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Fed holds rates steady, indicates only one cut coming this year
The Federal Reserve on Wednesday kept its key interest rate unchanged and signaled that just one cut is expected before the end of the year. With markets hoping for a more accommodative central bank, Federal Open Market Committee policymakers following their two-day meeting took two rate reductions off the table from the three indicated in March. The committee also signaled that it believes the long-run interest rate is higher than previously indicated. New forecasts released after this week’s two-day meeting indicated slight optimism that inflation remains on track to head back to the Fed’s 2% goal, allowing for ... (full story)
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- From @LiveSquawk|Jun 12, 2024|1 comment
post: BoC’s Macklem: MonPol No Longer Needs To Be As Restrictive As It Has Been - Still Need To Get Inflation Down Further To Our TargetsMacklem: Central banking - Navigating in a new world Good afternoon. It’s always great to be back in Montréal, my hometown. And I could not be more pleased to be here with Joachim Nagel, President of the Deutsche Bundesbank. Thank you for visiting us in Canada. Since I’m on my home turf, let me start us off with a few words about where we find ourselves in economic history. Key lessons from high inflation Canada and Germany have just come through the biggest inflation we’ve experienced in 40 years. And as painful as this has been, it has highlighted some lessons. I will focus on three in the Canadian context. First, we ignore the supply-side of the economy at our peril. As central banks, we tend to focus on the demand side because that’s what we influence with interest rates. But coming out of the pandemic, we learned that it is much easier to restore demand than supply. High inflation was a stark reminder that supply shocks can cumulate and persist—and when they intersect with periods of strong demand, the inflationary consequences can be large. Looking ahead, technological change, geopolitical tensions, climate change, and shifting trade and investment flows all suggest we may experience more supply shocks than we did in the past. Businesses and central banks need to be ready. Second, inflation is painful—that’s not a new lesson, but for many of our citizens it was their first experience with high inflation. And it has been painful. Inflation harms people and the economy, and it corrodes trust in our market-based system. Th
- From @MaceNewsMacro|Jun 12, 2024|1 comment
post: MORE FED'S POWELL Q&A: IN HOUSING, FOUND THERE ARE 'BIT LAGS' IN DATA THAT MAY TAKE 'SEVERAL YEARS' BEFORE IMPROVEMENTS SHOW UP #Powell #FOMC #FederalReserve post: MORE FED'S POWELL Q&A: CREDIT CARD DEFAULTS GOING UP BUT NOT AT HIGH LEVEL; HOUSEHOLD IN PRETTY GOOD SHAPE BUT NOT AS GOOD AS LAST COUPLE YEARS #Powell #FOMC #FederalReserve post: POWELL: IF WE SEE UNEMPLOYMENT MORE THAN WE FORECAST, WE WOULD VIEW THAT AS UNEXPECTED WEAKENING post: Fed’s Powell: For Fed the dollar is “just another financial variable,” the currency has been strong but “we don’t think of it as benefitting or hurting the U.S.”
- From @DBNewswire|Jun 12, 2024
post: POWELL: WE THINK POLICY IS RESTRICTIVE AND ULTIMATELY, EVENTUALLY YOU WILL SEE WEAKENING IN ECONOMY POWELL: NO ONE HAS RATE HIKES AS BASE CASE post: POWELL: BANKING SYSTEM HAS BEEN SOLID, STRONG, WELL-CAPITALIZED post: MORE FED'S POWELL Q&A: ULTIMATELY EXPECT RATES WILL HAVE TO COME DOWN, NOT UP, AND CURRENT POLICY SEEMS TO BE MOVING TOWARD THAT #Powell #FOMC #FederalReserve post: POWELL: THERE’S BEEN A SURPRISING INCREASE IN IMPORT PRICES ON GOODS post: POWELL: WAGES ARE STILL RUNNING ABOVE A SUSTAINABLE PATH POWELL: OVERALL THOUGH INFLATIONARY PRESSURES HAVE COME DOWN
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- Posted: Jun 12, 2024 3:41pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 4,450
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