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...The dollar strengthened 0.4 per cent against a basket of six peer currencies as investors scaled back their bets on rate cuts....
...A measure of the dollar’s strength against a basket of six other currencies rose 0.1 per cent. Prices for Brent crude, the international oil benchmark, slipped 0.2 per cent to $89.95 a barrel....
...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,...
...Powell acknowledged that the performance of the US economy had been “quite strong”, though he claimed the country’s hot labour market was “moving into better balance”, with wage growth now “moderating”....
...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....
...Powell’s comments align with the views of other Fed officials who have recently indicated the central bank is in no rush to reduce interest rates, reducing the likelihood of a first move in the next few...
...The breezy state of affairs in markets persisted despite the fact that the beleaguered New York Community Bancorp had dropped more than 40 per cent earlier in the day, suggesting traders were not worried...
...The breezy state of affairs in markets persisted despite the fact that beleaguered New York Community Bancorp had dropped more than 40 per cent earlier in the day, suggesting traders were not worried about...
...This week, however, it caused a frisson in the real estate world....
...But markets also look to the Fed for guidance. Powell has the thankless task of trying to communicate convincingly amid uncertainty....
...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....
...“When we do get that confidence, and we’re not far from it, it will be appropriate to dial back the level of restriction so that we don’t drive the economy into recession.”...
...Powell said this US “exceptionalism” in the face of weaker global growth meant the central bank could afford to take its time....
...Overall, Powell’s comments and the rise in yields add to growing evidence of a vibe shift (ahem, sentiment reversal) that’s taken place over the past month, as we noted yesterday....
...“The economy is performing well,” Powell said on Wednesday. Headline inflation of 2.4 per cent was edging towards the Fed’s 2 per cent target, he suggested....
...The Chinese territory’s bourse logged a profit of HK$2.97bn (US$379mn) in the first three months of this year, it said in a filing on Wednesday....
...“We’re doing the best of anybody,” Powell said. “We’ve got the strongest growth and the lowest inflation of the advanced economies.”...
...In an interview on CBS’s 60 Minutes, aired on Sunday, Powell said that the Fed’s rate-setters still expect to make about three quarter-point rate cuts this year — below market expectations for six cuts in...
...The policy-sensitive two-year Treasury yield was up 0.1 percentage point at a one-month high of 4.47 per cent, while the 10-year yield climbed 0.14 percentage points to 4.17 per cent....
...The dollar hit its highest in about three months as recent comments from Federal Reserve chair Jay Powell prompted traders to reassess the potential quantity and pace of interest rate cuts in the US this...
...Powell is due to speak to CBS in an interview on Sunday. Although his term as chair of the Fed ends in 2026, his term on the board of the central bank lasts until 2028....
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