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<ul><li>The <keyword id="1482126" type="ORGANIZATION" weightage="60" keywordseo="Cleveland-Fed">Cleveland Fed</keyword> President told CNBC that the <keyword id="46126" type="ORGANIZATION" weightage="60" keywordseo="economic-recovery">economic recovery</keyword> will be a "slow one." </li><li><keyword id="2271477" type="PERSON" weightage="60" keywordseo="Loretta-Mester">Loretta Mester</keyword> cited <keyword id="3024189" type="PERSON" weightage="60" keywordseo="the-fed">the Fed</keyword>'s high-frequency data, which showed economic activity slowing as virus cases picked up in June. </li><li>"I think accommodative monetary policy is going to be very important throughout this recovery. And I do believe that fiscal policy is going to need to be at the table too in order to support the economy going forward," she added. </li></ul><ul><li><a href="https://www.businessinsider.com/?utm_source=markets&amp;utm_medium=ingestgest">Visit Business Insider's homepage for more stories</a>.</li></ul>Cleveland <keyword id="2543825" type="PERSON" weightage="60" keywordseo="Fed-President">Fed President</keyword> Loretta Mester <a href="https://www.cnbc.com/2020/08/28/feds-mester-says-recovery-will-be-a-slow-one-and-more-economic-support-is-needed.html">told CNBC on Friday</a> that the economic recovery will be "a slow one" and the Fed will need to continue to be accommodative throughout the recovery. "I think right now we're in the reopening phase and some of those growth rates are going to look really good in the third quarter. But I do think that there's more pain out there that we're going to have to support the economy through," she said.<a href="https://twitter.com/SquawkCNBC/status/1299310053753860096?s=20">Mester added that </a>the Fed's high-frequency data showed economic activity tempered when coronavirus cases began to pick up at the end of June. The Fed president said the recovery will have "fits and starts" that are contingent on virus cases.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-cheap-companies-strong-earnings-morgan-stanley-2020-8" target="_blank" rel="noopener">MORGAN STANLEY: Buy these 12 underappreciated stocks that offer strong profit growth and are due for a surge</a>A combination of additional policy from both the Fed and the federal government will be necessary to sustain the recovery, she said. "What that looks like, we're going to have to take our time to evaluate that over time, but I think accommodative monetary policy is going to be very important throughout this recovery. And I do believe that fiscal policy is going to need to be at the table too in order to support the economy going forward," Mester said. Read more: <a href="https://www.businessinsider.com/stock-picking-strategy-from-portfolio-manager-who-spots-100x-winners-2020-8">Chris Mayer wrote the book on how to make 100 times your money with a single stock. He gives an in-depth assessment of the latest company that 'checks all my boxes.'</a>

Economic recovery will be 'a slow one' and activity has weakened as virus cases picked up, Fed President Mester says

