Daily Archives: Jun 13, 2018

Most Fed officials now expect at least four rate increases will be needed this year

WASHINGTON—Federal Reserve officials signaled Wednesday they could pick up the pace of interest-rate increases this year and next to keep a rapidly expanding economy on an even keel.

Central bank officials voted unanimously to raise their benchmark federal-funds rate by a quarter-percentage point to a range between 1.75% and 2%. It is their second rate rise this year, and they penciled in a total of four increases for 2018, up from a projection of three at their March meeting.

“The decision you see today is another sign that the U.S. economy is in great shape,” said Fed Chairman Jerome Powell at a press conference following the Fed’s two-day policy meeting. “Growth is strong. Labor markets are strong. Inflation is close to target.”

Eight of 15 Fed officials now expect at least four rate increases will be needed this year, up from seven in March and four in December.

Stocks fell as investors calculated higher borrowing costs could weigh on earnings. Major stock indexes were little changed ahead of the decision but later wobbled and closed near session lows. The Dow Jones Industrial Average declined 119.53 points, or 0.5%, to 25201, and U.S. government bond yields climbed after the decision, with the 10-year Treasury rising to 2.979% from 2.959% on Tuesday. Yields rise as prices fall.

“One more person out of 15 now sees four hikes instead of three. For markets, that’s a big deal. For economists, maybe not,” said Mike Feroli, chief U.S. economist at JPMorgan Chase & Co.

Fed officials have upgraded considerably their economic outlook over the past year—first because of a synchronized upturn in global growth beginning last summer, and later after Congress approved stimulus in the form of tax cuts and increased federal spending.

Other changes in the Fed’s outlook Wednesday were relatively minor and paint an optimistic picture for the U.S. economy despite some recent risks from abroad, including trade tariffs, potential political turmoil in Europe and volatility in emerging-market economies.

“It’s a stay-the-course story,” said Roberto Perli, an analyst at research firm Cornerstone Macro. Because it is too soon to judge how much any of the international risks pose to U.S. growth, “they are right to take a wait-and-see approach here,” he said.

Most Fed officials expect the central bank will need to raise rates at least three more times next year and at least once more in 2020, leaving rates in a range between 3.25% and 3.5% by the end of 2020, the same end point officials projected in March.

“Officials seem more comfortable about both the consequences of past actions and their policy intentions,” said Mohamed El-Erian, chief economic adviser at Allianz SE, the German insurance giant.

The new interest-rate guidance shows the U.S. central bank sticking to a plan to raise short-term rates above a so-called neutral level that would neither stimulate nor slow the economy. It also suggests officials expect to reach that neutral level slightly sooner than before, most likely in about a year.

In a further reflection of the Fed’s changing policy footing, the postmeeting statement dropped language added four years ago that said officials expected to hold their benchmark rate “for some time” below neutral.

Officials modified their economic forecasts slightly, projecting modestly stronger growth and inflation this year and lower unemployment than they had in March. They didn’t change their view about the rates of growth, unemployment or inflation they expect over the long run, a sign they see most of the recent fiscal stimulus fading eventually.

Source: Federal Reserve Bank of St. Louis

Mr. Powell also said he expected temporary factors, such as a recent rise in oil prices, to push inflation above the Fed’s 2% target this summer, but he dismissed the development as a short-lived one that would have “little, if any, consequence for inflation over the next few years.”

Their estimate of the neutral fed-funds rate didn’t change compared with projections released in March. Nine of 14 officials put it at either 2.75% or 3%.

The increase announced Wednesday will leave the fed-funds rate around 1 percentage point below that neutral level. But because many officials expect they will need to raise rates above neutral to a level that would slow growth, they face difficult debates ahead over how much higher to lift rates, and at what pace.

The challenge for central bankers is to boost borrowing costs enough to prevent the economy from overheating, but not so much that it tips into recession.

Fed Raises Interest Rates, Sets Stage for Two More Increases in 2018

“As the economy has strengthened and as we’ve gradually raised interest rates, the question comes into view of, how much longer will you need to be accommodative and how will you know?” said Mr. Powell. “We’ll be guided by incoming data on the economy.”

