Federal Reserve Chairman Jerome Powell said Friday that the healthy U.S. economy and low inflation are allowing the central bank to take a “patient, wait-and-see approach” on interest rates.

Speaking at Stanford University, Powell said the Fed is well along in its effort to normalize Fed operations by scaling back the extraordinary efforts it employed to support the economy’s recovery from the Great Recession.

The Fed is trimming its sizable holdings of Treasury bonds and mortgage-backed securities. Officials are discussing a plan for wrapping up the efforts to reduce the central bank’s balance sheet later this year, Powell said, adding that the plan’s details should be announced soon.

The Fed’s moves to reduce its balance sheet, which hit a peak of $4.5 trillion, are being watched closely by investors.

Slimming its balance sheet

The Fed started in October 2017 reducing the balance sheet by allowing some bonds to run off as they matured. The balance sheet is now around $4 trillion but some investors have worried that the Fed could end up driving long-term interest rates higher and harming the economy by going too far in reducing its holdings.

Some analysts have projected the Fed’s balance sheet will end up being around $3.5 trillion, which would be significantly higher than the less than $1 trillion it held before the financial crisis hit in 2008.

Powell said the size of the holdings will “prove ample” to meet the Fed’s needs of supplying reserves to the banking system and he said “we could be near that level later this year.”

“As we feel our way cautiously to this goal, we will move transparently and predictably in order to minimize needless market disruption,” Powell said.

Updating procedures

The Fed is conducting a yearlong review of its procedures as part of its effort to update its operations in areas such as the way it communicates with the public, Powell said.

One area being examined is whether the Fed should consider altering its inflation target, which is currently a goal of annual price increases of 2 percent, to allow inflation to go above that goal for a time.

Powell did not specifically discuss the course of rate hikes other than to repeat the “patient” pledge the Fed began using in January to signal that it was planning a prolonged pause in hiking rates this year after boosting them four times in 2018.

Some analysts believe the Fed could leave its policy rate unchanged for the entire year and could possibly start cutting rates in 2020 if the economy slows significantly as the effects of the Trump administration tax cuts and a boost in government spending fade.

The rate hikes last year prompted strong criticism from President Donald Trump who charged that the rate increases were driving down the stock market.

In his remarks, Powell said, “We live in a time of intense scrutiny and declining trust in public institutions around the world. At the Fed, we are committed to working hard to build and sustain the public’s trust.”
…

From: MeNeedIt

Federal Reserve Chairman Jerome Powell said Friday that the healthy U.S. economy and low inflation are allowing the central bank to take a “patient, wait-and-see approach” on interest rates.

Speaking at Stanford University, Powell said the Fed is well along in its effort to normalize Fed operations by scaling back the extraordinary efforts it employed to support the economy’s recovery from the Great Recession.

The Fed is trimming its sizable holdings of Treasury bonds and mortgage-backed securities. Officials are discussing a plan for wrapping up the efforts to reduce the central bank’s balance sheet later this year, Powell said, adding that the plan’s details should be announced soon.

The Fed’s moves to reduce its balance sheet, which hit a peak of $4.5 trillion, are being watched closely by investors.

Slimming its balance sheet

The Fed started in October 2017 reducing the balance sheet by allowing some bonds to run off as they matured. The balance sheet is now around $4 trillion but some investors have worried that the Fed could end up driving long-term interest rates higher and harming the economy by going too far in reducing its holdings.

Some analysts have projected the Fed’s balance sheet will end up being around $3.5 trillion, which would be significantly higher than the less than $1 trillion it held before the financial crisis hit in 2008.

Powell said the size of the holdings will “prove ample” to meet the Fed’s needs of supplying reserves to the banking system and he said “we could be near that level later this year.”

“As we feel our way cautiously to this goal, we will move transparently and predictably in order to minimize needless market disruption,” Powell said.

