Jerome Powell Says the ‘Time Is Coming’ for Interest Rate Cuts
Video Credit: Wibbitz Top Stories - Duration: 01:31s - Published
Jerome Powell Says the ‘Time Is Coming’ for Interest Rate Cuts
Jerome Powell Says the ‘Time Is Coming’ , for Interest Rate Cuts.
In an interview with '60 Minutes' on Jan.
4, the
Federal Reserve chair said the central bank is still on track
to reduce interest rates later this year, Fox News reports.
.
There is no easy, simple, obvious
path.
We have to balance the risk
of moving too soon or too late.
And there are different risks.
, Jerome Powell, Federal Reserve chair, via '60 Minutes'.
We think the economy's in a good place.
We think inflation is coming down.
, Jerome Powell, Federal Reserve chair, via '60 Minutes'.
We just want to gain a little more
confidence that it's coming down in
a sustainable way toward our 2% goal, Jerome Powell, Federal Reserve chair, via '60 Minutes'.
While the "time is coming" to cut rates, "it's not likely that this
committee will reach that level of confidence in time for the March meeting, which is in seven weeks," Powell said.
Consumer Prices , Rose 0.4% in February.
The Bureau of Labor Statistics released
its latest data on March 12.
In February 2024, prices rose 0.4%
compared to January and 3.2% year-over-year, according to the Consumer Price Index (CPI).
The figures, which are greater than expected, represent the biggest monthly increase since September, Yahoo Finance reports. .
The index for housing rent rose 0.5% in February.
Gas prices rose 3.8%.
While food prices held steady for the month, they increased 2.2% year-over-year.
The Federal Reserve will use the latest data to help determine its position on interest rates on March 20. .
Experts predict that rates will
remain unchanged for the time being.
The market is now eyeing June for the possibility of rate cuts, Yahoo Finance reports. .
Fed Chair Jerome Powell recently said
that while interest rates will likely
be cut "at some point this year,"
"a little bit more data" is needed.
Credit: Wibbitz Top Stories Duration: 01:31Published
Powell Says , Fed Remains Reluctant to Start , Lowering Interest Rates.
On March 6, Federal Reserve Chair Jerome Powell
said that interest rates will start to drop at
some point this year, without specifying when.
CNBC reports that Powell said policymakers
are closely monitoring the risks of inflation and
are reluctant to begin easing rates too quickly.
In considering any adjustments
to the target range for the policy
rate, we will carefully assess
the incoming data, the evolving
outlook, and the balance of risks. , Jerome Powell, Federal Reserve Chair, via CNBC.
The Committee does not
expect that it will be appropriate
to reduce the target range until
it has gained greater confidence
that inflation is moving
sustainably toward 2 percent, Jerome Powell, Federal Reserve Chair, via CNBC.
According to Powell, the Fed needs
"a little bit more data" before
making a decision on rates.
We think because of the strength
in the economy and the strength
in the labor market and
the progress we’ve made,
we can approach that step
carefully and thoughtfully
and with greater confidence, Jerome Powell, Federal Reserve Chair, via CNBC.
When we reach that confidence,
the expectation is we will
do so sometime this year.
We can then begin dialing back
that restriction on our policy, Jerome Powell, Federal Reserve Chair, via CNBC.
Markets are eagerly anticipating the Fed ending its
aggressive rate-hiking campaign, after 11 interest
rate increases between March 2022 and July 2023.
Longer-term inflation expectations
appear to have remained well
anchored, as reflected by
a broad range of surveys of
households, businesses, and
forecasters, as well as measures
from financial markets, Jerome Powell, Federal Reserve Chair, via CNBC.
Longer-term inflation expectations
appear to have remained well
anchored, as reflected by
a broad range of surveys of
households, businesses, and
forecasters, as well as measures
from financial markets, Jerome Powell, Federal Reserve Chair, via CNBC.
CNBC reports that Powell is scheduled for a two-day visit
to Capitol Hill this week, beginning with a March 6
meeting with the House Financial Services Committee.
