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Kansas City Fed: Market Volatility Should Not Prevent Rate Hikes

first_img Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Government, News Esther George Federal Funds Target Rate Federal Reserve Kansas City Fed U.S. Economy 2016-02-02 Brian Honea “My own view is that a pickup in economic growth, steady job gains and modestly higher core rates of inflation will warrant further increases.”Kansas City Fed President and CEO Esther George  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. The Best Markets For Residential Property Investors 2 days ago February 2, 2016 1,060 Views Kansas City Fed: Market Volatility Should Not Prevent Rate Hikes Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago The U.S. economy is currently facing several headwinds along with volatility in financial markets, but this should not prevent rate hikes from occurring down the road, according to Kansas City Fed President and CEO Esther George in a speech delivered in Kansas City on Tuesday.“While taking a signal from such volatility is warranted, monetary policy cannot respond to every blip in financial markets,” George said. “Instead, a focus on economic fundamentals, such as labor markets and inflation, can help guard against monetary policy over- or underreacting to swings in financial conditions.”Despite those headwinds, which include low oil prices, which benefit consumers but weigh on oil producers; lower orders from abroad for many exporters in the U.S. due to the rise in the foreign exchange value of the U.S. dollar; and slower foreign demand for U.S. goods, George said she believes the U.S. economy “remains on track due to strong job gains,” which picked up in the last three months of 2015.In addition to job growth, there are more positives for the economy among all the headwinds.“Low gasoline prices and signs of faster wage growth should also add to consumers’ ability to increase spending,” George said. “And although financial markets have been volatile, household wealth remains at a high level, and house prices have been rising over the past four years. Certainly, the gains in jobs, wages and wealth have not been equally shared across households during the recovery, but overall, the general health of households’ financial situations is much improved since the financial crisis.”center_img Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Brian Honea Home / Daily Dose / Kansas City Fed: Market Volatility Should Not Prevent Rate Hikes Related Articles Demand Propels Home Prices Upward 2 days ago Subscribe George’s speech came one day after Fed Vice Chairman Stanley Fischer told an audience in New York that “the federal funds rate is likely to remain, for some time, below the levels that we expect to prevail in the longer run.” In her speech, George echoed Fischer’s sentiments that “monetary policy remains accommodative,” noting that “real interest rates continue to be negative and the Federal Reserve’s large portfolio of Treasury and mortgage-backed securities keeps downward pressure on longer-term rates.”On the topic of future rate increases, George said, “In communicating its intentions for further rate increases, the Committee has noted that it expects economic conditions will warrant only gradual increases in the fed funds rate, although adjustments ultimately depend on the incoming data. My own view is that a pickup in economic growth, steady job gains and modestly higher core rates of inflation will warrant further increases.”She added, “The exact timing of each move, however, is subject to the economic environment.”Click here to view the entire text of George’s speech. Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Previous: Morgan Stanley is the Latest Firm to Settle RMBS Claims Next: DS News Webcast: Wednesday 2/3/2016 Tagged with: Esther George Federal Funds Target Rate Federal Reserve Kansas City Fed U.S. Economylast_img read more

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Local Pensions Partnership plans upgrade to support expansion

first_imgThe £12.8bn (€14.3bn) Local Pensions Partnership (LPP) is looking to hire a consultant to help it implement changes that would make its operating model more robust and scalable.The partnership between the London Pensions Fund Authority, Lancashire County Pension Fund and Berkshire Pension Fund wants to bring in new clients in the next few years, a spokesman indicated.It plans to upgrade the systems and processes supporting its regulated investments business, LPPI, and to outsource its middle office function. As part of this, it has launched a tender for a consultant to help with the selection and implementation of portfolio management systems.The consultant would also help implement an operating model based on an outsourced middle office. “The middle office workstream will deliver an enhanced investment operations process, preparing the model for additional clients, instrument and investment types and client reporting needs,” the tender document stated.Middle office tasks include trade processing, reconciliation and data management, an LPP spokesman explained.“This is about planning for the next three to five years, during which period our expectation is that we will broaden our client base across a number of areas in parallel to adding further investment and risk management capabilities,” he said.“This is about planning and ensuring we are ahead of the curve… We need to have a robust, resilient and scalable operating model to support our existing clients as well as any new ones.”LPP launched the tender after carrying out a review of its investment operations systems and processes.According to the tender notice, the review found that LPP could implement changes to its current model “to improve operational risk resilience and delivery of regulatory compliance”.The tender document stated that LPP was seeking specialist support because it recognised its internal resources did not have the capacity or market expertise to deliver on the recommendations of the review.LPP is the collaboration between the London Pensions Fund Authority and Lancashire County Pension Fund. Berkshire Pension Fund is joining LPP, which is due to manage its assets from 1 April. LPP has launched four pooled funds for its members to date. The value of the LPP consultancy contract is estimated at £1.1m, according to the tender notice.last_img read more

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Vocus connects Ichthys, Prelude to North-West Cable System

first_imgIchthys and PreludeThe Ichthys LNG Project is located in the Ichthys Field within the northern Browse Basin about 220 kilometers north-west of Western Australia’s Kimberley coast, at the western edge of the Timor Sea.During operations, the Ichthys LNG Project is expected to produce up to 8.9 million tonnes of LNG and up to 1.6 million tonnes of LPG per annum and 100,000 barrels of condensate per day at peak, requiring an 890-kilometer pipeline to facilitate export.Prelude is the first deployment of Shell’s FLNG technology that will see a 488-meter-long floating facility extracting and liquefying gas at sea before it is exported to customers around the globe. The project is located approximately 475km north-northeast of Broome in Western Australia. Vocus Group, an Australian telecommunications company, has connected its high-speed fiber-optic North-West Cable System (NWCS) to the Inpex-operated Ichthys LNG Project and Shell’s Prelude FLNG located off the northwest coast of Australia.Vocus said that the North-West Cable System, recently constructed by Vocus in partnership with Shell and INPEX, comprises 2,100 kilometers of submarine cable between Darwin to Port Hedland.The system can deliver speeds of up to 40 gigabytes per second to both facilities and, according to Vocus, serves to increase the reach and resiliency of the company’s network in Australia.The company added that the NWCS was designed to enable high-speed data connections to other key hydrocarbon prospects along the cable route.Geoff Horth, CEO of Vocus Group, said: “Connection of these services isn’t just an important milestone for Vocus, it’s an improvement to the essential telco services in an often-neglected part of Australia and a fast and secure connection to families and teams for the fly-in-fly-out crew on these platforms.”“Not only is this initiative strengthening the safe operations of the Inpex-led Ichthys LNG project’s offshore facilities – it is also delivering immediate benefits to our teams and the Northern Territory and Western Australia communities connected to the cable,” said Louis Bon, managing director of the Ichthys project.David Bird, VP of Prelude, added: “The NWCS will improve the collaboration of our onshore and offshore teams during the commissioning and operation of Prelude, and importantly, will transform the offshore experience for our offshore teams ensuring they are well connected to home and family.”last_img read more

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