Bank of Tokyo-Mitsubishi UFJ Ltd. sold $1.85 billion of three-year bonds yesterday, as investors in Asia demand more shorter-dated debt amid speculation the Federal Reserve may raise interest rates in coming years.
Two Federal Reserve district bank presidents signaled a decline in global stock markets probably won’t deter the Fed from further trimming bond buying that has pushed up central bank assets to $4.1 trillion.
Here’s what to look for when Janet Yellen testifies before the House Financial Services Committee today in her first public remarks since becoming Federal Reserve chairman on Feb. 3. Yellen’s prepared remarks will be released at 8:30 a.m., and the hearing will begin at 10 a.m. Yellen plans to speak to the Senate Banking Committee on Feb. 13 in a second day of semi-annual testimony.
Federal Reserve Bank of Richmond President Jeffrey Lacker said last month’s weakest job growth in almost three years doesn’t signify a shift in the outlook for a U.S. labor market that has “improved distinctly.”
Federal Reserve policy makers will continue to weigh reductions to a bond-buying program aimed at stimulating growth because improvements in the job market are meeting the central bank’s objectives, Richmond Fed President Jeffrey Lacker said.
The economic expansion in the U.S. is sufficiently entrenched to withstand a short-term slump in stock prices and weakness in emerging markets, keeping the Federal Reserve on track to trim stimulus, economists say.
The U.S. economic expansion is sufficiently entrenched to overcome a short-term slump in stock prices and a cooling in emerging-market growth, keeping the Federal Reserve on track to reduce stimulus, economists say.