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Morning Brief: Fed’s Powell and Clarida speak

Thursday, January 10, 2019

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WHAT TO WATCH

Two important speeches are scheduled from Federal Reserve Chairman Jerome Powell and Vice Chairman Rich Clarida. Powell is set to speak at the Economic Club of Washington, D.C., at 12:45 p.m. ET, where he will be delivering prepared remarks before taking questions.

Following Powell’s speech, Clarida will be speaking at 7 p.m. ET at the Money Marketeers of New York University on economic outlook and monetary policy.

Investors will be paying close attention to both Powell and Clarida’s language for insight into clues on the central bank’s future approach on monetary policy.

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TOP NEWS

U.S. President Donald Trump speaks during an address on border security in the Oval Office of the White House in Washington, D.C., U.S., on Tuesday, Jan. 8, 2019. Trump demanded Congress provide billions more for border security in a prime-time address to the nation, stopping short of declaring a national emergency and giving little indication of a quick end to a paralyzing political dispute over his proposed wall on the Mexican border. Photographer: Carlos Barria/Pool via Bloomberg

Trump's border visit comes as shutdown talks fall apart: President Donald Trump is taking the shutdown battle to the U.S.-Mexico border, seeking to bolster his case for the border wall after negotiations with Democrats blew up over his funding demands. [Associated Press]

Lampert submits new roughly $5 billion bid for Sears: Sears Holding Corp Chairman Eddie Lampert submitted a revised roughly $5 billion takeover bid for the company on Wednesday, people familiar with the matter said, boosting the chances that the U.S. department store operator will escape liquidation. [Reuters]

China factory prices rise at slowest pace since 2016: China’s factory inflation slowed sharply in December, continuing the slowdown for a sixth straight month to the weakest level since late 2016 on softening demand and lower commodity prices. The producer price index rose 0.9% in December from a year earlier, while the consumer price index rose 1.9%, according to the National Bureau of Statistics. [Bloomberg]

Ford Europe to slash thousands of jobs: Ford (F) on Thursday said it will cut thousands of jobs, exit unprofitable markets and discontinue loss-making vehicle lines as part of a turnaround effort aimed at achieving a 6 percent operating margin in Europe. [Reuters]

Amazon to invest in self-driving forklifts: Amazon (AMZN) could build a stake of almost a third in warehouse robotics firm Balyo in the next seven years, as part of a deal that could boost sales of the French company's technology for self-driving forklift trucks. [Reuters]

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