Business

On the heels of Fed chair Janet Yellen warning of looming inflation and the need for The Fed to perhaps not move as slowly as they have suggested, gold has snapped back below $1300 (erasing North Korean risks) and the dollar is extending gains...

As Citi notes, for those hoping for hawkish comments, Yellen has certainly delivered.

“It would be imprudent to keep monetary policy on hold until inflation is back to 2 percent,”

 

The Fed “should also be wary of moving too gradually.”

 

Update: In her prepared remarks, Yellen crucially said,

“A more important issue from a policy standpoint is that some key assumptions underlying the baseline outlook could be wrong in ways that imply that inflation will remain low for longer than currently projected.”

As Bloomberg explains, she is stating a bit more clearly than before that the FOMC doesn’t have a handle on why inflation is low and acknowledging that it may last longer than they predict.

*  *  *

As the NFL's feud with President Trump continues to dominate headlines, a feud which has effectively turned ESPN into a politically-themed talk show, the league has decided to recruit additional talent to "provide crisis communications counsel to leagues executives."  Per a job listing posted to Daybook, the NFL says they're looking for a "Senior Communications Strategist" to be based out of New York City who can assist with "crisis communications" and "devise a strategy and long term vision to strategically position the NFL in the sports marketplace."  Here are some highli

Just days after Uber lost its license to operate in London, the online ride-hailing service that has been at the centre of various controversies and scandals for the past year, announced it would cease operations in Quebec as of Oct. 14. According to the Montreal Gazette, the final straw for Uber, which has been negotiating with the Quebec government for months in an effort to co-exist with the taxi industry, reportedly was a government demand that its drivers submit to a 35-hour training program already imposed on taxi drivers.

The Conference Board's Consumer Confidence measure for September disappointex expectations with both current and future indices dropping (the former more than the latter).

Differences across regions are very notable as storms impacted confidence...

However, what is most concerning (for the powers-that-be), is the plunge in faith that the stock market will go higher...

This is the lowest confidence in continued stock market gains since the election.