say those are only estimates of where the individual Fed governors and district presidents think the rate might be based on their individual forecasts. Not only is that a long ways off in the future, Powell noted, but the forecasts are even more uncertain than usual.</p>\n<p>Meanwhile, the Fed will be keeping its foot down on the monetary gas pedal. Financial conditions remain extremely accommodative, as indicated by the Dow’s record plus still historically low interest rates and tight credit spreads, which Powell called appropriate. What would be worrisome would be if financial conditions became disorderly.</p>\n<p>Powell didn’t think any change in the Fed’s bond purchases was needed in the face of higher yields at the long end of the Treasury market. He called the central bank’s purchases across the yield curve appropriate and didn’t see the need to skew its buying to try to pressure longer-term yields lower. Some central banks abroad, notably the Reserve Bank of Australia, have tried to manipulate bond markets by&nbsp;shifting their purchases.</p>\n<p>Even with the headline measures of unemployment expected by the Fed to drop from 6.2% last month to 4.5% by year end and 3.9% by the end of 2022, Powell emphasized that the total number of jobs remains more than 9 million below where it stood before the pandemic. Inflation also would have to show more than a transitory rise from the depressed levels of a year ago and stay above the 2% target for some time for the Fed to change its stance.</p>\n<p>Keeping Fed policy easy while the economy recovers clearly is bullish for financial markets. “It would be hard to craft a more constructive statement than this,” a client note from Evercore ISI asserted.</p>\n<p>But this policy of maintaining zero rates and huge bond purchases, even as the economy recovers, is an experiment playing out in real time. The mantra had always been that monetary policy works with long and variable lags. That produced four decades of disinflation.</p>\n<p>Waiting until the Fed sees the whites of inflation’s eyes will be a test of this new experimental approach.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Fed Will Wait. That’s a Positive for Stocks and a Departure From the Past.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Fed Will Wait. That’s a Positive for Stocks and a Departure From the Past.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-18 08:56 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/the-fed-will-wait-thats-a-positive-for-stocks-and-a-departure-from-the-past-51616022872?mod=hp_LEAD_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.\nAny prospect—indeed even any discussion—of interest-rate increases or reductions in ...</p>\n\n<a href=\"https://www.barrons.com/articles/the-fed-will-wait-thats-a-positive-for-stocks-and-a-departure-from-the-past-51616022872?mod=hp_LEAD_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/the-fed-will-wait-thats-a-positive-for-stocks-and-a-departure-from-the-past-51616022872?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196092062","content_text":"“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.\nAny prospect—indeed even any discussion—of interest-rate increases or reductions in securities purchases by the central bank will depend on the Fed having its goals in sight, not just in its forecasts, Fed Chairman Jerome Powell emphasized at a press conference on Wednesday. That doesn’t seem likely soon.\nPowell’s comments were clearly aimed atheightened expectationsthat the Fed could raise rates multiple times by 2023, which in turn has lifted intermediate- and long-term Treasury yields. Those expectations pushed the benchmark 10-year Treasury yield to 1.68% at midday Wednesday, the highest level since January 2020. That benchmark yield eased back to 1.62% by the end of Powell’s press conference, which, in turn, lifted stocks. The Dow Jones Industrial Average ended the day 0.6% higher and closed above the 33,000 mark for the first time.\nPowell’s remarks followed the release of the Federal Open Market Committee’s policy statement, which, as universally expected, contained no changes in its near-zero federal-funds target or its $120 billion monthly purchases of Treasury and agency mortgage-backed securities.\nNeither was it surprising that the Fed’s new Summary of Economic Projections contained significant upgrades to the central bank’s outlook for economic growth from its previous one released last December. Real gross domestic product is now expected to grow 6.5% in 2021, up from 4.2% previously, thanks to a boost from the recently enacted $1.9 trillion fiscal package. Similarly, the panel’s projection for unemployment is lowered and its expectation for inflation was increased slightly. Forecasts for 2022 and 2023 also were tweaked.\nBut the main message Powell conveyed was clear: The Fed will continue to maintain its ultra-accommodative policy until the monetary authorities are convinced its policy goals are in sight. That would mark a sharp departure from the practice of monetary policy for more than a generation.\nThe accepted modus operandi has been for the Fed to head off an increase in inflation by pre-emptively tightening monetary policy when what it considered to be full employment was in its forecast. Not only did the Fed’s target for full employment keep changing—falling from 6%, to 5%, and so on, until the jobless rate hit 3.5% in early 2020 before the pandemic—but inflation continuously fell short of the Fed’s 2% target.\nWhile the Fed’s so-called dot plot of rate expectations showed seven out of 18 FOMC members anticipated an increase in the fed-funds rate in 2023, Powell continually took pains to say those are only estimates of where the individual Fed governors and district presidents think the rate might be based on their individual forecasts. Not only is that a long ways off in the future, Powell noted, but the forecasts are even more uncertain than usual.\nMeanwhile, the Fed will be keeping its foot down on the monetary gas pedal. Financial conditions remain extremely accommodative, as indicated by the Dow’s record plus still historically low interest rates and tight credit spreads, which Powell called appropriate. What would be worrisome would be if financial conditions became disorderly.\nPowell didn’t think any change in the Fed’s bond purchases was needed in the face of higher yields at the long end of the Treasury market. He called the central bank’s purchases across the yield curve appropriate and didn’t see the need to skew its buying to try to pressure longer-term yields lower. Some central banks abroad, notably the Reserve Bank of Australia, have tried to manipulate bond markets by shifting their purchases.\nEven with the headline measures of unemployment expected by the Fed to drop from 6.2% last month to 4.5% by year end and 3.9% by the end of 2022, Powell emphasized that the total number of jobs remains more than 9 million below where it stood before the pandemic. Inflation also would have to show more than a transitory rise from the depressed levels of a year ago and stay above the 2% target for some time for the Fed to change its stance.