What we are reading …
U.S. Treasury. Michael Faulkender. “Yesterday, the United States Senate confirmed Michael Faulkender to be the Deputy Secretary of the United States Department of the Treasury.” — U.S. Department of the Treasury.
Note: Deputy Secretary Faulkender spent almost 17 years in academia, according to his LinkedIn profile. He also spent three years as chief economist of the America First Policy Institute. This is his second go-round in with a Trump administration, the first between 2017 and 2021 as assistant Treasury secretary for economic policy within the Treasury Department.
Bank of Japan. UEDA Kazuo. Currency. Monetary control. “Japan’s economy is likely to keep growing at a pace above its potential growth rate, with overseas economies continuing to grow moderately and as a
virtuous cycle from income to spending gradually intensifies against the background of factors such as accommodative financial conditions.” — Bank of Japan.
Federal Reserve Bank of Minneapolis. Neel Kashkari. Detroit Lakes. Fed Listens. At a Fed Listens event, Neel Kashkari, president and chief executive officer of the Federal Reserve Bank of Minneapolis, fielded questions and comments about the Fed’s role in the economy and the state of employment and growth in the Detroit Lakes community. Mr. Kashkari acknowledged that while inflation has come down, it is still above the two percent target rate and that the Fed has more work to do. — Federal Reserve Bank of Minneapolis.
Federal Reserve Bank of Cleveland. Post-pandemic recovery. “For the first time since 2021, small businesses reporting a drop in revenue outnumbered those reporting an increase, according to the 2025 Report on Employer Firms: Findings from the 2024 Small Business Credit Survey, released today by the 12 Federal Reserve Banks. Employment growth and other metrics mostly held steady but remained well below pre-pandemic levels.” — Federal Reserve Bank of Cleveland.
Federal Reserve Bank of Cleveland. Personal consumption index. “The Federal Reserve’s preferred inflation gauge often runs hot in January and cool in November and December – even after seasonal adjustments, according to a new Cleveland Fed report.” — Federal Reserve Bank of Cleveland.
The data …
Foreign exchange per the Board of Governors of the Federal Reserve System.
EUR/USD=1.0806
GBP/USD=1.2896
USD/JPY=148.9800
Administered rates per the Board of Governors of the Federal Reserve System.
Discount Window: 4.50%
Effective Federal Funds Rate: 4.33%
Interest on Reserve Balances: 4.40%
Overnight Reverse Repurchase Facility Rate:4.25%
Reference Rates per the Federal Reserve Bank of New York.
Effective Federal Funds Rate:4.33%
Overnight Bank Funding Rate: 4.33%
Secured Overnight Financing Rate:4.33%
Broad General Collateral Rate:4.31%
Tri-Party General Collateral Rate:4.31%
Foreign exchange per the Eastern Caribbean Central Bank.
USD/XCD=2.70
GBP/XCD=3.48449
EUR/XCD=2.91573
CAD/XCD=1.89467
JPY/XCD=0.01799
KWD/XCD=8.75529
AED/XCD=0.73509
CNH/XCD=0.37168
Administered rates per the Eastern Caribbean Central Bank.
ECCB Discount Rate: 3.0%
ECCB Call Rate: 2.4%
ECCB Fixed Deposit Rate (one month): 2.8%
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