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Fed Chair Interviews Cancelled as President Homes In On Pick; November ADP Jobs Data Eyed
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The Trump administration canceled interviews scheduled for this week with the group of finalists in the race to be next Federal Reserve chair as the president again suggested he had made up his mind about his pick for the top central bank job. On the data front, the latest private employment numbers are expected to show that the labor market remained relatively stable in November, which could create further divides among Fed officials when they set interest rates next week. Meanwhile, across the pond, European Central Bank Chief Economist Philip Lane said modeling by the central bank’s economists show that in response to a 10% gain in the euro’s exchange rate, inflation is “markedly” lower for three years—this may prompt ECB policymakers to consider a rate cut. And Swiss consumer price inflation slowed unexpectedly in November, as the country's central bank considers cutting
its key interest rate below zero next week.
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Fed Chair Interviews Cancelled as President Trump Homes In On Pick
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Photo: Brian Snyder/Reuters
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The Trump administration canceled a slate of interviews set to start this week with a group of finalists to be the next chair of the Federal Reserve as President Trump again suggested he had made up his mind about who should lead the central bank.
Trump’s team informed candidates that interviews scheduled for Wednesday with Vice President JD Vance had been canceled, according to people familiar with the matter. No reason was given for the decision. A person familiar with the matter said the cancellation was because of a scheduling conflict for the vice president. The person said it wasn’t clear if the meetings would be rescheduled.
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November ADP Jobs Data Could Complicate the Fed’s Rate Decision
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The monthly ADP National Employment Report for November is set to be released at 8:15 a.m. ET on Wednesday. Economists surveyed by FactSet expect that the U.S. private employers added 40,000 jobs in November, though the Bloomberg consensus is for just a 5,000 monthly gain. Wednesday’s labor data from payroll processor ADP will likely take on an outsize role because the Bureau of Labor Statistics will not release October and November employment information until Dec. 16, after the Federal Open Market Committee meets next week. If the more optimistic FactSet consensus estimate for November is accurate, and private payroll growth proves to be more resilient than some recent jobs data suggest, that could complicate the decision for Fed officials heading into their Dec. 9-10 policy meeting. (Barron's)
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ECB’s Lane Sees Inflation Cooling on Euro Gains
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Retailers Are Snatching Up Real Estate Again
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Top Economics Group Bans Larry Summers for Life
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Key Developments Around the World
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Swiss Inflation Slows Again as Central Bank Mulls Negative Rates
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Consumer prices were unchanged compared with the same month a year earlier, against a 0.1% rise in October, Switzerland’s statistics agency said Wednesday.
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EU Reaches Deal to Ban Russian Gas Imports by 2027
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The European Union reached a deal to permanently halt imports of Russian gas, a significant milestone in the bloc’s efforts to sever energy ties with Moscow following the invasion of Ukraine.
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China’s Services-Sector Activity Growth Slows
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A private gauge of China’s services activity signaled a slowdown in growth for the sector. The RatingDog general services purchasing managers index fell to the lowest level in five months.
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Indian Rupee Hits Another Record Low
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Australian Services PMI Stronger in November
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Australian services sector activity was stronger in November, consistent with growing signs of a broad recovery in the economy. The seasonally adjusted S&P Global Australia Services PMI Business Activity Index rose to 52.8 in November, up from 52.5 in October. Posting above the 50.0 no-change mark for the twenty-second straight month, the latest reading signaled another expansion in services activity. (Dow Jones Newswires)
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Australia’s GDP Data Conceals Blistering Demand Growth
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The initial reaction to Australia’s third quarter economic growth data on Wednesday was one of mild disappointment. But a deeper dive into the numbers reveals an economy bubbling along quite nicely.
The economy grew by just 0.4% in the quarter, well short of the growth of 0.7% expected by economists. When measured from a year ago, the economy grew by 2.1%, up from 1.8% in the second quarter. So the report was judged to be a bit ho-hum at first glance. Read more.
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8:15 a.m.: ADP National Employment Report
10 a.m.: ISM Report On Business Services PMI
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8:30 a.m.: Unemployment Insurance Weekly Claims Report - Initial Claims
12 p.m.: Federal Reserve Vice Chair Michelle Bowman speaks at Florida Bankers Association Leadership Luncheon
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Private Credit Allocations Remain Low Among Global Life Insurers
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The share of investments in private credit by global life insurance firms remains low amid growing concerns about private credit risks, TwentyFour asset management's Jakub Lichwa says in a note. Although investments in private credit have increased rapidly in recent years, "due to a period of low interest rates," allocations by life insurers remain relatively low, Lichwa says. Investments in private credit, nonetheless, need to be monitored due to the possibility of a widespread crisis if risks in the sector aren't properly managed, he says. — Miriam Mukuru
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WSJ Pro Central Banking brings you central banking news, analysis and insights from WSJ’s global team of reporters and editors. This newsletter was compiled by markets reporter Vicky Ge Huang in New York. Send your tips, suggestions and feedback to vicky.huang@wsj.com.
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