Gary Siegel

Monetary policy accommodation will end at some point, not soon though, Federal Reserve Bank of San Francisco President and CEO John C. Williams said Friday

U.S. inflationary pressures were slightly lower in April, as the U.S. future inflation gauge slipped to 101.2 from an upwardly revised 101.5 in March, originally reported as 101.2, according to data released Friday morning by the Economic Cycle Research Institute.

The U.S. services sector expanded at a slower pace in April as the non-manufacturing business activity composite index was 53.5, down from 56.0 in March, on a seasonally adjusted basis, the Institute for Supply Management reported on Thursday.

Labor market strife and unemployment levels that are expected to be above 7% through 2014 support the need for accommodative monetary policy for “quite some time,” Federal Reserve Bank of San Francisco president and chief executive John C. Williams said Thursday.

Before taking further monetary policy actions to stimulate the economy, Federal Open Market Committee members need to weigh the risks to price stability, Atlanta Federal Reserve Bank Preside Dennis Lockhart said Thursday.

The Fed’s maximum employment and price stability mandates could face a short-term conflict, leading to “a balanced approach” to reach objectives, but Federal Reserve Bank of Philadelphia President and Chief Executive Officer Charles I. Plosser said Thursday, watching the Summary of Economic Projections might offer hints.

Labor market strife, and unemployment levels that are expected to be above 7% through 2014 support the need for accommodative monetary policy for “quite some time,” Federal Reserve Bank of San Francisco President and CEO John C. Williams said Thursday.

The Treasury Department said Thursday it will auction $30 billion 91-day bills and $28 billion 182-day discount bills Monday.

The U.S. services sector expanded at a slower pace in April as the non-manufacturing business activity composite index was 53.5 in the month, compared to 56.0 in March, on a seasonally adjusted basis, the Institute for Supply Management reported Thursday.

The European Central Bank announced its Governing Council held interest rates at its latest monetary policy meeting Thursday.

The Treasury Department said it will sell $72.0 billion in its quarterly refunding to raise $36.7 billion of new cash, offering $32 billion of three-year notes on May 8, $24 billion of 10-year notes on May 9 and $16 billion of 30-year bonds on May 10.

New York City business activity expanded but at a slower rate in April as the current business conditions index fell from a 13-month high to 61.2 in April from 67.4 in March, according to the Institute for Supply Management-New York’s Report on Business index released Wednesday, .

After “considerable progress” in conditions since the economy tanked, it is “quite hard to justify additional monetary stimulus, absent a dramatic deterioration in economic conditions,” and the current level of accommodation will not be warranted through 2014, Federal Reserve Bank of Richmond president Jeffrey Lacker said Wednesday.

Economic conditions make it “quite hard to justify additional monetary stimulus, absent a dramatic deterioration in economic conditions,” and this level of accommodation will not be warranted through 2014, Federal Reserve Bank of Richmond President Jeffrey M. Lacker said Wednesday.

New York City business activity expanded but at a slower rate in April as the current business conditions index fell from a thirteen-month high to 61.2 in April from 67.4 in March, the Institute for Supply Management-New York’s Report on Business index, released Wednesday, indicated.

The Treasury Department said it will sell $72.0 billion in its quarterly refunding to raise $36.7 billion new cash.

The overall economy grew for the 35th straight time, while the manufacturing sector expanded for the 33d time, the Institute for Supply Management reported Tuesday.

Economic conditions, not the calendar, should drive monetary policy and the Fed needs to watch out for “inflation and further distortions” created by the accommodative policy that’s been in force for more than three years, Federal Reserve Bank of Philadelphia President and Chief Executive Officer Charles I. Plosser said Tuesday.

The Treasury Department Tuesday auctioned $30 billion of four-week bills at a 0.080% high yield, a price of 99.993778.

The Treasury Department Tuesday auctioned $26 billion of 364-day bills at a 0.185% high yield, a price of 99.812944.