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...Investors ramped up expectations for rate cuts next year on both sides of the Atlantic after Federal Reserve chair Jay Powell said it was “not likely that it will be necessary to raise rates further”....
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...Fed chair Jay Powell said he did not think recent inflation readings had “really changed the overall story” of price pressures easing to 2 per cent....
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...Minutes from the Fed’s last policy meeting published on Wednesday painted a more hawkish picture than chair Jay Powell’s comments in the accompanying press conference....
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...Powell’s remarks are likely to sway those expectations....
...Powell emphasised the Fed was “proceeding carefully” with future rate rises, which investors took as a sign bond markets have largely succeeded in slowing down the US economy....
...Some analysts say that Powell’s hawkish comments suggest the Fed would prefer to tighten financial conditions through higher Treasury yields rather than through further rate increases....
...Powell said the Fed was committed to achieving a policy stance that was “sufficiently restrictive to bring down inflation to 2 per cent”....
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...On Thursday Fed chair Jay Powell will speak at the Economic Club of New York, at which he may give insight into officials’ thinking ahead of the central bank’s next meeting in two weeks....
...The latest volatility in Treasury yields came after Fed chair Jay Powell on Thursday signalled that the US central bank was prepared to forgo raising interest rates when it next meets in November....
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