\nKeeping Fed policy easy while the economy recovers clearly is bullish for financial markets. “It would be hard to craft a more constructive statement than this,” a client note from Evercore ISI asserted.\nBut this policy of maintaining zero rates and huge bond purchases, even as the economy recovers, is an experiment playing out in real time. The mantra had always been that monetary policy works with long and variable lags. That produced four decades of disinflation.\nWaiting until the Fed sees the whites of inflation’s eyes will be a test of this new experimental approach.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":324734123,"gmtCreate":1616030096262,"gmtModify":1704789926287,"author":{"id":"3578734814169950","authorId":"3578734814169950","name":"Iankoh","avatar":"https://static.tigerbbs.com/bb35a16ba417d6fd82438ce549c7492d","vip":1,"crmLevel":1,"crmLevelSwitch":0},"htmlText":"I need your response","listText":"I need your response","text":"I need your response","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/324734123","repostId":1196092062,"repostType":4,"repost":{"id":"1196092062","pubTimestamp":1616029011,"share":"https://www.laohu8.com/m/news/1196092062?lang=&edition=full","pubTime":"2021-03-18 08:56","market":"us","language":"en","title":"The Fed Will Wait. That’s a Positive for Stocks and a Departure From the Past.","url":"https://stock-news.laohu8.com/highlight/detail?id=1196092062","media":"Barrons","summary":"“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.Powell’s comments were clearly aimed atheightened expectationsthat the Fed could raise rates multiple times by 2023, which in turn has lifted intermediate- and long-term Treasury yields. Those expectations pushed the benchmark 10-year Treasury yield to 1.68% at midday Wednesday, the highest level since January 2020. That benchmark yield eased back to 1.62% by the end of Powell’s press confe","content":"<p>“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.</p>\n<p>Any prospect—indeed even any discussion—of interest-rate increases or reductions in securities purchases by the central bank will depend on the Fed having its goals in sight, not just in its forecasts, Fed Chairman Jerome Powell emphasized at a press conference on Wednesday. That doesn’t seem likely soon.</p>\n<p>Powell’s comments were clearly aimed atheightened expectationsthat the Fed could raise rates multiple times by 2023, which in turn has lifted intermediate- and long-term Treasury yields. Those expectations pushed the benchmark 10-year Treasury yield to 1.68% at midday Wednesday, the highest level since January 2020. That benchmark yield eased back to 1.62% by the end of Powell’s press conference, which, in turn, lifted stocks. The&nbsp;Dow Jones Industrial Average&nbsp;ended the day 0.6% higher and&nbsp;closed above the 33,000 mark&nbsp;for the first time.</p>\n<p>Powell’s remarks followed the release of the&nbsp;Federal Open Market Committee’s policy statement, which, as universally expected, contained no changes in its near-zero federal-funds target or its $120 billion monthly purchases of Treasury and agency mortgage-backed securities.</p>\n<p>Neither was it surprising that the Fed’s new&nbsp;Summary of Economic Projections&nbsp;contained significant upgrades to the central bank’s outlook for economic growth from its previous one released last December. Real gross domestic product is now expected to grow 6.5% in 2021, up from 4.2% previously, thanks to a boost from the recently enacted $1.9 trillion fiscal package. Similarly, the panel’s projection for unemployment is lowered and its expectation for inflation was increased slightly. Forecasts for 2022 and 2023 also were tweaked.</p>\n<p>But the main message Powell conveyed was clear: The Fed will continue to maintain its ultra-accommodative policy until the monetary authorities are convinced its policy goals are in sight. That would mark a sharp departure from the practice of monetary policy for more than a generation.</p>\n<p>The accepted modus operandi has been for the Fed to head off an increase in inflation by pre-emptively tightening monetary policy when what it considered to be full employment was in its forecast. Not only did the Fed’s target for full employment keep changing—falling from 6%, to 5%, and so on, until the jobless rate hit 3.5% in early 2020 before the pandemic—but inflation continuously fell short of the Fed’s 2% target.</p>\n<p>While the Fed’s so-called dot plot of rate expectations showed seven out of 18 FOMC members anticipated an increase in the fed-funds rate in 2023, Powell continually took pains to say those are only estimates of where the individual Fed governors and district presidents think the rate might be based on their individual forecasts. Not only is that a long ways off in the future, Powell noted, but the forecasts are even more uncertain than usual.</p>\n<p>Meanwhile, the Fed will be keeping its foot down on the monetary gas pedal. Financial conditions remain extremely accommodative, as indicated by the Dow’s record plus still historically low interest rates and tight credit spreads, which Powell called appropriate. What would be worrisome would be if financial conditions became disorderly.</p>\n<p>Powell didn’t think any change in the Fed’s bond purchases was needed in the face of higher yields at the long end of the Treasury market. He called the central bank’s purchases across the yield curve appropriate and didn’t see the need to skew its buying to try to pressure longer-term yields lower. Some central banks abroad, notably the Reserve Bank of Australia, have tried to manipulate bond markets by&nbsp;shifting their purchases.</p>\n<p>Even with the headline measures of unemployment expected by the Fed to drop from 6.2% last month to 4.5% by year end and 3.9% by the end of 2022, Powell emphasized that the total number of jobs remains more than 9 million below where it stood before the pandemic. Inflation also would have to show more than a transitory rise from the depressed levels of a year ago and stay above the 2% target for some time for the Fed to change its stance.</p>\n<p>Keeping Fed policy easy while the economy recovers clearly is bullish for financial markets. “It would be hard to craft a more constructive statement than this,” a client note from Evercore ISI asserted.</p>\n<p>But this policy of maintaining zero rates and huge bond purchases, even as the economy recovers, is an experiment playing out in real time. The mantra had always been that monetary policy works with long and variable lags. That produced four decades of disinflation.</p>\n<p>Waiting until the Fed sees the whites of inflation’s eyes will be a test of this new experimental approach.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Fed Will Wait. That’s a Positive for Stocks and a Departure From the Past.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Fed Will Wait. That’s a Positive for Stocks and a Departure From the Past.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-18 08:56 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/the-fed-will-wait-thats-a-positive-for-stocks-and-a-departure-from-the-past-51616022872?mod=hp_LEAD_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.\nAny prospect—indeed even any discussion—of interest-rate increases or reductions in ...