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Federal Reserve

Federal Reserve Ends Bank Term Funding Program, Anticipated Impact on Markets



In a recent press release, the Federal Reserve announced the cessation of the Bank Term Funding Program (BTFP) on March 11. This program, established under Section 13(3) of the Federal Reserve Act, held significant importance in stabilizing the banking system and supporting the economy during times of stress. While the loans will continue until the program*s end, this article will delve into the facts surrounding the termination of the BTFP and assess its potential impact on the markets.
1. The BTFP will no longer provide new loans as of March 11, 2022:
The primary announcement conveyed in the press release reveals that the Federal Reserve Board has decided to halt the provision of new loans through the BTFP program after March 11. The BTFP served as an additional source of liquidity for eligible institutions but will now conclude its lending activities.

industry_industrial_smoke_smog_manufacturing_steel_chimney_stacks_chimneys-655361 Industrial production

Drop in car production led total industrial output down


Productivity

Productivity and wages are up

Americans have earned more in fourth-quarter and productivity grew as well, as strenght in the U.S. economy becomes more evident.

Warehouse_By Cayco_[CC-BY-SA-3.0_(http_creativecommons.org_licenses_by-sa_3.0)]_via_Wikimedia_Common Retail Inventories

In January growth in retail inventories slows

The build up in inventories continues to grow but on the slower pace, mainly because of shrinking inventories at general merchandise stores by -1.1 %.

shopping_purse_By_Ben_Schumin_[CC-BY-SA-2.5_(http_creativecommons.org_licenses_by-sa_2.5)]_via_Wikimedia_Common Retail Sales

Retail sales accelerate in February 2024

The rate of growth in retail and food services total sales accelerated due to increase in building materials stores sales by 2.2 %.

Recently Reported Data
Carpenter_at_the_TVAs_Douglas_dam_on_the_French_Broad_River_Tenn_pd Employment Report

Economy gains 275,000 jobs, but the unemployment rate climbs to 3.9 %

The nonfarm payrolls grew 275,000 in February, as faster hiring puts more money in the hands of consumers, what usually leads to an increase in spending,

Job growth by Industry

Salary by Industry

Consumer Price Index

Consumer prices continued to grow in February 2024

Consumers paid more money for a broad range of goods and services last month, adding to inflationary worries.

Inflation rate, consumer prices by category

Consumer prices by category monthly change

International Trade

The Nations Trade deficit widens on falling exports according to the January 2024 data

The U.S. trade gap widened in January 2024, on the decline in exports and growth in imports.

Exports of Goods by Selected Countries & Areas

Imports of crude oil and petroleum products

Economy
construction_By_AdamKR_[CC-BY-SA-2.0_(http_creativecommons.org_licenses_by-sa_2.0)]_via_Wikimedia_Commons Construction Spending

In January 2024 growth in construction spending slows

Outlays for U.S. construction projects continue to grow but on the slower pace, mainly because of commercial construction spending by -1.67 %.

Construction spending by category

Growth in construction outlays

Economy

wallet-1013789_960_720 Personal Income and Spending

Consumer spending loses momentum in January 2024

Consumer spending rose by the smallest amount in three months during January 2024, government data showed, in a further sign of erosion in spending momentum.

Personal income and it's spending

Quarterly personal income

Economy
Business-Profit-Arrows-Economy-Growth-Hacking-2899885 Gross Domestic Product

In the fourth-quarter GDP grew 3.2 %

The U.S. economy grew at a solid pace during the October-through-December period, led by growth in investments, exports and government spending.

Detailed Gross Domestic Product and related measures

Real Gross Domestic Product in numbers

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winery_storage_warehouse-901024 Factory Orders

New orders fell -4.14 % in January

More detailed report on new orders from manufacturing sector, shows decline in January after a growth in December. As the wild swings in big-ticket purchases continue.

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New Orders on the rise again in December

Americans continued to buy big-ticket items after the recent pullback, but Shipments of durable goods fell by -0.35 % to $282 billions.

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Jan. 2024 housing starts fell by -8.8 %

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    Recently Reported Results
housing-58496_960_720 Federal Reserve

Federal Reserve Ends Bank Term Funding Program, Anticipated Impact on Markets



In a recent press release, the Federal Reserve announced the cessation of the Bank Term Funding Program (BTFP) on March 11. This program, established under Section 13(3) of the Federal Reserve Act, held significant importance in stabilizing the banking system and supporting the economy during times of stress. While the loans will continue until the program*s end, this article will delve into the facts surrounding the termination of the BTFP and assess its potential impact on the markets.
1. The BTFP will no longer provide new loans as of March 11, 2022:
The primary announcement conveyed in the press release reveals that the Federal Reserve Board has decided to halt the provision of new loans through the BTFP program after March 11. The BTFP served as an additional source of liquidity for eligible institutions but will now conclude its lending activities.

