Search

"The US' indirect supply-chain links to China remain intact; along some dimensions - through China's economic ties with Vietnam and Mexico - these indirect links have even been intensifying", Alfaro and Chor wrote. (Bloomberg) -- China remains embedded in US supply chains even as American firms have taken steps to reduce direct imports from the Asian country, according to a paper presented at the Federal Reserve Bank of Kansas City's annual Jackson Hole conference Saturday. [Extracted from the article]

Kganyago Says Job "Not Yet Done" to Defeat Inflation (11:20 a.m. NY) South Africa's central bank governor warned that there are still risks to inflation, even as he acknowledged that the rate has come down significantly. (Bloomberg) -- Escalating federal borrowing needs may worsen structural deficiencies in the market for US Treasuries that were already on stark display during the 2020 Covid crisis, according to a paper presented to the Federal Reserve Bank of Kansas City's economic symposium. In a speech earlier, Fed Chair Jerome Powell said the US central bank is prepared to raise interest rates further if needed and intends to keep borrowing costs high until inflation is on a convincing path toward the Fed's 2% target. [Extracted from the article]

(Bloomberg) -- Central bank interest-rate increases have a substantial impact on innovation, which in turn can affect the productive capacity of an economy, according to a paper presented at the Federal Reserve Bank of Kansas City's symposium. In a speech earlier, Fed Chair Jerome Powell signaled the US central bank is prepared to raise interest rates further if needed and keep borrowing costs high until inflation is on a convincing path toward the Fed's 2% target. Bullard, who resigned last month to become dean of Purdue University's business school, was an influential voice at the Fed who called for aggressive interest-rate hikes to fight the recent inflation surge. [Extracted from the article]

The Federal Reserve Bank of Kansas City's annual conference in Jackson Hole, Wyoming has begun, bringing together central bankers, economists, and reporters from around the world. The keynote speech by Chair Jerome Powell on Friday will be of particular interest, as investors and Fed watchers look for signals about the timing, size, and pace of interest-rate cuts. Other notable speakers include Andrew Bailey, head of the Bank of England, and a panel discussion featuring central bankers from Brazil, Norway, and the European Central Bank. The conference will also feature presentations of research papers by economists. [Extracted from the article]

Barclays Plc has become the first bank to issue commercial paper tied to the new benchmark that's been designed to succeed Libor in the dollar funding market. "Investor response was immediate, and fairly broad across different types of investors", Joe Muscari, head of securitized portfolio management at Barclays, said about the bank's commercial paper deal. [Extracted from the article]

The Federal Reserve Bank of Kansas City's annual economic symposium in Jackson Hole, Wyoming has concluded. Fed Chair Jerome Powell's speech confirmed expectations for an interest-rate cut at the central bank's next meeting in September. Powell expressed confidence in inflation reaching the Fed's 2% goal but acknowledged a cooling in the labor market. Other central bankers, including the Bank of England Governor and members of the European Central Bank's Governing Council, also signaled support for interest rate reductions. The conference featured academic research papers on the effectiveness and transmission of monetary policy, with one paper highlighting the potential impact of further labor market cooling on the US unemployment rate. [Extracted from the article]

A new research paper from the Federal Reserve Bank of Atlanta argues that the final phase of the US inflation fight will not be more difficult than previous phases. The paper suggests that the Federal Reserve does not need to approach the final phase differently from the rest. While Fed officials expect three rate cuts in 2024 as inflation falls, they have pushed back against expectations of immediate interest rate cuts. The Atlanta Fed economist warns that excessive concern over the final phase could lead to a policy error and increase the risk of a recession and unemployment. [Extracted from the article]

The U.S. experience of unconventional monetary policy has shown that it can successfully influence market expectations for bond yields, according to a working paper published on Monday by the European Central Bank. Those measures "helped create a favorable environment for long-term funding", had a considerable impact on asset prices, and substantially lowered the cost of market financing, the ECB paper showed. [Extracted from the article]

Investors will parse his highly anticipated speech for clues on the outlook for interest rates, which the Fed in July lifted to a range of 5.25% to 5.5%, the highest level in 22 years. (Bloomberg) -- The Federal Reserve Bank of Kansas City's annual gathering in Jackson Hole, Wyoming gets underway with a dinner on Thursday evening. [Extracted from the article]

The article reports on the debate over the proposal by the U.S. administration to expand the eligibility provisions of the Federal Reserve Act in 1931. Government securities, paper arising from actual commercial transactions and agricultural paper are qualified for rediscount at the Federal Reserve banks under the current law. This strict limitation is aimed at protecting reserves. The major types of business seeking eligibility for their paper include those in the area of installment selling, real estate and corporate securities.