</p>\n\n<a href=\"https://www.barrons.com/articles/the-fed-will-wait-thats-a-positive-for-stocks-and-a-departure-from-the-past-51616022872?mod=hp_LEAD_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/the-fed-will-wait-thats-a-positive-for-stocks-and-a-departure-from-the-past-51616022872?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196092062","content_text":"“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.\nAny prospect—indeed even any discussion—of interest-rate increases or reductions in securities purchases by the central bank will depend on the Fed having its goals in sight, not just in its forecasts, Fed Chairman Jerome Powell emphasized at a press conference on Wednesday. That doesn’t seem likely soon.\nPowell’s comments were clearly aimed atheightened expectationsthat the Fed could raise rates multiple times by 2023, which in turn has lifted intermediate- and long-term Treasury yields. Those expectations pushed the benchmark 10-year Treasury yield to 1.68% at midday Wednesday, the highest level since January 2020. That benchmark yield eased back to 1.62% by the end of Powell’s press conference, which, in turn, lifted stocks. The Dow Jones Industrial Average ended the day 0.6% higher and closed above the 33,000 mark for the first time.\nPowell’s remarks followed the release of the Federal Open Market Committee’s policy statement, which, as universally expected, contained no changes in its near-zero federal-funds target or its $120 billion monthly purchases of Treasury and agency mortgage-backed securities.\nNeither was it surprising that the Fed’s new Summary of Economic Projections contained significant upgrades to the central bank’s outlook for economic growth from its previous one released last December. Real gross domestic product is now expected to grow 6.5% in 2021, up from 4.2% previously, thanks to a boost from the recently enacted $1.9 trillion fiscal package. Similarly, the panel’s projection for unemployment is lowered and its expectation for inflation was increased slightly. Forecasts for 2022 and 2023 also were tweaked.\nBut the main message Powell conveyed was clear: The Fed will continue to maintain its ultra-accommodative policy until the monetary authorities are convinced its policy goals are in sight. That would mark a sharp departure from the practice of monetary policy for more than a generation.\nThe accepted modus operandi has been for the Fed to head off an increase in inflation by pre-emptively tightening monetary policy when what it considered to be full employment was in its forecast. Not only did the Fed’s target for full employment keep changing—falling from 6%, to 5%, and so on, until the jobless rate hit 3.5% in early 2020 before the pandemic—but inflation continuously fell short of the Fed’s 2% target.\nWhile the Fed’s so-called dot plot of rate expectations showed seven out of 18 FOMC members anticipated an increase in the fed-funds rate in 2023, Powell continually took pains to say those are only estimates of where the individual Fed governors and district presidents think the rate might be based on their individual forecasts. Not only is that a long ways off in the future, Powell noted, but the forecasts are even more uncertain than usual.\nMeanwhile, the Fed will be keeping its foot down on the monetary gas pedal. Financial conditions remain extremely accommodative, as indicated by the Dow’s record plus still historically low interest rates and tight credit spreads, which Powell called appropriate. What would be worrisome would be if financial conditions became disorderly.\nPowell didn’t think any change in the Fed’s bond purchases was needed in the face of higher yields at the long end of the Treasury market. He called the central bank’s purchases across the yield curve appropriate and didn’t see the need to skew its buying to try to pressure longer-term yields lower. Some central banks abroad, notably the Reserve Bank of Australia, have tried to manipulate bond markets by shifting their purchases.\nEven with the headline measures of unemployment expected by the Fed to drop from 6.2% last month to 4.5% by year end and 3.9% by the end of 2022, Powell emphasized that the total number of jobs remains more than 9 million below where it stood before the pandemic. Inflation also would have to show more than a transitory rise from the depressed levels of a year ago and stay above the 2% target for some time for the Fed to change its stance.\nKeeping Fed policy easy while the economy recovers clearly is bullish for financial markets. “It would be hard to craft a more constructive statement than this,” a client note from Evercore ISI asserted.\nBut this policy of maintaining zero rates and huge bond purchases, even as the economy recovers, is an experiment playing out in real time. The mantra had always been that monetary policy works with long and variable lags. That produced four decades of disinflation.\nWaiting until the Fed sees the whites of inflation’s eyes will be a test of this new experimental approach.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":324736982,"gmtCreate":1616029903146,"gmtModify":1704789922081,"author":{"id":"3576895774513119","authorId":"3576895774513119","name":"ongcjeric","avatar":"https://static.tigerbbs.com/a4eece6de8f766cfa9770954976d8ae8","vip":1,"crmLevel":7,"crmLevelSwitch":0},"htmlText":"Pls like n comment","listText":"Pls like n comment","text":"Pls like n comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/324736982","repostId":1196092062,"repostType":4,"repost":{"id":"1196092062","pubTimestamp":1616029011,"share":"https://www.laohu8.com/m/news/1196092062?lang=&edition=full","pubTime":"2021-03-18 08:56","market":"us","language":"en","title":"The Fed Will Wait. That’s a Positive for Stocks and a Departure From the Past.","url":"https://stock-news.laohu8.com/highlight/detail?id=1196092062","media":"Barrons","summary":"“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.Powell’s comments were clearly aimed atheightened expectationsthat the Fed could raise rates multiple times by 2023, which in turn has lifted intermediate- and long-term Treasury yields. Those expectations pushed the benchmark 10-year Treasury yield to 1.68% at midday Wednesday, the highest level since January 2020. That benchmark yield eased back to 1.62% by the end of Powell’s press confe","content":"<p>“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.</p>\n<p>Any prospect—indeed even any discussion—of interest-rate increases or reductions in securities purchases by the central bank will depend on the Fed having its goals in sight, not just in its forecasts, Fed Chairman Jerome Powell emphasized at a press conference on Wednesday. That doesn’t seem likely soon.</p>\n<p>Powell’s comments were clearly aimed atheightened expectationsthat the Fed could raise rates multiple times by 2023, which in turn has lifted intermediate- and long-term Treasury yields. Those expectations pushed the benchmark 10-year Treasury yield to 1.68% at midday Wednesday, the highest level since January 2020. That benchmark yield eased back to 1.62% by the end of Powell’s press conference, which, in turn, lifted stocks. The&nbsp;Dow Jones Industrial Average&nbsp;ended the day 0.6% higher and&nbsp;closed above the 33,000 mark&nbsp;for the first time.