<ul><li>Craig Johnson, Piper Sandler senior technical research analyst, said the <keyword id="123873" type="PERSON" weightage="60" keywordseo="SP-500">S&amp;P 500</keyword> will continue to gain following its record high on Tuesday. </li><li>Johnson told CNBC that charts of lumber, oil, and industrial metals show that the economy is improving. </li><li>The analyst said one of the "key factors" for <keyword id="388029" type="ORGANIZATION" weightage="60" keywordseo="portfolio-managers">portfolio managers</keyword> looking to outperform in the second half of the year will be to pivot into cyclical <keyword id="6354298" type="DEFINITION" weightage="60" keywordseo="Stocks">stocks</keyword>. </li></ul><ul><li><a href="https://www.businessinsider.com/?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestutm_source=msn.com&amp;utm_medium=referral&amp;utm_content=msn-slideshow&amp;utm_campaign=bodyurl?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestarkets&amp;utm_medium=ingest">Visit the Business Insider homepage for more stories</a>.</li></ul>Piper Sandler's Craig Johnson <a href="https://www.cnbc.com/video/2020/08/19/piper-sandler-theres-more-upside-to-equities-from-here.html">told CNBC on Wednesday</a> there's more room to grow for the <a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestts&amp;utm_medium=ingest">S&amp;P 500 index</a> following its all-time intraday high on Tuesday.The senior technical research analyst has a price objective of 3,600 for the end of the year, but he said he thinks "that's going to be a low, there's going to be more upside than that 3,600." He also answered "unequivocally yes" when CNBC asked if the market could continue higher after its Fed- and government stimulus-fueled comeback.The S&amp;P 500 was up 0.2% to 3,396.5 in Wednesday morning trading. It has gained 4.92% year-to-date through Tuesday's close. Johnson said charts of lumber, oil, and industrial metals show that the economy is moving in the right direction, and that he expects another round of stimulus soon."There's no doubt that the economy has come off of life support, we're moving in the right direction. There is going to be a need for some additional stimulus, but at this point in time I think you're starting to see the evidence that things are starting to improve," Johnson said.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-back-to-school-big-returns-jefferies-2020-8">Jefferies says buy these 7 back-to-school stocks for big returns with much of the US going remote</a>The analyst added that <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> are a "very good" leading economic indicator that look six to nine months ahead and have priced in economic improvement. Johnson also said there's $4.1 trillion of cash "sitting on the sidelines" and "with this market breaking out to new highs, there's a lot of remorse out there with investors that have been sitting on the sidelines not participating in this market for say a longer term investment horizon." One of the "key factors" for portfolio managers looking to outperform in the second half of the year will be to pivot into cyclical stocks, said Johnson. The analyst said he believes that <keyword id="3024189" type="PERSON" weightage="60" keywordseo="the-fed">the Fed</keyword> will remain accommodative, and this will result in financial and cyclical stocks gaining.

S&P 500 will 'unequivocally' soar higher than its recent record by the end of the year, Piper Sandler senior technical analyst says

<div class="KonaFilter image-container float_right" style="width:440px"><div class="image">Google FInance</div></div>The stock market aren't reacting much to the Fed's just-published <a href="http://read.bi/1lKnnYv">FOMC minutes</a>.
The Dow's up 100 points.
The S&amp;P 500 is up 11 points.
The Nasdaq is up 44 points.
Overall, the message of the minutes reaffirm the Fed's commitment to keeping monetary policy easy and accomodative as long as the labor market remains weak.
Among other things, the members discussed their forecasts for rate hikes, which initially suggested an increased degree of hawkishness. From the minutes:
"...several participants noted that the increase in the median projection overstated the shift in the projections. In addition, a number of participants observed that an upward shift was arguably warranted by the improvement in participants' outlooks for the labor market since December and therefore need not be viewed as signifying a less accommodative reaction function. Most participants favored providing an explicit indication in the statement that the new forward guidance, taken as a whole, did not imply a change in the Committee's policy intentions, on the grounds that such an indication could help forestall misinterpretation of the new forward guidance."
Read more about the minutes <a href="http://www.businessinsider.com/march-fomc-minutes-2014-4">here</a>.