(All times New York) Furman Says Fed Should Raise Inflation Goal (3:02 p.m.) The Fed and other central banks should consider declaring victory on their price-stability goals once inflation returns to 3%, Harvard economics professor Jason Furman said Friday during the Fed's annual conference in Jackson Hole, Wyoming. In his keynote speech Friday, Fed Chair Jerome Powell warned that policy rates must rise and then stay high for some time, echoing a series of statements earlier in the day from his colleagues that rates must become restrictive until prices begin to cool. Many central banks, including the Fed, have adopted a 2% inflation target in recent decades. [Extracted from the article]

Many central banks, including the Fed, have adopted a 2% inflation target in recent decades. Keywords: 13347Z; BSFO; ALLTOP; BON; BUSINESS; COS; FIN; GLOBALMACR; GOV; INDUSTRIES; MARKETS; NORTHAM; REL; US; WORLD; WWTOP EN 13347Z BSFO ALLTOP BON BUSINESS COS FIN GLOBALMACR GOV INDUSTRIES MARKETS NORTHAM REL US WORLD WWTOP RH8KI3T1UM10 "I think 2% inflation was too low a target. [Extracted from the article]

Keywords: 13347Z; BSFO; ALLTOP; BON; BUSINESS; COS; FIN; FRX; GLOBALMACR; GOV; INDUSTRIES; MARKETS; NORTHAM; REL; TOP; US; WORLD; WWTOP; WWTOPAM; WWTOPAS; WWTOPEU EN 13347Z BSFO ALLTOP BON BUSINESS COS FIN FRX GLOBALMACR GOV INDUSTRIES MARKETS NORTHAM REL TOP US WORLD WWTOP WWTOPAM WWTOPAS WWTOPEU RH8JZAT0AFB5 "I want to push back on your conclusion that "running the economy hot" entails significant risks", Kashkari said to International Monetary Fund First Deputy Managing Director Gita Gopinath, who made the assertion as a panel participant. In his keynote speech Friday, Fed Chair Jerome Powell warned that policy rates must rise and then stay high for some time, echoing a series of statements earlier in the day from his colleagues that rates must become restrictive until prices begin to cool. Bullard Says Rates Working With Shorter Lags (9:40 a.m.) The Federal Reserve's rate hikes are working at shorter lags than in the past, said St. Louis Fed President James Bullard. [Extracted from the article]

The article reports that instalment companies' eligibility petition at the U.S. Federal Reserve Banks may lead to inflation. Inflation requires using more money or credit actively and thus help improve business, however, an increase in credit is much more favored than an increase in currency. The notes which the finance companies have bid for eligibility are those of the companies, which lend their proceeds to instalment buyers.

In December, a special committee of Stanford's Board of Trustees initiated a review into allegations of misconduct related to Tessier-Lavigne's research and papers he authored or coauthored. As a prominent scientist, Tessier-Lavigne was previously tapped for the board of Pfizer Inc., several other pharmaceutical companies and the Federal Reserve Bank of New York. (Bloomberg) -- Marc Tessier-Lavigne, who resigned as president of Stanford University after questions arose about in his scientific research, is also leaving the board of Regeneron Pharmaceuticals Inc. Tessier-Lavigne, a neuroscientist who became Stanford's president in 2016, stepped down from the board of the biopharmaceutical company effective Sept. 1, the company based in Tarrytown, New York, said Friday. [Extracted from the article]

Several high-level central bank officials spoke at the forum about monetary policy, including Federal Reserve Bank of St. Louis President James Bullard -- who appeared remotely -- and Taiwan central bank Deputy Governor Chen Nan-kuang. (Bloomberg) -- Taiwan's top government-funded research institute has called on the central bank to overhaul some of its long-held approaches to foreign exchange and monetary policy as part of a landmark set of recommendations. The government should draw lessons from the US Federal Reserve system to improve the independence and transparency of the central bank, according to a white paper released by Academia Sinica on Monday. [Extracted from the article]

The article discusses various aspects of economic conditions in the U.S. It is stated that easy money policy of Federal Reserve Banks is being neutralized short-term financing policy of the Treasury. It is stated that the low interest rates for short term paper/bonds for the more immediate maturities indicate that the banks and other financial institutions have ample funds.

