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...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 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....
...The state fund added that it “fully recognises the allocation value of the current A-shares market”....
...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...
...The US bank and custody giant joins domestic rival State Street as a depositary and administration service provider for the Irish ETFs....
...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....
...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”....
...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...
...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 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....
...O’Connor “blazed an historic trail as our nation’s first female justice”, chief justice John Roberts said in a statement. Read more on Sandra Day O'Connor here...
...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 said this US “exceptionalism” in the face of weaker global growth meant the central bank could afford to take its time....
...Former US Supreme Court Justice Sandra Day O'Connor, the first woman to sit on America’s most powerful bench and a decisive figure on issues including affirmative action and abortion, has died aged 93....
...Sandra Day O'Connor, the US Supreme Court Justice who died on Friday aged 93, was once arguably the most powerful woman in America....
...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 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....
...The dollar strengthened 0.4 per cent against a basket of six peer currencies as investors scaled back their bets on rate cuts....
...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....
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