Stocks Rise After Fed Minutes

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">REUTERS/Kevin LamarqueJanet Yellen.</div></div></div>The Federal Reserve is going to raise interest rates again. Probably sooner than you - or at least the market - think. In a <a href="http://www.businessinsider.com/janet-yellen-speech-june-6-2016-6">speech in Philadelphia on Monday</a>, Fed Chair Janet Yellen, speaking for the final time before the Fed's June 15 meeting, said that another interest rate hike from the Fed does not require the central bank meet both parts of its dual mandate first. Here's the key bit from Yellen's speech (emphasis added):I continue to believe that it will be appropriate to gradually reduce the degree of monetary policy accommodation, provided that labor market conditions strengthen further and inflation continues to make progress toward our 2 percent objective. Because monetary policy affects the economy with a lag, steps to withdraw this monetary accommodation ought to be initiated before the FOMC's goals are fully reached. The Fed's goals are for full employment and price stability, which it defines as 2% inflation. Inflation has run below this target for some time. There's a case to be made we're already at full employment or at least very near this point (which you can most easily think of as the unemployment level at which wages and inflation begin to accelerate). Many Fed watchers, however, argue that the Fed ought to remain accomodative until inflation isn't just at the Fed's target but in fact overshooting this level, given how widely the Fed has missed this goal for years now. And many of these folks would already argue <a href="http://www.businessinsider.com/federal-reserve-announcement-december-16-2015-12">the first rate hike</a> was a mistake; another move from the Fed seems likely to upset them even further. <div class="KonaFilter image-container display-table"><div><div class="image">FRED</div></div></div>Right now, market pricing doesn't give the Fed more than a 50% chance of raising rates until the December 14, 2016 meeting. A rate hike in June is priced at just a 2% chance; July is at just 27.5%. Many economists had been expecting a move as early as June 15, or at least July. These expectations have mostly been pushed to September following <a href="http://www.businessinsider.com/us-jobs-report-may-2016-2016-6">Friday's poor jobs report</a>, though some still argue no action from the Fed will be <a href="https://twitter.com/MylesUdland/status/738719597378035713">seen until 2017</a>. But Yellen's comments on Monday make clear that the Fed is not going to wait for a 100% "all clear" from the economy before continuing to pull rates higher. In her speech, Yellen addresses a common criticism that underwrites many calls for more prudence from the Fed.Namely, that the risks are asymmetric with the Fed right now possessing effectively unlimited ammo to fight inflation that is too high or an economic cycle running too hot, while it currently possesses fairly limited tools to fight a downturn. Here's Yellen (again, emphasis added):Although the economy is now fairly close to the FOMC's goal of maximum employment, I view our modestly accommodative stance of policy as appropriate for several reasons. First, with inflation continuing to run below our objective, a mild undershooting of the unemployment rate considered to be normal in the longer run could help move inflation back up to 2 percent more quickly. Second, a stronger job market could also support labor market improvement along other dimensions, including greater labor force participation. A third reason relates to the risks associated with the constraint on conventional monetary policy when the federal funds rate is near zero. If inflation were to move persistently above 2 percent or the economy were to become notably overheated, the Committee could readily increase the target range for the federal funds rate. However, if inflation were to remain persistently low or the expansion were to falter, the FOMC would be able to provide only a limited amount of additional stimulus through conventional means. But even these downside risks notwithstanding, Yellen on Monday made a clear effort to keep the Fed's policy options open. Recent "Fedspeak" that suggested a more aggressive Fed could show its teeth in the summer has been roundly dismissed by markets in the wake of the jobs report, bringing us into yet another chaper of "The Fed vs. The Market." Yellen's commentary on Monday makes clear, however, that the Fed still stands ready to surprise markets. As long as the data lets them. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/newly-discovered-dinosaur-osteoarthritis-2016-5">Scientists discovered something heartbreaking about this newfound dinosaur</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="NmajNvMzE6PcqWRWOqo_2Df0NcMtFZWL" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

The Fed is going to raise rates again soon - and this will drive some people crazy

