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Central Bankers Head To Wyoming Retreat Seeking Clarity On US Interest Rates

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Central Bankers Head To Wyoming Retreat Seeking Clarity On US Interest Rates


Powell will address the annual meeting of central bankers in the US state of Wyoming


KAREN BLEIER

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Central bankers and academics from around the world have descended upon the town of Jackson, Wyoming searching for clues on the US Federal Reserve’s interest rate policy.

After 11 rate hikes in less than 18 months, the US benchmark lending rate now sits at a range between 5.25 and 5.5 percent — its highest level for 22 years.

However, the rapid cycle of interest rate increases has failed to definitively quash inflation, which remains stuck above the Fed’s long-term target of two percent, despite slowing sharply from recent multi-decade highs.

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Analysts expect Fed Chairman Jerome Powell’s opening remarks at the annual Jackson Hole economic symposium on Friday to address monetary policy ahead of the next interest rate decision in September.

They’ll also be looking for clues about the Fed’s likely policy trajectory in the coming months, when inflation is expected to approach its long-term target.

“The main takeaway from the speech to me is essentially going to be how much he talks about keeping rates higher for longer,” Peterson Institute for International Economics (PIIE) President Adam Posen told reporters earlier this month.

This year’s symposium will examine “structural shifts in the global economy,” the Kansas City Fed, which organizes the annual retreat, announced in a recent statement.

European Central Bank President Christine Lagarde will address the symposium on Friday afternoon, while senior central bankers from the United Kingdom and Japan will take part in a panel discussion on Saturday.

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The Fed recently raised its benchmark lending rate to its highest level for more than 20 years


Jonathan WALTER

Analysts and policymakers remain split on the likelihood of a 12th hike to tackle inflation at the Fed’s next rate-setting meeting in September.

Surprisingly strong jobs and growth data in recent months indicate that the US economy is in better health than many economists feared earlier this year when they forecast the United States was headed for recession.

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Nevertheless, futures traders currently assign a probability of more than 80 percent that the Fed will vote to pause rates at the next Federal Open Market Committee (FOMC) meeting on September 19-20, according to data from CME Group.

Looking ahead, if price increases continue to slow and the Fed holds rates steady, policymakers will find themselves in a scenario where real, inflation-adjusted interest rates are rising.

This would have the effect of continuing to slow the US economy, which some fear could tip it into recession.

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Investors will be looking for clues on what the Fed under Chair Jerome Powell might do in the months ahead


SAUL LOEB

Against this backdrop, economists and investors will be looking for clues from Powell about how long the Fed intends to hold interest rates before contemplating a cut.

“Powell will need to choose whether to accept or push back against the “higher-for-longer” narrative at Jackson Hole on Friday,” Citigroup economists wrote in a recent note to clients.

“We think he will have little incentive to loosen financial conditions given a tight labor market and above-potential growth,” they added.

“We think Powell’s tone at Jackson Hole will be less balanced than the July FOMC minutes since the latest data raise the risk of a fresh increase in inflation,” Bank of America economists wrote in a recent note to clients.

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If Powell doesn’t indicate support for keeping rates higher for longer, the financial markets could react forcefully, according to Posen from PIIE.

“If he says we’re data dependent, I think the markets will interpret that as very dovish and there will be a strong reaction,” he told reporters earlier this month.

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Wyoming

Farmer's Almanac, Meterologist Predict Wyoming Summer Weather

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Farmer's Almanac, Meterologist Predict Wyoming Summer Weather


The Old Farmer’s Almanac predicts a warm, seasonally stormy summer for Wyoming in 2024.

Meanwhile, a Cheyenne-based meteorologist with decades of experience in predicting Wyoming weather says he thinks this summer will be a little drier than last year, with average or above-average temperatures.

The publication predicts similar weather for much of the Rocky Mountain region and most of the Midwest. You can see the Farmer’s Almanac summer weather map here.

Similarly, for July 4 the publication says the Rocky Mountains and the Plains can expect fair, dry, and very warm conditions. It also predicts a hot, dry Father’s Day on June 16, although technically that holiday falls a few days before the official start of summer on June 20.

