![]() The yield on 10-year Treasuries was little changed at 3.81%. Federal Reserve officials agreed to hold interest rates steady after 10 consecutive increases but signaled they are leaning toward raising them next month if the. 03:06 Biden discusses response to Canadian wildfires and smoke Supreme Court strikes down Alabama congressional map in voting rights case Schumer calls for additional personnel to fight. The S&P 500 was little changed as of 3:34 p.m. Stocks fluctuated in response to the decision and press conference.Even so, he said there’s still a path to a soft landing for the US economy. The FOMC upgraded its view of economic growth and the labor market but now is looking for a rise in unemployment to 4.5% next year. Powell says the committee has been surprised by the extraordinary resilience in the labor market. Powell repeatedly put continued emphasis on getting inflation down, and said Fed officials and private economists have been surprised by how long inflation has stayed high.Powell said the FOMC is watching credit conditions carefully and the impact on commercial real estate, where the Fed expects some losses. “We’ve covered a lot of ground and the full effects of our tightening have yet to be felt,” the Fed chief said. breakingnews livenews abcnews news ABC News Live brings you 24/7 coverage of the latest news headlines and events from around the world. Powell suggested that the Fed passed on hiking this meeting to allow additional time to examine incoming data and that as policymakers get near a terminal rate there are two-sided risks.He said the decision to pass on a hike at this meeting isn’t a “skip.” He referred to the next meeting as “live” for a rate-hike discussion and said the FOMC will make decisions “meeting by meeting.” Finance Minister Nirmala Sitharaman to address a press conference on an important economic issue at 4.30 pm on January 18. Powell in his press conference said a large majority of the FOMC is expecting additional tightening. The statement sent a strong signal that the committee will resume hikes as soon as July. ![]() Of the 18 policymakers, 12 penciled in rates at or above the median range of 5.5% to 5.75%, showing most policymakers agree further tightening is needed to contain price pressures.
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