Credit: Wibbitz Top Stories Duration: 01:31Published
Key Federal Reserve Inflation Gauge , Rose 2.8% in March.
According to Commerce Department
data released on April 26.
the personal consumption expenditures
(PCE) price index, not including food or energy, rose 2.8% year-over-year in March. .
That exceeded Dow Jones
estimates of 2.7%, CNBC reports. .
When also accounting for food and energy, the all-items PCE measure rose 2.7%,
which was above the 2.6% estimate.
Inflation reports released this morning
were not as a hot as feared, , George Mateyo, chief investment officer at Key Wealth, via CNBC.
... but investors should not get
overly anchored to the idea that
inflation has been completely
cured and the Fed will be cutting
interest rates in the near-term, George Mateyo, chief investment officer at Key Wealth, via CNBC.
The prospects of rate cuts remain,
but they are not assured, and the
Fed will likely need weakness in
the labor market before they
have the confidence to cut, George Mateyo, chief investment officer at Key Wealth, via CNBC.
Consumers continue to spend despite
higher prices, CNBC reports.
Personal spending increased 0.8% in March, while personal income rose 0.5%.
The personal saving rate dropped to 3.2% as more people are having to dip into their savings to cover the cost of living.
The Fed continues to target 2% inflation, which the core PCE has exceeded for
the last three years, CNBC reports.
Credit: Wibbitz Top Stories Duration: 01:30Published
Fears of Potential Iranian Attack , Drive US Stocks Down , Nearly 500 Points.
CNN reports that United States stocks dropped on
April 12 amid rising tensions in the Middle East pushing
traders to seek safe havens like gold and bonds.
CNN reports that United States stocks dropped on
April 12 amid rising tensions in the Middle East pushing
traders to seek safe havens like gold and bonds.
By mid-afternoon, the Dow had fallen
1.4%, the S&P 500 went down 1.6%,
and the Nasdaq dropped 1.8%.
The dip came after the White House announced
that both the U.S. and Israel are on alert for
a potential attack by Iran or its allies.
The dip came after the White House announced
that both the U.S. and Israel are on alert for
a potential attack by Iran or its allies.
The warning comes after Iran
accused Israel of a deadly airstrike
on a consulate in Damascus, Syria. .
The news also sent oil prices up amid
fears of regional tensions escalating
as a result of the ongoing war in Gaza. .
The news also sent oil prices up amid
fears of regional tensions escalating
as a result of the ongoing war in Gaza. .
Brent crude futures jumped up to $90.42
a barrel, and West Texas Intermediate crude
futures increased to $86.65 a barrel.
Those geopolitical concerns and subsequent
rising oil prices sent investors to safe havens like
gold futures, which rose to $2,379 a troy ounce.
Those geopolitical concerns and subsequent
rising oil prices sent investors to safe havens like
gold futures, which rose to $2,379 a troy ounce.
CNN reports that Americans' opinions of
the economy have dipped in the past few
months amid persistently high inflation.
The geopolitical fears come as investors are already
contending with concerns that the Federal Reserve could
wait to bring interest rates down from a 23-year high.
Officials at the Fed have signaled that further rate
hikes could still be on the way if the central
bank's efforts to fight inflation stall.
Credit: Wibbitz Top Stories Duration: 01:31Published
Federal Reserve Posts Massive, $114 Billion , Loss in 2023.
On March 26, the Federal Reserve
announced a record-breaking net
negative income of $114.3 billion in 2023.
Reuters reports that the loss follows
$58.8 billion in net income in 2022. .
Since releasing the numbers,
the Fed has stressed that negative net
income does not impede its ability to operate.
Since releasing the numbers,
the Fed has stressed that negative net
income does not impede its ability to operate.
As a result of low rates and large
levels of bond holdings, the Fed has
earned significant profits in recent years.
Last year, the Fed's audited interest expenses for
banks' reserve balances reached $176.8 billion,
an increase of over $116 billion from 2022.
