fed
Washington (AFP) - The US Federal Reserve should keep interest rates at their current elevated levels for longer than previously expected due to disappointing recent inflation data, a senior bank official said Monday. The Fed has raised interest rates to a 23-year high and held them there as it looks to bring inflation down to its long-term target of two percent. But despite significant progress last year, the Fed's inflation fight has faced a setback this year, with the rate at which consumer prices are rising accelerating again in the first quarter. Speaking at a conference in the US state...
AFP
Washington (AFP) - Federal Reserve chair Jerome Powell said Tuesday that hot US inflation data has lowered his level of confidence that price rises will slow back down towards the bank's long-term target. "The first quarter in the United States was notable for its lack of further progress on inflation," the head of the US central bank said during an event in the Netherlands that was streamed online. "We did not expect this to be a smooth road, but these were higher than I think anybody expected," he continued. "And so what that has told us is we'll need to be patient and let restrictive poli...
AFP
Washington (AFP) - A senior official at the US central bank said Friday that she doesn't expect any interest rate cuts this year following a recent uptick in inflation. The US Federal Reserve has held rates at a 23-year high for months as it battles to bring elevated inflation back down to its long-term target of two percent. After easing significantly last year, inflation has accelerated once more since the start of the year, causing concern among Fed officials as they contemplate the right time to start lowering rates. "I, at this point, have not written in any cuts" for 2024, Fed governor...
AFP
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 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) - 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 will start cutting interest rates this year so long as current economic trends continue, the head of the US central bank told lawmakers in Washington Thursday. "What we're seeing is continued strong growth, strong labor market and continuing progress in bringing inflation down," Fed chair Jerome Powell told the US Senate Banking Committee on the second day of hearings on Capitol Hill. He added that the Fed "can and will" begin cutting its key lending rate over the course of this year "if the economy evolves over that path." Powell's remarks suggest t...
AFP
Washington (AFP) - The US Federal Reserve's progress in bringing down inflation is "not assured," the chairman said Wednesday on the first of two days of hearings in Congress. "If the economy evolves broadly as expected, it will likely be appropriate to begin dialing back policy restraint at some point this year," Fed chief Jerome Powell told the House Financial Services Committee. "But the economic outlook is uncertain, and ongoing progress toward our two percent inflation objective is not assured," he added. The Fed has raised its key lending rate to a 23-year high to tackle stubborn inflat...
AFP
Washington (AFP) - The speed at which US inflation is easing means it will likely be appropriate for the Federal Reserve to start cutting interest rates over the summer, a senior Fed official said Thursday. The US central bank recently penciled in three interest rate cuts this year, but did not say when it would begin reducing its key lending rate, sparking speculation in the financial markets. Key to its decision is whether inflation -- down sharply since hitting a multi-decade high in 2022 -- continues to close in on the Fed's long-term target of two percent. "A year ago, I had expected t...
AFP
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