Updating procedures

The Fed is conducting a yearlong review of its procedures as part of its effort to update its operations in areas such as the way it communicates with the public, Powell said.

One area being examined is whether the Fed should consider altering its inflation target, which is currently a goal of annual price increases of 2 percent, to allow inflation to go above that goal for a time.

Powell did not specifically discuss the course of rate hikes other than to repeat the “patient” pledge the Fed began using in January to signal that it was planning a prolonged pause in hiking rates this year after boosting them four times in 2018.

Some analysts believe the Fed could leave its policy rate unchanged for the entire year and could possibly start cutting rates in 2020 if the economy slows significantly as the effects of the Trump administration tax cuts and a boost in government spending fade.

The rate hikes last year prompted strong criticism from President Donald Trump who charged that the rate increases were driving down the stock market.

In his remarks, Powell said, “We live in a time of intense scrutiny and declining trust in public institutions around the world. At the Fed, we are committed to working hard to build and sustain the public’s trust.”
…

From: MeNeedIt

The HPV virus is so common that the U.S. Centers for Disease Control says nearly all sexually active men and women get it at some point in their lives, unless they are protected by vaccination.

The HPV virus can lead to cancer in both men and women. That’s why those who have gotten cancer caused by HPV are trying to get the word out to parents to get their children vaccinated. 

“Anytime you can fish is a good time,” Ward said.

Fishing is Scott Ward’s way of relaxing. He didn’t have any risk factors that he knew of for cancer so he ignored the lump on his neck until he couldn’t ignore it anymore. 

Dr. Donald Doll, an oncologist at the University of Missouri Cancer Center, treated Ward for his cancer.

“We’re seeing more and more younger and healthier patients,” Doll said. “They’re not smokers or drinkers. It’s HPV-related.” 

Smoking and drinking can cause oral cancers. But Ward’s cancer was caused by HPV, the human papilloma virus.

“Normally, you think HPV, you think of women — cervical cancer,” Doll said.

HPV does cause cervical cancer, but Doll says it’s a misconception that only women have to be concerned with cancers caused by this virus. 

“The big ones are cervical cancer and the oropharyngeal cancer,” Doll said. 

Oropharyngeal (auro-fah-RINGE-ee-ul) cancers affect the head and neck, including tonsils. Ward’s cancer started in a tonsil. HPV can also lead to anal cancer in both sexes and penile cancer in men.  

But there’s a vaccine that’s been around for more than a decade that can protect against the HPV virus. If all boys and girls received it, no one would get HPV-related cancers.

The HPV vaccine is best when given to children between 9 and 12 years old, before they are sexually active. But teenagers and young adults can still benefit from the  vaccine.

Not everyone who gets the HPV virus develops cancer. But it is a risk factor. The U.S. Centers for Disease Control estimates that 70 percent of cases of head and neck cancers are caused by HPV. The agency says about 14 million people in the U.S. alone become infected with HPV each year. Yet, about half of all U.S. adolescents have not been vaccinated, which requires a series of three shots.  

The CDC says the side effects are generally short term and not serious. They can include dizziness, headache, nausea, fever, and pain and swelling in the arm where the shot was given. 

Ward’s recovery was difficult. He had surgery, radiation and chemotherapy. But he’s now cancer-free.

“It’s a journey. I made it through,” Ward said.

Ward wishes the HPV vaccine existed when he was a teen. He says if he had kids, he would get them vaccinated.

“I tell people that do have kids …  it’s a prevention. Get it.”

Head and neck cancers are the sixth most common cancers worldwide. The HPV virus also causes half a million cases of cervical cancer each year. 
…

From: MeNeedIt

The HPV virus is so common that the U.S. Centers for Disease Control says nearly all sexually active men and women get it at some point in their lives, unless they are protected by vaccination.

The HPV virus can lead to cancer in both men and women. That’s why those who have gotten cancer caused by HPV are trying to get the word out to parents to get their children vaccinated. 

“Anytime you can fish is a good time,” Ward said.

