Charles Plosser said the Federal Reserve’s efforts to boost the economicrecovery by buying bonds was not likely to succeed. “The slow pace ofthe recovery should not be taken as evidence that the stance of monetarypolicy is inappropriate or that ever more aggressive accommodation canspeed up that pace,” he said.
Prior to Plosser’s speech inPhiladelphia, retail stocks were rallying on word that consumerconfidence rose to its highest level in seven months. The S&P RetailIndex rose as much as 1 percent before closing down 0.7 percent, or4.80 points, to 653.38. The Dow Jones Industrial Average fell 0.8percent, or 101.37 points, to 13,457.55.
Among the declinerswere Oxford Industries Inc., down 4.7 percent to $56.07; Fossil Inc.,3.4 percent to $84.89; Guess Inc., 3.3 percent to $24.99, and UnderArmour Inc., 3.2 percent to $54.62.
Shoppers, at least, are feeling better.
TheConference Board’s Consumer Confidence Index was up 9 points to 70.3this month, the highest level since February and much better than the1.7-point increase economists expected.
Lynn Franco, director ofeconomic indicators at The Conference Board, said, “Consumers were morepositive in their assessment of current conditions, in particular thejob market, and considerably more optimistic about the short-termoutlook for business conditions, employment and their financialsituation. Despite continuing economic uncertainty, consumers areslightly more optimistic than they have been in several months.”
Ofthe people who took the research firm’s survey, 18.2 percent said theyexpected business conditions to improve over the next six months, upfrom 16.7 percent, and 18.5 percent said they expect more jobs in themonths ahead, up from 15.8 percent.
“The summer doldrums havebeen reversed, and there is a considerably more upbeat view of jobprospects,” said Chris Christopher, U.S. economist at IHS GlobalInsight. “Back-to-school retail sales have not been very promising, andthis bounce in consumer mood — if maintained — may assist in boostingholiday retail sales.”
In Europe, stocks closed higher as MarioDraghi, president of the European Central Bank, called on governments touse “fundamental” measures help resolve the debt crisis.
“Weexpect the economy to return to growth next year.… Governments must actto ensure this immediate upturn strengthens rather than weakens,” saidDraghi.
The FTSE 100 in London increased 0.4 percent to5,859.71, as the CAC 40 in Paris rose 0.5 percent to 3,513.81, the DAXin Frankfurt climbed 0.2 percent to 7,425.11, and the FTSE MIB in Milanadvanced 0.4 percent to 15,932.60.
Among the retail and luxurystocks that gained the most ground were Safilo, up 5.9 percent to 6.18euros, and Inditex, 2.2 percent to 99.70 percent.
Postingdeclines for the day were Aeffe, which fell 6.1 percent to 0.63 euros;Burberry, 1.1 percent to 10.18 pounds, and Ferragamo, 1.4 percent to16.58 euros.
The pound traded at $1.62 against the dollar, while the euro traded at $1.29.
“What he has done at Vuitton is really exceptional,” said @gameofthrones’ actress Gwendoline Christie on @mrkimjones’ final show for @louisvuitton. “He has rebooted luxury in terms of making it commercial, viable and contemporary. And most importantly artistic. He has never compromised his artistic vision for the sake of commodity.” (📷: @zefashioninsider)
After seeing a demand for men’s wear from its customers, British contemporary women’s wear label @ariesarise has added a men’s wear component and will launch a unisex collection with @mrporterlive. The 20-piece collection includes jackets, denim, logo T-shirts and more with deconstructed ‘90s vibes. Set to launch on January 18, you can shop the pieces on Aries’ website and on mrporter.com. #wwdfashion
“And so spending so much time with a character who thinks like that, inevitability you try and analyze yourself and go back and think about your own demons and dark chapters that you had in your life,” says @thedanielbruhl of his role in TNT’s “The Alienist.” The show, set in the Gilded Age of New York, also stars Dakota Fanning and Luke Evans. Head to WWD.com to read about how 39-year-old Brühl prepared for the role and why he thinks the show is so relevant to today #wwdeye ( 📷: @Eriktanner)
Now that Celine Dion’s collection has topped $10 million in sales, the pop superstar, fashion icon and newly-minted industry player is eyeing growth in Asia. Read the full report by @tiffanyap, link in bio. #wwdnews #celinedion
“My personal philosophy to beauty is paying attention to oneself. I love to be outdoors, lots of fresh air, trying to take care of yourself as best you can. I always notice that comes through,” says Felicity Jones, the global face of @shiseido-owned @cledepeaubeauteus, which launches today. Head to WWD.com to read more about the actress’ love for beauty and how she prepared for her new role in “The Basis of Sex,” playing the young Ruth Bader Ginsburg. #wwdbeauty (📷: @dandoperalski)
Among the familiar faces at @off____white’s show was a surprise figure: Japanese artist @takashipom, pictured here on Wednesday morning. Other show-goers included @jerrylorenzo, who spoke about his upcoming project: a @nike collaboration for back to school, with designs inspired by his childhood on the West Coast. Sitting in the front row were Future, Don Crawley, @miguel and more. See the rest of the photos on WWD.com #wwdeye (📷: Stephane Feugere)
According to @laurentsai, former “Terrace House: Aloha State” cast member, she didn’t know she was auditioning for the Japanese version of “Real World.” “I was telling a couple of my friends and someone’s like, ‘That sounds a lot like Terrace House.’ I was like, ’No it can’t be.’” Turns out, it was. But Tsai isn’t just a reality star — she’s an illustrator who has worked with Starbucks Japan and most recently, she’s dipping her toes into the fashion world. Head to WWD.com to read about her time on the show, modeling and her art. #wwdeye (📷: @danieldorsa)
More changes are coming to New York Fashion Week: Beginning with the spring 2019 collection, @alexanderwangny will move his New York show to June from September, adopting a biannual schedule with collections shown in June and December. Additionally, the @cfda is planning for an official summer/winter fashion season taking place as soon as June and December 2018. Read more about the upcoming changes on WWD.com. #wwdnews #wwdfashion (📷: @slovekinpics)