Two Fed regional chiefs say July rate cut may not be warranted

Two Fed regional chiefs say July rate cut may not be warranted

Federal Reserve Board Chairman Jerome Powell gave the markets what they wanted while also tossing some red meat the way of House Democrats.

Investors expect the Fed will cut its benchmark rate, now in a range between 2.25% and 2.5%, by a quarter percentage point at its 30-31 July meeting. He did not specify what had caused the shock.

Trump, also on Twitter, accused China Beijing of backsliding on a recent pledge to buy more United States farm exports. -China trade. In the latest evidence that the trade dispute was impacting growth, data showed that China's exports fell in June and imports shrank more than expected.

"The economy is in a very good place", Powell told the Senate committee.

But the United States can not rely on rare decade-long expansions to address the problem of inequality and opportunity.

Financial markets took Powell's two days of congressional testimony as a signal that when policymakers next gather in about three weeks, the Fed would cut rates for the first time since the financial crisis.

The markets have clearly priced in an outcome of a 25-basis points rate cut in July. This year it has fallen farther below that goal. It increased 1.6% year-on-year in June after rising 1.8% in May. As the economy recovered the central bank began slowly raising rates.

Amazon Game Studios is working on a Lord of the Rings game
With Lord of the Rings getting the Amazon TV treatment, perhaps it is not that surprising that a game is being made as well. Additionally, Leyou also owns Athlon Games , who previously announced its own Lord of the Rings project previous year .

That inquiry lasted seven months before President Donald Trump made a decision to move ahead with the first round of tariffs.

"Of course, I would not do that", Powell responded, before Waters asked him to repeat himself.

A relationship between the two existed "50 years ago" but that has gotten "weaker and weaker and weaker", Powell said. "Our most hard problem is not our competitors, it is the Federal Reserve!" "We salute you for that". "I think this would be on the merits".

The U.S. benchmark S&P 500 stock index notched a record closing high just shy of the 3,000 mark as financial shares were boosted by a jump in bond yields following soft demand in an auction of $16 billion in 30-year Treasuries. The FOMC is the Fed's policy-making body.

Lower interest rates decrease the opportunity cost of holding nonyielding bullion and weigh on the dollar, making gold cheaper for investors holding other currencies. It rose 2.1% from a year ago.

After the June FOMC meeting, the Fed predicted that the US real GDP will grow 2.1 percent in 2019, with the pace slowing down to 2 percent in 2020 and dropping further to a rate of 1.8 percent in 2021, according to the median projections of Fed Board members and Federal Reserve bank presidents. The Chair cited the monthly addition of 172,000 jobs in 2019, a lowering of the unemployment rate to 3.7 percent, and a GDP increase of 3.1 percent for the first quarter of 2019. "Obviously it is complicated by the fact that the president has called for rate cut but we still see indications that uncertainty is starting to be a drag on the economy", he said.

Related News:

Most liked

Amazon Prime Day 2019: Now you can bet on a site outage
On Prime Day 2019, you can expect deals and offers on a number of popular smartphones across all major price points. It's turned into a mid-summer event for deal-hunting shoppers, and it's drawn hot competition from other retailers.

DeMarcus Cousins: Lakers Title Contenders With 'Talented Beasts'
But he also spoke about being focused on the team building chemistry and getting on the same page. "Our job is to come together". Instead, Leonard has signed a three-year, $103 million contract with the team that includes a player option for the third year.

Until Dawn developer’s The Dark Pictures Anthology has eight planned games
Bandai Namco recently revealed that Man of Medan will have two different multiplayer modes in addition to its single-player mode. Two players join forces as they tackle the mystery surrounding a mysterious ship, inspired by a true life event .

Kanye West wants to build 'Star Wars'-inspired low-income housing
West is personally involved in the project, overseeing a team that is putting together the designs for the low cost homes. While his ideas seem far-fetched and even insane to some, it seems that Kanye's creative process has brought him success.

Cameron Boyce's Parents Speak Out on Tragic Death
Cameron Boyce's parents have spoken openly about the tragic death of their son. We offer our deepest condolences to his family, cast mates and colleagues.

Facebook may be looking for major VR exclusives
Ubisoft isn't the only big-name publisher that's making new partnerships with Oculus and Facebook either. There hasn't been a mainline Splinter Cell game since 2013's Splinter Cell: Blacklist .

Euro zone sees economic outlook worsening amid uncertain US trade policy
The commission underlined that economic issues between the US and China may prolong downturn in global trade and manufacturing. The European Commission's next economic forecast will be the autumn economic forecast in November 2019.

Blackhawks acquire Nylander from Sabres
The Swede, the eighth overall pick by the team's old regime in 2016, never showcased the tenacity to match his array of talents. He also showed some promising signs while helping Finland to its fifth world junior hockey title in January.

Kohli and Tendulkar speak up on Dhoni's retirement
In the World Cup, Dinesh Karthik has got a couple of opportunities, but he has failed to leave an impact in the middle-order. Rohit also scored five centuries during the CWC19, the most by a batsman in a single edition of the World Cup.

Nielsen Confirms 'Stranger Things 3' Really Was a Big Hit
If you have watched all of the new season and feel empty now, there is hope out there since there will be a fourth and final season.

Amazon Announces 48-Hour Prime Day
Heads up, bargain hunters: eBay just announced plans to hold a " Crash Sale " on July 15 to compete with Amazon Prime Day . More than a million deals will be on offer, we're told, with "the biggest Prime Day deals ever on Alexa-enabled devices".

Trent Boult craves revenge and hopes for Australia in World Cup final
However, as it was the story of the whole innings, the wicket fell just when the things were going well for the Men in Yellow. Be that as it may, in the run pursue of 286, they didn't have their star opener Jason Roy in the team as he was harmed.

Bruno Fernandes meets with agent to discuss Manchester United move?
But, Correio de Manha suggest that the Premier League heavyweights are yet to present a formal bid for the Portuguese worldwide . The Portuguese is believed to be one of Ole Gunnar Solskjaer's main targets yet a transfer is struggling to be completed.

Free Slurpees for 7-Eleven Day!
As usual, 7-Eleven will be giving away small Slurpees on July 11 from 11:00am - 7:00pm to celebrate their birthday. We provide weekly newspapers serving Ocean and Monmouth Counties that are free every day, not just on 7/11.

Virat Kohli reacts to criticism after Indias World Cup exit
Rumours have been abound that the World Cup exit could bring the curtain down on the illustrious career that MS Dhoni has had. Apart from the fans, the legend of Indian music Industry Lata Mangeshkar has also urged MS Dhoni to not retire.