{"id":41551,"date":"2020-11-05T18:35:34","date_gmt":"2020-11-05T23:35:34","guid":{"rendered":"http:\/\/prefblog.com\/?p=41551"},"modified":"2020-11-05T18:35:34","modified_gmt":"2020-11-05T23:35:34","slug":"november-5-2020","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=41551","title":{"rendered":"November 5, 2020"},"content":{"rendered":"
\"rainbow_201105\"<\/a>
Click for Big<\/i><\/div>\n

TXPR closed at 581.28<\/a>, up 0.58% on the day. Volume today was 1.70-million, below the median of the past thirty days.<\/p>\n

CPD closed at 11.58<\/a>, up 0.43% on the day. Volume was 149,441, near the median of the past 30 trading days.<\/p>\n

ZPR closed at 9.11<\/a>, up 0.11% on the day. Volume of 104,897, well below the median of the past 30 trading days.<\/p>\n

Five-year Canada yields were unchanged at 0.38%<\/a> today.<\/p>\n

The FOMC Statement had no surprises<\/a>:<\/p>\n

The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals.<\/p>\n

The COVID-19 pandemic is causing tremendous human and economic hardship across the United States and around the world. Economic activity and employment have continued to recover but remain well below their levels at the beginning of the year. Weaker demand and earlier declines in oil prices have been holding down consumer price inflation. Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses.<\/p>\n

The path of the economy will depend significantly on the course of the virus. The ongoing public health crisis will continue to weigh on economic activity, employment, and inflation in the near term, and poses considerable risks to the economic outlook over the medium term.<\/p>\n

The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. With inflation running persistently below this longer-run goal, the Committee will aim to achieve inflation moderately above 2 percent for some time so that inflation averages 2 percent over time and longer-term inflation expectations remain well anchored at 2 percent. The Committee expects to maintain an accommodative stance of monetary policy until these outcomes are achieved. The Committee decided to keep the target range for the federal funds rate at 0 to 1\/4 percent and expects it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the Committee’s assessments of maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time. In addition, over coming months the Federal Reserve will increase its holdings of Treasury securities and agency mortgage-backed securities at least at the current pace to sustain smooth market functioning and help foster accommodative financial conditions, thereby supporting the flow of credit to households and businesses.<\/p>\n

In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals. The Committee’s assessments will take into account a wide range of information, including readings on public health, labor market conditions, inflation pressures and inflation expectations, and financial and international developments.<\/p>\n

Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Mary C. Daly; Patrick Harker; Robert S. Kaplan; Loretta J. Mester; and Randal K. Quarles. Ms. Daly voted as an alternate member at this meeting.<\/p><\/blockquote>\n

Powell commented<\/a>:<\/p>\n

Mr. Powell said the two biggest economic risks right now are the \u201cfurther spread of the disease\u201d and the likelihood that households will \u201crun through the savings\u201d they were able to accumulate as a result of government spending early in the pandemic, including stimulus checks and enhanced unemployment benefits.<\/p>\n

While the Fed is prepared to act as needed to support the recovery, Mr. Powell once again said more fiscal support will be needed to help mitigate those risks.<\/p>\n

\u201cWe can obviously support financial stability through our lending programs,\u201d he said. \u201cWe\u2019ll have a stronger recovery if we can get at least some more fiscal support, when it\u2019s appropriate and at the size Congress thinks is appropriate.\u201d<\/p><\/blockquote>\n

Ontario plans to (gasp!) balance the budget someday<\/a>:<\/p>\n

Ontario budget highlights:<\/p>\n