Fed: Taper Continues; Adjust Economic Projections

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago Previous: Investment Fraud Scheme Nets 27 Months in Prison Next: RealtyTrac: Natural Disaster Risk ‘Very High’ for 10.6M Housing Units Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Fed: Taper Continues; Adjust Economic Projections Federal Reserve FOMC Janet Yellen Mortgage-Backed Securities 2014-06-18 Tory Barringer Tagged with: Federal Reserve FOMC Janet Yellen Mortgage-Backed Securities June 18, 2014 992 Views The Federal Open Market Committee (FOMC) concluded its June meeting with the announcement that members have once again voted to bring down the Federal Reserve’s stimulative monthly asset purchases.Taking a cue from improvements in labor market indicators, household spending, and general economic activity, the committee members voted to reduce the Fed’s monthly purchase of agency mortgage-backed securities (MBS) to a pace of $15 billion per month, while purchases of longer-term Treasury securities will be cut to $20 billion per month.Together, the cuts represent a scaling back of $10 billion in monthly additions, keeping with the committee’s pace so far. If the current course continues, the so-called “taper” could conclude by fall.However, as usual, the FOMC made a point that “asset purchases are not on a preset course, and … will remain contingent on the Committee’s outlook for the labor market and inflation as well as its assessment of the likely efficacy and costs of such purchases.”Despite seeing overall improvement in the economy, board members did readjust their economic projections in light of recent news of a downturn in the first quarter.For 2014, the committee now projects a 2.1–2.3 percent change in real gross domestic product (GDP), a sharp drop from March’s projection of 2.8–3.0 percent growth.On the other hand, labor forecasts were more favorable. By the end of the year, the committee—perhaps encouraged by recently improved jobs numbers—expects the unemployment rate to be as low as 6.0 percent.In a press conference following the release of the committee’s statement, Fed Chair Janet Yellen explained the revision comes as a result of better than expected payrolls, which have averaged 234,000 over the last three months.Yellen also addressed the role that the regulatory environment has played in this year’s slowdown in the housing market, admitting that banks have grown increasingly reluctant to lend to borrowers with lower credit scores.”They mention in meetings with us consistently their concerns about putback risk, and I think it is difficult for any homeowner who doesn’t have pristine credit these days to get a mortgage,” she said, adding that regulators now need to work to clarify mortgage lending rules “to create an environment of greater certainty for lenders to be willing to extend mortgage credit.”Markets responded largely positive to the announcement and to Yellen’s conference. As of 2:30 Central, the S&P 500 was up 0.6 percent for the day and was on pace for a record closing. Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save in Daily Dose, Featured, Government, Headlines, News Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Fed: Taper Continues; Adjust Economic Projections Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more

