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A Fed official said the central bank would not comment on the president’s remarks. Global economic leaders including International Monetary Fund head Christine Lagarde came to the Fed’s defense, noting that the independence of monetary policy from the influence of elected officials has become a touchstone of effective economic governance, and helps prevent politicians from using cheap money to further their own interests [nL4N1WR3EY]. At IMF meetings in Bali, Lagarde said she “would not associate” Fed chair Jerome Powell “with craziness.”.
The Fed raised interest rates last month, and is expected personalized cufflinks for father of the bride to do so again in December, Fed officials including Powell, Trump’s handpicked chair, have said pointedly that they will not be influenced by comments from elected officials, and will make decisions based on economic data, That has so far been strong enough to warrant steady rate hikes, a sign from the Fed’s perspective of an economy that has recovered more completely from the 2007 to 2009 financial crisis, At just over 2 percent, the Fed’s short-term policy rate remains low by historic standards, and most indexes of borrowing costs and credit flows still regard broader financial conditions as “loose” and conducive to economic growth..
The yield on the 10-year U.S. Treasury note has risen to around 3.1 percent from around 2.1 percent over the past year. The gradually rising rates, Fed officials say, are meant to guard against any quick run-up in inflation, while remaining low enough so far for the recovery and a strong run of job growth to continue. The policy could eventually bite harder into parts of the economy that are both sensitive to interest rates and connected to politically important industries, such as autos and home construction and sales.
(Reuters) - Sears Holdings Corp SHLD.O has started to miss payments to vendors, adding to concerns about its future after sources said the U.S, department store operator was preparing to file for bankruptcy in the coming days, Three vendors told Reuters that Sears has missed scheduled payments in the last couple of weeks, It was not immediately clear how widespread the vendor problems were and how they would affect Sears’ supply chain ahead of the holiday shopping season, Sears is also scrambling to secure financing personalized cufflinks for father of the bride for its expected bankruptcy, and has been unsuccessful so far, sources familiar with the effort said late Wednesday..
Vendors could stop shipments if they are worried Sears cannot pay, potentially sending the retailer into freefall. “We went into business with them with our eyes open and knew this day would come one day,” said Arnold Kamler, chief executive officer of Parsippany, New Jersey, bike maker Kent International Inc. Kamler said he withheld a shipment to Sears after it missed a regular payment last week for the first time. Sears did not respond to multiple requests for comment. Vendors are usually considered unsecured creditors and usually get pennies on the dollar in bankruptcy court.
For this reason, securing a sizable financing package to carry Sears through bankruptcy could boost confidence among vendors, Sears’ talks on Wednesday night with some banks, including Bank of America (BAC.N) and Wells Fargo (WFC.N), about securing debtor-in-possession financing ended unsuccessfully, according to two people with knowledge of the discussions, Sears could file personalized cufflinks for father of the bride for bankruptcy as early as Sunday, and it would need to secure the financing by then to avoid liquidation, the sources said, It was not clear whether Sears will succeed..
Bank of America and Wells Fargo did not immediately respond to requests for comment. The Wall Street Journal first reported on the unsuccessful debtor-in-possession talks. If Sears files for bankruptcy, stocking shelves adequately could prove key to escaping liquidation. Both vendors and creditors will be looking at the retailer’s sales performance during the holiday season in deciding whether to continue to back it, sources have said. “If consumers walk into a store and there are empty shelves, it lowers consumer confidence and that is what has ultimately happened,” said Brett Rose, CEO of United National Consumer Suppliers, a wholesale distributor of overstocked goods such as garden tools, beauty products and toys.
“If you can go to Amazon.com and get Craftsman tools, why do you have to walk into a Sears,” said Rose, As Sears’ financial condition deteriorated over the years, some vendors stopped supplying it, cut down on shipments or tightened repayment terms, concerned about the retailer’s financial woes personalized cufflinks for father of the bride and the soaring cost of insuring supply agreements, Reuters reported last year, As vendors became more concerned about Sears’ financial health, they started asking for full payment before they shipped orders, However, last summer Sears told vendors it would no longer prepay for orders, according to a source with direct knowledge of the strategy, who requested anonymity to discuss a commercially confidential matter..