These are very different tensions than the one the Fed faced in recent years, when it repeatedly delayed raising rates from near zero amid a fitful U.S. recovery and financial turbulence abroad.

“I would say I like the results so far,” said Mr. Powell. “We’ve been very, very careful not to tighten too quickly…We had a lot of encouragement to go much faster and I’m really glad we didn’t.“

Mr. Powell’s predecessor, Janet Yellen, frequently reminded the public that monetary policy wasn’t on a “pre-set” path. Mr. Powell’s briefing suggested greater conviction about where policy needs to go and implies policy is in fact on autopilot, said Michael Gapen, chief U.S. economist at Barclays.

“The data will tell them when they should get off that path,” said Mr. Gapen.

Mr. Powell also said next year he would convene a press conference after every policy meeting rather than every other meeting. Since beginning press conferences in 2011, the Fed fell into the pattern of making major policy changes only at meetings followed by a news conference.

The tactic helped the Fed leader communicate its policy changes in more detail than its postmeeting statement, but it lulled markets into thinking the central bank wouldn’t act between press conferences.

Some traders had viewed the change as hawkish because it would free the Fed to raise rates more frequently. But Mr. Powell said the change was purely to improve the Fed’s communications and shouldn’t send any signal about its policy intentions.

“That is just a communications story,” said Mr. Perli. “I don’t think the number of rate hikes changes because of that, but they have more flexibility in raising rates in May instead of June if they want to.”

El precio del crudo se ha duplicado con creces desde que cayó a menos 30 dólares el barril a principios de 2016,

Por: AP

El presidente Donald Trump dice que los precios del petróleo son demasiado altos y que la culpa es de la OPEP, y es indudable que muchos estadounidenses piensan lo mismo.

Pero la realidad es más complicada.

El precio del crudo se ha duplicado con creces desde que cayó a menos 30 dólares el barril a principios de 2016, y los conductores estadounidenses están pagando los precios más altos por la gasolina desde fines de 2014.

El miércoles, el precio promedio nacional de un galón de gasolina regular era de 2.91 dólares (76 centavos por litro), 25% más que hace un año, según el club de automovilistas AAA.

“Los precios de petróleo están demasiado altos, la OPEP vuelve a las andadas. “¡No está bien!”, tuiteó el presidente el miércoles.

Los miembros de la OPEP, encabezados por Arabia Saudí, y otros grandes productores como Rusia cumplieron un papel importante para revertir la caída de los precios que comenzó en 2014. Han actuado disciplinadamente para reducir la producción desde inicios del año pasado, lo cual ha ayudado a elevar el precio de referencia internacional del crudo.

Pero los precios ya estaban aumentando debido a la mayor demanda y a la expectativa de que una fuerte reducción de las inversiones por parte de las compañías petroleras reduciría la oferta.

“Con el tiempo hubiera sucedido de todas maneras debido a la reducción de las inversiones (en las perforaciones), pero sin duda el recorte de producción de la OPEP ayudó a acelerar la reducción de la sobreoferta”, dijo el analista Phil Flynn, de The Price Futures Group.

Algunos calculan que la reducción de las inversiones por parte de las grandes petroleras como Exxon Mobil, Chevron y BP fue de más de 1 billón de dólares. Es como si se eliminara al cuarto exportador del mundo, dijo Flynn.

En tanto, la producción de Venezuela _un gran exportador de crudo a Estados Unidos_ ha caído debido a la crisis política y económica que atraviesa el país. La mayoría de los analistas prevén que la producción venezolana caerá aún más.

También está el caso de Irán, el tercer mayor productor de la OPEP. La nación islámica aumentó la producción de crudo después que Estados Unidos levantó en 2016 las sanciones relacionadas con su programa nuclear, pero los analistas prevén que la producción vuelva a caer a fin de año cuando se sientan de lleno los efectos de la decisión de Trump de retirarse del acuerdo.

El tuit de Trump se publicó una semana antes de la reunión de la OPEP prevista para la próxima semana, y podría tener la intención de influir en las discusiones.

