Powell signals more hikes ahead if U.S. economy stays strong
Powell signals more hikes ahead if U.S. economy stays strong
Fed chair Jerome Powell signals rate hikes ahead if U.S. economy stays strong
27 August, 2018, 11:12
The Treasury yield curve reached its flattest level since 2007 on Friday as comments by Federal Reserve Chairman Jerome Powell affirmed expectations that the USA central bank will continue raising rates.
But it also criticizes preferences cited by some Fed officials who have urged moving more slowly to raise interest rates, seeking more evidence of a rebound in inflation before doing so.
Elsewhere on currency markets the United States dollar were holding gains ahead of the annual Jackson Hole symposium of central bankers, where Fed boss Jerome Powell is due to speak later Friday.
The president previously upbraided Powell and the Fed via Twitter for raising rates while the economy is humming along. " This is good news, and we believe that this good news results in part from the ongoing normalization process, which has moved the stance of policy gradually closer to the FOMC's rough assessment of neutral as the expansion has continued".
"Expressions of angst about higher interest rates are not unique to this administration", she said in a separate interview with CNBC.
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Based on the futures market, investors are nearly certain Fed policymakers will raise the benchmark interest rate to a range of 2 percent to 2.25 percent at its next meeting in late September, which would be the highest interest rates in a decade but not high by historical standards.
ANALYST TAKE: "This year's meeting is more about market structure than current monetary policy and so prepare for a non-event", said Neil Wilson, chief markets analyst at Markets.com. "It's easier for them to do their job if they're given independence and they don't have people harping at them politically". In June, most Fed officials projected the natural rate of unemployment was between 4.1% and 4.7%. The economy is strong and the Fed must walk a tight line between not snuffing out growth and not allowing an overheated economy to produce runaway inflation.
On Wall Street, the Dow Jones Industrial Average rose 139.04 points, or 0.54pc, to 25,796.02.
The paper speaks to a central debate facing the Fed right now: how to set rates when inflation doesn't appear to be accelerating and the unemployment rate is falling to levels that economists expect should push up wages and prices. "But probably not that early, it's probably something like late this year, or next year". -China tariffs boosted the greenback and the annual Federal Reserve conference in Jackson Hole, Wyoming began. Five of those rate hikes, including two this year, have occurred with Trump in the White House.
The Fed's overnight lending rate is now in a range of 1.75 per cent to 2.00 per cent. Under the Fed's rotating voting system for Fed regional bank presidents Bullard does not have a vote this year, but he participates in rate-setting discussions.
Forecasters predict the storm's risky center could move very close to or over the main Hawaiian Islands later Thursday or Friday. Hurricane Lane has weakened as it approaches Hawaii but was still expected to pack a wallop, forecasters said Wednesday.
Following the court ruling scores of Zanu PF supporters poured onto the streets of Harare in celebration, singing and dancing. Zimbabwe's electoral commission declared Mnangagwa the victor three days after voting with 50.8 percent of the vote.
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But, the Indian government has chose to refuse any help to deal with the post-flood reconstruction and rehabilitation process. I volunteer in the collection centre where people donate and from here, we send it to centres across the state.
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In fact, mid-way through the interview Pete popped in which prompted an excited "I love you!" from Ariana . "That's so cheesy. People are always like, 'When you know, you know, ' and you're like, 'Yeah, OK, whatever'".
Warnings have been posted for the Big Island and Maui, and the effects of Lane are expected to be felt starting Wednesday night. Hawaii Governor David Ige issued an emergency proclamation, freeing up state funds to be devoted to tackling the storm.
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Police said the auto was travelling at a very high speed, and witnesses said the vehicles exploded into flames when they crashed. The black McLaren was speeding at 100 miles per hour southbound in a northbound lane, the San Diego Union-Tribune reported .
The news channel likened the situation in South africa to the violent land grab done by Robert Mugabe in neighbouring Zimbabwe .
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Hurricane watch posted as Lane approaches
Maui County and Big Island schools will be closed starting Wednesday until further notice, the state Department of Education said. "On its forecast track, the center of Lane will move very close to or over the main Hawaiian Islands from Thursday Saturday".
Google Redesigns Fit, Adds New Features
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Fed's Kaplan sees three or four more rate hikes, then a pause
It followed reports earlier in the day that Trump had criticised Powell at a private GOP fundraiser. "It would appear that Mr. Trump has departed from this past practice and said he would not shy from future criticism should the Fed keep lifting rates.