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...“It feels like a problem we’ll be working on for years,” Powell said about the exposure of regional banks to commercial real estate, particularly offices, that are less valuable than they were before the...
...“When we do get that confidence, and we’re not far from it, it will be appropriate to dial back the level of restriction so that we don’t drive the economy into recession.”...
...I don’t think that’s the base case,” Powell said in comments that prompted traders to slash their bets on a cut this spring and sent stocks sharply lower....
...Last week, Fed chair Jay Powell told a Senate hearing that commercial real estate does pose a risk to a number of small and mid-sized banks. “There will be more failures,” Powell said....
...“And when we do get that confidence, and we’re not far from it, it will be appropriate to dial back the level of restriction so that we don’t drive the economy into recession.”...
...Still, the committee would avoid “dismissing data that we don’t like”, he said. Powell also downplayed the risks that the US’s persistently hot labour market would hinder the inflation fight....
...“I don’t have a stance on that,” Powell said. “It’s not something I’m focused on . . ....
...To mark this moment while it doesn’t yet feel like a mistake, we’ve added a festive Jerome Powell-themed design to our Redbubble store: — Jerome Powell, Christmas Saviour (black text)— Jerome Powell, Christmas...
...Other notable Goldman Sachs female executives who have left the firm or have announced departure plans include Beth Hammack, a top investment banker; Katie Koch, now head of money manager TCW, and Dina Powell...
...I don’t think Sunak will choose a midsummer election. But we cannot rule out the possibility that some crisis or panic in the Tory party will mean a date is chosen for him....
...Just don’t think that means new cuts are imminent....
...Ramakrishnan and Murphy are both expert guides to this complexity, making clear how much we still don’t know, as well as what we do....
...Now, of course, only a negligible number of people who write to their MPs to say that Enoch Powell was right or that they are an enemy of Islam will ever make the transition from mad messages to terror attacks...
...Stephen BushI did at one point go over to the people counting the scores, and I said, you know, look, it’s very important that we don’t win this quiz. And they said, oh, don’t worry, it’s . . ....
...There’s also a link there to Stephen Bush’s award-winning Inside Politics newsletter. You get 30 days free. And don’t forget to subscribe to the show....
...George ParkerWell, the thing about national insurance — and Stephen was alluding to this — is it’s a tax which voters don’t really understand that well....
...Rana Foroohar You know, we don’t need to count that. (Laughter) Katya Kumkova Yeah, yeah, yeah. So . . . And Stephen, you’ve read the books too, right? Stephen Bush I’ve read some of the books....
...Lucy Fisher Stephen. Stephen Bush Yeah, I think he probably could carry on, but I just don’t think he’s gonna want to. Lucy Fisher Right....
...Marc Filippino Stephen Foley is the FT’s US accounting editor. Thanks, Stephen. Stephen Foley Thank you very much....
...I don’t think that Conservative MPs are going to get to a point where they think it is wise to roll the dice on a fourth prime minister in a single parliament....
...At present, one reason why essentially everyone at Westminster thinks Sunak’s replacement will be further to the right than he is, is that they don’t think a more moderate Conservative candidate can win...
...Thanks, Stephen. Stephen MorrisThank you very much....
...stephen.bush@ft.com...
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