The article reports on the U.S. Federal Reserve Board's making of time-payment paper or installment credit eligible for rediscount. The meaning of "commercial transaction" was liberalized by the Reserve's decision that consumer credit extended for the purpose of goods distribution is a business loan and thus eligible for rediscount at Federal Reserve banks. Effects of finance company notes' parity with commercial loans are explored, such as the improvement of installment paper as a bank risk.

Furman Says Fed Should Raise Inflation Goal (3:02 p.m.) The Fed and other central banks should consider declaring victory on their price-stability goals once inflation returns to 3%, Harvard economics professor Jason Furman said Friday during the Fed's annual conference in Jackson Hole, Wyoming. In his keynote speech Friday, Fed Chair Jerome Powell warned that policy rates must rise and then stay high for some time, echoing a series of statements earlier in the day from his colleagues that rates must become restrictive until prices begin to cool. [Extracted from the article]

The government should draw lessons from the US Federal Reserve system to improve the independence and transparency of the central bank, according to a white paper released by Academia Sinica on Monday. Several high-level central bank officials spoke at the forum about monetary policy, including Federal Reserve Bank of St. Louis President James Bullard -- who appeared remotely -- and Taiwan central bank Deputy Governor Chen Nan-kuang. (Bloomberg) -- Taiwan's top government-funded research institute has called on the central bank to overhaul some of its long-held approaches to foreign exchange and monetary policy as part of a landmark set of recommendations. [Extracted from the article]

Bullard's paper didn't get into details of how the Fed could achieve a GDP target, though missing the target would imply a need for more stimulus, he told reporters. Bullard has sometimes used research to influence the Fed policy debate, though he cautioned against drawing strong policy lessons from his latest work and instead said he hoped for more research on the topic. Bullard joined the St. Louis Fed's research department in 1990 and became president of the regional bank in 2008. [Extracted from the article]

The article profiles Laurence Frederick Whittemore, president of the pulp-and-paper firm Brown Co. and former president of the New York, New Haven & Hartford Railroad. His uncle and aunt helped him through Pembroke Academy in New Hampshire after he was orphaned at the age of seven. Whittemore has managed Fellows & Sons from 1922 to 1925. He was also named president of the Federal Reserve Bank of Boston in Massachusetts in 1946.

Renewable energy innovation shows a steep jump around 2005 -- when US gas prices were high -- and a "collapse" after 2010 when the fracking boom began, according to the paper. (Bloomberg) -- The US's historic natural-gas boom increased the country's energy independence, but low energy prices also had a chilling effect on renewable-energy innovation, according to Daron Acemoglu, an MIT economist and Nobel laureate. [Extracted from the article]

(Bloomberg) -- Projections for U.S. unemployment hitting 20% or higher may be too severe, according to a paper released Thursday by the Federal Reserve Bank of Cleveland. Authors Aysegul Sahin, Murat Tasci and Jin Yan noted that by simply adding up jobless claims, unemployment would appear to have already reached 18% in April. [Extracted from the article]

The Euribor rate banks use to lend to each other is showing signs of peaking and that's good news for the euro-area's funding market. RBA, Swap Rate A disappearing spread between money-market rates and expected policy equivalents indicates the Reserve Bank of Australia's official cash rate may no longer serve as the floor for borrowing costs. [Extracted from the article]

A disappearing spread between money-market rates and expected policy equivalents indicates the Reserve Bank of Australia's official cash rate may no longer serve as the floor for borrowing costs. The three-month bank-bill swap rate -- a gauge of Australian borrowing costs -- has continued to slide, with its spread over a similar-tenor overnight index now poised to fall below zero for the first time since 2007. [Extracted from the article]

(Bloomberg) -- Bernanke Adds Nuance to Independence Orthodoxy: Eco Pulse Monetary policy is entering a new era, Bernanke writes in his latest paper, and central banks facing a low-inflation, low-interest-rate world need to adjust. [Extracted from the article]

