Chair Jerome Powell reiterated the Federal Reserve’s intention to keep raising interest rates until there is convincing evidence that inflation is gradually declining – a high-stakes endeavor that risks triggering a recession. Increases in the Federal Reserve’s benchmark short-term rate often result in higher borrowing rates for consumers and companies, including mortgages, auto loans, and … Read more
Wall Street shares tumbled similarly Friday afternoon on rising angst over the Federal Reserve’s plan to aggressively counter inflation with higher interest costs. Near 1830 GMT, the Dow Jones Industrial Average changed down 2.0 percent at 34,088.51. The extensive-based totally S&P 500 fell 2.1 percent to four,303.06, even as the tech-rich Nasdaq Composite Index shed … Read more
Stock markets diverged on Tuesday as investors digested official data showing US inflation hit a four-decade high in March, making expectations the Federal Reserve will act more aggressively to tame prices. Meanwhile, Oil prices, surged as Shanghai began to ease Covid restrictions and the OPEC group of crude-producing nations lowered its forecast for global demand … Read more
WASHINGTON: With US inflation high and the Federal Reserve expected to hike interest rates within months, President Joe Biden said on Friday he had faith in the central bank’s ability to manage price increases while ensuring that businesses keep hiring. “I want to be clear: I’m confident the Federal Reserve will act to achieve their … Read more