Teachings from the televangelist

first_imgHe’s a man of the cloth, but he knows his best camera angles as well as he does his Scripture.Former Pentecostal televangelist Carlton Pearson visited Harvard recently to announce his donation to the Andover-Harvard Theological Library of his personal archives, which include thousands of hours of raw and produced footage to give researchers insight into the craft of religious broadcasting.“This is like interring my previous person in a mausoleum for it to be preserved and memorialized and archived for perpetuity,” he said of the footage.Because of its historic and cultural value, the gift from Pearson, who lives in Tulsa, Okla., represents a significant contribution to library collections. Pearson, who studied at Oral Roberts University and worked as a bishop in Tulsa, broke with his church in 2005 after preaching what he called the “gospel of inclusion,” which deviated from traditional Pentecostal ideas. He promoted, instead, beliefs that salvation is not dependent on Pentecostal experience, that hell does not necessarily exist, and that Christianity is not the only path to heaven.The impact of his shift in belief was seismic. Fellow bishops labeled him a heretic, and his parish of thousands dwindled to dozens. But Pearson said he has emerged from the past decade a changed man.“When I lost the ministry, I had to actually pack up my stuff,” he said.That’s when he found time to watch and reflect upon just a small part of his 40-year career. The archive spans his fire-and-brimstone years, beginning when he first went on the air in 1977 with a high-octane televangelism. That footage revived complex memories for him.“It was like looking at a corpse in a coffin of who I used to be. When you have your whole life’s work in plastic crates wrapped up in storage, it’s like you died,” he said. “The attachment and detachment were both simultaneously very difficult.”Pearson kept the archive in deep storage, but it came to light when Jonathan Walton, now Plummer Professor of Christian Morals and Pusey Minister in the Memorial Church in the Faculty of Arts and Sciences and professor of religion and society at Harvard Divinity School, went to Tulsa to study how narratives are crafted in religious broadcast. Pearson’s material was so comprehensive and detailed — raw footage from each produced broadcast, financial records, advertising, and even White House correspondence — that Walton immediately recognized an invaluable resource.“Nobody can tell a story about religion in America in the second half of the 20th century without talking about religious broadcasters,” said Walton. “They’ve gone from marginal characters to swearing in presidents.”Religious leaders began utilizing the power of television soon after the medium took off in the 1950s, seizing the opportunity to place the pulpit in parishioners’ living rooms. The industry boomed, and compelling figures such as Oral Roberts and Jim Bakker gained wide followings. Pearson regularly hosted prominent religious leaders on his programs and had an active civic life.“If a picture is worth 1,000 words, these preachers understand that a 20-minute sermon block is worth infinite meaning, and they’re very careful about how they seek to construct that,” Walton explained.When students and researchers come to Harvard, they now will be able to compare and contrast, not just from their fieldwork but from Pearson’s unedited masters, figuring out how narratives about gender, race, and religious fervor are shaped in the editing process.“It’s one thing to be in a service with them and actually see what happens, and it’s another to get the hyper-produced version that’s then marketed and sold,” said Marla Frederick, professor of African and African American Studies and of Religion, whose work also focuses on the intersections of religion, race, gender, media, politics, and economics.“You can see how theology has changed over the years, from the ’70s to now, the evolution in American religious broadcasting. We think of this as an often-conservative theology, but there’s movement and dynamism in what takes place in religious broadcasting.”In June, Pearson’s archive will arrive on campus to be cataloged and eventually digitized.The 63-year-old Pearson said the gift reflects his way of still spreading and nurturing feelings of faith.“Connecting to Harvard is an answer to the command of everywhere,” he said, referencing Christianity’s Great Commission, “because people can online access this from Germany, from Switzerland, from Australia. It really is everywhere.”last_img read more

Max Muncy to Madison Bumgarner after splashing home run: ‘Get it out of the ocean’

first_imgDodgers first baseman Max Muncy and Giants pitcher Madison Bumgarner exchanged some words and gestures in a bizarre scene during Sunday’s game at Oracle Park.Muncy blasted a first-inning pitch from Bumgarner out of the stadium into McCovey Cove, then stood at home plate momentarily to admire it. That irked Bumgarner, who gestured for Muncy to start running. Max Muncy with a splash hit and some words for MadBum 😳(via @MLB)pic.twitter.com/nnVV7JXDIX— SportsCenter (@SportsCenter) June 9, 2019Plenty of fans watching on TV probably tried to read lips during the exchange, but Muncy later clarified the conversation.“I hit the ball and then he yelled at me, he said, ‘Don’t watch the ball. You run,'” Muncy said. “And I just responded back, ‘if you don’t want me to watch the ball, go get it out of the ocean.'””If you don’t want me to watch the ball, you can get it out of the ocean.” 😂@maxmuncy9 on his 1st inning HR off Madison Bumgarner. pic.twitter.com/lBSkGADMQd— SportsNet LA (@SportsNetLA) June 9, 2019As it turned out, that was the only run of the game as the Dodgers held on to win, 1-0. As Muncy trotted around the bases, he and Bumgarner exchanged words and gestures. At one point, Muncy appeared to gesture in the direction of McCovey Cove. Home plate umpire Will Little stood with Bumgarner to prevent the situation from getting out of hand.last_img read more