</p>\n<p>Powell’s remarks followed the release of the&nbsp;Federal Open Market Committee’s policy statement, which, as universally expected, contained no changes in its near-zero federal-funds target or its $120 billion monthly purchases of Treasury and agency mortgage-backed securities.</p>\n<p>Neither was it surprising that the Fed’s new&nbsp;Summary of Economic Projections&nbsp;contained significant upgrades to the central bank’s outlook for economic growth from its previous one released last December. Real gross domestic product is now expected to grow 6.5% in 2021, up from 4.2% previously, thanks to a boost from the recently enacted $1.9 trillion fiscal package. Similarly, the panel’s projection for unemployment is lowered and its expectation for inflation was increased slightly. Forecasts for 2022 and 2023 also were tweaked.</p>\n<p>But the main message Powell conveyed was clear: The Fed will continue to maintain its ultra-accommodative policy until the monetary authorities are convinced its policy goals are in sight. That would mark a sharp departure from the practice of monetary policy for more than a generation.</p>\n<p>The accepted modus operandi has been for the Fed to head off an increase in inflation by pre-emptively tightening monetary policy when what it considered to be full employment was in its forecast. Not only did the Fed’s target for full employment keep changing—falling from 6%, to 5%, and so on, until the jobless rate hit 3.5% in early 2020 before the pandemic—but inflation continuously fell short of the Fed’s 2% target.</p>\n<p>While the Fed’s so-called dot plot of rate expectations showed seven out of 18 FOMC members anticipated an increase in the fed-funds rate in 2023, Powell continually took pains to say those are only estimates of where the individual Fed governors and district presidents think the rate might be based on their individual forecasts. Not only is that a long ways off in the future, Powell noted, but the forecasts are even more uncertain than usual.</p>\n<p>Meanwhile, the Fed will be keeping its foot down on the monetary gas pedal. Financial conditions remain extremely accommodative, as indicated by the Dow’s record plus still historically low interest rates and tight credit spreads, which Powell called appropriate. What would be worrisome would be if financial conditions became disorderly.</p>\n<p>Powell didn’t think any change in the Fed’s bond purchases was needed in the face of higher yields at the long end of the Treasury market. He called the central bank’s purchases across the yield curve appropriate and didn’t see the need to skew its buying to try to pressure longer-term yields lower. Some central banks abroad, notably the Reserve Bank of Australia, have tried to manipulate bond markets by&nbsp;shifting their purchases.</p>\n<p>Even with the headline measures of unemployment expected by the Fed to drop from 6.2% last month to 4.5% by year end and 3.9% by the end of 2022, Powell emphasized that the total number of jobs remains more than 9 million below where it stood before the pandemic. Inflation also would have to show more than a transitory rise from the depressed levels of a year ago and stay above the 2% target for some time for the Fed to change its stance.</p>\n<p>Keeping Fed policy easy while the economy recovers clearly is bullish for financial markets. “It would be hard to craft a more constructive statement than this,” a client note from Evercore ISI asserted.</p>\n<p>But this policy of maintaining zero rates and huge bond purchases, even as the economy recovers, is an experiment playing out in real time. The mantra had always been that monetary policy works with long and variable lags. That produced four decades of disinflation.</p>\n<p>Waiting until the Fed sees the whites of inflation’s eyes will be a test of this new experimental approach.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Fed Will Wait. That’s a Positive for Stocks and a Departure From the Past.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Fed Will Wait. That’s a Positive for Stocks and a Departure From the Past.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-18 08:56 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/the-fed-will-wait-thats-a-positive-for-stocks-and-a-departure-from-the-past-51616022872?mod=hp_LEAD_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.\nAny prospect—indeed even any discussion—of interest-rate increases or reductions in ...</p>\n\n<a href=\"https://www.barrons.com/articles/the-fed-will-wait-thats-a-positive-for-stocks-and-a-departure-from-the-past-51616022872?mod=hp_LEAD_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/the-fed-will-wait-thats-a-positive-for-stocks-and-a-departure-from-the-past-51616022872?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196092062","content_text":"“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.\nAny prospect—indeed even any discussion—of interest-rate increases or reductions in securities purchases by the central bank will depend on the Fed having its goals in sight, not just in its forecasts, Fed Chairman Jerome Powell emphasized at a press conference on Wednesday. That doesn’t seem likely soon.\nPowell’s comments were clearly aimed atheightened expectationsthat the Fed could raise rates multiple times by 2023, which in turn has lifted intermediate- and long-term Treasury yields. Those expectations pushed the benchmark 10-year Treasury yield to 1.68% at midday Wednesday, the highest level since January 2020. That benchmark yield eased back to 1.62% by the end of Powell’s press conference, which, in turn, lifted stocks. The Dow Jones Industrial Average ended the day 0.6% higher and closed above the 33,000 mark for the first time.\nPowell’s remarks followed the release of the Federal Open Market Committee’s policy statement, which, as universally expected, contained no changes in its near-zero federal-funds target or its $120 billion monthly purchases of Treasury and agency mortgage-backed securities.\nNeither was it surprising that the Fed’s new Summary of Economic Projections contained significant upgrades to the central bank’s outlook for economic growth from its previous one released last December. Real gross domestic product is now expected to grow 6.5% in 2021, up from 4.2% previously, thanks to a boost from the recently enacted $1.9 trillion fiscal package. Similarly, the panel’s projection for unemployment is lowered and its expectation for inflation was increased slightly. Forecasts for 2022 and 2023 also were tweaked.\nBut the main message Powell conveyed was clear: The Fed will continue to maintain its ultra-accommodative policy until the monetary authorities are convinced its policy goals are in sight. That would mark a sharp departure from the practice of monetary policy for more than a generation.\nThe accepted modus operandi has been for the Fed to head off an increase in inflation by pre-emptively tightening monetary policy when what it considered to be full employment was in its forecast. Not only did the Fed’s target for full employment keep changing—falling from 6%, to 5%, and so on, until the jobless rate hit 3.5% in early 2020 before the pandemic—but inflation continuously fell short of the Fed’s 2% target.