Stock Markets
Fed hawks, doves, and centrists: Tracking US central bankers’ views
© Reuters. FILE PHOTO: The Federal Reserve building in Washington, U.S., January 26, 2022. REUTERS/Joshua Roberts/File Photo
(Reuters) – The labels “dove” and “hawk” have long been used by central bank watchers to describe the monetary policy leanings of policymakers, with a dove more focused on risks to the labor market and a hawk more focused on the threat of inflation.
The topsy-turvy economic environment of the coronavirus pandemic sidelined those differences, turning U.S. Federal Reserve officials at first universally dovish as they sought to provide massive accommodation for a cratering economy, and then, when inflation surged, into hawks who uniformly backed aggressive interest rate hikes.
Now, as Fed policymakers note an improvement on inflation and some cooling in the labor market, the risks are seen as more balanced and the choices more nuanced.
All 12 regional Fed presidents discuss and debate monetary policy at Federal Open Market Committee (FOMC) meetings that are held eight times a year, but only five cast votes at any given meeting, including the New York Fed president and four others who vote for one year at a time on a rotating schedule.
The following chart offers a look at how officials view the outlook for Fed policy and how best to balance their goals of stable prices and full employment. The designations are based on comments and published remarks; for more on the thinking that shaped these hawk-dove designations, click on the photos in this graphic.
Reuters over time has shifted policymaker designations based on fresh comments and developing circumstances – for an accounting of how our counts have changed, please scroll to the bottom of this story.
Dove Dovish Centrist Hawkish Hawk
Raphael Jerome Loretta Michelle
Bostic, Powell, Fed Mester, Bowman,
Atlanta Chair, Cleveland Governor,
Fed permanent Fed permanent
President, voter: “Decl President voter:”Whi
2024 aring , 2024 le the
voter: “If victory voter: current
we would be “March is stance of
continue premature probably monetary
to see a … But of too early policy
further course the in my appears to
accumulati question is estimatio be
on of when will it n for a sufficient
downside become rate ly
surprises appropriate decline.” restrictiv
in the to begin Jan. 11, e … I
data it’s dialing 2024 remain
possible back?” Dec. willing to
for me to 13, 2023 raise the
get federal
comfortabl funds rate
e to further at
advocate a future
normalizat meeting.”
ion sooner Jan. 8,
than the 2024
third
quarter.
But the
evidence
would need
to be
convincing
.” Jan.
18, 2024
Patrick John Thomas
Harker, Williams, Barkin,
Philadelph New York Fed Richmond
ia Fed President, Fed
President, permanent President
2026 voter: “It , 2024
voter: will only be voter: “G
“It’s appropriate etting
important to dial back inflation
that we the degree under
start to of policy control
move rates restraint is
down … when we are criticall
we don’t confident y
have to do that important
it too inflation is .” Jan.
fast, moving 5, 2024
we’re not toward 2% on
going to a sustained
do it basis.” Jan.
right 10, 2024
away, it’s
going to
take some
time.”
Dec. 20,
2023
Philip Lorie
Jefferson, Logan,
Vice Chair: Dallas
“We are in a Fed
sensitive President
period of , 2026
risk voter:
management, “We
where we shouldn’t
have to take the
balance the possibili
risk of not ty of
having another
tightened rate
enough, increase
against the off the
risk of table
policy being just
too yet.”
restrictive. Jan. 6,
” Oct. 9, 2024
2023
Christopher Neel
Waller, Kashkari,
Governor, Minneapol
permanent is Fed
voter: “The President
key thing is , 2026
the economy voter:
is doing “When
well. It is activity
giving us continues
the to run
flexibility this hot,
to move that
carefully makes me
and question
methodically if policy
.” Jan. 16, is as
2024 tight as
we assume
it
currently
is.” Nov.
7, 2023
Michael
Barr, Vice
Chair of
Supervision,
permanent
voter: The
Fed is “at
or near the
peak” of
interest
rates.” Nov.
17, 2023
Lisa Cook,
Governor,
permanent
voter: “I
see risks as
two-sided,
requiring us
to balance
the risk of
not
tightening
enough
against the
risk of
tightening
too much.”
Nov. 16,
2023
Mary Daly,
San
Francisco
Fed
President,
2024
voter: “It
takes
patience. It
takes
gradualism.”
Jan. 19,
2024
Austan
Goolsbee,
Chicago Fed
President,
2025
voter: “If
we continue
to make
surprising
progress,
faster than
was
forecast, on
inflation,
then we have
to take that
into account
in
determining
the level of
restrictiven
ess … but
we don’t
want to
commit
ourselves
before the
job is
done.” Jan.
19, 2024
Susan
Collins,
Boston Fed
President,
2025 voter:
The Fed
should be
“patient and
resolute,
and I
wouldn’t
take
additional
firming off
the table.”