Bugatti_Veyron_By_Ritchyblack_Stefan_Krause_(Own_work)_[CC-BY-SA-3.0_(http_creativecommons.org_licenses_by-sa_3.0)]_via_Wikimedia_Common Auto Sales

U.S. Auto sales fell in January, domestic manufacturers were hit hardest


Monthly, quarterly and annual vehicle sales

Vehicle production and Market share

Warehouse_By Cayco_[CC-BY-SA-3.0_(http_creativecommons.org_licenses_by-sa_3.0)]_via_Wikimedia_Common Retail Inventories

In January growth in retail inventories slows

The build up in inventories continues to grow but on the slower pace, mainly because of shrinking inventories at general merchandise stores by -1.1 %.

mexicaninteriors_By_oswaldo_[CC-BY-SA-2.0_(http_creativecommons.org_licenses_by-sa_2.0)]_via_Wikimedia_Common Retail Sales

Retail sales accelerate in February 2024

The rate of growth in retail and food services total sales accelerated due to increase in building materials stores sales by 2.2 %.

factory_night_long_exposure_industry_power_industrial_energy_global-589754 Industrial production

Drop in car production led total industrial output down


workout_By_Nnu-12-22100541Tracy_(Own_work)_[CC-BY-SA-3.0_(http_creativecommons.org_licenses_by-sa_3.0)]_via_Wikimedia_Commons Productivity

Productivity and wages are up

Americans have earned more in fourth-quarter and productivity grew as well, as strenght in the U.S. economy becomes more evident.

turn-on-2932999__340 Producer Price Index

Inflation higher in February 2024

Prices increased on the faster pace again, led by growth in food, materials for manufacturing and crude petroleum prices.

unemployed_lines_pd Employment Report

Economy gains 275,000 jobs, but the unemployment rate climbs to 3.9 %

The nonfarm payrolls grew 275,000 in February, as faster hiring puts more money in the hands of consumers, what usually leads to an increase in spending,

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Consumer prices continued to grow in February 2024

Consumers paid more money for a broad range of goods and services last month, adding to inflationary worries.

Shipping_Containers_at_the_terminal_at_Port_Elizabeth,_New_Jersey2_pd International Trade

The Nations Trade deficit widens on falling exports according to the January 2024 data

The U.S. trade gap widened in January 2024, on the decline in exports and growth in imports.

Montage_By_Michael_Schmahl_(Own_work)__[CC-BY-SA-3.0_(http_creativecommons.org_licenses_by-sa_3.0)]_via_Wikimedia_Commons Construction Spending

In January 2024 growth in construction spending slows

Outlays for U.S. construction projects continue to grow but on the slower pace, mainly because of commercial construction spending by -1.67 %.

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Consumer spending loses momentum in January 2024

Consumer spending rose by the smallest amount in three months during January 2024, government data showed, in a further sign of erosion in spending momentum.

dollar-1175048_960_720 Gross Domestic Product

In the fourth-quarter GDP grew 3.2 %

The U.S. economy grew at a solid pace during the October-through-December period, led by growth in investments, exports and government spending.

Factory Orders (Picture Autor: Wolfgang Meinhart) licence GNU Factory Orders

New orders fell -4.14 % in January

More detailed report on new orders from manufacturing sector, shows decline in January after a growth in December. As the wild swings in big-ticket purchases continue.

Factory Orders (Picture Autor: Wolfgang Meinhart) licence GNU

Kitchen_stuff_By_Smoth_007_from_Christchurch_New_Zealand__[CC-BY-SA-2.0_(http_creativecommons.org_licenses_by-sa_2.0)]_via_Wikimedia_Commons Durable Goods Orders

New Orders on the rise again in December

Americans continued to buy big-ticket items after the recent pullback, but Shipments of durable goods fell by -0.35 % to $282 billions.

Kitchen_stuff_By_Smoth_007_from_Christchurch_New_Zealand__[CC-BY-SA-2.0_(http_creativecommons.org_licenses_by-sa_2.0)]_via_Wikimedia_Commons

Kitchen_stuff_By_Smoth_007_from_Christchurch_New_Zealand__[CC-BY-SA-2.0_(http_creativecommons.org_licenses_by-sa_2.0)]_via_Wikimedia_Commons

Kitchen_stuff_By_Smoth_007_from_Christchurch_New_Zealand__[CC-BY-SA-2.0_(http_creativecommons.org_licenses_by-sa_2.0)]_via_Wikimedia_Commons

Kitchen_stuff_By_Smoth_007_from_Christchurch_New_Zealand__[CC-BY-SA-2.0_(http_creativecommons.org_licenses_by-sa_2.0)]_via_Wikimedia_Commons

Kitchen_stuff_By_Smoth_007_from_Christchurch_New_Zealand__[CC-BY-SA-2.0_(http_creativecommons.org_licenses_by-sa_2.0)]_via_Wikimedia_Commons

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