by Bill McBride on 9/13/2015 08:33:00 PM
Sunday, September 13, 2015
From Harriet Torry and Jon Hilsenrath at the WSJ: Lesson for Fed: Higher Interest Rates Haven’t Been Sticking
In the seven years since the world’s central banks responded to the financial crisis by slashing interest rates, more than a dozen banks in the advanced world have tried to raise them again. All have been forced to retreat.My guess is Fed Chair Yellen would say she is aware of the actions of the other central banks, and this one of the reasons the Fed has been so patient in waiting to raise rates.
Central banks in the eurozone, Sweden, Israel, Canada, South Korea, Australia, Chile and beyond have tried to raise rates in recent years, only to reduce them again as their economies stumbled.
• Schedule for Week of September 13, 2015
• No economic releases scheduled.
From CNBC: Pre-Market Data and Bloomberg futures: currently S&P futures are up 10 and DOW futures are up 180 (fair value).
Oil prices were down slightly over the last week with WTI futures at $44.84 per barrel and Brent at $48.22 per barrel. A year ago, WTI was at $93, and Brent was at $99 - so prices are down over 50% year-over-year.
Here is a graph from Gasbuddy.com for nationwide gasoline prices. Nationally prices are at $2.33 per gallon (down over $1.00 per gallon from a year ago).
Posted by Bill McBride on 9/13/2015 08:33:00 PM