<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>Passengers on a Pakistan International Airlines (PIA) flight revolted this week after being forced to endure a 2-hour delay to accomodate a pair of tardy VIPs.
During they delay, a group of fed-up passengers formed a blockade at the airline gate, preventing the two gentlemen, identified as former Pakistani interior minister Rehman Malik and parliament member Dr. Ramesh Kumar Vankwani, from boarding the flight, <a href="http://www.bbc.com/news/world-asia-29218939" target="_blank">reported the BBC</a>. 
The incident was captured on shaky cellphone video cameras. As Mr. Malik approached the aircraft from the jetway, the enraged passengers appear to demand an apology for causing such a lengthy delay for the short flight from Karachi to the nation's capital in Islamabad. 
"You should apologize to these passengers!" demanded the group's apparent leader. "It is your fault [we are delayed], sir. You should be ashamed of yourself!" 
<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>He continued, " You are not a minister anymore, and even if you are, we don't care! We don't care anymore. You people have to become humans!"
 "We've taken it for 68 years!" shouted another passenger in reference the country's 1947 Independence from Great Britain. "We are not taking it anymore!"
In a final insult, one passenger screams, "Shame on you, you dog!"
Vankwani made it farther than Malik. He actually got to his seat, before the another group of passengers compelled him to leave the aircraft. 
Pakistan's national airline has a reputation for poor performance. Data from <a href="http://www.flightstats.com/go/Airline/airlineScorecard.do?airlineCode=PK&amp;airlineQueryDate=2014-09-17" target="_blank">Flightstats.com </a>show that just 36% of its flights took off on time over the past two months.
<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>According to the <a href="http://www.nytimes.com/2014/09/17/world/asia/pakistan-airlines-delay-leads-to-near-mutiny.html?_r=0" target="_blank">New York Times</a>, altercation, it's common practice for the state-owned airline to delay flights to accommodate tardy politicians and senior bureaucrats. The practice is seen as a cause for its weak on-time rating. 
A day after being confronted by angry passengers, Malik denied being the reason for the two-hour delay and even went as far as to blame the airline for failing to provide adequate security, the New York Times reported.
 Pakistan International Airlines claimed that an hour and half of the delay was due to a mechanical fault, but could not explain the rest of the lost time, the Times reported.
Business Insider reached out to PIA for comment and will provide and update if there's any new information.
Take a look at the video of Mr. Malik leaving the flight:

