Board of Governors-Federal Reserve System
The Board of Governors of the Federal Reserve System has requested comment on a proposal to expand the operating days of the Fedwire Funds Service and the National Settlement Service. Under the proposal, both services would operate every day of the year with the Fedwire Funds Service open 22 hours a day and the National Settlement Service open 21.5 hours a day.
The Fedwire Funds Service is a wholesale payment service that allows service participants to send and receive individual electronic funds transfers up to $10 billion. The National Settlement Service is a settlement service for participants in private sector clearing arrangements.
Federal Reserve Bank of New York
The Federal Reserve Bank of New York yesterday released results from its 2024 SCE Housing Survey. The survey found overall that the pace at which consumer expect home prices to rise has accelerated for one-year ahead. The pace at which renters expect rental prices to rise has also accelerated. 74.2% of renters state that obtaining a mortgage is somewhat or very difficult.
Federal Reserve Bank of Richmond
Tom Barkin, president and chief executive officer of the Federal Reserve Bank of Richmond and a member of the 2024 federal Open Market Committee, delivered remarks yesterday before the Columbia Rotary Club in South Carolina. He reiterated the importance of data to monetary policy, acknowledging that data whiplash presents the conundrum of whether the economy is experiencing a real shift in economic outlook or simply observing bumps in the road. President Barkin emphasized that today’s restrictive rate levels can “take an edge of demand in order to bring inflation back to the two percent target. A strong labor market provides the Fed the confidence that policy is moving inflation to the two percent target.
Federal Reserve Bank of Minneapolis
Neel Kashkari, president and chief executive of the Federal Reserve Bank of Minneapolis, today issued an essay assessing his current stance on monetary policy. President Kashkari believes the housing market is resilient even in the face of tight policy. But given that the housing market is a key channel of monetary policy, President Kashkari asks whether policymakers and the markets are misperceiving the neutral policy rate. The uncertainty about where neutral is today creates a challenge for policymakers, according to President Kashkari.
Federal Reserve Bank of Chicago
Austan D. Goolsbee, president and chief executive officer of the Federal Reserve Bank of Chicago, will participate in a moderated Q&A with the Economics Club of Minnesota on 10 May 2024.
Federal Reserve Bank of Dallas
The Federal Reserve Bank of Dallas today reported slowing loan demand in the month of April along with an uptick in non-performing loans. Texas businesses expect stronger activity over the next six months.
Current Rates, per Board of Governors-Federal Reserve System and the Federal Reserve Bank of New York
Interest on Reserve Balances: 5.40%
Discount Window Rate: 5.50%
Effective Federal Funds Rate: 5.33%
AUD/USD=0.6616
NZD/USD=0.6021
USD/JPY=152.8500
GBP/USD=1.2550
EUR/USD=1.0770
USD/CAD=1.3683
USD/MXN=17.0320
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