Gary Siegel

NEW YORK – Members of the Federal Open Market Committee deemed it necessary to act to promote a stronger economic recovery since progress toward the dual mandate of maximum employment and price stability was termed “disappointingly slow,” with the consensus being it would remain slow, according to minutes of the meeting November 2-3, which were released Tuesday.

NEW YORK - The Treasury Department auctioned $35 billion of five-year notes, with a 1 3/8% coupon, a 1.411% high yield, a price of 99.826792.

NEW YORK - The Treasury Department Tuesday auctioned $25 billion of four-week bills at a 0.150% high yield, a price of 99.988750.

NEW YORK – “A stronger performance at non-retail services firms pushed up overall service sector activity this month,” according to the Federal Reserve Bank of Richmond service-sector activity survey, released today, “However, weakness persisted in the retail sector, with overall softness in retail sales and another steep drop in big-ticket sales. In addition, shopper traffic withered. However, inventories edged up only slightly. Looking ahead six months, retail merchants remained optimistic about consumer demand, although their exuberance of a month ago waned. At services firms, survey respondents also remained upbeat, but less enthusiastic than in October.”

NEW YORK – “Manufacturing activity in the central Atlantic region advanced somewhat faster in November,” according to the monthly business activity survey conducted by the Federal Reserve Bank of Richmond. “All broad indicators — shipments, new orders and employment — posted solid gains. Other indicators were also generally positive. District contacts reported that growth in capacity utilization grew at a faster pace, while growth in order backlogs exhibited more moderate weakness than a month ago. Delivery times were virtually unchanged, while manufacturers reported that inventories grew at a somewhat higher rate.”

WASHINGTON – Real gross domestic product increased 2.5% in the third quarter, revised higher from 2.0% growth seen in the advance estimate last month and exceeding economists’ estimates as the core personal consumption expenditures number was unrevised, the Commerce Department reported Tuesday.

The Treasury Department Monday auctioned $35 billion of two-year notes with a 1/2% coupon at a 0.520% yield and a price of 99.960259.

The Chicago Fed national activity index for October improved to negative 0.28 from a revised negative 0.52 reading in September, originally reported as negative 0.58.

Consumers are unsure about much these days and that plays a big role in stifling the economy, and it’s a trend that policymakers may not have the tools to resolve, according to Federal Reserve Bank of Minneapolis president Narayana Kocherlakota.

NEW YORK – Consumers are unsure about much these days and that plays a big role in stifling the economy, and it’s a trend that policymakers may not have the tools to resolve, according to Federal Reserve Bank of Minneapolis President Narayana Kocherlakota.

NEW YORK - The Treasury Department today auctioned $35 billion of two-year notes with a 1/2% coupon at a 0.520% yield, a price of 99.960259.

NEW YORK - Tender rates for the Treasury Department’s latest 90-day and 181-day discount bills were higher, as the three-months incurred a 0.140% high rate, up from 0.135% the prior week, and the six-months incurred a 0.195% high rate, up from 0.180% the week before.

NEW YORK - The Treasury Department said it will auction $25 billion 55-day cash management bills on Wednesday, November 24.

NEW YORK - The Treasury Department said Monday it will sell $25 billion of four-week discount bills Tuesday.

NEW YORK - The Chicago Fed National Activity Index for October improved to negative 0.28 from a revised negative 0.52 reading in September, originally reported as negative 0.58.

The region’s manufacturing sector showed improvement in November, as the general business conditions index surged to 22.5 from 1.0 in October, this month’s Federal Reserve Bank of Philadelphia Report on Business indicates.

The composite index of leading economic indicators met economist expectations in October by growing 0.5%, the Conference Board reported Thursday.

NEW YORK – Monetary policy should be focused mostly on inflation, and to a lesser degree on output growth, Federal Reserve Bank of Philadelphia President and Chief Executive Officer Charles I. Plosser said today.

NEW YORK – The federal Reserve should promote price stability to get the economy moving, according to Federal Reserve Bank of Cleveland President and CEO Sandra Pianalto.

NEW YORK – A three-pronged approach to stimulus can provide the equivalent of a 100-basis-point rate cut by the Fed, Federal Reserve Bank of Minneapolis President Narayana Kocherlakota said.