(MENAFN- Baystreet) Europe's Inflation Rate Unchanged At 2.4% In April
Norway's Sovereign Wealth Fund Posts $110 Billion Profit
U.K. Inflation Rate Fell To 3.2% In March
U.S. Treasury Yields At Six-Month High
China's Economy Grew 5.3% In The First Quarter Previous Articles Subscribe to Get Small Cap News & Alerts Baystreet Staff - Thursday, May 2, 2024
Fed Chair Powell Rules Out Interest Rate Hike U.S. Federal Reserve Chair Jerome Powell has said that the American central bank's next move is unlikely to be a rate hike, providing some relief to jittery markets.
Powell made the comment, which briefly sent the Dow Jones Industrial Average up more than 500 points, after the Fed elected to hold its key interest rate steady at its current range of 5.25% to 5.50%.
“I think it's unlikely that the next policy rate move will be a hike. I'd say it's unlikely,” Powell said when speaking to media.
However, while Powell ruled out an interest rate increase, the central bank left the timing of any interest rate cuts open ended and stressed that inflation needs to fall further.
The Fed Chair also emphasized that the central bank remains committed to its 2% annualized inflation target and has no plans to deviate from it.
In answering journalists' questions, Powell said the U.S. labour market is starting to normalize, citing data released showing job openings are now at a three-year low in America.
Lastly, Powell downplayed the risk of stagflation.
Concerns about stagflation have emerged after a gross domestic product (GDP) report showed slowing economic growth while the U.S. inflation rate has inched up to its current level of 3.50%.
“I don't really understand where that's coming from,” said Powell, referring to stagflation.“I don't see the 'stag' or the '-flation',” he quipped.
About Us Contact Us Advertise License Our Content Jobs Disclaimer Privacy Policy
Copyright 1998 - 2024 Baystreet Media Corp. All rights reserved. Nasdaq Stocks: Information delayed 15 minutes. Non-Nasdaq Stocks: Information delayed 20 minutes. Bid and Ask quotation information for NYSE and AMEX securities is only available on a real time basis. Market Data is provided by QuoteMedia. Earnings by Zacks. Analyst Ratings by Zacks
MENAFN02052024000212011056ID1108166888
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.