New York Fed President Praises Progress of Housing Fundamentals

first_img Previous: LoanDepot Delays IPO at the 11th Hour Next: Stewart Title Announces Strategic Partnership With zipLogix in Daily Dose, Featured, News New York Fed President Praises Progress of Housing Fundamentals Related Articles Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Bill Dudley New York Fed U.S. Economy U.S. Housing 2015-11-13 Brian Honea Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Dudley also noted the importance that the forward momentum the jobs market picked up in October persists. The well-below-expectations jobs reports in August and September caused many to speculate that the labor market was faltering—but 270,000 jobs were added in October, about 50 percent higher than expected.“Those concerns should be at least partially put to rest given the strength of the October employment report, recognizing that the employment news can be volatile on a month-to-month basis,” Dudley said. “Most noteworthy to me are the strong payroll employment gains in October and the solid 0.3 percent rise in aggregate hours worked.  Over the past three months, payroll gains have averaged 187,000 per month, not much below the average payroll growth of 213,000 per month during the first half of 2015.”Earlier in the week in a public address in Rhode Island, however, Boston Fed President Eric Rosengren hinted that the Fed may not raise the rates at December’s meeting.”Given persistently low wage and price pressures, and the relatively slow real GDP growth forecast in the SEP, a more gradual path of normalization may be necessary to ensure reaching the 2 percent inflation target,” Rosengren said.Click here to read Dudley’s full speech.Click here to read Rosengren’s full speech. Servicers Navigate the Post-Pandemic World 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. About Author: Brian Honea Subscribecenter_img Tagged with: Bill Dudley New York Fed U.S. Economy U.S. Housing  Print This Post The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago November 13, 2015 1,275 Views Share 1Save Servicers Navigate the Post-Pandemic World 2 days ago Bill DudleyIn an address about the economic outlook in the United States and monetary policy at the Economic Club of New York this week, New York Fed President and CEO Bill Dudley praised the progress housing fundamentals have made during the economic recovery but refused to offer his views on whether the Fed would raise the short-term interest rate in December.Dudley stated at the onset of his speech that he would not address the topic of whether the “normalization” process would commence at the Federal Open Market Committee’s next meeting (its last of 2015) in mid-December. He said his view on whether or not the Fed will raise rates depends on how the incoming data influences his assessment of more improvement in the labor market and his confidence that inflation will return to the Fed’s 2 percent target rate.The weak advance report on Q3 GDP growth (1.5 percent, compared to 3.9 percent in Q2) and the weakness of the manufacturing sector have caused some concern among many that the U.S. economy is losing forward momentum, Dudley said.But there are many positives to offset those negative economic metrics, one of which is housing, according to Dudley.“In particular, domestic demand continues to grow at a solid pace as increases in consumer spending, housing and business fixed investment all contributed to the third quarter’s 2.9 percent annualized gain in real domestic final sales,” Dudley said. “A large decline in the pace of inventory accumulation was the main reason why real GDP growth faltered in the third quarter. Because the contribution to growth from inventory investment can be quite volatile on a quarter-to-quarter basis, the growth in real final sales probably provides a better sense of the state of economic activity than does the GDP figure.”The fundamentals supporting domestic demand have been solid—consumer spending has increased supported by real income gains, and household net worth is rising—and housing fundamentals have been solid as well, according to Dudley.“Housing prices are rising and the constraint on growth in residential investment now appears to be more on the supply side, as building contractors struggle to mobilize the resources needed to construct more homes,”  Dudley said. “The National Association of Home Builders’ index rose in October to the highest level since late 2005. While the housing indicators will likely continue to be volatile on a month-to-month basis, I expect the gradual improvement in the housing sector to continue.”“While the housing indicators will likely continue to be volatile on a month-to-month basis, I expect the gradual improvement in the housing sector to continue.”Bill Dudley, New York Fed President Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / New York Fed President Praises Progress of Housing Fundamentals Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