\nWhile the Fed’s so-called dot plot of rate expectations showed seven out of 18 FOMC members anticipated an increase in the fed-funds rate in 2023, Powell continually took pains to say those are only estimates of where the individual Fed governors and district presidents think the rate might be based on their individual forecasts. Not only is that a long ways off in the future, Powell noted, but the forecasts are even more uncertain than usual.\nMeanwhile, the Fed will be keeping its foot down on the monetary gas pedal. Financial conditions remain extremely accommodative, as indicated by the Dow’s record plus still historically low interest rates and tight credit spreads, which Powell called appropriate. What would be worrisome would be if financial conditions became disorderly.\nPowell didn’t think any change in the Fed’s bond purchases was needed in the face of higher yields at the long end of the Treasury market. He called the central bank’s purchases across the yield curve appropriate and didn’t see the need to skew its buying to try to pressure longer-term yields lower. Some central banks abroad, notably the Reserve Bank of Australia, have tried to manipulate bond markets by shifting their purchases.\nEven with the headline measures of unemployment expected by the Fed to drop from 6.2% last month to 4.5% by year end and 3.9% by the end of 2022, Powell emphasized that the total number of jobs remains more than 9 million below where it stood before the pandemic. Inflation also would have to show more than a transitory rise from the depressed levels of a year ago and stay above the 2% target for some time for the Fed to change its stance.\nKeeping Fed policy easy while the economy recovers clearly is bullish for financial markets. “It would be hard to craft a more constructive statement than this,” a client note from Evercore ISI asserted.\nBut this policy of maintaining zero rates and huge bond purchases, even as the economy recovers, is an experiment playing out in real time. The mantra had always been that monetary policy works with long and variable lags. That produced four decades of disinflation.\nWaiting until the Fed sees the whites of inflation’s eyes will be a test of this new experimental approach.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":324730330,"gmtCreate":1616029653820,"gmtModify":1704789915123,"author":{"id":"3576895774513119","authorId":"3576895774513119","name":"ongcjeric","avatar":"https://static.tigerbbs.com/a4eece6de8f766cfa9770954976d8ae8","vip":1,"crmLevel":7,"crmLevelSwitch":0},"htmlText":"Pls like and comment","listText":"Pls like and comment","text":"Pls like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/324730330","repostId":1196092062,"repostType":4,"repost":{"id":"1196092062","pubTimestamp":1616029011,"share":"https://www.laohu8.com/m/news/1196092062?lang=&edition=full","pubTime":"2021-03-18 08:56","market":"us","language":"en","title":"The Fed Will Wait. That’s a Positive for Stocks and a Departure From the Past.","url":"https://stock-news.laohu8.com/highlight/detail?id=1196092062","media":"Barrons","summary":"“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.Powell’s comments were clearly aimed atheightened expectationsthat the Fed could raise rates multiple times by 2023, which in turn has lifted intermediate- and long-term Treasury yields. Those expectations pushed the benchmark 10-year Treasury yield to 1.68% at midday Wednesday, the highest level since January 2020. That benchmark yield eased back to 1.62% by the end of Powell’s press confe","content":"<p>“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.</p>\n<p>Any prospect—indeed even any discussion—of interest-rate increases or reductions in securities purchases by the central bank will depend on the Fed having its goals in sight, not just in its forecasts, Fed Chairman Jerome Powell emphasized at a press conference on Wednesday. That doesn’t seem likely soon.</p>\n<p>Powell’s comments were clearly aimed atheightened expectationsthat the Fed could raise rates multiple times by 2023, which in turn has lifted intermediate- and long-term Treasury yields. Those expectations pushed the benchmark 10-year Treasury yield to 1.68% at midday Wednesday, the highest level since January 2020. That benchmark yield eased back to 1.62% by the end of Powell’s press conference, which, in turn, lifted stocks. The&nbsp;Dow Jones Industrial Average&nbsp;ended the day 0.6% higher and&nbsp;closed above the 33,000 mark&nbsp;for the first time.</p>\n<p>Powell’s remarks followed the release of the&nbsp;Federal Open Market Committee’s policy statement, which, as universally expected, contained no changes in its near-zero federal-funds target or its $120 billion monthly purchases of Treasury and agency mortgage-backed securities.</p>\n<p>Neither was it surprising that the Fed’s new&nbsp;Summary of Economic Projections&nbsp;contained significant upgrades to the central bank’s outlook for economic growth from its previous one released last December. Real gross domestic product is now expected to grow 6.5% in 2021, up from 4.2% previously, thanks to a boost from the recently enacted $1.9 trillion fiscal package. Similarly, the panel’s projection for unemployment is lowered and its expectation for inflation was increased slightly. Forecasts for 2022 and 2023 also were tweaked.</p>\n<p>But the main message Powell conveyed was clear: The Fed will continue to maintain its ultra-accommodative policy until the monetary authorities are convinced its policy goals are in sight. That would mark a sharp departure from the practice of monetary policy for more than a generation.</p>\n<p>The accepted modus operandi has been for the Fed to head off an increase in inflation by pre-emptively tightening monetary policy when what it considered to be full employment was in its forecast. Not only did the Fed’s target for full employment keep changing—falling from 6%, to 5%, and so on, until the jobless rate hit 3.5% in early 2020 before the pandemic—but inflation continuously fell short of the Fed’s 2% target.</p>\n<p>While the Fed’s so-called dot plot of rate expectations showed seven out of 18 FOMC members anticipated an increase in the fed-funds rate in 2023, Powell continually took pains to say those are only estimates of where the individual Fed governors and district presidents think the rate might be based on their individual forecasts. Not only is that a long ways off in the future, Powell noted, but the forecasts are even more uncertain than usual.</p>\n<p>Meanwhile, the Fed will be keeping its foot down on the monetary gas pedal. Financial conditions remain extremely accommodative, as indicated by the Dow’s record plus still historically low interest rates and tight credit spreads, which Powell called appropriate. What would be worrisome would be if financial conditions became disorderly.</p>\n<p>Powell didn’t think any change in the Fed’s bond purchases was needed in the face of higher yields at the long end of the Treasury market. He called the central bank’s purchases across the yield curve appropriate and didn’t see the need to skew its buying to try to pressure longer-term yields lower. Some central banks abroad, notably the Reserve Bank of Australia, have tried to manipulate bond markets by&nbsp;shifting their purchases.