Nov. 17,
2023
Note: Fed policymakers began raising interest rates in March 2022 to bring down high inflation. Their most recent policy rate hike, to a range of 5.25%-5.50%, occurred last July. Projections released on Dec. 13 showed no policymakers believe rates should go any higher this year, and a majority see them dropping by at least 75 basis points. Three policymakers – Fed Board Governor Adriana Kugler, Kansas City Fed President Jeffrey Schmid, and Alberto Musalem, who starts as the St. Louis Fed’s president on April 2 – have not made any substantive policy remarks and are not included in the dove-hawk matrix.
Below is a Reuters count of policymakers in each category, heading into recent Fed meetings.
FOMC Date Dove Dovish Centrist Hawkish Hawk
Jan ’24 0 2 9 4 1
Dec ’23 0 2 9 4 1
Oct/Nov ’23 0 2 7 5 2
Sept ’23 0 4 3 6 3
June ’23 0 3 3 8 3
March ’23 0 2 3 10 2
Dec ’22 0 4 1 12 2
Stock Markets
14 lessons from 2024 to remember in 2025: BofA
Investing.com — In a recent note, Bank of America outlined 14 key lessons from 2024 that investors should keep in mind as they head into 2025, warning that market momentum and stretched valuations could face headwinds in the year ahead.
While this year resembled the steady gains of 1996-97, rather than the bubble peaks of 1998-99, risks are mounting—from geopolitical tensions and rising debt to market fragility highlighted by the VIX.
BofA points to opportunities in Europe, China, and Japan but cautions that volatility, trade disputes, and macroeconomic uncertainty will shape the next leg of the market cycle.
Below are the 14 lessons that BofA highlighted.
1. 2024 was a strong year for markets, but it might only be the beginning.
2. The market’s performance in 2024 looked more like the steady gains of 1996-97 than the bubble peaks of 1998-99.
3. In a bubble environment, market leadership can persist for longer than investors can afford to stay underweight.
4. However, the combination of strong momentum and high valuations is already too stretched to avoid a potential bust.
5. The has shown that markets remain fragile, and a major shock may be overdue.
6. August 2024 suggests buying market dips and locking in volatility spikes; using smarter strategies like skewed delta positioning may be key for 2025.
7. Rising debt levels and persistent inflation mean bond vigilantes remain the most visible macroeconomic tail risk.
8. Market fragility, faster reactions, and elevated valuations suggest a repeat of the calm volatility seen in 2017 is unlikely.
9. A Trump election victory has reignited concerns around tariffs, with European companies favored by dollar strength potentially becoming the next trade targets.
10. European equities remain cheap and unloved—investors should be cautious about being caught short, as fewer crowded trades mean less volatility pain.
11. China’s outperformance over Japan in 2024 could continue if U.S. interest rates decline.
12. VIX options data indicates that positioning risks in the market have not gone away.
13. Eurozone bank dividends have outperformed the for much of the past year; investors may need to hedge against a different outcome in 2025.
14. The risk of sharp movements in the Japanese yen, driven by volatility, could cause instability for the in 2025.
Stock Markets
Class Action Lawsuit Reminder WOLF: Kessler Topaz Meltzer & Check, LLP Reminds Wolfspeed, Inc. (WOLF) Investors – A Securities Fraud Class Action Lawsuit Has Been Filed
RADNOR, PA. – (NewMediaWire) – December 21, 2024 – The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed against Wolfspeed (NYSE:), Inc. (Wolfspeed) (NYSE: WOLF) on behalf of those who purchased or otherwise acquired Wolfspeed securities between August 16, 2023, and November 6, 2024, inclusive (the Class Period). The lead plaintiff deadline is January 17, 2025.
CONTACT KESSLER TOPAZ MELTZER & CHECK, LLP:
If you suffered Wolfspeed losses, you may CLICK HERE or go to: https://www.ktmc.com/new-cases/wolfspeed-inc?utm_source=PR&utm_medium=link&utm_campaign=wolf&mktm=r
You can also contact attorney Jonathan Naji, Esq. by calling (484) 270-1453 or by email at info@ktmc.com .
DEFENDANTS ALLEGED MISCONDUCT:
The complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Wolfspeeds optimistic claims of potential growth of its Mohawk Valley fabrication facility and general demand for Wolfspeeds 200mm wafers in the electronic vehicle market fell short of reality; and (2) Wolfspeed had overstated demand for its key product and placed undue reliance on purported design wins while the Mohawk Valley facilitys growth had begun to taper before recognizing the $100 million revenue per quarter allegedly achievable with only 20% utilization of the fabrication, let alone the promised $2 billion revenue purportedly achievable by the facility.
Please CLICK HERE to view our video or copy and paste this link into your browser: https://youtu.be/zMLfnSRjg2Y
THE LEAD PLAINTIFF PROCESS:
Wolfspeed investors may, no later than January 17, 2025, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check, LLP encourages Wolfspeed investors who have suffered significant losses to contact the firm directly to acquire more information.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP:
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. The complaints in this action were not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com .