Oxford launch new sexual harassment and violence service

first_imgOxford University have today opened the new Sexual Harassment and Violence Support Service to offer “a safe place for students to be heard”.The service, the opening of which was revealed by Cherwell in February, will provide “independent advice and guidance” from trained specialist advisors as part of the service, the University have announced.Oxford staff will now also be given training and advice on how to respond to sexual harassment and violence cases.The launch of the service will form part of the Oxford Against Sexual Violence Campaign, which is jointly run by the University and Oxford SU. This collaborative project between colleges and the University will be delivered in association with Oxfordshire Sexual Abuse & Rape Crisis Centre.The service comes following recommendations from the University’s working group into sexual harassment and violence at the University, chaired by Baroness Helena Kennedy QC, former Principal of Mansfield College.The service, which will offer “professional and confidential support and advice”, states on its website that it will support students regardless of the time or place the sexual harassment or violence took place. This support and advice will be available in a setting that is “independent” of students’ college or department.The website offers a definition and examples of sexual harassment and violence, as well as information telling students how they should contact the service to speak to an advisor.Oxford University’s Pro-Vice Chancellor for Education, Professor Martin Williams, said: “At Oxford, we are committed to preventing and responding to all incidents of sexual harassment and violence.“It is never acceptable, and we take a zero tolerance approach. We already have a range of measures in place to tackle sexual harassment and violence, and this new service is another step forward in tackling the issue.”Vice-President for Welfare and Equal Opportunities at Oxford SU, Ellie Macdonald, said: “Oxford SU is pleased to be working alongside the University to support the work that the new Sexual Violence and Harassment Support Service will be doing.“This has been one of the first projects that we’ve been working on as sabbatical officers, and it is fantastic to see the University take a clear zero-tolerance approach to sexual violence.“We also hope that the new support service will enable more students to have confidence in the University when an incident occurs.”A promotional campaign has been launched for the service, aimed at new and continuing students.The campaign includes a video featuring staff and students from across the University, including Professor Williams, Oxford college heads, professionals from the Support Service, and Student Union representatives.Principal of St. Hugh’s College, Dame Elish Angiolini, who appears in the video, said: “Colleges are committed to tackling sexual harassment and violence and we are clear that zero tolerance applies to everyone.“If a student experiences sexual harassment or violence, we know that getting the right support and independent advice early is crucial.The new Support Service is joint initiative between the Colleges and the University and an important improvement in the way that we respond to allegations of sexual harassment.”last_img read more