Keywords: %USD; 18532MF; 6100Z; BON; BUSINESS; COS; DRG; EXE; FIN; FRX; GEN; GLOBALMACR; GOV; HEA; INDUSTRIES; MARKETS; NORTHAM; REL; US; WORLD EN %USD 18532MF 6100Z BON BUSINESS COS DRG EXE FIN FRX GEN GLOBALMACR GOV HEA INDUSTRIES MARKETS NORTHAM REL US WORLD Federal Reserve Vice Chair Richard Clarida said he favors starting to scale back the central bank's monthly bond purchases later this year if robust job gains continue. Powell Says Taper Could Start in 2021, With No Rush on Rate Hike (10 a.m. ET) In his prepared text of the speech, Powell said the central bank could begin reducing its monthly bond purchases this year, though it won't be in a hurry to begin raising interest rates thereafter. In his speech, Powell said the Fed could begin slowing its asset purchases this year, though it won't be in a hurry to begin raising interest rates thereafter. Clarida's comments, in a CNBC television interview, echoed remarks from Fed Chair Jerome Powell during his address to the U.S. central bank's annual Jackson Hole policy forum on Friday. [Extracted from the article]

Regional Fed paper says carbon tax could address the threat Climate change is becoming increasingly relevant to central bankers because losses from natural disasters that are magnified by higher temperatures and elevated sea levels could spark a financial crisis, a Federal Reserve Bank of San Francisco researcher found. [Extracted from the article]

Fed Going Negative Would "Blow Up" Money Markets, Boockvar Warns San Francisco Fed paper revives talk over negative-rate policy In the wake of the global crisis of a decade ago, the Fed opted not to take its main target rate negative and instead stuck to various quantitative easing measures once its main rate approached zero. [Extracted from the article]

Researchers find that rating analysts are biased by politics Federal Reserve and European Central Bank monetary policy moves spill over long-term interest rates thanks partly to exchange rate adjustments, this Bank for International Settlements paper finds, but "by far" the strongest determinant of interest rate spillover is financial openness. The fact that the long end of the yield curve is more responsive to big central bank moves suggests that while "countries retain policy rate independence, financial conditions are influenced by global yields", the authors write. [Extracted from the article]

Online competition has made prices more susceptible to shocks "Fuel prices, exchange-rate fluctuations, or any other force affecting costs that may enter the pricing algorithms used by these firms are more likely to have a faster and larger impact on retail prices that in the past". Fed Chairman Jerome Powell cited the Fed staff paper Friday in a speech at the Jackson Hole conference without offering a full-throated endorsement of its conclusions. [Extracted from the article]

Many central banks, including the Fed, have adopted a 2% inflation target in recent decades. Mester Says It's Premature to Call CPI Peak (3:46 p.m.) The Federal Reserve will keep rates higher until there is compelling evidence that inflation is easing, Cleveland Fed President Loretta Mester said, adding that it's too soon to say whether price growth has peaked. Keywords: 13347Z; 2539Z@GR; 2580Z@GR; 321042Z; 8301@JP; BSFO; FERD; ALLTOP; ASIA; BNK; BON; BUSINESS; CMD; COS; ECB; EUROPE; FIN; FRX; GER; GLOBALMACR; GOV; INDUSTRIES; JAPAN; MARKETS; NORTHAM; REL; SKOREA; UK; US; WORLD; WWTOP EN 13347Z 2539Z@GR 2580Z@GR 321042Z 8301@JP BSFO FERD ALLTOP ASIA BNK BON BUSINESS CMD COS ECB EUROPE FIN FRX GER GLOBALMACR GOV INDUSTRIES JAPAN MARKETS NORTHAM REL SKOREA UK US WORLD WWTOP (Bloomberg) -- Bank of Japan Governor Haruhiko Kuroda said inflation will turn lower in his country later this year and next, leaving him "no choice" but to keep easing monetary policy. Furman Says Fed Should Raise Inflation Goal (3:02 p.m.) The Fed and other central banks should consider declaring victory on their price-stability goals once inflation returns to 3%, Harvard economics professor Jason Furman said Friday during the Fed's annual conference in Jackson Hole, Wyoming. [Extracted from the article]