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Nationally the publication calls for a wet but warm summer for most of the country, saying parts of the country are in for a “summer soaker.”

The Almanac says it predicts the weather based on a formula developed by founding editor David Young in 1818. That formula includes the positions of the planets, sunspot activity, and other factors, adding that the exact formula is a “brand secret.”

So What Does Don Day Have To Say About This Summer?

Last week we asked Cheyenne-based meteorologist Don Day Jr. for his thoughts on the upcoming summer weather.

Here is what he told us:

”1.) not expecting this summer to be as wet as last summer, which was unusually wet, thinking precipitation will be closer to average 2.) temperatures will be near to above normal for most of summer in a nutshell, a summer of about average precipitation and a bit above normal with temperatures.”

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Day is the founder and president of Dayweather Inc. in Cheyenne.

Meet the Dinosaurs That Roamed Ancient Wyoming

Discover the mighty dinosaurs that roamed the Cowboy State, featuring information shared by the Geological Museum at the University of Wyoming. Learn about the types of dinosaurs that lived in pre-historic Wyoming, fun facts about them, and more.

Gallery Credit: Phylicia Peterson, Townsquare Media Laramie/Cheyenne

 

 

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Don Day Wyoming Weather Forecast: Thursday, May 9, 2024

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Don Day Wyoming Weather Forecast: Thursday, May 9, 2024


Chance for rain or snow in Wyoming on Thursday. Breezy in some areas. Highs in the 40s and 50s and lows from the upper 20s to near 40.

Central:  

Casper:  Rain is likely today and there’s a slight chance of rain overnight. Otherwise, today the high should be near 49 with wind gusts as high as 21 mph. Overnight it should be mostly cloudy with a low near 38.  

Riverton:  There’s a chance of rain today and overnight. Otherwise, expect it to be mostly cloudy today with a high near 54 and wind gusts as high as 21 mph. Overnight it should be mostly cloudy with a low near 39 and wind gusts as high as 21 mph. 

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Glenrock Rain is likely today and possible overnight. Otherwise, look for it to be mostly cloudy today with a high near 50 and mostly cloudy overnight with a low near 37.

Southwest:  

Evanston There’s a chance of snow and rain today, otherwise it should be mostly cloudy and breezy with a high near 49 and wind gusts as high as 34 mph. Overnight it should be partly cloudy and breezy with a low near 33 and wind gusts as high as 43 mph.

Rock Springs:  There’s a chance of rain and snow mainly before 10 a.m. today, otherwise look for it to be partly sunny and windy with a high near 50 and wind gusts as high as 40 mph. Overnight it should be partly cloudy and windy with a low near 34 and wind gusts as high as 39 mph.

South Pass Snow and rain are likely today and there’s a chance of rain and snow overnight. Otherwise, expect it to be windy and gradually become mostly sunny today with a high near 41 and wind gusts as high as 39 mph. Overnight it should be partly cloudy and windy with a low near 33 and wind gusts as high as 39 mph.

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Western Wyoming:  

Pinedale:  There’s a chance of snow and rain today and a slight chance overnight. Otherwise, it should be mostly sunny and breezy today with a high near 49 and wind gusts as high as 28 mph. Overnight it should be partly cloudy and blustery with a low near 28 and wind gusts as high as 26 mph.

Alpine:  There’s a chance of rain mainly after 3 p.m. today, otherwise expect it to be mostly sunny today with a high near 56 and it should be mostly clear overnight with a low near 29. 

Big Piney:  There’s a chance of snow and rain today, otherwise look for it to be mostly sunny and breezy with a high near 53 and wind gusts as high as 30 mph. Overnight it should be partly cloudy and blustery with a low near 27 and wind gusts as high as 28 mph. 

Northwest:  

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Dubois:  There’s a chance of snow and rain today and there’s a slight chance of rain and snow tonight. Otherwise, it should be partly sunny today with a high near 46 and wind gusts as high as 22 mph. Overnight it should be partly cloudy with a low near 30 and wind gusts as high as 21 mph.

Jackson:  There’s a slight chance of rain after 5 p.m. today, otherwise look for it to be mostly sunny today with a high near 55 and wind gusts as high as 21 mph. It should be mostly clear overnight with a low near 28 and wind gusts as high as 21 mph.  