In 2023, the Fed's interest payouts from
its reverse repo facility were $104.33 billion,
increased from $41.9 billion the year before.
Reuters reports that the Fed creates funds when
dealing with operating losses, capturing its loss
in an accounting device known as a deferred asset.
Reuters reports that the Fed creates funds when
dealing with operating losses, capturing its loss
in an accounting device known as a deferred asset.
At the close of 2023, the deferred
asset stood at $133.3 billion.
As of March 20 of this year, that number
had risen to $157.8 billion with no
indication of how much larger it could get.
Last year, a St. Louis Fed report forecast that it
could take years before the Fed can return to
profitability and reduce the country's deferred asset.
Last year, a St. Louis Fed report forecast that it
could take years before the Fed can return to
profitability and reduce the country's deferred asset
Credit: Wibbitz Top Stories Duration: 01:30Published
In this Biz Pulse episode, we delve into market updates and the US Federal Reserve's announcement. Indian ADRs witness a decline, while IT stocks garner attention. Equity markets are on an upswing, while gold prices surge. Stay tuned for insights into these trends shaping the financial landscape.
#ADRStocks #ITMarket #StockMarket #Sensex #Nifty #IndianStocks #USStocks #USStockexchange #Businessnews #Worldnews #Oneindia #Oneindianews
~HT.178~PR.282~ED.101~GR.124~
Experts Say Fed's , Rate Hikes Could Impact , Housing Market for Decades.
Yahoo Finance reports that the housing market
has been showing signs of bouncing back as
this year's spring home-buying season begins.
For the second week in a row, mortgage rates
fell, reaching the lowest level in over a month. .
According to Freddie Mac, the average rate
on a 30-year fixed mortgage dropped to
6.74% from 6.88% the week before.
At the same time, supply is also
starting to rebound, with new listings
hitting a 17-month high in February. .
Despite the improvement, experts warn
that the Fed's aggressive rate-hiking campaign could
have long-lasting side effects on the housing market.
Despite the improvement, experts warn
that the Fed's aggressive rate-hiking campaign could
have long-lasting side effects on the housing market.
According to economist Gary Shilling, the Fed's
campaign has created a "perfect storm,"
with higher rates causing would-be
home sellers to put their plans on hold. .
It won't continue
indefinitely, but it certainly
is disruptive right now, Gary Shilling, Economist, via Yahoo Finance.
Redfin CEO Glenn Kelman shared similar views on the future of the housing market, warning it could take decades to move beyond the impact of the Fed's efforts.
Redfin CEO Glenn Kelman shared similar views on the future of the housing market, warning it could take decades to move beyond the impact of the Fed's efforts.
There's going to be low
supply for a long time to
come. What the Fed did…
will have a 30-year tail on it, Glenn Kelman, Redfin CEO, via Yahoo Finance.
Yahoo Finance reports that mortgage rates may be
unlikely to fall much further in the near term, meaning
that a more substantial rebound may still be far off.
Credit: Wibbitz Top Stories Duration: 01:30Published
Iranian President Vows to Destroy Israel , if It Launches the ‘Tiniest Invasion’.
On April 13, Iran attacked Israel with
hundreds of drones and missiles.
It was the first time that Iran has ever launched a direct military attack on Israel, Fox News reports. .
Although Israel was able to fend off
about 99% of the projectiles, the
country is considering retaliation.
On April 17, Iranian President Ebrahim Raisi warned Israel that if it does decide to
attack with even the "tiniest invasion," .
Iran's response would be "massive and harsh.".
Nothing would remain
from the Zionist regime, Iranian President Ebrahim Raisi, via Fox News.
Raisi delivered his remarks during
a military parade north of Tehran.
Prior to Raisi's threats, Israel vowed
to respond to the attacks.
The country did not provide details,
but its military council met on April 16
to decide how to proceed.
Leaders around the world have
urged Israel to stand down. .
While Israel and Iran have been at odds
for decades, their conflict came to a
head recently since Iran supports Hamas, .
which attacked Israel on Oct. 7 and
prompted Israel's current offensive in Gaza.