</p>\n<p>Even with the headline measures of unemployment expected by the Fed to drop from 6.2% last month to 4.5% by year end and 3.9% by the end of 2022, Powell emphasized that the total number of jobs remains more than 9 million below where it stood before the pandemic. Inflation also would have to show more than a transitory rise from the depressed levels of a year ago and stay above the 2% target for some time for the Fed to change its stance.</p>\n<p>Keeping Fed policy easy while the economy recovers clearly is bullish for financial markets. “It would be hard to craft a more constructive statement than this,” a client note from Evercore ISI asserted.</p>\n<p>But this policy of maintaining zero rates and huge bond purchases, even as the economy recovers, is an experiment playing out in real time. The mantra had always been that monetary policy works with long and variable lags. That produced four decades of disinflation.</p>\n<p>Waiting until the Fed sees the whites of inflation’s eyes will be a test of this new experimental approach.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Fed Will Wait. That’s a Positive for Stocks and a Departure From the Past.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Fed Will Wait. That’s a Positive for Stocks and a Departure From the Past.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-18 08:56 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/the-fed-will-wait-thats-a-positive-for-stocks-and-a-departure-from-the-past-51616022872?mod=hp_LEAD_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.\nAny prospect—indeed even any discussion—of interest-rate increases or reductions in ...</p>\n\n<a href=\"https://www.barrons.com/articles/the-fed-will-wait-thats-a-positive-for-stocks-and-a-departure-from-the-past-51616022872?mod=hp_LEAD_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/the-fed-will-wait-thats-a-positive-for-stocks-and-a-departure-from-the-past-51616022872?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196092062","content_text":"“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.\nAny prospect—indeed even any discussion—of interest-rate increases or reductions in securities purchases by the central bank will depend on the Fed having its goals in sight, not just in its forecasts, Fed Chairman Jerome Powell emphasized at a press conference on Wednesday. That doesn’t seem likely soon.\nPowell’s comments were clearly aimed atheightened expectationsthat the Fed could raise rates multiple times by 2023, which in turn has lifted intermediate- and long-term Treasury yields. Those expectations pushed the benchmark 10-year Treasury yield to 1.68% at midday Wednesday, the highest level since January 2020. That benchmark yield eased back to 1.62% by the end of Powell’s press conference, which, in turn, lifted stocks. The Dow Jones Industrial Average ended the day 0.6% higher and closed above the 33,000 mark for the first time.\nPowell’s remarks followed the release of the Federal Open Market Committee’s policy statement, which, as universally expected, contained no changes in its near-zero federal-funds target or its $120 billion monthly purchases of Treasury and agency mortgage-backed securities.\nNeither was it surprising that the Fed’s new Summary of Economic Projections contained significant upgrades to the central bank’s outlook for economic growth from its previous one released last December. Real gross domestic product is now expected to grow 6.5% in 2021, up from 4.2% previously, thanks to a boost from the recently enacted $1.9 trillion fiscal package. Similarly, the panel’s projection for unemployment is lowered and its expectation for inflation was increased slightly. Forecasts for 2022 and 2023 also were tweaked.\nBut the main message Powell conveyed was clear: The Fed will continue to maintain its ultra-accommodative policy until the monetary authorities are convinced its policy goals are in sight. That would mark a sharp departure from the practice of monetary policy for more than a generation.\nThe accepted modus operandi has been for the Fed to head off an increase in inflation by pre-emptively tightening monetary policy when what it considered to be full employment was in its forecast. Not only did the Fed’s target for full employment keep changing—falling from 6%, to 5%, and so on, until the jobless rate hit 3.5% in early 2020 before the pandemic—but inflation continuously fell short of the Fed’s 2% target.\nWhile the Fed’s so-called dot plot of rate expectations showed seven out of 18 FOMC members anticipated an increase in the fed-funds rate in 2023, Powell continually took pains to say those are only estimates of where the individual Fed governors and district presidents think the rate might be based on their individual forecasts. Not only is that a long ways off in the future, Powell noted, but the forecasts are even more uncertain than usual.\nMeanwhile, the Fed will be keeping its foot down on the monetary gas pedal. Financial conditions remain extremely accommodative, as indicated by the Dow’s record plus still historically low interest rates and tight credit spreads, which Powell called appropriate. What would be worrisome would be if financial conditions became disorderly.\nPowell didn’t think any change in the Fed’s bond purchases was needed in the face of higher yields at the long end of the Treasury market. He called the central bank’s purchases across the yield curve appropriate and didn’t see the need to skew its buying to try to pressure longer-term yields lower. Some central banks abroad, notably the Reserve Bank of Australia, have tried to manipulate bond markets by shifting their purchases.\nEven with the headline measures of unemployment expected by the Fed to drop from 6.2% last month to 4.5% by year end and 3.9% by the end of 2022, Powell emphasized that the total number of jobs remains more than 9 million below where it stood before the pandemic. Inflation also would have to show more than a transitory rise from the depressed levels of a year ago and stay above the 2% target for some time for the Fed to change its stance.\nKeeping Fed policy easy while the economy recovers clearly is bullish for financial markets. “It would be hard to craft a more constructive statement than this,” a client note from Evercore ISI asserted.\nBut this policy of maintaining zero rates and huge bond purchases, even as the economy recovers, is an experiment playing out in real time. The mantra had always been that monetary policy works with long and variable lags. That produced four decades of disinflation.\nWaiting until the Fed sees the whites of inflation’s eyes will be a test of this new experimental approach.