CONTACT:
Kessler Topaz Meltzer & Check, LLP
Jonathan Naji, Esq.
(484) 270-1453
280 King of Prussia Road
Radnor, PA 19087
info@ktmc.com
May be considered attorney advertising in certain jurisdictions. Past results do not guarantee future outcomes.
View the original release on www.newmediawire.com
Copyright 2024 JCN Newswire . All rights reserved.
Stock Markets
Starbucks workers’ union strikes across US as talks hit impasse
By Savyata Mishra, Gursimran Mehar and Renee Hickman
(Reuters) -Some members of the Starbucks (NASDAQ:) workers’ union that represents more than 10,000 baristas walked off their jobs in multiple U.S. cities on Friday, citing unresolved issues over wages, staffing and schedules.
The five-day strike, which began on Friday and closed Starbucks cafes in Los Angeles, Chicago and Seattle, will expand to Columbus (WA:), Denver, and Pittsburgh through Saturday, the union said in a statement.
This is the latest in a series of labor actions that have picked up pace across service industries following a period when workers at manufacturers in the automotive, aerospace and rail industries won substantial concessions from employers.
At Starbucks, the Workers United union, which represents employees at 525 stores across the U.S., said late on Thursday that walkouts would escalate daily, and could reach “hundreds of stores” nationwide by Christmas Eve.
“It’s estimated that 10 stores out of 10,000 company-operated stores did not open today,” Starbucks said, adding that there was no significant impact to store operations on Friday.
Around 20 people joined a picket line at a Starbucks location on Chicago’s north side, buffeted by snow and wind, but cheering in response to the honking horns of passing cars.
A few confused customers tried to walk into the closed store before strikers began chanting, but union member Shep Searl said the reaction had been mostly positive.
Searl said 100% of the unionized workers at the Starbucks location in Chicago’s Edgewater neighborhood were participating in the strike, and according to the workers, they have been subject to numerous unfair labor practices including write-ups, “captive-audience” meetings and firings.
The union member said they made about $21 an hour and added, “that would have been a great wage in 2013”.
It is an inadequate wage, the baristas said, given inflation and the high cost of living in a large city, especially since they rarely get 40-hour work weeks.
WORKERS SNUB OFFER
Negotiations between the company and Workers United began in April, based on an established framework agreed upon in February, which could also help resolve numerous pending legal disputes.
The company said on Thursday it has held more than nine bargaining sessions with the union since April, and reached more than 30 agreements on “hundreds of topics”, including economic issues.
The Seattle-headquartered firm said it is ready to continue negotiations, claiming the union delegates prematurely ended the bargaining session this week.
The union, however, said in a Facebook (NASDAQ:) post on Friday that Starbucks had yet to present a serious economic proposal with less than two weeks remaining until the year-end contract deadline.
The workers’ group also snubbed an offer of no immediate wage hike and a guarantee of a 1.5% increase in future years.
“Workers United proposals call for an immediate increase in the minimum wage of hourly partners by 64%, and by 77% over the life of a three-year contract. This is not sustainable,” Starbucks said on Friday.
In response to Starbucks’ statement on the proposals, Michelle Eisen, a Starbucks barista and bargaining delegate, said, “Starbucks’ characterization of our proposals is misleading and they know it. We are ready to finalize a framework that includes new investments in baristas in the first year of contracts”.
Separately, the baristas’ union said on Friday that it filed a new labor practice charge against the coffee house, alleging Starbucks “refused to bargain and engaged in bad faith bargaining” over economic issues.
Hundreds of complaints have been filed with the National Labor Relations Board (NLRB), accusing Starbucks of unlawful labor practices such as firing union supporters and closing stores during labor campaigns. Starbucks has denied wrongdoing and said it respects the right of workers to choose whether to unionize.
WORKING ON A TURNAROUND
Last month, the NLRB said that Starbucks broke the law by telling workers at its flagship Seattle cafe that they would lose benefits if they joined a union.
“It’s (the strike) taking place during one of the busiest times of the year for Starbucks, which could magnify its impact while bringing unwanted public scrutiny into the company’s labor practices,” Emarketer analyst Rachel Wolff said.
The coffee chain is working on a turnaround under its newly appointed top boss, Brian Niccol, who aims to restore “coffee house culture” by overhauling cafes and simplifying its menu among other measures.
“Given how much Starbucks is already struggling to win over customers, it can ill afford any negative publicity – or impact to sales – that the strike could bring,” Wolff said.
The Starbucks workers’ strike comes in the same week as Amazon.com (NASDAQ:) workers at seven U.S. facilities walking off the job on Thursday, during the holiday shopping rush.
There were 33 work stoppages in 2023, the most since 2000, though far lower than in past decades, data from the U.S. Bureau of Labor Statistics showed.
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