Credit: Wibbitz Top Stories Duration: 01:30Published
Samsung Knocks Apple , From Top Phonemaker Spot.
Samsung Knocks Apple , From Top Phonemaker Spot.
Fox News reports that Apple's phone shipments have dropped by about 10%.
During Q1 2024, Apple had a 17.3% market share, while Samsung had 20.8%.
During Q1 2024, Apple had a 17.3% market share, while Samsung had 20.8%.
Xiaomi came in third with 14.1%.
Samsung shipped over
60 million phones during Q1 2024.
Samsung shipped over
60 million phones during Q1 2024.
Apple only shipped 50.1 million. .
Last year during the same time period,
Apple shipped 55.4 million. .
Overall, smartphone shipments rose 7.8% worldwide to 289.4 million units during Q1 2024.
The increase in Samsung shipments
could be attributed to the company's
release of Galaxy S24 series phones.
During a launch event at the beginning
of the year, Galaxy AI, which is incorporated
into the company's new smartphones,
was touted as "a new era of mobile AI.".
News of Samsung's triumph comes as
Apple is cutting over 600 jobs in California
following reports that the company
is abandoning its electric car efforts. .
News of Samsung's triumph comes as
Apple is cutting over 600 jobs in California
following reports that the company
is abandoning its electric car efforts.
Credit: Wibbitz Top Stories Duration: 01:31Published
Drug Shortages Reach , All-Time High in US, , Pharmacists Say.
According to the American Society of Health-System Pharmacists (ASHP) and
the Utah Drug Information Service.
the first quarter of 2024 saw
323 active drug shortages, Fox News reports.
The previous record of
320 shortages was set in 2014.
ASHP CEO Paul Abramowitz said,
"some of the most worrying shortages involve generic sterile injectable medications," .
... "including cancer chemotherapy drugs and emergency medications stored in hospital crash carts and procedural areas." .
... "including cancer chemotherapy drugs and emergency medications stored in hospital crash carts and procedural areas." .
Abramowitz went on to say that the
"ongoing national shortages of therapies for attention-deficit/hyperactivity disorder also remain
a serious challenge for clinicians and patients.".
A separate ASHP report said that "the most severe and persistent shortages are driven by economic factors that undermine investment in manufacturing capacity, manufacturing quality and supply chain reliability.".
These economic challenges are
driven by extreme price competition
among generic manufacturers, ASHP, via report.
ASHP will continue to engage
with policymakers regularly as we guide
efforts to draft and pass new legislation
to address drug shortages and continue
to strongly advocate on behalf of our
members for solutions that work, ASHP CEO Paul Abramowitz, via statement.
Last week, the Department of Health and Human Services issued a white paper recommending tactics for Congress to help.
With today’s white paper,
HHS offers solutions and stands
ready to work with Congress to
ensure no patient faces the devastating
consequences of drug shortages or
goes without needed medicines, U.S. Department of Health and Human Services, via press release
Credit: Wibbitz Top Stories Duration: 01:31Published
Dwayne 'The Rock' Johnson is saying he will not be endorsing Joe Biden for President as he once did during the last presidential election. During an interview with Fox News, Johnson expressed some regret about his 2020 endorsement for Biden and Kamala Harris saying he won't endorse any candidate this year.
Credit: The Hollywood Reporter Duration: 01:30Published
Safety Tips for , Viewing the Upcoming , Solar Eclipse.
Ahead of the April 8 eclipse that can be viewed in the
United States, Fox News offered some safety tips for
anyone looking to catch a glimpse of the event. .
The number one tip is to wear proper eclipse glasses
which are significantly darker than normal sunglasses
and specifically designed for witnessing solar events. .
Genuine eclipse glasses will have an , ISO 12312-2 filter. .
NASA suggests people check the American
Astronomical Society's list of safe options
for selecting a brand of eclipse glasses.
Fox News warns that the popularity of the upcoming
eclipse has driven third-party vendors to flood
online marketplaces with fake eclipse glasses. .