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3821807,"gmtCreate":1616029815465,"gmtModify":1680780783331,"authorId":3576895774513119,"author":{"id":3576895774513119,"authorId":3576895774513119,"name":"ongcjeric","avatar":"https://static.tigerbbs.com/a4eece6de8f766cfa9770954976d8ae8","vip":1,"currentWearingBadge":{"badgeId":"44212b71d0be4ec88898348dbe882e03-3","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"President Tiger","description":"The transaction amount of the securities account reaches $1,000,000","bigImgUrl":"https://static.tigerbbs.com/fbeac6bb240db7da8b972e5183d050ba","smallImgUrl":"https://static.tigerbbs.com/436cdf80292b99f0a992e78750ac4e3a","grayImgUrl":"https://static.tigerbbs.com/506a259a7b456f037592c3b23c779599","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.03.23","exceedPercentage":"93.42%","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1101},"crmLevel":7,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":324730330,"type":1,"supId":3821803,"prevId":0,"content":"Good like","text":"Good like","html":"Good like"},{"id":3821803,"gmtCreate":1616029790717,"gmtModify":1680780783021,"authorId":3576548175644067,"author":{"id":3576548175644067,"authorId":3576548175644067,"name":"keenantk","avatar":"https://static.tigerbbs.com/787e3ed2de1cb43850fe4007d0a935b3","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":324730330,"type":1,"supId":0,"prevId":0,"content":"??","text":"??","html":"??"},{"id":3821825,"gmtCreate":1616029909448,"gmtModify":1680780780434,"authorId":3566471223304091,"author":{"id":3566471223304091,"authorId":3566471223304091,"name":"paul96","avatar":"https://static.tigerbbs.com/532ca1e4472c5ea6253974f44276245f","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":324730330,"type":1,"supId":0,"prevId":0,"content":"<u>Ok</u>","text":"<u>Ok</u>","html":"<u>Ok</u>"}],"langContent":"EN"},{"id":324707795,"gmtCreate":1616029076917,"gmtModify":1704789901152,"author":{"id":"3574112412563523","authorId":"3574112412563523","name":"BuyX3","avatar":"https://static.tigerbbs.com/9019b5c7aa84731a89c4a618178ab761","vip":1,"crmLevel":4,"crmLevelSwitch":0},"htmlText":"Remain the same! Please like and comment! Thanks!","listText":"Remain the same! Please like and comment! Thanks!","text":"Remain the same! Please like and comment! Thanks!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/324707795","repostId":1196092062,"repostType":4,"repost":{"id":"1196092062","pubTimestamp":1616029011,"share":"https://www.laohu8.com/m/news/1196092062?lang=&edition=full","pubTime":"2021-03-18 08:56","market":"us","language":"en","title":"The Fed Will Wait. That’s a Positive for Stocks and a Departure From the Past.","url":"https://stock-news.laohu8.com/highlight/detail?id=1196092062","media":"Barrons","summary":"“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.Powell’s comments were clearly aimed atheightened expectationsthat the Fed could raise rates multiple times by 2023, which in turn has lifted intermediate- and long-term Treasury yields. Those expectations pushed the benchmark 10-year Treasury yield to 1.68% at midday Wednesday, the highest level since January 2020. That benchmark yield eased back to 1.62% by the end of Powell’s press confe","content":"<p>“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.</p>\n<p>Any prospect—indeed even any discussion—of interest-rate increases or reductions in securities purchases by the central bank will depend on the Fed having its goals in sight, not just in its forecasts, Fed Chairman Jerome Powell emphasized at a press conference on Wednesday. That doesn’t seem likely soon.</p>\n<p>Powell’s comments were clearly aimed atheightened expectationsthat the Fed could raise rates multiple times by 2023, which in turn has lifted intermediate- and long-term Treasury yields. Those expectations pushed the benchmark 10-year Treasury yield to 1.68% at midday Wednesday, the highest level since January 2020. That benchmark yield eased back to 1.62% by the end of Powell’s press conference, which, in turn, lifted stocks. The&nbsp;Dow Jones Industrial Average&nbsp;ended the day 0.6% higher and&nbsp;closed above the 33,000 mark&nbsp;for the first time.</p>\n<p>Powell’s remarks followed the release of the&nbsp;Federal Open Market Committee’s policy statement, which, as universally expected, contained no changes in its near-zero federal-funds target or its $120 billion monthly purchases of Treasury and agency mortgage-backed securities.</p>\n<p>Neither was it surprising that the Fed’s new&nbsp;Summary of Economic Projections&nbsp;contained significant upgrades to the central bank’s outlook for economic growth from its previous one released last December. Real gross domestic product is now expected to grow 6.5% in 2021, up from 4.2% previously, thanks to a boost from the recently enacted $1.9 trillion fiscal package. Similarly, the panel’s projection for unemployment is lowered and its expectation for inflation was increased slightly. Forecasts for 2022 and 2023 also were tweaked.</p>\n<p>But the main message Powell conveyed was clear: The Fed will continue to maintain its ultra-accommodative policy until the monetary authorities are convinced its policy goals are in sight. That would mark a sharp departure from the practice of monetary policy for more than a generation.</p>\n<p>The accepted modus operandi has been for the Fed to head off an increase in inflation by pre-emptively tightening monetary policy when what it considered to be full employment was in its forecast. Not only did the Fed’s target for full employment keep changing—falling from 6%, to 5%, and so on, until the jobless rate hit 3.5% in early 2020 before the pandemic—but inflation continuously fell short of the Fed’s 2% target.</p>\n<p>While the Fed’s so-called dot plot of rate expectations showed seven out of 18 FOMC members anticipated an increase in the fed-funds rate in 2023, Powell continually took pains to say those are only estimates of where the individual Fed governors and district presidents think the rate might be based on their individual forecasts. Not only is that a long ways off in the future, Powell noted, but the forecasts are even more uncertain than usual.</p>\n<p>Meanwhile, the Fed will be keeping its foot down on the monetary gas pedal. Financial conditions remain extremely accommodative, as indicated by the Dow’s record plus still historically low interest rates and tight credit spreads, which Powell called appropriate. What would be worrisome would be if financial conditions became disorderly.</p>\n<p>Powell didn’t think any change in the Fed’s bond purchases was needed in the face of higher yields at the long end of the Treasury market. He called the central bank’s purchases across the yield curve appropriate and didn’t see the need to skew its buying to try to pressure longer-term yields lower. Some central banks abroad, notably the Reserve Bank of Australia, have tried to manipulate bond markets by&nbsp;shifting their purchases.</p>\n<p>Even with the headline measures of unemployment expected by the Fed to drop from 6.2% last month to 4.5% by year end and 3.9% by the end of 2022, Powell emphasized that the total number of jobs remains more than 9 million below where it stood before the pandemic. Inflation also would have to show more than a transitory rise from the depressed levels of a year ago and stay above the 2% target for some time for the Fed to change its stance.</p>\n<p>Keeping Fed policy easy while the economy recovers clearly is bullish for financial markets. “It would be hard to craft a more constructive statement than this,” a client note from Evercore ISI asserted.