Fishing is Scott Ward’s way of relaxing. He didn’t have any risk factors that he knew of for cancer so he ignored the lump on his neck until he couldn’t ignore it anymore. 

Dr. Donald Doll, an oncologist at the University of Missouri Cancer Center, treated Ward for his cancer.

“We’re seeing more and more younger and healthier patients,” Doll said. “They’re not smokers or drinkers. It’s HPV-related.” 

Smoking and drinking can cause oral cancers. But Ward’s cancer was caused by HPV, the human papilloma virus.

“Normally, you think HPV, you think of women — cervical cancer,” Doll said.

HPV does cause cervical cancer, but Doll says it’s a misconception that only women have to be concerned with cancers caused by this virus. 

“The big ones are cervical cancer and the oropharyngeal cancer,” Doll said. 

Oropharyngeal (auro-fah-RINGE-ee-ul) cancers affect the head and neck, including tonsils. Ward’s cancer started in a tonsil. HPV can also lead to anal cancer in both sexes and penile cancer in men.  

But there’s a vaccine that’s been around for more than a decade that can protect against the HPV virus. If all boys and girls received it, no one would get HPV-related cancers.

The HPV vaccine is best when given to children between 9 and 12 years old, before they are sexually active. But teenagers and young adults can still benefit from the  vaccine.

Not everyone who gets the HPV virus develops cancer. But it is a risk factor. The U.S. Centers for Disease Control estimates that 70 percent of cases of head and neck cancers are caused by HPV. The agency says about 14 million people in the U.S. alone become infected with HPV each year. Yet, about half of all U.S. adolescents have not been vaccinated, which requires a series of three shots.  

The CDC says the side effects are generally short term and not serious. They can include dizziness, headache, nausea, fever, and pain and swelling in the arm where the shot was given. 

Ward’s recovery was difficult. He had surgery, radiation and chemotherapy. But he’s now cancer-free.

“It’s a journey. I made it through,” Ward said.

Ward wishes the HPV vaccine existed when he was a teen. He says if he had kids, he would get them vaccinated.

“I tell people that do have kids …  it’s a prevention. Get it.”

Head and neck cancers are the sixth most common cancers worldwide. The HPV virus also causes half a million cases of cervical cancer each year. 
…

From: MeNeedIt

Hiring tumbled in February, with U.S. employers adding just 20,000 jobs, the smallest monthly gain in nearly a year and a half. The slowdown in hiring, though, might have been depressed by harsh winter weather and the partial shutdown of the government.

Last month’s weak gain came after employers had added a blockbuster 311,000 jobs in January, the most in nearly a year. Over the past three months, job growth has averaged a solid 186,000, enough to lower the unemployment rate over time.

And despite the tepid pace of hiring in February, the government’s monthly jobs report Friday included some positive signs: Average hourly pay last month rose 3.4 percent from a year earlier _ the sharpest year-over-year increase in a decade. The unemployment rate also fell to 3.8 percent, near the lowest level in five decades, from 4 percent in January.

Unseasonably cold weather, which affects such industries as construction and restaurants, afflicted some areas of the country in February. And the 35-day government shutdown that ended in late January likely affected the calculation of job growth.

Still, the hiring pullback comes amid signs that growth is slowing because of a weaker global economy, a trade war between the United States and China and signs of caution among consumers. Those factors have led many economists to forecast weaker growth in the first three months of this year.

Sluggish hiring and job cuts in February were widespread across industries. Construction cut 31,000 jobs, the most in more than five years. Manufacturing added just 4,000 jobs. Retailers cut 6,100. Job growth in a category that includes mostly restaurants and hotels were unchanged last month after adding a huge 89,000 gain in January.

Most analysts expect businesses to keep hiring and growth to rebound in the April-June quarter. It will be harder than usual, though, to get a precise read on the economy because many data reports are still delayed by the partial shutdown of the government.