When the big game gets out of hand

first_imgEric He is a freshman majoring in print and digital journalism. His column, “Grinding Gears,” runs Fridays. For all but one year of my pre-collegiate life, I lived in a quiet suburban city in the Bay Area called Santa Clara, located a bit north of San Jose and an hour south of San Francisco.In fact, here’s where I tell people I’m from — because nobody understands the multitude of Bay Area cities, and anyone from the region can relate: “You know San Francisco? Yeah, I live there, but like, an hour away.”I won’t have to say that anymore after this weekend, when the world’s attention descends upon my nondescript hometown for Super Bowl 50 at Levi’s Stadium, just six miles and a 15-minute drive from where I live.It feels very strange for my city to be hosting the grandest and most prestigious sporting event in America, and I use the word “strange” because I have mixed feelings about it.Santa Clara is not a sports town. It is not a town meant to have thousands of people streaming in for a major event, let alone a Super Bowl. Santa Clara is a classic suburb, consisting mainly of shopping plazas and office buildings, with little to no attractions or nightlife. In the midst of Silicon Valley, the city is right next to tech giants such as Apple, Google, Facebook, Yahoo! and Intel – in other words, its main occupants are middle-aged engineers and techies living a middle-class lifestyle.Somehow, the San Francisco 49ers decided this would be the right place to build a new $1.3 billion stadium – $114 million of which came from taxpayer money – and move San Francisco’s team 40 miles away. It might as well be a world away, comparing the atmosphere of one of the world’s most iconic cities to a small suburban town. The Oakland Raiders, just a trek across the Bay Bridge away in the O.co Coliseum, are located closer to San Francisco than the 49ers.Since construction began on the stadium in 2012, I’ve watched firsthand as it was built, piece-by-piece, slowly taking on the form of a colossal, 70,000-seat venue. Infrastructure-wise, I have to admit it is as state-of-the-art as stadiums come. But something about it feels off – perhaps the way it panders to a corporate ideal. Sponsors are everywhere, including – and definitely not limited to – the Intel Gate, the Dignity Health Gate, the Toyota Gate, the SAP Tower, the Visa Box Office, the Pepsi Fan Deck, the Bud Light Patio and the Safeway Faithful Mile (fancy words for “tailgate area”). If a company asked to sponsor the restrooms, the 49ers would approve in a heartbeat. Celebrity chef Michael Mina has a Bourbon Steak restaurant in the stadium, and if you’re asking yourself who would go to a football game to eat a $95 steak, you’re not the only one.The immediate area has been affected as well. Right across the street is the Santa Clara Golf & Tennis Club, where, as a kid, I used to play tennis with my father on Sunday afternoons. That’s no longer an option. Adjacent to the stadium sits the Santa Clara Youth Soccer Park, home to 1,500 kids in the Santa Clara Youth Soccer League. Their website reads, “All fields: closed until further notice for Super Bowl 50” because the NFL has taken over and is turning the fields into a “media village” for the Super Bowl. A superior court judge denied a lawsuit by the soccer league, leaving the conditions of the artificial turf in danger and thousands of kids without a place to play.“The [Super Bowl] is big and cool, but it is also a really big downfall because we don’t have somewhere to practice,” Monica Hrncir, a 15-year-old soccer player, told USA Today. “They’ve had so much stuff there and the fields are totally trashed. It is pretty disappointing.”This is the pinnacle of corporate culture imposing its will on everyday citizens and why I am extremely lukewarm about the Super Bowl coming to town. The Super Bowl is not “big and cool” if you’re a youth soccer player looking to get to practice, or if you just happen to live nearby and have to cancel your plans on Sunday.And Santa Clara is not the only city affected by the Super Bowl. The majority of events this week leading up to the game are taking place in San Francisco, which will cost taxpayers approximately $5 million, and it doesn’t even have the benefit of hosting the actual game. The NFL put up a number of obnoxious “50” signs all over the city, and to retaliate, people are gleefully vandalizing them. In one location, the sign was tipped over with the lettering on it brilliantly rearranged from “Super Bowl 50” to “oops.”While I can’t lie that I’m not happy for my city hosting the Super Bowl, the bragging rights are far outweighed by the maddening corporate culture that will be made worse by the event. And so I hope something happens on Sunday — however big or small — that sends a negative message. Perhaps some people think the game is in San Francisco, spend hours stuck in traffic driving an hour south and miss the game entirely. Maybe another power outage disrupts the game, which would be an embarrassment for this state-of-the-art stadium with seemingly more sponsorships than there are residents in Santa Clara. Whatever happens, I believe turning my once-quiet suburban hometown into the center of the world on Sunday is doing more harm than good.last_img read more

Caution urged after crash on busy Donegal road

first_imgGARDAÍ are at the scene of a road traffic accident on a busy Donegal road.The collision happened around 12 noon on the R265 road from Lifford to St Johnston.Emergency services are at the at Carrickmore. Motorists are urged to drive with care. There are no reports of any injuries at the moment.Caution urged after crash on busy Donegal road was last modified: December 11th, 2019 by Chris McNultyShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)last_img read more

Giants give no guarantee to Dereck Rodriguez

first_imgSCOTTSDALE, Ariz. — Dereck Rodriguez was like a painkiller for the Giants last year, providing the ailing team with a desperately needed dose of starting pitching after coming up from the minors in late May.While most of the staff struggled through injuries and inconsistency, the rookie right-hander delivered a 6-4 record and 2.81 earned-runs average, best among the team’s starters. Every fifth day, he was usually giving San Francisco temporary relief from an otherwise disappointing season.Eve …last_img read more

