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Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

FED keeps interest rates unchanged

Federal Reserve Chair Jerome Powell emphasized that the central bank is in no hurry to adjust its policy stance (Photo by Olivier DOULIERY / AFP)
  • Inflation is still deemed ‘somewhat elevated’
  • The euro fell to 1.04 against the US dollar following announcement

The Federal Reserve kept interest rates at the current target range of 4.25 percent to 4.50 percent after its January meeting, according to reports.  The pause comes after the central bank cut rates three consecutive times to end 2024.

At his press conference, Federal Reserve Chair Jerome Powell emphasized that the central bank is in no hurry to adjust its policy stance, particularly as the economy remains strong

“The range of possibilities is very, very wide,” he said. “We don’t know for how long or how much, what countries. We don’t know about retaliation. We don’t know how it’s going to transmit through the economy to consumers.”

The US economy remains resilient, with a strong labor market. However, inflation is still deemed ‘somewhat elevated’, prompting the Fed’s committee to reiterate the cautious approach outlined in December:

“In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks.”

In December 2024, the Fed surprised markets by raising its inflation forecast for 2025 to 2.5 percent and cutting its projection for interest rate reductions to just two for the year, down from four in its September outlook.

Different outlook in Europe

The situation in Europe shows an economic outlook that is deteriorating, and inflation is making steady progress towards the 2 percent target.

On Wednesday, the German government slashed its 2025 economic growth forecast to just 0.3 percent, down from the previous estimate of 1.1 percent in October.

Following the Fed’s decision and ahead of Powell’s press conference, the euro fell to 1.04 against the US dollar, reflecting the greenback’s strength.