“Los tuits del presidente le están diciendo a los otros países productores de petróleo que aumenten su producción para compensar los declives que se prevén en las exportaciones de crudo iraní”, dijo Daniel Yergin, vicepresidente de la firma de investigación IHS Markit y autor de varios libros sobre la industria energética.

El documento solicita a Guterres que haga “recomendaciones sobre un mecanismo de protección internacional” en un plazo de 60 días; el texto condenó el lanzamiento de cohetes desde Gaza hacia áreas civiles israelíes

Por: NT

La Asamblea General de la Organización de Naciones Unidas (ONU) solicitó hoy al secretario general de este organismo, Antonio Guterres, elaborar recomendaciones para un mecanismo internacional de protección para civiles en Palestina.

El documento, aprobado con 120 votos a favor, también condenó el uso de la fuerza excesiva de parte de Israel contra manifestantes desarmados en la Franja de Gaza. Ocho naciones votaron en contra y 45 se abstuvieron, entre ellas la de México.

Presentado por Argelia y Turquía, el documento fue propuesto luego de que Estados Unidos ejerciera el 1 de junio pasado su derecho de veto en el Consejo de Seguridad para bloquear una resolución similar, que apoyaron 10 miembros de ese órgano.

El documento solicita a Guterres que haga “recomendaciones sobre un mecanismo de protección internacional” en un plazo de 60 días.

La resolución fue impulsada como respuesta a la ejecución de parte de las fuerzas armadas de Israel de por lo menos 120 palestinos que se manifestaron desde finales de marzo en la Franja de Gaza.

El plenario de la Asamblea General rechazó además una modificación al texto propuesta por Estados Unidos en que atribuía igualmente responsabilidad al grupo militante Hamas de la masacre en Gaza.

El texto aprobado este miércoles condenó el lanzamiento de cohetes desde Gaza hacia áreas civiles israelíes, pero no mencionó a Hamas.

Riyad Mansour, observador permanente de Palestina ante la ONU, indicó que “la ocupación se intensifica en su brutalidad, como atestiguan cada día en la opresión, intimidación y humillación hombres palestinos, mujeres y niños”.

“En tanto que el peligroso estancamiento político persiste, la necesidad de proteger a nuestro pueblo bajo esta ocupación sigue siendo urgente e incuestionable”, añadió.

Por su parte, la representante permanente de Estados Unidos ante la ONU, Nikki Haley, manifestó que los “terroristas de Hamas incitan sistemáticamente a la violencia, disparando más de cien cohetes contra las comunidades israelíes”.

Haley expresó que “el juicio moralmente en bancarrota de la ONU” coloca toda la culpa de la reciente violencia de Gaza en Israel. No es de extrañar que nadie tome en serio a la ONU como una fuerza para la paz en Medio Oriente”.

Mientras tanto, el embajador de Israel ante la ONU, Dany Danon, acusó a los Estados que apoyaron la resolución de “antisemitismo” y señaló que “se están confabulando con una organización terrorista”.

Horas antes de la votación, el grupo civil Human Rights Watch (HRW) emitió un informe en que asentó que el uso letal de la fuerza de autoridades de Israel contra manifestantes en Gaza que no representaban una amenaza para la vida pueden constituir crímenes de guerra.

En ese sentido, HRW alentó a la Asamblea General de la ONU a apoyar una resolución que explorara medidas para garantizar la protección de palestinos en Gaza, y pidió a la Corte Penal Internacional (CPI) a que inicie una investigación formal sobre la masacre.

 

AUDIENCIA DE REVISIÓN PÚBLICA – 2018/19 PLAN DE ACCIÓN ANUAL / ENMIENDAS AAP / PLAN DE PARTICIPACIÓN

CIUDAD DE BUFFALO
2018/19 PLAN DE ACCIÓN ANUAL / ENMIENDAS AAP / PLAN DE PARTICIPACIÓN
CIUDADANA
Jueves 28 de junio de 2018
6:00 p.m.
El Belle Center
104 Maryland Avenue, Buffalo, NY 14201

El alcalde Byron W. Brown invita a los residentes de Búfaloa participar en una audiencia pública para discutir las asignaciones 2018/19anticipadas de la ciudad para los siguientes programas federales: Subvención de Desarrollo Comunitario; INICIO Asociaciones de inversión; Donación de Soluciones de Emergencia; Y Oportunidades de Vivienda para Personas con SIDA.

