• Federal Reserve Chair Janet Yellen says that the study of economics not only can help students manage their personal finances but also provide them with the skills for analytical and critical thinking needed for success later in life.
"Economics provides knowledge and skills of practical use in college and in the workplace and it also provides skills to plan and make wise financial decisions," Yellen said.
In her prepared remarks, Yellen made no comments on the economy's current condition or the future path of interest rates.
However, Fed focus is on low unemployment, low & stable inflation and try to ensure a strong jobs market.
In the "short term I would say I don't think there are serious obstacles. I see the economy as doing quite well," Yellen said in a town hall meeting with educators, adding that she was worried about longer-term issues like widening income inequality and weak growth in labor productivity.
• Several Fed officials on Thursday cautioned that the fiscal and tax plans sketched out by the incoming Trump administration could spur a short-term economic boost that would result in longer-run inflation and debt problems.
• Tighter trade policies, which President-elect Donald Trump campaigned on, could pose a downside risk for the U.S. economy, St. Louis Federal Reserve President James Bullard said on Thursday.
• Changes in U.S. trade policies may result in "new taxes" for consumers and companies if they disrupt the U.S. supply chains and raise prices on goods and services, Bullard said in response to questions from reporters after a speech before the Forecasters Club of New York.
• Fed's Evans: Median estimate of 3 rate hikes this year is plausible.
• Fed's Harker: When Fed Funds Rate Hits 100 Bps, Must Think About Stopping Reinvestments In Fed Portfolio
• The U.S. dollar hit its lowest level in five weeks against a basket of currencies on Thursday and was on course for its worst week since November, hit by a loss of confidence in the U.S. reflation trade a day after a news conference by U.S. President-elect Donald Trump.
The index pared losses in afternoon trading and was last down just 0.4 percent at 101.370.
The dollar weakened as much as 1.4 percent against the yen to 113.76 yen, its weakest level in five weeks, while the euro hit its highest in five weeks against the dollar of $1.0684.
• Initial claims for state unemployment benefits increased 10,000 to a seasonally adjusted 247,000 for the week ended Jan. 7, the Labor Department said. It was the 97th straight week that jobless claims remained below 300,000, a threshold associated with a healthy labor market. That is the longest stretch since 1970, when the labor market was much smaller.
• In a second report, the Labor Department said import prices increased 0.4 percent last month as the cost of petroleum products surged 7.9 percent. Import prices slipped 0.2 percent in November.
• Import prices are rising as the drag from lower oil prices fades. Oil prices have risen above $50 per barrel.
• Oil prices rose more than 1 percent on Thursday on news that key crude exporters, including Saudi Arabia and Russia, were cutting production to reduce a global crude glut, and on forecasts of record demand in China.
U.S. crude futures CLc1 settled up 76 cents to $53.01 a barrel, a gain of 1.5 percent. Brent crude oil LCOc1settled up 91 cents, or 1.7 percent, at $56.01, off the session high of $56.43 a barrel.
• BMI Research estimated overall compliance with production cuts at about 73 percent.
• China National Petroleum Corp (CNPC) said the country's net crude imports will rise 5.3 percent to 396 million tonnes in 2017, with crude consumption headed for a record 594 million tonnes or 12 million bpd this year.
Reference: Reuters, CNBC, AP, Forex Live
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