Powell, asked at an event in Dallas whether he would consider being the first Fed chair in more than seven decades to remain on the Fed board after no longer serving as its leader, said only that he is committed to serving out his term as chair. "I'll certainly serve to the end ... of my chair term," Powell said. Powell's term as a Board of Governors member expires in January 2028.
(Bloomberg) -- Stocks fell after Jerome Powell signaled there’s no need for the Federal Reserve to rush with rate cuts as the economy is holding up.Most Read from BloombergUnder Trump, Prepare for New US Transportation PrioritiesZimbabwe City of 700,000 at Risk of Running Dry by Year-EndNYC Congestion Pricing Plan With $9 Toll to Start in JanuarySaudi Neom Gets $3 Billion Loan Guarantee From Italy Export Credit Agency SaceThe Urban-Rural Divide Over Highway Expansion and EmissionsThe equity mark
(Bloomberg) -- Traders pared back their expectations for an interest-rate cut in December and policy-sensitive US yields jumped after Federal Reserve Chair Jerome Powell said economic resilience gives officials room to ease more carefully.Most Read from BloombergUnder Trump, Prepare for New US Transportation PrioritiesZimbabwe City of 700,000 at Risk of Running Dry by Year-EndNYC Congestion Pricing Plan With $9 Toll to Start in JanuarySaudi Neom Gets $3 Billion Loan Guarantee From Italy Export C
Chair Jerome Powell said Thursday that the Federal Reserve will likely cut its key interest rate slowly and deliberately in the coming months, in part because inflation has shown signs of persistence and the Fed's officials want to see where it heads next. Powell, speaking in Dallas, said that inflation is edging closer to the central bank's 2% target, “but it is not there yet." “The economy is not sending any signals that we need to be in a hurry to lower rates,” the Fed chair said.
(Bloomberg) -- Federal Reserve Chair Jerome Powell said the recent performance of the US economy has been “remarkably good,” giving central bankers room to lower interest rates at a careful pace.Most Read from BloombergUnder Trump, Prepare for New US Transportation PrioritiesZimbabwe City of 700,000 at Risk of Running Dry by Year-EndNYC Congestion Pricing Plan With $9 Toll to Start in JanuarySaudi Neom Gets $3 Billion Loan Guarantee From Italy Export Credit Agency SaceThe Urban-Rural Divide Over
Federal Reserve Chair Jerome Powell said on Thursday the U.S. central bank has time before it needs to adapt its policymaking thinking due to the return of President-elect Donald Trump to the White House. "I think it's too early to reach judgments here" and "we don't really know what policies will be put in place," Powell said at a Dallas Fed event. Powell said the Fed will watch to see what elected officials do - Republicans won control of both houses of Congress in the Nov. 5 elections.
In remarks that align with a developing expectation in financial markets for fewer rate cuts next year than previously forecast by Fed officials, Powell affirmed that he and his fellow policymakers still consider inflation to be "on a sustainable path to 2%" that will allow the U.S. central bank to move monetary policy "over time to a more neutral setting." "Fed Chair Powell telegraphed news that markets didn't want to hear but news that was clearly manifest in the last CPI report, that the Fed cannot yet declare victory in its campaign to quell inflation."
(Bloomberg) -- Oil edged higher for a third day, settling below $69 a barrel, as traders weighed bullish gasoline draws in the US with a dour long-term outlook. Most Read from BloombergUnder Trump, Prepare for New US Transportation PrioritiesZimbabwe City of 700,000 at Risk of Running Dry by Year-EndNYC Congestion Pricing Plan With $9 Toll to Start in JanuarySaudi Neom Gets $3 Billion Loan Guarantee From Italy Export Credit Agency SaceThe Urban-Rural Divide Over Highway Expansion and EmissionsA
Brent crude futures settled 28 cents, or 0.4% higher at $72.56 a barrel, while U.S. West Texas Intermediate crude futures rose 27 cents, or 0.4% at $68.70. Both benchmarks had briefly dipped into negative territory during the trading session. Brent was on track to lose about 1.7% for the week, while WTI was set to end the week over 2% lower due to a stronger U.S. dollar and worries about rising supply amid slow demand growth.
Inflation is moderating, but economists expect that trend could reverse quickly if Donald Trump follows through with a proposal to impose 10%-20% tariffs on all imports and a 60% tariff on Chinese goods.