El personal de la ciudad estará presente para describir las metas del programa, revisar el proceso de planificación y adopción, y aceptar los comentarios de los ciudadanos con respecto al uso de este financiamiento para abordar las necesidades de vivienda y desarrollo de la comunidad. Esta audiencia revisará los resultados de 2 (dos) sesiones de trabajo anteriores con respecto a formas específicas para utilizar mejor los fondos de derecho a través de la ciudad de Buffalo. Esta reunión también revisará las Enmiendas y los cambios del Plan de Acción Anual al Plan de Participación Ciudadana actualizado.

Se recomiendan los comentarios escritos a los tres puntos del Plan de Acción Anual, que se incluirán en la presentación de la ciudad a HUD. Los comentarios deben tener el sello postal antes del 29 de julio de 2018en 920 City Hall, Buffalo NY 14202; o HUDAdministrator@city-buffalo.com

Para obtener más información sobre este aviso público, o para solicitar alojamientos especiales para la audiencia pública, llame al 851-5449.Loshablantes de birmano, árabe, nepali y karen deben confirmar sus servicios de traducción antes de la reunión.

PUBLIC REVIEW HEARING
CITY OF BUFFALO

2018/19 ANNUAL ACTION PLAN/ AAP AMENDMENTS/CITIZEN PARTICIPATION PLAN 

Thursday June 28, 2018 

6:00 PM 

The Belle Center 

104 Maryland Avenue, Buffalo, NY 14201 

Mayor Byron W. Brown invites Buffalo residents to participate in a public hearing to discuss the city’s anticipated 2018/19 allocations for the following federal programs: Community Development Block Grant; HOME Investment Partnerships; Emergency Solutions Grant; and Housing Opportunities for Persons with AIDS. 

City staff will be present to describe program goals, review the planning and adoption process, and accept citizen comments regarding the use of this funding to address housing and community development needs. This hearing will review the results of 2 (two) prior working sessions regarding specific ways to best utilize Entitlement funds throughout the City of Buffalo. This meeting will also review Annual Action Plan Amendments and changes to the updated Citizen Participation Plan. 

Written comments to all three Annual Action Plan items are encouraged, and will be included in the city’s submission to HUD. Comments must be postmarked by July 29, 2018 at either 920 City Hall, Buffalo NY 14202; or HUDAdministrator@city-buffalo.com. 

For more information regarding this public notice, or to request special accommodations for the public hearing, please call 851-5449. Burmese, Arabic, Nepali, and Karen speakers must RSVP for translation services prior to meeting. 

BUFFALO, NY (June 12, 2018) – Providing care for a loved one with Alzheimer’s disease can be stressful and isolating, but support groups can provide coping tools and a welcoming embrace from others in the same position.

The Alzheimer’s Association Western New York chapter oversees close to three dozen monthly caregiver support groups across the region. The groups meet monthly, and are designed to provide emotional and social support for caregivers and help participants develop methods and skills to solve problems. Some locations also offer free respite programs for persons with dementia to make it easier for care partners to attend the meetings. These are some of the newer locations offering meetings in Erie County:

* East Amherst 1st Saturday, 11:30am, Amherst Church of Christ, 8285 Transit Road

* East Aurora 4th Wednesday, 10:30am, Baker Memorial United Methodist Church, 345 Main Street. Respite available – Call 1.800.272.3900

* Elma * NEW LOCATION * 3rd Tuesday, 6pm, Elma United Methodist Church, 2991 Bowen Road

* Hamburg 2nd Wednesday, 11am, Hamburg Wesleyan Church, 4999 McKinley Pkwy. Respite may be available – Call 1.800.272.3900

* Kenmore 1st Tuesday, 11am, Kenmore United Methodist Church, 32 Landers Road

* Orchard Park Last Monday, 10:30am, St. John Vianney Church, 2950 Southwestern Blvd.

Information about all the other support group meetings that take place across WNY is available by visiting the Chapter’s website at alz.org/WNY or by calling 1.800.272.3900.

