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After the Reuters report, Foxconn, a major supplier to Apple Inc, issued a statement confirming the global market environment that existed when the project was first announced had changed and “necessitated the adjustment of plans for all projects, including Wisconsin.”. By Friday the company shifted again. The “campus will serve both as an advanced manufacturing facility as well as a hub of high technology innovation for the region,” Foxconn said in a statement. The statement did not reiterate its commitment to create 13,000 jobs as it did on Wednesday black cufflinks shirt.
AUSTIN, Texas (Reuters) – The Federal Reserve’s decision Wednesday to scrap a promise for further rates hikes and be “patient” on further moves took financial markets and economists by surprise, but the signs were plain to see. That is the view, at least, of Dallas Fed President Robert Kaplan, who has been warning of downside risks since October, based on widening spreads in the credit markets that signaled tighter financial conditions black cufflinks shirt. Though credit spreads have since narrowed, signaling an ease in financial conditions, slower global growth has amplified his worries since then, he said Friday..
“I am not saying we are never going to raise rates again,” Kaplan told reporters after a talk to The Texas Lyceum in Austin. “I am saying we should not be taking any action now, in my opinion, for certainly the first couple of quarters. And I reserve the right to change my mind.”. Kaplan said that in coming months he will be keeping a weather eye on whether credit spreads “gap out” again, as well as business spending, corporate profits, and financial conditions black cufflinks shirt.
A look at the data so far is not encouraging. Business spending already held down U.S black cufflinks shirt. GDP growth last year, figures from the third-quarter show. Junk bond spreads blew out by more than 2 percentage points in the fourth quarter, though retraced about half of that so far in 2019 and are not extraordinarily wide by historical standards. Analysts are slashing estimates for 2019 corporate profit growth to single digits or lower, according to Refinitiv’s IBES. Kaplan’s comments, made just hours after a U.S Labor Department report showed job growth surged in January, underscore the degree to which the Fed’s decisions are being driven by financial conditions rather than macroeconomic data showing strength in the economy..
Kaplan downplayed the jobs report, calling it “noisy” and noting an unexplained rise in people working part-time jobs who would rather be working full-time. For himself, he said, the need to pause on rate hikes has been in the cards for a while. “I may not have as big a megaphone, but I foreshadowed this,” Kaplan said black cufflinks shirt. As big a megaphone, he meant, as Fed Chairman Jerome Powell, who in October said the Fed is a “long way” from neutral, suggesting several more interest-rate hikes would be needed to keep the economy from overheating. Powell retreated somewhat from this view in November before again flagging future rate hikes after the Fed’s fourth 2018 rate hike in December..