</p>\n<p>But this policy of maintaining zero rates and huge bond purchases, even as the economy recovers, is an experiment playing out in real time. The mantra had always been that monetary policy works with long and variable lags. That produced four decades of disinflation.</p>\n<p>Waiting until the Fed sees the whites of inflation’s eyes will be a test of this new experimental approach.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Fed Will Wait. That’s a Positive for Stocks and a Departure From the Past.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Fed Will Wait. That’s a Positive for Stocks and a Departure From the Past.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-18 08:56 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/the-fed-will-wait-thats-a-positive-for-stocks-and-a-departure-from-the-past-51616022872?mod=hp_LEAD_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.\nAny prospect—indeed even any discussion—of interest-rate increases or reductions in ...</p>\n\n<a href=\"https://www.barrons.com/articles/the-fed-will-wait-thats-a-positive-for-stocks-and-a-departure-from-the-past-51616022872?mod=hp_LEAD_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/the-fed-will-wait-thats-a-positive-for-stocks-and-a-departure-from-the-past-51616022872?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196092062","content_text":"“Don’t fire until you see the whites of their eyes” appears to be the new command from the Federal Reserve.\nAny prospect—indeed even any discussion—of interest-rate increases or reductions in securities purchases by the central bank will depend on the Fed having its goals in sight, not just in its forecasts, Fed Chairman Jerome Powell emphasized at a press conference on Wednesday. That doesn’t seem likely soon.\nPowell’s comments were clearly aimed atheightened expectationsthat the Fed could raise rates multiple times by 2023, which in turn has lifted intermediate- and long-term Treasury yields. Those expectations pushed the benchmark 10-year Treasury yield to 1.68% at midday Wednesday, the highest level since January 2020. That benchmark yield eased back to 1.62% by the end of Powell’s press conference, which, in turn, lifted stocks. The Dow Jones Industrial Average ended the day 0.6% higher and closed above the 33,000 mark for the first time.\nPowell’s remarks followed the release of the Federal Open Market Committee’s policy statement, which, as universally expected, contained no changes in its near-zero federal-funds target or its $120 billion monthly purchases of Treasury and agency mortgage-backed securities.\nNeither was it surprising that the Fed’s new Summary of Economic Projections contained significant upgrades to the central bank’s outlook for economic growth from its previous one released last December. Real gross domestic product is now expected to grow 6.5% in 2021, up from 4.2% previously, thanks to a boost from the recently enacted $1.9 trillion fiscal package. Similarly, the panel’s projection for unemployment is lowered and its expectation for inflation was increased slightly. Forecasts for 2022 and 2023 also were tweaked.\nBut the main message Powell conveyed was clear: The Fed will continue to maintain its ultra-accommodative policy until the monetary authorities are convinced its policy goals are in sight. That would mark a sharp departure from the practice of monetary policy for more than a generation.\nThe accepted modus operandi has been for the Fed to head off an increase in inflation by pre-emptively tightening monetary policy when what it considered to be full employment was in its forecast. Not only did the Fed’s target for full employment keep changing—falling from 6%, to 5%, and so on, until the jobless rate hit 3.5% in early 2020 before the pandemic—but inflation continuously fell short of the Fed’s 2% target.\nWhile the Fed’s so-called dot plot of rate expectations showed seven out of 18 FOMC members anticipated an increase in the fed-funds rate in 2023, Powell continually took pains to say those are only estimates of where the individual Fed governors and district presidents think the rate might be based on their individual forecasts. Not only is that a long ways off in the future, Powell noted, but the forecasts are even more uncertain than usual.\nMeanwhile, the Fed will be keeping its foot down on the monetary gas pedal. Financial conditions remain extremely accommodative, as indicated by the Dow’s record plus still historically low interest rates and tight credit spreads, which Powell called appropriate. What would be worrisome would be if financial conditions became disorderly.\nPowell didn’t think any change in the Fed’s bond purchases was needed in the face of higher yields at the long end of the Treasury market. He called the central bank’s purchases across the yield curve appropriate and didn’t see the need to skew its buying to try to pressure longer-term yields lower. Some central banks abroad, notably the Reserve Bank of Australia, have tried to manipulate bond markets by shifting their purchases.\nEven with the headline measures of unemployment expected by the Fed to drop from 6.2% last month to 4.5% by year end and 3.9% by the end of 2022, Powell emphasized that the total number of jobs remains more than 9 million below where it stood before the pandemic. Inflation also would have to show more than a transitory rise from the depressed levels of a year ago and stay above the 2% target for some time for the Fed to change its stance.\nKeeping Fed policy easy while the economy recovers clearly is bullish for financial markets. “It would be hard to craft a more constructive statement than this,” a client note from Evercore ISI asserted.\nBut this policy of maintaining zero rates and huge bond purchases, even as the economy recovers, is an experiment playing out in real time. The mantra had always been that monetary policy works with long and variable lags. That produced four decades of disinflation.\nWaiting until the Fed sees the whites of inflation’s eyes will be a test of this new experimental approach.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3821709,"gmtCreate":1616029168891,"gmtModify":1680780783373,"authorId":3576900825805492,"author":{"id":3576900825805492,"authorId":3576900825805492,"name":"PYCHUA","avatar":"https://static.tigerbbs.com/7984deb1539a8169f76cb68052224a36","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":324707795,"type":1,"supId":0,"prevId":0,"content":"pls help to reply to me too. <u>thx</u>","text":"pls help to reply to me too. <u>thx</u>","html":"pls help to reply to me too. <u>thx</u>"},{"id":3821719,"gmtCreate":1616029194513,"gmtModify":1680780781346,"authorId":3574112412563523,"author":{"id":3574112412563523,"authorId":3574112412563523,"name":"BuyX3","avatar":"https://static.tigerbbs.com/9019b5c7aa84731a89c4a618178ab761","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":324707795,"type":1,"supId":3821709,"prevId":0,"content":"Yeah!","text":"Yeah!","html":"Yeah!"}],"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":51,"commentSize":13,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false}}