Keywords: 13347Z; 2539Z@GR; 2580Z@GR; 321042Z; BSFO; ALLTOP; BNK; BON; BUSINESS; COS; ECB; EUROPE; FIN; FRA; FRX; GER; GLOBALMACR; GOV; INDUSTRIES; MARKETS; NORTHAM; REL; UK; US; WORLD; WWTOP EN 13347Z 2539Z@GR 2580Z@GR 321042Z BSFO ALLTOP BNK BON BUSINESS COS ECB EUROPE FIN FRA FRX GER GLOBALMACR GOV INDUSTRIES MARKETS NORTHAM REL UK US WORLD WWTOP (Bloomberg) - RHAE4KDWRGG0 (Bloomberg) - ECB Governing Council member Joachim Nagel said the need for higher interest rates is obvious but just how high was still to be determined. Mester Says It's Premature to Call CPI Peak (3:46 p.m.) The Federal Reserve will keep rates higher until there is compelling evidence that inflation is easing, Cleveland Fed President Loretta Mester said, adding that it's too soon to say whether price growth has peaked. Furman Says Fed Should Raise Inflation Goal (3:02 p.m.) The Fed and other central banks should consider declaring victory on their price-stability goals once inflation returns to 3%, Harvard economics professor Jason Furman said Friday during the Fed's annual conference in Jackson Hole, Wyoming. Many central banks, including the Fed, have adopted a 2% inflation target in recent decades. [Extracted from the article]

Risks are increasing that inflation expectations are becoming unanchored, threatening to undermine confidence in the central bank, she said during a panel at the Federal Reserve's Jackson Hole symposium Saturday. Many central banks, including the Fed, have adopted a 2% inflation target in recent decades. Keywords: 13347Z; 2539Z@GR; 321042Z; BSFO; ALLTOP; BNK; BON; BUSINESS; COS; ECB; EUROPE; FIN; FRA; FRX; GLOBALMACR; GOV; INDUSTRIES; MARKETS; NORTHAM; REL; UK; US; WORLD; WWTOP EN 13347Z 2539Z@GR 321042Z BSFO ALLTOP BNK BON BUSINESS COS ECB EUROPE FIN FRA FRX GLOBALMACR GOV INDUSTRIES MARKETS NORTHAM REL UK US WORLD WWTOP (Bloomberg) -- European Central Bank Executive Board member Isabel Schnabel urged policy makers to act forcefully to bring stubbornly high inflation back under control and warned against retreating at the first sign that price pressures may ease. ECB Must Be Determined, Villeroy Says (12:57 p.m.) The European Central Bank must show determination in tackling record inflation to avoid being forced into "unnecessarily brutal" interest-rate moves later on, Governing Council member Francois Villeroy de Galhau told fellow policy makers at Jackson Hole. [Extracted from the article]

Many central banks, including the Fed, have adopted a 2% inflation target in recent decades. Mester Says It's Premature to Call CPI Peak (3:46 p.m.) The Federal Reserve will keep rates higher until there is compelling evidence that inflation is easing, Cleveland Fed President Loretta Mester said, adding that it's too soon to say whether price growth has peaked. Furman Says Fed Should Raise Inflation Goal (3:02 p.m.) The Fed and other central banks should consider declaring victory on their price-stability goals once inflation returns to 3%, Harvard economics professor Jason Furman said Friday during the Fed's annual conference in Jackson Hole, Wyoming. [Extracted from the article]

Bearings maker NTN Corp. jumped to its highest close in seven years after Nomura Holdings Inc. raised its rating on the stock. Recent U.S. economic reports from retail sales to wage growth have been improving, though disappointing factory data Monday increased investor uncertainty as to whether the rebound is strong enough to withstand a rate increase. [Extracted from the article]

He said in a March 4 speech that the Fed should delay interest-rate increases until next year in order to bring inflation back up to the central bank's 2 percent goal by 2018. Rates at zero imply that the Fed "should adopt a looser policy when there is uncertainty", which in turn suggests that "a delayed liftoff is optimal", Evans wrote in the paper. [Extracted from the article]

In the latest paper, McPartland wrote that, rather than trying to ban high-speed trading, his proposals would discourage some practices "to strike a more equitable balance between the high frequency trading community and the investment management community". Currently, trading in most electronic markets is continuous, meaning high-frequency traders can bombard markets with thousands of trades a second. [Extracted from the article]

(Bloomberg) -- The work of creating a possible U.S. digital dollar inched ahead Thursday with initial research by the Federal Reserve Bank of Boston into the code that eventually could support such a currency. The Boston Fed, in collaboration with the Massachusetts Institute of Technology's Digital Currency Initiative, released a 35-page white paper on the findings of its technological research, which focused on developing software to process transactions. [Extracted from the article]