Pakistan welcome end of isolation from international cricket

first_imgEven Pakistan’s prime minister did not believe it could happen but when Sri Lanka visit the eastern city of Lahore on Sunday for a T20 match, the hosts will celebrate the end of eight years of isolation from international cricket.Less than a year ago, none of this appeared possible for a nation that had largely been shunned by international teams since 2009 due to security risks.That year gunmen attacked a bus carrying the Sri Lanka team from their hotel to Lahore’s Gaddafi stadium for a Test match, injuring six players and killing six security personnel and two civilians.The incident forced Pakistan to play their home matches in the United Arab Emirates and the country has since remained starved of international cricket at home, apart from Zimbabwe’s limited-overs tour in 2015.Last year, the inaugural Pakistan Super League (PSL), based on the franchise model of the Indian Premier League and Australia’s Big Bash League, became a success though all the matches were played in the UAE.Things changed in March this year when Pakistan hosted the final of its domestic T20 competition featuring high-profile international players.”Even that baby step seemed an impossibility. I can tell you that none of the franchises wanted it, they were scared … the government was scared…the players were scared,” Pakistan Cricket Board (PCB) chairman Najam Sethi told Reuters in an interview.The match proved pivotal in changing the global cricket community’s opinion of Pakistan’s ability to host international matches and garnered support from cricket’s governing body, the International Cricket Council (ICC).advertisementThe months leading up to the final were filled with endless negotiations with the government, persuading domestic franchise owners and convincing players that security was under control.”I had two meetings with the prime minister, I raised it with him, he heard me out, he didn’t give me an opinion, he said we will think about it closer to the event,” Sethi said.AP PhotoAs the match drew closer Sethi became desperate, sending then Prime Minister Nawaz Sharif numerous requests “from various quarters” in the hope that he would make a favourable announcement.Sharif’s office did not respond to requests for comment.Weeks before the final was to be played Sharif made the announcement that it could go ahead.”I think he saw the wisdom of it and took the risk,” said Sethi.ALMOST WENT UP IN SMOKEIn mid-February, less than a month before the final, a suicide attack outside Lahore’s provincial assembly killed 13 and wounded 83.”There was doom and gloom over here. The franchises came to me and said nothing doing,” Sethi recalled.A series of late night phone calls and endless meetings with players and franchise owners ensued. The PCB insisted that adequate security measures were in place.Despite assurances, two days before the match, four international players pulled out, leaving the board 48 hours to find replacements.”Luckily we had every contingency arrangement in place,” Sethi said.After the final, Sethi went to work on bringing an international World XI to Pakistan with the support of the ICC.An international security company hired by cricket’s world governing body gave Pakistan the green light.Then came the work of assembling a high-profile team for the three-match series.”I said unless and until you give me top quality players, no way,” Sethi said.Once the players were finalised, administrators and fans were thrilled to welcome a star-studded World XI team led by South Africa captain Faf du Plessis.”There was huge tension,” Sethi said, adding that despite all the planning, the PCB was still on edge during the series.”There were all these calculated risks but in the end it worked out,” he addedNext on the list was Sri Lanka, whose players were reluctant to tour Pakistan after the events of 2009.AP PhotoOn a trip to Colombo, Sethi talked about how Pakistan had always toured Sri Lanka even during the civil war, which ended in 2009, when other countries refused to visit.”I told them we need you now, when you needed us we were there for you,” he said.With Sri Lanka’s visit confirmed, Sethi is confident that international cricket in Pakistan will soon be fully restored.West Indies have committed to playing a three-match series but the dates are still undecided.”I have two other countries lined up who are ready to come,” Sethi said. “By the end of 2020 I think every cricket country would have come and played in Pakistan.”last_img read more