The US Federal Reserve is prepared to raise interest rates higher - and hold them there - to bring down above-target inflation, chairman Jerome Powell said. "We are prepared to raise rates …. until we are confident that inflation is moving sustainably down toward our objective," he told the Jackson...
European stocks rise, China rate cut fails to ease worries
European stocks rebounded but Asian markets ended mixed after a Chinese rate cut failed to reassure investors. At midday, Paris stocks were up by more than one percent, with both Frankfurt and London also pushing higher. Market sentiment has taken a hammering this month by a string of weak data...
US sees surprise hiring surge as unemployment edges down
US job gains surged unexpectedly last month as unemployment slipped to its lowest rate in over five decades, government data showed. The world's biggest economy added 517,000 jobs in January after a five-month slowdown in hiring, as the jobless rate edged down to 3.4 percent, said the Labor Department in...Russia war ‘most important’ factor slowing growth: IMF committee chair
The fund trimmed its world growth forecast to 2.7 percent in 2023, and its chief economist Pierre-Olivier Gourinchas cautioned that the next year would feel like a recession for many people. Throughout its meetings of financial chiefs this week, the crisis lender stressed that the priority was for central banks...Taming inflation will inflict ‘pain’ on Americans: Fed’s Powell
Addressing the annual gathering of central bankers in Jackson Hole, Wyoming, Powell did not hold back or leave room for doubt about the Fed's plans, pledging to act "forcefully." He warned that the world's largest economy is likely to slow for a sustained period, and the strong US job market...
Asian markets rise with eyes on China, Fed speech
Central bankers are meeting in Jackson Hole in the US state of Wyoming, and all eyes are on Federal Reserve boss Jerome Powell's Friday speech for clues about plans to tame inflation. Market sentiment was also boosted by the Chinese government's Wednesday announcement of new policies to help sustain the...
