Dow Jones Industrial Average reaches 27,000 for the first time ever

Dow Jones Industrial Average reaches 27,000 for the first time ever

How is lowering short-term interest rates from 2.5% to 2.25% in the US going to have any impact? The S&P 500 index briefly traded over 3,000 for the first time.

Brushing off criticism from President Trump, Powell hinted there may be scope for an imminent cut to United States interest rates when he addressed the House of Representatives Financial Services Committee.

Asked if he believed the president had the authority to fire him, he said, "What I've said is that the law clearly gives me a four-year term and I intend to serve it".

The Pound to New Zealand Dollar (GBP/NZD) exchange rate mostly followed the same path as GBP/AUD on Wednesday, with the "Kiwi" jumping in the afternoon on the back of Powell's dovish comments before stabilising overnight as risk appetite slipped.

Rising inflation doesn't bode well for the interest rate cut the market is hoping for.

"I don't think it's changed anything". "Powell wants to provide fuel for the economy down the road". The current Fed rate is set at 2.25 per cent to 2.5 per cent.

Elsewhere, the World Gold Council said on Tuesday that holdings in global gold-backed ETFs and similar products registered their largest monthly increase in seven years in June as investors priced in a new round of easing from central banks. The Fed Chair strongly hinted that he was ready to cut interest rates in order to boost the American economy, which was facing major global trade headwinds, and dealing with low inflation levels.

Powell said the Fed stands ready to "act as appropriate" to support record usa economic growth now under threat.

Powell also brushed aside President Trump's recent criticisms of his leadership of the Fed, . saying he wouldn't resign, . even if Trump demanded he go. "But the Fed tends to operate on trends, not data points". But later, in the question-and-answer period, Democratic members of the House Financial Services Committee made clear their discontent with Trump's attacks. The Federal Reserve Act allows for Fed governors to be removed - but only "for cause" and not policy differences.

Operation Apocalypse Z Hits Call Of Duty Black Ops 4
You'll also be able to play as characters from both Primis and Ultimis storylines together for the first time. Additionally, the Alcatraz map debuts a nighttime atmospheric change complete with new Zombie enemies.

"Have no fear", Rep. David Scott, D-Ga., told the chairman.

In the first of two testimonies on successive days, Powell said "broad" global weakness is clouding the USA economic outlook.

Looking ahead...Powell takes his talents to the Senate Banking Committee this morning.

At the moment, the USA economic landscape is a mixed one: The job market appears resilient, but economic growth is slowing.

If it happens, it will be the Fed's first cut in a decade.

The lack of progress in Washington suggests that the (healthcare) industry will face ongoing political pressure, including legislative risk, Morgan Stanley analyst David Risinger said.

The Fed hasn't cut rates since 2008 at the height of the financial crisis.

While China-U.S. trade tensions have calmed with a resumption of talks by phone between top envoys, friction with France looms after President Donald Trump's administration launched an investigation into French plans for a special tax targeting big tech companies.

Yet, some market participants have scaled back expectations that a July cut is nearly a certainty after a 224,000-strong jobs growth in June signaled the economy may be too strong for an easing.

Related News:

Most liked

France adopts pioneering tax on tech giants Google, Amazon, Facebook
The tax rate would be set at 3% and could hit some of America's biggest tech companies, including Amazon , Facebook and Google . The French government says the tax does not specifically target USA companies and will affect European and Asian firms as well.

Manchester United Given Permission to Hold Talks With Southampton's Mario Lemina
Since previous year , I made it clear: I want to leave and go elsewhere this summer. I aspire to play in the very biggest clubs, now we will see what is offered to me .

Borderlands 3 Will Have a ‘Ping’ System Like Apex Legends
Via level-syncing and an expanded matchmaking tool players will be able to jump into groups seamlessly whilst playing. Borderlands 3 is still a couple of months away, but it's shaping up to be the biggest entry in the franchise to date.

Rouhani warns of 'repercussions' over British detention of oil tanker
Iran has condemned the British government's move as "maritime piracy" and summoned Britain's ambassador three times in protest. Emmanuel Bonne, a French presidential envoy, is in Iran this week for talks aimed at resolving the crisis.

Gatwick flights resumed after 'air traffic control issue'
According to Gatwick Airport's website, flights have resumed from 7.20pm United Kingdom time after almost two hours of chaos. Following an earlier air traffic control systems issue, flights to and from Gatwick have now resumed.

British US ambassador Darroch resigns over emails criticising Trump
It was also clear that, despite the Foreign Office's protestations, Trump was determined to blackball Sir Kim. Speaking anonymously, another diplomat who's now serving told the Times "it could have been any of us".

Android Q nerfs gesture navigation if you use a third-party launcher
In case the dark mode is not enabled, the regular bright white boot animation will be shown when you reboot your Pixel phone . That is to say; when Android Q rolls out, third party launcher users will see Androids former 3-button layout.

The Lion King Remake Is "Astonishing" And "Beautiful"
Along with covers of classic Lion King tracks, this new song is set to make an appearance during a key Nala scene. At the premiere, Glover also voiced his disbelief over his casting as Simba .

Military vets back Trump but many wary of his judgment
In addition, Perry claimed Trump has, "a great story to tell", and should possibly speak about it more often. But activists, including Sierra Club chief Michael Brune, were not impressed.

Government clashes with its own business advisers over no-deal Brexit
The Tánaiste says there's no evil plan hiding on a shelf that would solve the issue of the border with Northern Ireland . For people living in border counties and in Northern Ireland, this will be really hard .

US says Iran's moves are 'nuclear extortion'
As part of its campaign, the USA has re-imposed sanctions on exports of Iranian crude oil, which have tanked the Iranian economy. Hassan Rouhani was quoted by the official IRNA news agency as calling the seizure "mean and wrong" during a Cabinet meeting.

How to watch NYC's ticker tape parade for the U.S
However, that would still be far less than the $440 million allotted for male players in the 2022 World Cup. As she later said on ABC's " Good Morning America ", it's time to take action.

Nintendo Announces the Switch Lite, Coming This Fall
As far as game compatibility, Nintendo revealed that the Switch Lite will be able to play games that support handheld mode. Nintendo notes that there will be support for all existing Switch titles, although some games will have restrictions.

NBA Commissioner Adam Silver says changes to rules on draft trades possible
The penalty for attempting to challenge without a timeout is a technical foul and no challenge to the call will be given. Did the National Basketball Association just take something from the NFL? They're disheartening to the team.

Warriors to waive veteran guard Livingston
By waive-and-stretching him, the Warriors will only pay Livingston $666,667 this year and each of the next two years. His production dwindled in limited action this past season, when Livingston averaged 4.0 points in 64 games.