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...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...
...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....
...So nobody wants to be Arthur Burns, least of all Jay Powell....
...But on both counts, Powell pointed to good news....
...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....
...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....
...Meanwhile, a very strong consensus has consolidated around the 4.5 per cent level. Powell’s press conference reinforced this picture....
...“I don’t have a stance on that,” Powell said. “It’s not something I’m focused on . . ....
...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...
...All of the “Magnificent Seven” big tech companies, which helped propel the S&P 500 to a record high in January, also fell....
...Jay Powell handed US stocks their biggest one-day drop in several months, as the Federal Reserve chair said the central bank was unlikely loosen monetary policy in March, crushing hopes of a first-quarter...
...Here, for example, is Fed chair Jay Powell, in a speech yesterday in New York: [The increase in long-term yields] is really happening in term premiums, which is the compensation for holding longer-term...
...Email us: robert.armstrong@ft.com and ethan.wu@ft.com....
...And yet, Powell said, there was still “a way to go” before victory could be declared....
...To mark this moment while it doesn’t yet feel like a mistake, we’ve added a festive Jerome Powell-themed design to our Redbubble store: — Jerome Powell, Christmas Saviour (black text)— Jerome Powell, Christmas...
...Email us: robert.armstrong@ft.com and ethan.wu@ft.com. Powell talks tighter financial conditions An economy in rude health buys a central bank time to wait....
...While Powell’s comments stressed the central bank’s caution on inflation, a change in the language in the committee’s statement removed a bias towards further rate rises....
...Help us replenish it: robert.armstrong@ft.com and ethan.wu@ft.com....
...Last week, Federal Reserve chair Jay Powell gave a talk at Spelman College in which he declared that “for me, a big, big party, and I mean this is as fun as it gets, [is] a really good inflation report”....
...The Federal Reserve’s rate-setters still expect to make about three quarter-point rate cuts this year, its chair Jay Powell said in an interview that aired last night....
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