New York: A growing chorus of advisers inside and outside the Trump administration are pushing another name to serve as the next chair of the Federal Reserve: Treasury Secretary Scott Bessent. President Donald Trump said Friday he would name a successor “very soon” to replace Jerome Powell, whose term as Fed chair ends in May … Read more
Washington, Jul 10, 2024 -The US central bank will not want to wait for inflation to cool to its two percent target before considering a rate cut, Federal Reserve Chair Jerome Powell told lawmakers Wednesday. “We’ve said that you don’t want to wait until inflation gets all the way down to two percent, because inflation … Read more
Gold prices were flat on Monday as Federal Reserve Chair Jerome Powell’s hawkish commentary doused expectations that the U.S. rate-hiking cycle was nearing an end, with investors awaiting economic data this week for confirmation on rate trajectory. FUNDAMENTALS * Spot gold was little changed at $1,915.79 per ounce by 0105 GMT, U.S. gold futures gained … Read more
Shares of SVB Financial Group tumbled 40% in premarket trading on Friday, piling on to steep losses logged a day earlier after the embattled lender’s plans for a capital-raise fueled concerns about the strength of its balance sheet. The stock was trading at $63.99 before the bell and was on course to open at its … Read more
Layoffs by U.S. companies over January and February touched the highest since 2009, with the tech sector accounting for more than a third of the over 180,000 job cuts announced, a report showed on Thursday. In February alone, layoffs in the United States stood at 77,770, more than five times higher than the 15,245 job … Read more
The collective sigh of relief in markets after Federal Reserve Chair Jerome Powell pushed back against super-sized hike speculation may be short lived. The worry is that absent tough action, markets face a toxic combination of persistently high inflation and slower growth. While the Fed hiked rates by 50 basis points, the most since 2000, … Read more
NEW YORK: The Fed’s well-telegraphed taper announcement has done little to soothe the nerves of some investors, who remain on edge about stubbornly persistent inflation and are looking to trim risk as they prepare for rockier times. The Federal Reserve on Wednesday said it will begin paring back its monthly bond purchases this month with … Read more
By Steve Matthews and Sarina Yoo Investors may need to hunker down for a slump in US stocks if President Joe Biden opts for a surprise choice and doesn’t renominate Jerome Powell as Federal Reserve chair. Nearly 90% of the economists surveyed by Bloomberg expect Biden to keep Powell in the job, an overwhelming number … Read more