OFF THE WIRE
Fed's Goolsbee: policy 'restrictive,' more disinflation likely
Feb 29 (Reuters) - Chicago Federal Reserve Bank President Austan Goolsbee on Thursday said he believes last year's improvements in the supply of goods and labor set the stage for further declines in U.S. inflation this year, a signal he remains on board for interest-rate cuts later this year."Rates are pretty restrictive," Goolsbee said in an event sponsored by Princeton University. "The question is, how long to remain this restrictive."Goolsbee did not give an answer to that question.
Fed's Mester said banks' Discount Window access needs tweaks
NEW YORK, Feb 29 (Reuters) - Federal Reserve Bank of Cleveland President Loretta Mester said Thursday she favors taking more concrete steps to make sure banks are ready to use a central bank liquidity facility aimed at helping the financial institutions in times of stress.Speaking at an event at Columbia University, Mester, as part of remarks that looked broadly at the financial system and how regulators can bolster its safety, flagged some potential reforms of the Discount Window, the Fed’s long-standing tool to provide banks fast liquidity.
BofA's Merrill offering spot bitcoin ETFs to clients, source says
Feb 29 (Reuters) - Bank of America's (BAC.N), opens new tab Merrill Lynch has been offering spot bitcoin exchange-traded funds to eligible wealth management clients, a source familiar with the matter said on Thursday, highlighting the growing popularity of the asset class.The ETFs have been available to clients for weeks, the source told Reuters, coming on the heels of the Securities and Exchange Commission's (SEC) landmark approval of such investment vehicles in January.
Wall St mixed in choppy trade as investors assess inflation data
Feb 29 (Reuters) - Wall Street's main indexes were mixed on Thursday as investors assessed a key inflation reading and comments from Federal Reserve officials to gauge the timing of potential interest rate cuts.A Commerce Department report showed U.S. prices picked up in January in line with expectations amid strong gains in the costs of services, but the annual increase in inflation was the smallest in three years.Traders added to bets that the Fed will cut interest rates in June after the PCE data.