Lars Svensson, a Stockholm School of Economics professor and former Swedish central banker, said such an approach would help mitigate some of the problems the Fed faces in a low interest rate, low inflation world. Under an average inflation target, the Fed could end up keeping interest rates lower for longer to make up for past periods in which price increases fell short of its 2% goal. That would make it easier for the Fed to hit its price goal and give it more room to cut inflation-adjusted interest rates in the event of a recession. [Extracted from the article]

Commercial-paper rates are likely to be nudged higher as TNB's deposit rate acts as a de facto floor for money-market rates. The rate on one-day AA rated financial commercial paper was 2.16 percent on Oct. 22, while overnight general collateral repo rates stood at 2.21 percent, and one-month Treasury bills yielded 2.17 percent, data compiled by Bloomberg show. Only about 20 percent of Fed tightening has found its way to depositors since the central bank started raising rates in 2015, Joseph Abate, a money-market strategist at Barclays Plc, wrote in a note last month. [Extracted from the article]

The article discusses the relevance on the rise of the rediscount rate by the U.S. Federal Reserve Banks with the rate of dollars. It mentions that the volume of paper resold to the Federal Reserve worth to 2 billion dollars marked the importance of rediscounting and considered as the highest figure since early 1920s. It also notes that the rediscount rate would be a great factor towards the advancement of a better dollar if it discourages inflationary borrowing or if it aids debt rearrangement.

The article discusses the use of the input-output technique by the Federal Reserve Bank of Saint Louis, Missouri in its study on the underdevelopment of the 8th Federal Reserve District in the U.S. in 1952. The study's vice-president Frederick L. Deming states that the technique identifies the weak spots in the district. Labor productivity in the district is said to be low in relation to its population due to limited industrialization. It is noted that the study has offered a view of import-export balance in the district.

In a speech earlier, Fed Chair Jerome Powell said the US central bank is prepared to raise interest rates further if needed and intends to keep borrowing costs high until inflation is on a convincing path toward the Fed's 2% target. Kganyago Says Job "Not Yet Done" to Defeat Inflation (11:20 a.m. NY) South Africa's central bank governor warned that there are still risks to inflation, even as he acknowledged that the rate has come down significantly. Bullard, who resigned last month to become dean of Purdue University's business school, was an influential voice at the Fed who called for aggressive interest-rate hikes to fight the recent inflation surge. (Bloomberg) -- Federal Reserve Bank of Chicago President Austan Goolsbee said the Fed is part of the way down the road to a soft landing, where it can get inflation to its target without a big recession. [Extracted from the article]

In a speech earlier, Fed Chair Jerome Powell said the US central bank is prepared to raise interest rates further if needed and intends to keep borrowing costs high until inflation is on a convincing path toward the Fed's 2% target. (Bloomberg) -- Federal Reserve Bank of Cleveland President Loretta Mester said core inflation is still running too high and policymakers have to be "diligent" as they work to bring inflation on a steady path down to 2%. Kganyago Says Job "Not Yet Done" to Defeat Inflation (11:20 a.m. NY) South Africa's central bank governor warned that there are still risks to inflation, even as he acknowledged that the rate has come down significantly. [Extracted from the article]

Kganyago Says Job "Not Yet Done" to Defeat Inflation (11:20 a.m. NY) South Africa's central bank governor warned that there are still risks to inflation, even as he acknowledged that the rate has come down significantly. In a speech earlier, Fed Chair Jerome Powell said the US central bank is prepared to raise interest rates further if needed and intends to keep borrowing costs high until inflation is on a convincing path toward the Fed's 2% target. (Bloomberg) -- Federal Reserve Bank of Cleveland President Loretta Mester said core inflation is still running too high and policymakers have to be "diligent" as they work to bring inflation on a steady path down to 2%. [Extracted from the article]

Clarida's comments, in a CNBC television interview, echoed remarks from Fed Chair Jerome Powell during his address to the U.S. central bank's annual Jackson Hole policy forum on Friday. Keywords: %USD; 6100Z; BON; BUSINESS; COS; DRG; EXE; FRX; GEN; GLOBALMACR; GOV; HEA; INDUSTRIES; MARKETS; NORTHAM; US; WORLD EN %USD 6100Z BON BUSINESS COS DRG EXE FRX GEN GLOBALMACR GOV HEA INDUSTRIES MARKETS NORTHAM US WORLD Federal Reserve Vice Chair Richard Clarida said he favors starting to scale back the central bank's monthly bond purchases later this year if robust job gains continue. [Extracted from the article]