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MNI: Regulators Consider Bolstering Fed Stress Tests - Barr

(MNI) WASHINGTON

Fed Vice Chair for Supervision highlights nonbank risks to financial stability.

MARKET NEWS TOP STORIES

MNI BRIEF: Goolsbee Named Chicago Fed Chief, Jumps Onto FOMC

Ex-White House adviser Austan Goolsbee will have a vote on the FOMC in 2023.

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MNI: Italy Seeks Extensions To NextGenEU Deadlines

European officials are prepared to give Italy leeway over December targets, but don't want to extend others, sources said.

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MNI BRIEF: Fed Index Sees Tiny Drop in November Employment

St. Louis Fed model using real-time data from Homebase indicates a decline in employment last month.

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MNI BRIEF: US Manufacturing Bracing For 'Soft' Contraction-ISM

Factory activity grew at slowest pace in more than two years, November survey showed.

USPolicy NewsHomepageBriefStoryRegionNorth America

Political Risk

Pentagon Press Conference Underway Shortly

Pentagon Press Secretary Air Force Brig. Gen. Pat Ryder is shortly due to deliver a press conference from the Department of Defence.

  • Livestream: https://www.defense.gov/News/Live-Events/
  • Comes as Congressional negotiators close in on a compromise on defence spending which will reportedly call for a USD$45 billion increase on spending requested by President Biden in his budget.
  • According to Politico, the topline spending number for the National Defence Authorisation Act could go as high as USD$858 billion and, “Democrats and Republicans in both chambers backed large increases on the premise of addressing high inflation and keeping pace with China.”
  • House leadership aims to have an NDAA text ready for consideration in the House next week. Final approval of the bill will require a spending boost enabled by passage of a FY23 omnibus. The current government funding stopgap expires on December 16 and Congressional appropriators have yet to announce an agreement on topline spending.
  • If a FY23 budget isn’t hammered out by the end of the year, Defence Secretary Lloyd Austin warns that the Department of Defence will take a significant hit in real term spending.
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US

Biden Says He Would Consider Conducting Talks With Russian Pres Putin

President Biden has told reporters that he would be willing to sit down with Russian President Vladimir Putin if Putin indicated a willingness to withdraw his troops.

  • Biden: "There is one way for this war to end. The rational way: For Putin to pull out of Ukraine. It appears he's not going to do that."
  • Biden: "I have no immediate plans to contact Mr. Putin. Let me choose my words very carefully: I am prepared to speak with Mr. Putin if, in fact, there is an interest in him deciding he's looking for a way to end the war. He hasn't done that yet. If that's the case, in consultation with my French and my NATO friends I'll be happy to sit down with Putin to see what he has in mind. He hasn't done that yet."
  • Biden: "I'm prepared, if he's willing to talk, to find out what he's willing to do but I'll only do it in consultation with my NATO allies. I won't do it on my own."
  • Biden: "The idea that Putin is ever going to defeat Ukraine is beyond comprehension."
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US-RUSSIA

Biden Suggests IRA May Be Modified To Ease European Concerns ​

President Biden has indicated to reporters, during a joint White House presser with French President Emmanuel Macron, that the Inflation Reduction Act may be modified, after criticism from European allies that the legislation violates WTO principles.

  • Biden: "The US makes no apology for the Inflation Reduction Act but big bills will have glitches."
  • Biden: "[IRA] was never intended to exclude folks who cooperate with us. The intention was to make sure that we were no longer in a position, where there was a pandemic in Asia, or China decided they no wanted to sell us computer chips. My point is: we are back in business, Europe is back in business and we're going to continue creating manufacturing jobs but not at the expense of Europe."
  • Biden's comments signal a major climbdown for the administration after serious opposition to the bill from key allies - France, Germany, and South Korea.
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US-EU

Biden And Macron Had "Detailed Discussion" On Inflation Reduction Act

US President Joe Biden has told reporters that he had a "detailed discussion" with French President Emmanuel Macron on the Inflation Reduction Act in their bilateral meeting at the White House.

  • Macron: "We had an excellent discussion on the IRA and the recent pieces of legislation adopted by the American administration and like President Biden just said, we agreed to resynchronise our approaches in order to invest in critical emerging industries - semiconductors, batteries, hydrogen - everything that is absolutely decisive because as a matter of fact we share the same vision..."
  • Biden and Macron both agreed to task teams to continue work to find solutions to European objections to the legislation.
  • Macron says that both Presidents wish to "create more industrial jobs in the long run" for their countries.
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US-EU

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