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Washington (AFP) - The US Federal Reserve's ongoing fight against inflation could take "longer than expected," the head of the US central bank said Tuesday, further paring back the chances of early rate cuts. The Fed has been battling rising prices with interest rate hikes since 2022, lifting its key lending rate to a 23-year high as it looks to hit its long-term inflation target of two percent. But three months of higher inflation data since the start of 2024 have threatened to undermine the expectation of interest rate cuts this year, with one senior Fed policymaker recently suggesting tha...
AFP
Washington (AFP) - The recent uptick in US inflation has weakened the case for the Federal Reserve to start cutting interest rates, a senior Fed policymaker told AFP on Thursday. The Fed has lifted its benchmark lending rate to a 23-year high of between 5.25 percent and 5.50 percent as it looks to bring inflation back down to its long-term target of two percent with as little damage to the labor market as possible. While US consumer inflation has slowed significantly since peaking in 2022, it has crept higher in recent months, keeping markets guessing about when the Fed will implement its fir...
AFP
Washington (AFP) - US Federal Reserve officials raised concerns at their March interest rate meeting about the recent "broad-based" rise in inflation, but still said they expected cuts to start this year, according to minutes of the meeting published Wednesday. The Fed held its benchmark lending rate at a 23-year high after its March meeting, as policymakers continue their attempts to bring inflation back down firmly to the US central bank's long-term target of two percent. Price increases have slowed significantly from their peak in 2022, but have crept higher in recent months, keeping the ma...
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 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
Washington (AFP) - The US Federal Reserve could provide additional clues on Wednesday about how much it will cut interest rates this year, but it is almost certain to leave its key lending rate unchanged for the time being. Following two days of debate, the Fed's rate-setting Federal Open Market Committee (FOMC) will publish its interest rate decision Wednesday, along with an updated summary of economic projections (SEP) that includes policymakers' interest rate expectations for 2024 and beyond. The US central bank has lifted its key lending rate to a 23-year high of between 5.25 and 5.50 pe...
AFP
Washington (AFP) - The US Federal Reserve began two days of discussions on Tuesday at which policymakers are expected to hold firm on interest rates, and continue discussions about when to start cutting them. The meeting got under way in Washington at 9am local time (1300 GMT) on Tuesday, the Fed said in a statement. It will culminate on Wednesday afternoon with the publication of the interest rate decision, along with an updated summary of economic projections (SEP), which will include a prediction of how many interest rate cuts policymakers expect to make this year. The Fed has raised int...
AFP
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