Angry Airline Passengers In Pakistan Revolt Against Tardy VIPs

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors.
<a href="http://www.nuveen.com/Commentary/BobDoll/WeeklyCommentary.aspx">The Economic Expansion And Bull Market Aren't Over Yet</a> (Nuveen Investments)
This week during the FOMC meeting, the Fed is expected to "drop the phrase 'considerable time' when discussing how long it intends to keep the fed funds rate anchored at zero", according to Bob Doll. This decision will give the Fed more flexibility in its approach to monetary policy, and many now believe that the Fed will begin increasing rates next year.
"Typically, economic expansions and bull markets come to an end when inflation pressures are building, which cause the Fed to begin tightening monetary policy in an effort to curb growth. We are expecting the central bank to begin gradually tightening next year, but this move would not come as a result of higher inflation, but rather as an acknowledgment of improved growth," according to Doll.
In other words, the economic expansion and the bull market run aren't over yet. There will be "episodes of volatility and periodic equity market setbacks" but overall, the economic backdrop remains "supportive of economic and earnings growth" - which will lead to rising equity prices.
On the flip side, the ECB is "still ramping up its easing policies" and Nuveen Investments anticipates that the Bank of Japan will "engage in additional easing measures as well." Nuveen attributes the US's differing stance as the primary reason why the US dollar has experienced "notable appreciation over the last few months", while the eurozone and Japan are still struggling.
<a href="http://www.investmentnews.com/article/20140914/REG/309149997/advice-industry-adapts-to-changing-concept-of-retirement#">Advisers Need To Focus On Clients' Wealth Preservation Because Retirement Isn't The End Goal Anymore</a> (Investment News)
"For decades, the financial services industry has positioned retirement as the ultimate goal, the end game. Today we're discovering that retirement is just another life event, like a 'graduation' from work," wrote Jan Blakeley Holman, director of advisor education for Thornburg Investments, in a series of articles for advisers.
Prior to a client's retirement, advisers must focus on helping him/her accumulate wealth. Afterwards, they need to help operate the more complicated part of wealth management: namely, the preservation and distribution of accumulated money during retirement.
In order to help navigate a client's post-retirement finances, advisers need to take into consideration a client's household income, sources of income, desired lifestyle, and health considerations, among others. Such factors will analyze what a client's financial future could look like.
Additionally, "rather than generate predictions about a portfolios probability of success or failure, financial services firms should focus on answering specific questions about how much clients can spend in retirement and how they should alter their investment strategies to accomodate their needs."
<a href="http://online.wsj.com/articles/for-wannabe-financial-advisers-career-path-widens-1410442462">Financial Advising Firms Are Starting To Hire Younger Recruits Because Veteran Advisers Are Nearing Retirement Age</a> (Wall Street Journal)
In the past, big brokerage firms "typically steered clear of the student set and sought out recruits who weren't so young," according to the WSJ's Corrie Driebusch. But now, many veteran advisers are "nearing or at retirement age" and there's been a shortage of talent to replace them.
As a result, firms such as Merrill Lynch have started to offer internship programs to college students. Additionally, colleges have started financial planning programs where students work with the Certified Financial Planner Board of Standard, Inc. to "provide students with the education requirement for the group's financial planner certification."
However, there's a problem. Only about one-third of students "who graduated from a college program that prepares them for the CFP certification actually choose to sit for the CFP exam" and programs have noticed a recent decrease in enrollment. Only approximately 50% of students get a passing grade, which is definitely a contributing factor to why less and less are taking the courses.. 
<a href="http://www.morningstar.com/cover/videocenter.aspx?id=664833">Scottish Independence Could Lead To A Falling Pound, And Your UK Investments May Be Impacted</a> (Morningstar)
The possibility of Scottish independence is worth paying attention to, according to Josh Peters. Right now, we're already seeing an immediate impact from the vote: the British pound is dropping relative to the dollar, which is "a reversal of a trend that's been in place here for a while."
For those invested in British stocks, you're looking at a short-term loss of value in dollar terms. That's because the price of the stock of British companies is effectively set on the LSE.
Although it's always difficult to predict currency trends, this trend could potentially continue. In the past, Britain's economy is better than continental Europe's, and it has "had the advantage of performing a lot better". But if Scotland votes yes, "you may see a period where the pound is no longer going up but maybe going sideways or going down," which will impact UK investments.
<a href="http://blog.alliancebernstein.com/index.php/2014/09/15/can-real-estate-stocks-cope-with-rising-rates/">Global Real Estate Stocks Are A Way Better Choice Than REITs </a>(AllianceBernstein)
US Real Estate Stocks (REITs) "have been strong performers since the global financial criticism" according to AllianceBernstein's Eric Franco. The stock index has nearly quadrupled since March 2009, and has outpaced global property stocks and the broader US market. "But although the US property market fundamentals remain quite healthy, the valuation of US REITs isn't nearly as attractive as a few years ago - even when compared with government bonds."
On the flip side, non-US real estate stocks look relatively attractive. While the cash-flow yield for US real estate stocks versus the 10-year Treasury is now "only slightly above its long-term average", while the cash-flow yield for non-US real estate stocks relative to a composite 10-year sovereign bonds remains "well above its long-term average."
Additionally, "non-US real estate stocks prices have recently been less sensitive to changes in sovereign yields." On the flip side, US REITs have "reliably" outperformed the S&amp;P500 when Treasury rates declined and have "reliably" underperformed when rates rise.
Finally, non-US REITS are also exposed to diverse interest-rate environments. Places like Japan, Australia, and Europe are "unlikely" to see rising interest rates anytime soon.

You Searched For "accomodative fed" and got 7 results

Economic recovery will be 'a slow one' and activity has weakened as virus cases picked up, Fed President Mester says

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S&P 500 will 'unequivocally' soar higher than its recent record by the end of the year, Piper Sandler senior technical analyst says

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Stocks Rise After Fed Minutes

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The Fed is going to raise rates again soon - and this will drive some people crazy

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Angry Airline Passengers In Pakistan Revolt Against Tardy VIPs

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YELLEN: It will be appropriate to raise rates this year

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