Cargo Traffic to Los Angeles Port Expected to Rise in Week Ending June 13

Cargo traffic at the Port of Los Angeles is expected to rise in the week ending June 13, according to data from ship-tracking system Port Optimizer.

A total of 147,242 20-foot equivalent units, a standardized measure of cargo capacity, are projected to reach the port in the week, the data showed. That volume reflects a 38% increase from the previous week and a 56% jump from a year earlier.

Twenty-four freight vessels are scheduled to arrive at the port in the week ending June 13, the data showed. That compares with 18 vessels scheduled this week and 20 in the week ending June 6.

ISM Chicago PMI Rises Much More Than Expected in May

The Institute for Supply Management's Chicago PMI reading jumped to 62.7 in May from 49.2 in April, larger than the expected 50.3 reading in a survey compiled by Bloomberg and the highest reading in over four years.Other regional manufacturing data already released for May have been overwhelmingly positive, with the exception of a decline in the Philadelphia Federal Reserve's reading.The national ISM manufacturing index will be released on June 1.

Fed Vice Chair for Supervision Bowman Says Overreacting to Temporary Energy Shocks Would Slow Growth Unnecessarily

Federal Reserve Vice Chair for Supervision Michelle Bowman said Friday that she is looking for more clarity on the Middle East conflict before determining the monetary policy path forward, noting the risks of overreaction to temporary factors."Economic research suggests that, in response to temporary adverse energy supply shocks, policy should not be overly aggressive at stabilizing total inflation to keep employment close to our maximum-employment goal," Bowman said at the Reykjavik Economic Conference. "Reacting to temporarily elevated energy price inflation would add unwarranted policy restraint, weighing unnecessarily on economic activity and labor market conditions."Bowman supported maintaining language in the last post-meeting statement from the Federal Open Market Committee that left open the possibility of rate reductions. Three of her FOMC colleagues dissented in favor of removing that language."It is appropriate to look through temporarily elevated inflation readings largely due to higher energy prices, provided that we remain credible in our commitment to achieve our inflation goal and one-off tariff effects wane, as I expect," Bowman said.Maintaining the current policy stance will allow for stable labor market conditions while helping to lower inflation toward the Fed's 2% goal once those temporary impacts dissipate, she said."But the longer the conflict persists, the more we should consider the effects on inflation in our outlook," Bowman added. "In particular, the more persistent higher oil prices are -- or if we start to see broader effects of higher energy prices on PCE inflation -- the more likely I will consider shifting my approach to thinking about the balance of risks."

Cargo Traffic to Los Angeles Port Expected to Rise in Week Ending June 13

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St. Louis Fed US Q2 GDP Nowcast Estimate 1.047% Gain vs Previous 1.320% Gain

International5d ago
ISM Chicago PMI Rises Much More Than Expected in May
The Institute for Supply Management's Chicago PMI reading jumped to 62.7 in May from 49.2 in April, larger than the expected 50.3 reading in a survey compiled by Bloomberg and the highest reading in over four years.Other regional manufacturing data already released for May have been overwhelmingly positive, with the exception of a decline in the Philadelphia Federal Reserve's reading.The national ISM manufacturing index will be released on June 1.

International5d ago
Fed Vice Chair for Supervision Bowman Says Overreacting to Temporary Energy Shocks Would Slow Growth Unnecessarily
Federal Reserve Vice Chair for Supervision Michelle Bowman said Friday that she is looking for more clarity on the Middle East conflict before determining the monetary policy path forward, noting the risks of overreaction to temporary factors."Economic research suggests that, in response to temporary adverse energy supply shocks, policy should not be overly aggressive at stabilizing total inflation to keep employment close to our maximum-employment goal," Bowman said at the Reykjavik Economic Conference. "Reacting to temporarily elevated energy price inflation would add unwarranted policy restraint, weighing unnecessarily on economic activity and labor market conditions."Bowman supported maintaining language in the last post-meeting statement from the Federal Open Market Committee that left open the possibility of rate reductions. Three of her FOMC colleagues dissented in favor of removing that language."It is appropriate to look through temporarily elevated inflation readings largely due to higher energy prices, provided that we remain credible in our commitment to achieve our inflation goal and one-off tariff effects wane, as I expect," Bowman said.Maintaining the current policy stance will allow for stable labor market conditions while helping to lower inflation toward the Fed's 2% goal once those temporary impacts dissipate, she said."But the longer the conflict persists, the more we should consider the effects on inflation in our outlook," Bowman added. "In particular, the more persistent higher oil prices are -- or if we start to see broader effects of higher energy prices on PCE inflation -- the more likely I will consider shifting my approach to thinking about the balance of risks."