inflation
Washington (AFP) - European Central Bank president Christine Lagarde suggested Tuesday that the regulator could lower interest rates before a similar move by the US Federal Reserve, saying "we are not Fed-dependent." Speaking in Washington on the sidelines of spring meetings at the International Monetary Fund, Lagarde said Europe was seeing a "disinflationary process" -- with observers betting on the first rate cut to take place in June. "If we don't have a major shock in development, we are heading toward a moment where we have to moderate the restrictive monetary policy," Lagarde said, witho...
AFP
Washington (AFP) - The IMF has raised its outlook for the global economy this year, while maintaining a gloomy forecast over the medium term, according to fresh data published Tuesday. The International Monetary Fund now expects the world economy to grow by 3.2 percent this year, up 0.1 percentage point from its previous forecast in January, and by a further 3.2 percent in 2025, according to the latest World Economic Outlook (WEO) report. Global headline inflation is expected to ease from 5.9 percent this year to 4.5 percent in 2025, supported by elevated interest rates in many countries. "The...
AFP
Washington (AFP) - He wanted the US presidential election to be about "Bidenomics." Instead, it risks being about "Bidenflation." Joe Biden faces one of the biggest threats to his hopes of beating Donald Trump from rising prices that are hitting Americans in the wallet. The cost of living is rising more quickly again, just when the 81-year-old Democrat thought he had put the issue behind him to get a clear run at November's vote. Figures this week showed US consumer inflation accelerating to 3.5 percent in the year to March, the second straight month it has risen. Gas prices and rent contribut...
AFP
Washington (AFP) - US consumer inflation continued to accelerate last month, according to government data published Wednesday, reducing the chances of an early interest rate cut from the Federal Reserve in a tense election year. The data raised the likelihood that the first Fed rate cut will come right before November's presidential vote, which would thrust the independent US central bank into the middle of a fractious fight between President Joe Biden and his likely opponent, former president Donald Trump. The annual consumer price index (CPI) came in at 3.5 percent in March, up 0.3 percent...
AFP
Washington (AFP) - The US Federal Reserve's high benchmark rate is "doing its job" against elevated inflation, chairman Jerome Powell said Wednesday, warning that lowering it too soon could be "quite disruptive" for the American economy. The US central bank has held interest rates at a 23-year high of between 5.25 and 5.50 percent as it seeks to bring inflation firmly down to its long-term target of two percent. Last month, Fed policymakers penciled in three rate cuts for this year, staying the course despite a recent uptick in inflation which has disrupted recent progress against rising pric...
AFP
Washington (AFP) - The Federal Reserve should avoid tackling politically-charged issues like climate change without Congressional approval if it is to maintain public trust in the institution, the head of the US central bank said Wednesday. "Fed policymakers are often pressed to take a position on issues that are arguably relevant to the economy but are not within our mandate," Fed chair Jerome Powell told a conference in California in prepared remarks. This includes issues like tax and spending policies, immigration policy, and climate change, he said. The Fed operates independently of Cong...
AFP
Washington (AFP) - A senior Federal Reserve official confirmed Tuesday that she recently raised her prediction for interest rates over the longer term due to the enduring strength of the US economy. Higher long-term rates would raise borrowing costs for consumers and businesses alike, making it more challenging for Americans to afford repayments on mortgages and car loans. The Fed has lifted its key lending rate to a 23-year high of between 5.25 and 5.50 percent, as it seeks to bring runaway inflation firmly back to its long-term target of two percent. At the most recent rate meeting in Marc...
AFP
Washington (AFP) - The US central bank's favored measure of inflation edged higher last month on the back of rising fuel prices, according to government data published Friday, but another gauge stripping out volatile food and energy prices continued to ease. US Federal Reserve chair Jerome Powell told a conference in San Francisco that the data had come in "pretty much in line with our expectations," suggesting the bank is still broadly on the path towards its long-term target of two percent, despite the recent uptick. But the higher top-line figure will likely still cause concern on President...
AFP
Washington (AFP) - The US central bank should either scale back or delay its interest rate cuts in response to "disappointing" inflation data, a senior Federal Reserve official said Wednesday. "In my view, it is appropriate to reduce the overall number of rate cuts or push them further into the future in response to the recent data," Fed Governor Christopher Waller told a conference in New York. After swiftly hiking interest rates and then holding them at a 23-year high to tackle surging inflation, the Fed recently pivoted to debating when to cut them. At its most recent rate decision, policym...
AFP
Washington (AFP) - The US Federal Reserve voted Wednesday to keep interest rates at a 23-year high for a fifth consecutive meeting, while signaling it still expects to make three cuts this year. The news sent US markets higher, as traders cheered the central bank's affirmation that three cuts are likely despite a recent uptick in monthly inflation. All three major indices on Wall Street closed at new records. The Fed's unanimous decision to hold its key lending rate between 5.25 percent and 5.50 percent lets policymakers "carefully assess incoming data, the evolving outlook and the balance...
AFP
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