The central bank might have begun cutting interest rates in late July had it known that the labor market was cooling as fast as it has been, Federal Reserve Chair Jerome Powell said Wednesday. “If you ask, you know, if we’d gotten the July report before the meeting, would we have cut? We might well have,” Powell told a news conference after the central bank cut its … Read more
US Fed Meeting: The US Federal Reserve on Wednesday cut key interest rates by 50 basis points to 4.75-5 per cent. This is the first rate cut in more than four years. The two-day meeting of the Federal Open Market Committee (FOMC), the rate-setting authority in the US, concluded on Wednesday. While addressing the media … Read more
The U.S. Federal Reserve cut interest rates by half of a percentage point on Wednesday, kicking off what is expected to be a steady easing of monetary policy with a larger-than-usual reduction in borrowing costs that followed growing unease about the health of the job market. “The committee has gained greater confidence that inflation is … Read more
AFP Consumer spending remained strong in August as U.S. retail sales beat expectations, lending more credibility to the Federal Reserve’s pending reduction in interest rates. Retail sales shows a minor increase of 0.1% in August, largely due to a rise in online sales, according to Tuesday’s data from the Commerce Department’s Census Bureau. But the … Read more
US retail sales unexpectedly rose last month — a surprisingly strong result that likely lowers the odds for a large rate cut this week from the Federal Reserve. Data released on Tuesday by the Commerce Department showed that the value of retail purchases rose 0.1% in August — surpassing economists’ forecasts for a 0.2% drop … Read more
A cyclist rides past a “Now Hiring” sign posted on a business storefront in San Gabriel, California on August 21, 2024. U.S. hiring picked up pace in August while the jobless rate crept down, according to government data released September 6, 2024, paving the way towards the start of central bank rate cuts this month. … Read more
Asian investors trod carefully on Tuesday after the latest bounce in optimism fueled by hopes Federal Reserve boss Jerome Powell will signal an interest rate cut in a highly anticipated speech to top central bankers this week. With recent data indicating the US economy remains in good shape as inflation slows and the labor market … Read more
Austan Goolsbee says it isn’t a “certainty” that Fed will lower interest rates in Sept. – CBS News Watch CBS News Austan Goolsbee, the president and CEO of the Federal Reserve Bank of Chicago, tells “Face the Nation with Margaret Brennan,” that he doesn’t think it’s a “certainty” that the Federal Reserve will lower interest … Read more
Year-over-year inflation in the United States reached its lowest level in more than three years in July, the latest sign that the worst price spike in four decades is fading and setting up the Federal Reserve for an interest rate cut in September. Wednesday’s report from the U.S. Department of Labor showed that consumer prices rose just … Read more
U.S. stocks are bouncing back, and calm is returning to Wall Street after Japan’s market soared earlier Tuesday to claw back much of the losses from its worst day since 1987. The S&P 500 was rallying by 1.6 per cent in midday trading and on track to break a brutal three-day losing streak. It had tumbled a bit more … Read more
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