In the meantime, there are cautionary signs. Consumer confidence fell sharply in January, held back by the shutdown and by a steep fall in stock prices in December. And Americans spent less over the winter holidays, with consumer spending falling in December by the most in five years.

Home sales fell last year and price gains are slowing after the average rate on a 30-year mortgage reached nearly 5 percent last year. Sales of new homes also cratered late last year before picking up in December. And U.S. businesses have cut their orders for equipment and machinery for the past two months, a sign that they are uncertain about their customer demand.

The economy is forecast to be slowing to an annual growth rate of just 1 percent in the first three months of this year, down from 2.6 percent in the October-December quarter. Growth reached nearly 3 percent for all of last year, the strongest pace since 2015.

Still, economists expect a rebound in the April-June quarter, and there are already signs of one: Consumer confidence rose in February along with the stock market.

And more Americans signed contracts to buy homes in January, propelled by lower mortgage rates. Analysts have forecast that annual growth will top 2 percent next quarter.

 
…

From: MeNeedIt

Hiring tumbled in February, with U.S. employers adding just 20,000 jobs, the smallest monthly gain in nearly a year and a half. The slowdown in hiring, though, might have been depressed by harsh winter weather and the partial shutdown of the government.

Last month’s weak gain came after employers had added a blockbuster 311,000 jobs in January, the most in nearly a year. Over the past three months, job growth has averaged a solid 186,000, enough to lower the unemployment rate over time.

And despite the tepid pace of hiring in February, the government’s monthly jobs report Friday included some positive signs: Average hourly pay last month rose 3.4 percent from a year earlier _ the sharpest year-over-year increase in a decade. The unemployment rate also fell to 3.8 percent, near the lowest level in five decades, from 4 percent in January.

Unseasonably cold weather, which affects such industries as construction and restaurants, afflicted some areas of the country in February. And the 35-day government shutdown that ended in late January likely affected the calculation of job growth.

Still, the hiring pullback comes amid signs that growth is slowing because of a weaker global economy, a trade war between the United States and China and signs of caution among consumers. Those factors have led many economists to forecast weaker growth in the first three months of this year.

Sluggish hiring and job cuts in February were widespread across industries. Construction cut 31,000 jobs, the most in more than five years. Manufacturing added just 4,000 jobs. Retailers cut 6,100. Job growth in a category that includes mostly restaurants and hotels were unchanged last month after adding a huge 89,000 gain in January.

Most analysts expect businesses to keep hiring and growth to rebound in the April-June quarter. It will be harder than usual, though, to get a precise read on the economy because many data reports are still delayed by the partial shutdown of the government.

In the meantime, there are cautionary signs. Consumer confidence fell sharply in January, held back by the shutdown and by a steep fall in stock prices in December. And Americans spent less over the winter holidays, with consumer spending falling in December by the most in five years.

Home sales fell last year and price gains are slowing after the average rate on a 30-year mortgage reached nearly 5 percent last year. Sales of new homes also cratered late last year before picking up in December. And U.S. businesses have cut their orders for equipment and machinery for the past two months, a sign that they are uncertain about their customer demand.

The economy is forecast to be slowing to an annual growth rate of just 1 percent in the first three months of this year, down from 2.6 percent in the October-December quarter. Growth reached nearly 3 percent for all of last year, the strongest pace since 2015.

Still, economists expect a rebound in the April-June quarter, and there are already signs of one: Consumer confidence rose in February along with the stock market.

And more Americans signed contracts to buy homes in January, propelled by lower mortgage rates. Analysts have forecast that annual growth will top 2 percent next quarter.

 
…

From: MeNeedIt

U.S. President Donald Trump says he will not sign a trade deal with China unless it is a “very good deal.”

Trump made the comments Friday as he left the White House to tour tornado damage in the southern U.S. state of Alabama. The United States and China have been battling over trade tariffs since last year.

The White House is planning a summit between Trump and Chinese leader Xi Jinping in Florida later this year.

