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...The Fed chief spoke after global markets reined in their expectations for rate cuts, sparking off a heavy sell-off on Wall Street on Monday....
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...Federal Reserve chair Jay Powell has acknowledged it will likely take “longer than expected” for inflation to return to the US central bank’s 2 per cent goal and cut interest rates....
...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...
...“We have time to let the incoming data guide our decisions on policy,” Powell said. “The outlook is still quite uncertain, and we face risks on both sides.”...
...The World Meteorological Organization sounded a “red alert” on the climate change behind record surface and ocean temperatures, glacial retreat and rising seas during the warmest 10-year period on record...
...Neither the monster national players (JPMorgan Chase, Bank of America, Wells Fargo, Citigroup) nor the regionals (PNC, M&T, et al) have had much to say about the economy’s effect on credit quality....
...Powell said this US “exceptionalism” in the face of weaker global growth meant the central bank could afford to take its time....
...Powell also downplayed the risks that the US’s persistently hot labour market would hinder the inflation fight....
...Jay Powell said the Federal Reserve’s job of bringing down inflation was “not yet done” and the US central bank needed “greater confidence” that price pressures were easing before cutting interest rates,...
...Jay Powell told lawmakers on Wednesday that he did “hear the concerns” from lenders over the US interpretation of capital standards crafted by global regulators that form the Basel Committee on Banking Supervision...
...“We’re doing the best of anybody,” Powell said. “We’ve got the strongest growth and the lowest inflation of the advanced economies.”...
...US stocks climbed higher in early trading on Thursday as traders prepared for the second day of Federal Reserve chair Jay Powell’s semi-annual testimony to Congress....
...[MUSIC PLAYING] One of Silicon Valley’s most well-known venture capital groups is going all in on artificial intelligence....
...At least 21 patients died during the siege on Al Shifa, according to the World Health Organization....
...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...
...Munro’s play imagines the conversations — between Patrick and Katherine, between Katherine and the court, between Katherine and James V....
...US stocks rose on Wednesday afternoon after Federal Reserve chair Jay Powell said he did not expect the central bank to increase interest rates again, but said there was more progress that needed to be made...
...“We’re waiting to become more confident that inflation is moving sustainably to 2 per cent,” Powell said....
...Nvidia led the group with a 3.6 per cent increase, while Meta added 3.4 per cent, hitting an intraday record earlier in the session....
...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....
...“The broader situation is that the economy is strong, the labour market is strong, and inflation is coming down,” Powell said....
...And yet, Powell said, there was still “a way to go” before victory could be declared....
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