People without eclipse glasses can still
view the eclipse with a pinhole projector
which can easily be made at home.
Cut a 1- to 2-inch square out of
the center of a piece of plain
white paper or white cardboard.
Cover the square you just cut out by taping
a piece of aluminum foil over the hole. .
Next, use a pin or thumbtack to
poke a hole in the aluminum foil.
A second piece of paper or cardboard
is used as the screen on which the
image of the eclipse will be projected.
To view: place the screen on the ground and stand with your back to the sun, holding your projector with the foil pointed toward the sky.
Adjust the distance between your projector
and the screen to make the image of
the eclipse appear larger or smaller.
Credit: Wibbitz Top Stories Duration: 01:31Published
Despite rising inflation, Federal Reserve Chair Jerome Powell has indicated that interest rate cuts won't occur in March. While the US economy is strong lie fades, high grocery and rent prices..
![Consumer Prices Rose 0.4% in February [Video]](https://video.newsserve.net/300/v/20240312/1368414578-Consumer-Prices-Rose-in-February.jpg)
![Powell Says Fed Remains Reluctant to Start Lowering Interest Rates [Video]](https://video.newsserve.net/300/v/20240306/1367896710-Powell-Says-Fed-Remains-Reluctant-to-Start-Lowering.jpg)
![Key Federal Reserve Inflation Gauge Rose 2.8% in March [Video]](https://video.newsserve.net/300/v/20240426/1373828506-Key-Federal-Reserve-Inflation-Gauge-Rose.jpg)
![Fears of Potential Iranian Attack Drive US Stocks Down Nearly 500 Points [Video]](https://video.newsserve.net/300/v/20240412/1372522960-Fears-of-Potential-Iranian-Attack-Drive-US-Stocks.jpg)
![Federal Reserve Posts Massive $114 Billion Loss in 2023 [Video]](https://video.newsserve.net/300/v/20240327/1371091068-Federal-Reserve-Posts-Massive-114-Billion-Loss-in.jpg)
![Biz Pulse: Upward Trend in Equity Markets, US Federal Reserve Announcement and Gold Price| Oneindia [Video]](https://video.newsserve.net/300/v/20240322/1370292644-Biz-Pulse-Upward-Trend-in-Equity-Markets-US.jpg)
![Experts Say Fed's Rate Hikes Could Impact Housing Market for Decades [Video]](https://video.newsserve.net/300/v/20240319/1369555822-Experts-Say-Fed-Rate-Hikes-Could-Impact.jpg)
![Iranian President Vows to Destroy Israel if It Launches the ‘Tiniest Invasion’ [Video]](https://video.newsserve.net/300/v/20240417/1372899608-Iranian-President-Vows-to-Destroy-Israel-if-It.jpg)
![Samsung Knocks Apple From Top Phonemaker Spot [Video]](https://video.newsserve.net/300/v/20240415/1372735018-Samsung-Knocks-Apple-From-Top-Phonemaker-Spot.jpg)
![Drug Shortages Reach All-Time High in US, Pharmacists Say [Video]](https://video.newsserve.net/300/v/20240412/1372522948-Drug-Shortages-Reach-All-Time-High-in-US.jpg)
![Dwayne Johnson Says He Won't Endorse Joe Biden Again for 2024 Presidential Race | THR News Video [Video]](https://video.newsserve.net/300/v/20240405/1371968130-Dwayne-Johnson-Says-He-Won-Endorse-Joe.jpg)
![Safety Tips for Viewing the Upcoming Solar Eclipse [Video]](https://video.newsserve.net/300/v/20240405/1371965060-Safety-Tips-for-Viewing-the-Upcoming-Solar-Eclipse.jpg)
![The Road of No Return: Fiscal & Monetary Collision Course Set | The People's Talk Show [Video]](https://video.newsserve.net/300/v/20240206/1707186154-The-Road-of-No-Return-Fiscal-amp-Monetary.jpg)