“If this isn’t a great deal, I won’t make a deal,” Trump said. Then he added: “We will do very well either way, with or without a deal.”

The trade dispute between the United States and China has begun to affect China’s economic growth.

China’s exports and imports fell significantly more than expected in the month of February, data published Friday by the country’s customs administration showed.

China’s trade surplus with the U.S. narrowed to $14.7 billion for the month, from $27.3 billion in January.

China’s February exports plummeted 20.7 percent from the same period a year prior, and imports dropped 5.2 percent from a year earlier, considerably more than expected. According to a Bloomberg News poll, the forecast was 5.0 percent and 0.6 percent respectively.   

Recent economic data reveal the difficulties China faced in the fourth quarter of 2018 as its growth rate slowed to 6.4 percent.

In January, an import barometer of prices in the industrial sector neared contraction, while manufacturing activity in February marked the worst performance in three years.

China’s government announced major tax cuts, fee reductions and a looser monetary policy to combat the economic growth slowdown.
…

From: MeNeedIt

U.S. President Donald Trump says he will not sign a trade deal with China unless it is a “very good deal.”

Trump made the comments Friday as he left the White House to tour tornado damage in the southern U.S. state of Alabama. The United States and China have been battling over trade tariffs since last year.

The White House is planning a summit between Trump and Chinese leader Xi Jinping in Florida later this year.

“If this isn’t a great deal, I won’t make a deal,” Trump said. Then he added: “We will do very well either way, with or without a deal.”

The trade dispute between the United States and China has begun to affect China’s economic growth.

China’s exports and imports fell significantly more than expected in the month of February, data published Friday by the country’s customs administration showed.

China’s trade surplus with the U.S. narrowed to $14.7 billion for the month, from $27.3 billion in January.

China’s February exports plummeted 20.7 percent from the same period a year prior, and imports dropped 5.2 percent from a year earlier, considerably more than expected. According to a Bloomberg News poll, the forecast was 5.0 percent and 0.6 percent respectively.   

Recent economic data reveal the difficulties China faced in the fourth quarter of 2018 as its growth rate slowed to 6.4 percent.

In January, an import barometer of prices in the industrial sector neared contraction, while manufacturing activity in February marked the worst performance in three years.

China’s government announced major tax cuts, fee reductions and a looser monetary policy to combat the economic growth slowdown.
…

From: MeNeedIt

Engine LITERS/TYPE
3.0-liter TwinPower Turbo inline 6-cylinder

DISPLACEMENT (cc)
2998

HORSEPOWER (hp @ rpm)
335 @ 5500–6500

TORQUE (lb-ft @ rpm)
330 @ 1500–5200

COMPRESSION RATIO (:1)
11.0

Transmission TYPE
8-speed STEPTRONIC Automatic transmission with Sport and Manual shift modes

AUTOMATIC GEAR RATIOS – I / II / III
5.25 / 3.36 / 2.17

AUTOMATIC GEAR RATIOS – IV / V / VI
1.72 / 1.32 / 1.00

AUTOMATIC GEAR RATIOS – VII / VIII / R
0.82 / 0.64 / 3.71

AUTOMATIC GEAR RATIOS – FINAL DRIVE RATIO
3.64

Performance ACCELERATION 0–60 mph AUTOMATIC (sec)
5.8

TOP SPEED (mph)
130 [152]