Old Faithful in Yellowstone National Park:  There’s a chance of rain and snow today, otherwise expect it to be partly sunny with a high near 47 and mostly clear overnight with a low near 24.

Bighorn Basin:

Thermopolis There’s a chance of rain today and a slight chance of rain before midnight tonight. Otherwise, look for it to be partly sunny today with a high near 55 and wind gusts as high as 21 mph. Overnight it should be mostly cloudy with a low near 40 and wind gusts as high as 20 mph.

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Cody:  There’s a chance of rain today and overnight. Otherwise, expect it to be partly sunny and breezy today with a high near 51 and wind gusts as high as 24 mph. Overnight it should be partly cloudy and breezy with a low near 39 and wind gusts as high as 23 mph.

Lovell:  There’s a chance of rain mainly after noon today, otherwise it should be mostly sunny and breezy today with a high near 57 and wind gusts as high as 29 mph. Overnight it should be partly cloudy and breezy with a low near 39 and wind gusts as high as 28 mph.

North Central:  

Buffalo:  There’s a chance of rain today and a slight chance of rain before 9 p.m. tonight. Otherwise, it should be partly sunny and breezy today with a high near 51 and wind gusts as high as 28 mph. Overnight it should be partly cloudy and breezy with a low near 40 and wind gusts as high as 26 mph.

Sheridan:  There’s a chance of rain mainly after noon today and before midnight tonight. Otherwise, look for it to be partly sunny today with a high near 57 and mostly cloudy overnight with a low near 38.

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Story:  There is a winter storm warning in effect until noon today. There’s a chance of rain mainly after noon today and before midnight tonight. Otherwise, expect it to be partly sunny today with a high near 51 and wind from 9-16 mph. Overnight it should be mostly cloudy with a low near 36.

Northeast:  

Gillette:  There’s a chance of rain today and before midnight tonight. Otherwise, look for it to be mostly cloudy today with a high near 52 and winds could gust as high as 20 mph. Overnight it should be mostly cloudy with a low near 39 and wind gusts as high as 20 mph.

Sundance:  Rain is likely today and there’s a chance of rain before midnight tonight. Otherwise, it should be partly sunny today with a high near 49 mostly cloudy overnight with a low near 39 and wind gusts as high as 16 mph.

Upton:  There’s a chance of rain today and tonight before midnight. Otherwise, expect it to be partly sunny today with a high near 53 and mostly cloudy overnight with a low near 38.

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Eastern Plains:  

Torrington:  There’s a chance of rain today and a slight chance before midnight tonight. Otherwise, look for it to be mostly cloudy today with a high near 57 and mostly cloudy overnight with a low near 38. 

Douglas:  There’s a chance of rain today and overnight. Otherwise, it should be mostly cloudy today with a high near 51 and mostly cloudy overnight with a low near 36.

Midwest:  Rain is likely today and there’s a slight chance of rain before midnight tonight. Otherwise, expect it to be mostly cloudy and breezy today with a high near 50 and wind gusts as high as 25 mph. Overnight it should be mostly cloudy and breezy with a low near 39 and wind gusts as high as 23 mph.

Southeast:  

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Cheyenne:  There’s a chance of snow then rain today and a chance of rain overnight. Otherwise, expect it to be mostly cloudy today with a high near 49 and mostly cloudy overnight with a low near 34. 

Laramie:  There’s a chance of snow and rain today and rain and snow overnight. Otherwise, look for it to be mostly cloudy today with a high near 44 and mostly cloudy overnight with a low near 32. 

Medicine Bow:  There’s a chance of rain and snow today and overnight. Otherwise, it should be mostly cloudy today with a high near 45 and mostly cloudy overnight with a low near 32.

South Central:  

Rawlins:  There’s a chance of snow and rain today, otherwise expect it to be mostly cloudy and breezy with a high near 44 and wind gusts as high as 30 mph. Overnight it should be mostly cloudy and breezy with a low near 33 and wind gusts as high as 30 mph.

