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...Yet for years they were — which is why it is always salutary to have a documentary like Made in England: The Films of Powell and Pressburger remind us of their genius....
...Powell’s remarks come as a higher than expected figure for March consumer price index inflation led markets to row back their expectations that the Fed would cut rates as soon as June....
...US stocks closed lower for the third session in a row on Tuesday after Federal Reserve chair Jay Powell warned interest rates are likely to stay at current levels for “longer than expected” to tame inflation...
...Powell’s comments at Stanford University’s Business School on Wednesday came as he announced that the Fed would this year launch a new review of its monetary policy framework, which guides its rates decisions...
...They continued to climb as Powell began his afternoon press conference, and jumped towards their highest levels of the day after he played down the prospects of future rate rises....
...Powell was “not giving up” on a Goldilocks scenario, he said on Wednesday....
...By brushing aside three months of higher-than-expected price and labour cost inflation, Powell initially triggered a significant fall in interest rates and a sharp rise in stocks before a retracement....
...Investors now forecast the first move will come by September, with a growing minority betting that there will be one or fewer cuts this year. Bets of just one cut rose after Powell’s remarks....
...US stocks rose on Wednesday afternoon after Federal Reserve chair Jay Powell toed a careful line in his semi-annual testimony to Congress, saying he did not expect the central bank to increase interest rates...
...“I think it’s unlikely that the next policy rate move will be a hike,” Powell said....
...Powell said the recent data did not “materially change the overall picture” and noted that “on inflation it is too soon to say whether the recent readings represent more than just a bump”....
...Powell will acknowledge “considerable progress” on the economy and say interest rates, now at a 23-year high in a range of 5.25 to 5.5 per cent, are unlikely to rise again....
...US stocks staged a broad rally as Federal Reserve chair Jay Powell said the central bank is ‘not far’ from gaining the confidence to lower interest rates....
...Powell said this US “exceptionalism” in the face of weaker global growth meant the central bank could afford to take its time....
...Instead, a confident and noticeably more relaxed Powell played down a recent uptick in consumer price inflation, from 3.1 per cent in January to 3.2 per cent in February, saying seasonal effects could be...
...Powell’s comments will add to hopes the Fed is at last preparing to ease monetary policy after months of holding rates at a 23-year high of between 5.25 per cent and 5.50 per cent — part of its quest to...
...The dollar strengthened 0.4 per cent against a basket of six peer currencies as investors scaled back their bets on rate cuts....
...The moves came after Powell said in a pre-recorded interview on Sunday that rate-setters still expect to make three quarter-point cuts in 2024....
...Measured against a basket of six peer currencies, the greenback strengthened as much as 0.7 per cent on Monday to reach its highest level since November 14....
...In prepared remarks to lawmakers on the topic of the economy, Powell acknowledged “considerable progress” and said interest rates, currently at a 23-year high in a range of 5.25 to 5.5 per cent, were unlikely...
...“I don’t have a stance on that,” Powell said. “It’s not something I’m focused on . . ....
...All of the “Magnificent Seven” big tech companies, which helped propel the S&P 500 to a record high in January, also fell....
...But Powell’s insistence last week that such an early move was unlikely, and a subsequent strong January jobs report, quashed hopes of a move that early in the spring....
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