TOWING CAPACITY (lbs)
7500

Fuel Consumption 
FUEL TANK CAPACITY (gallons) 21.9

Wheels & Tires TIRE TYPE
Run-flat all-season

WHEEL DIMENSIONS (in)
21 x 9.5 front and rear

TIRE DIMENSIONS (mm)
285/45 front and rear

Exterior Dimensions LENGTH / WIDTH / HEIGHT (in)
203.3 / 78.7 / 71.1

CURB WEIGHT – AUTOMATIC TRANSMISSION (lbs)
5370

WEIGHT DISTRIBUTION, FRONT/REAR – AUTOMATIC TRANSMISSION (%)
46.6 / 53.4

PAYLOAD (lbs)
1202

Interior Dimensions HEADROOM (in)
41.9

LEGROOM, FRONT/REAR (in)
39.8 / 37.6

SHOULDER ROOM, FRONT/REAR (in)
60.0 / 58.1

CARGO CAPACITY (cu ft)
48.6 – 90.4

seLLines

Dimensions
Vehicle length 5341 mm / 210 in
Vehicle width 2000 mm / 79 in
Vehicle height (unladen) 1835 mm / 72 in
Wheelbase 3295 mm / 130 in

Weight
Unladen weight (DIN) 2660 kg / 5864 lb
Curb weight (USA) 2753 kg / 6069 lb

Engine
Engine / cylinders / valves 6.75 / 12 / 48
Fuel management Direct injection
Maximum torque @ engine speed 850 Nm @ 1600 rpm
Power output @ engine speed 563 bhp / 571 PS (DIN) / 420 kW @ 5000 rpm

Performance*
Top speed 155 mph / 250 km/h (governed)
Acceleration 0-60 mph (USA) 5.0 sec (5.0 sec)
Acceleration 0-100 km/h (USA) 5.2 sec (5.2 sec)

Fuel Consumption
Urban 22.4-21.9 ltr/100 km / 12.6-12.9 mpg (Imp.)
Extra urban 11.0-10.9 ltr/100 km / 25.7-25.9 mpg (Imp.)
Combined consumption 15.0 ltr/100 km / 18.8 mpg (Imp.)
CO2 emissions (combined) 341 g/km
Fuel Consumption (USA & Canada)‡
City 22.4-21.9 ltr/100 km / 10.5-10.7 mpg
Highway 11.0-10.9 ltr/100 km / 21.4-21.6 mpg

seLLines

The SpaceX Crew Dragon capsule has undocked from the International Space Station.

The Dragon pulled away from the station early Friday, and an Atlantic Ocean splashdown is expected Friday morning.

The Dragon brought supplies and equipment to the space station where it stayed five days as astronauts conducted tests and inspected the Dragon’s cabin.

The crew capsule did not have any humans aboard, just a test dummy named Ripley, a reference to the lead character in the “Alien” movies. Ripley was riddled with sensors to monitor how flight in the capsule would feel for humans.

The Dragon is the first American commercially built-and-operated crew spacecraft in eight years, since the end of the space shuttle program.

The U.S. relies on Russia to launch astronauts to the space station, at a cost of about $80 million per ticket.

NASA has awarded millions of dollars to SpaceX and Boeing to design and operate a capsule to launch astronauts into orbit from American soil beginning some time this year.

It is not immediately clear if that goal will be reached.

SpaceX is entrepreneur Elon Musk’s company. Musk is also the CEO of electric carmaker Tesla.
…

From: MeNeedIt

The International Monetary Fund on Thursday called Venezuela one of the most “complex situations” it had ever seen. 

IMF spokesman Gerry Rice described Venezuela and its economy as a combination of “food and nutrition crises, hyperinflation, a destabilized exchange rate, debilitating human capital and physical productive capacity, and a very complicated debt situation.” 

Rice said tackling this challenge would take “strong resolve” and “broad international support” from all 189 IMF members. 

IMF Managing Director Christine Lagarde told The Economist Radio, a podcast, that the fund would help “as soon as we are asked by the legitimate authorities of that country.” 

“We will open our wallet, we will put our brain to it, and we will make sure our heart is in the right place to help the poorest and most exposed people,” she added, calling the task it faced in Venezuela  “monumental.” 

Rice said Thursday that the IMF had yet to determine whom to recognize as the leader of Venezuela — President Nicolas Maduro or opposition leader Juan Guaido, the self-declared interim president.
…

From: MeNeedIt