Federal Reserve Chair Jerome Powell on Friday reiterated a message he has sounded in recent weeks: While the Fed expects to cut interest rates this year, it won't be ready to do so until it sees more good inflation readings' and is more confident that annual price increases are falling toward its 2 per cent target. Speaking at a conference at the Federal Reserve Bank of San Francisco, Powell said he still expected "inflation to come down on a sometimes bumpy path to 2 per cent". But the central bank's policymakers, he said, need to see further evidence before they would cut rates for the first time since inflation shot to a four-decade peak two years ago. The Fed responded to that bout of inflation by aggressively raising its benchmark rate beginning in March 2022. Eventually, it would raise its key rate 11 times to a 23-year high of around 5.4 per cent. The resulting higher borrowing costs helped bring inflation down from a peak of 9.1 per cent in June 2022 to 3.2 per cent last .
The personal consumption expenditures (PCE) price index rose 0.3% last month, the Commerce Department's Bureau of Economic Analysis said
The loss last year follows $58.8 billion in net income in 2022, the Fed said. The numbers released were an audited tally following preliminary numbers reported earlier this year
Even with the caveat at the end, traders heard enough to set the S&P 500 Index on its way to an all-time high
The price of 22-carat gold also rose Rs 10 with the yellow metal selling at Rs 61,810
The price of 22-carat gold also declined Rs 10 with the yellow metal selling at Rs 60,790
The benchmark 10-year yield ended at 7.0918%, following its previous close of 7.0981%
The price of 22-carat gold also rose Rs 10 with the yellow metal selling at Rs 60,810
The Fed must peer through the murk and assess which direction the economy is heading
The price of 22-carat gold also inched up Rs 10 with the precious metal selling at Rs 60,610
Powell's remarks add some additional color about officials' thinking around the timing of the first rate cut, bolstering the idea that such a move could come in the next few months
The absence of major catalysts kept the dollar under pressure, having slipped on Tuesday after data showed U.S. services industry growth slowed last month
The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata and Hyderabad, at Rs 65,140
In prepared testimony to a House panel Wednesday, the Fed chief said it will likely be appropriate to begin lower borrowing costs "at some point this year," but made clear they're not ready yet
They're expected to press the Fed chief on why officials are keeping borrowing costs so high, risking damage to the economy, when they've made so much progress on inflation
That was the smallest year-on-year increase since February 2021 and followed a 2.6% advance in December
The price of 22-carat gold also fell Rs 10 with the yellow metal selling at Rs 57,490
The price of 22-carat gold also fell Rs 10 with the yellow metal selling at Rs 57,340
Tawakley expresses confidence in domestic cyclicals driving future performance
A negative spread between Indian equity yield and US long-term Treasury bond makes Indian equities less attractive for foreign investors and may lead to a selloff by FPIs