Buffalo, NY – The City of Buffalo Division of Parks and Recreation is seeking qualified lifeguards to staff the city pools this summer from July 1st– Labor Day.

“Summer is coming and we need additional lifeguards,” said City of Buffalo Division of Parks and Recreation Deputy Commissioner  Andrew Rabb.  “The city is looking for qualified high school and college age students to apply for the life guard positions as soon as possible.”

14 certified lifeguards are needed. The salary for the seasonal position is $13.24 per hour. Interested applicants should call City of Buffalo Pools and Rinks Supervisor Jim Blake at (716) 851-5998 as soon as possible.  Lifeguards must be 16 years of age and have their Red Cross Lifeguard certification with annual CPR certification. Potential lifeguards must also provide proof of city residency, pass all pre-employment testing, including a physical and background check, be strong swimmers, and enjoy working with people of all ages.

All City pools are scheduled to open on July 1, 2018 and will remain open for the duration of the summer season through Labor Day, unless bad weather dictates otherwise.  Pool hours are from 11a.m. to 7 p.m. All city splash pads are also open from 11 a.m. to 7 p.m.

Pools:

  • Allison Pool – 50 Reese St. – closed Sunday
  • Centennial Pool – foot of Porter Ave. – closed Saturday
  • Houghton Pool – 36 Spann St. – closed Sunday
  • JFK Pool – 114 Hickory St. – closed Saturday
  • Kensington Pool – corner of Kensington Ave & Grider St. – closed Sunday
  • Masten Pool – Best St & Orange St. – closed Saturday
  • Riverside Pool – 2505 Niagara St. – closed Sunday

Wading Pools (max 2ft deep): 11am – 7pm

  • Crowley St Wading Pool – Crowley & Tonawanda – closed Saturday
  • MLK, Jr. Wading Pool – Humboldt Pkwy & Best St. –closed Sunday

Indoor Pools will follow Summer Schedule: 9am – 8pm weekdays, 11am – 6:30pm weekends

  • Cazenovia Pool – 626 Abbott Rd. – closed Monday
  • Lovejoy Pool – 1171 E. Lovejoy St. – closed Tuesday

 

HOME BUYER SEMINAR THIS NEXT TUESDAY!

Are you ready to own your first home, but not quite sure where to start? Join HOCN and M&T Bank on Tuesday, June 19th from 5:30-6:30pm at the Niagara Branch Library to learn more about the home buying process. We’ll also share information on the City of Buffalo’s Down Payment Closing Cost Assistance Program and other available resources for low to moderate income first-time home buyers.
Click here to RSVP on Facebook!

NOW PROCESSING APPLICATIONS FOR ELLICOTT!

If you haven’t heard the news yet, we’re pleased to inform you that we are now processing applications for the City of Buffalo’s Owner Occupied Repair Programs for Buffalo’s Ellicott Council District. Programs include assistance for replacing leaking roofs, defective furnace and hot water tanks, and broken sewer and water lines.
If you own and occupy your home in the Ellicott District and are in need of repairs, contact our office today to learn more about available assistance!
Click here to learn more about the Emergency Assistance Loan Program for repairs.

HOME REPAIR ASSISTANCE FOR 14201 & 14202

Did you know that HOCN has home repair grants for homeowners available in the 14201 and 14202 area? If you’re in need of repairs to your home’s roof, siding, heating system, windows, and more, contact our office today to learn how we can assist you!
Learn more about this program here.

WEATHERIZATION ASSISTANCE PROGRAM

Is your home drafty? Have high heating bills? Don’t get left out in the cold, apply for Weatherization Assistance today! Homeowners can receive up to $5,000 from the City of Buffalo for weatherization upgrades, including insulation and weather-stripping, repairs of heating systems, and more. Learn how to apply by visiting our website.

DOWN PAYMENT CLOSING COST ASSISTANCE

Are you purchasing your first home in the City of Buffalo? Up to $5,000 in funding, provided by the City of Buffalo, is available to first time home buyers to assist with closing cost and down payment expenses towards the purchase of their home anywhere in the City of Buffalo. We can help you apply! For more information, visit our website.

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