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Encampment:  There’s a chance of snow and rain today, otherwise it should be mostly cloudy with a high near 46 and mostly cloudy overnight with a low near 30. 

Baggs:  There’s a chance of snow and rain today, otherwise look for it to be partly sunny and breezy with a high near 51 and wind gusts as high as 35 mph. Overnight it should be partly cloudy and blustery with a low near 30 and wind gusts as high as 30 mph.



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Wyoming Mixed On Boy Scouts Changing Name After 114 Years

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Wyoming Mixed On Boy Scouts Changing Name After 114 Years


Wyomingites involved in scouting have mixed opinions on the 114-year-old youth organization Boy Scouts of America changing its name to Scouting America early next year.

Boy Scouts of America President Roger Krone told the media Tuesday that the name change is about inclusivity.

“We are an organization for all. It’s time our name reflects that,” Krone said.

Former Boy Scouts, a troop leader and others Cowboy State Daily interviewed Wednesday reacted differently, with some calling the rebrand a smart move to divert recent negative legal actions and media attention, and others calling it unnecessary. 

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“That’s good news,” said Jay Conley, Veterans of Foreign Wars (VFW) commander in Star Valley, Wyoming.

Conley said he’s been working to start up a Scouting program in his area for months, and that he benefitted from the program in his own days as a Boy Scout.  

Though the national group touted the name change as an inclusive move, Conley speculated that the rebrand could help set a new course after reports of the unsavory way the group “used to run.”

He did not go into detail.

And yet, some programs have flourished and taught kids useful skills, camaraderie and “how to be a patriot,” he said. “I think we need more of that in the country.”

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Actually, Expense

Dennis Freeman, who served for decades as a scout master in Green River and an upper-level administrator in Cheyenne, said he supports the name change, but parted ways with the organization in 2021 because of hiking membership costs for members.

That was when the group was facing millions of dollars in judgments over lawsuits stemming from sexual abuse revelations, he said.

In 2019, the Church of Jesus Christ of Latter-day Saints also parted ways with the Boy Scouts, diminishing the organization’s numbers.

Freeman said the membership costs and program fees came to about $100 a year per enrollee by the time he left, tripling in about three years. That adds up for lower-income families with multiple kids in the program, he said.

“I’ve promoted kids to Eagle (Scout rank) who might have gotten there without help even at $24 a year,” he said.

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Look Around The World

But Freeman said he supports the name change and considers it a natural move when other scouting groups around the world are knocking down gender exclusion barriers.

Scouts Canada officially went co-educational in 1998.

The United Kingdom’s Scouting Association started accepting girls in 1976.

Boy Scouts of America, or BSA, is not co-ed, but offers different troops for boys and girls and different leaders for each, Freeman noted and the group’s 2018 guidance for inducting girls confirms.

Still, the group has combined-sex “packs,” which are larger clubs that don’t meet as often as the smaller “dens.”

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“I’m not sure rebranding solves all their problems, but I think it’s a good idea,” said Freeman, pointing to female troops in his area.

“I wish the Scouts well,” he said. “Scouting meant a lot to me and still does.”

Eagle Scout

Wyoming legislative Rep. JT Larson, R-Rock Springs, is an Eagle Scout, the organization’s highest rank of accomplishment, a title shared by the late U.S. Sen. Mike Enzi and former President Gerald Ford, among other notable people.

Larson said he didn’t have much of an opinion on the name change, but wasn’t sure why it was necessary.

Larson said he didn’t know much about the group’s national scandals; rather, he credited the Rock Springs group with helping to grow his leadership and people skills.

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“And I attribute a lot of my success today to the lessons I learned through the Boy Scout program,” he said.

Mama Says No

Janean Retz, a Gillette-area mom with a 7-year-old son, said she considered having her son join the Scouts, but has decided against it with all the group’s changes.

“It is good for boys to have what the Boy Scouts used to provide in an atmosphere of bonding with each other while achieving life skills without the distraction of girls,” Retz told Cowboy State Daily in a Wednesday message. “While the younger boys may not be as distracted by the girls as the older boys likely are, it’s still a distraction.”

Clair McFarland can be reached at clair@cowboystatedaily.com.



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