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Washington (AFP) - Members of the US Federal Reserve's rate-setting committee said last month that the bank's employment and inflation goals were moving into "better balance," with some calling for "patience" on interest rate cuts, according to minutes of the meeting published Wednesday. The US central bank has held interest rates at a two-decade high for almost a year as it looks to bring inflation down to its long-term two percent target without doing too much damage to either the labor market or the broader economy. It has brought inflation back down to an annual rate of below three percen...
AFP
Washington (AFP) - The US Federal Reserve has made "quite a bit of progress" in its fight against rising prices and could hit its inflation target as soon as next year, Fed chair Jerome Powell said Tuesday. The US central bank has hiked interest rates to a 23-year high as it looks to restrict monetary policy enough to bring inflation back down to its long-term two percent target without doing too much damage to either the labor market or the broader economy. Since it started hiking rates in 2022, the Fed has brought inflation back down from a multi-decade high to an annual rate of 2.6 percent...
AFP
Washington (AFP) - The US Federal Reserve left its key lending rate unchanged on Wednesday and penciled in just one rate cut this year, down from the three expected in March after inflation stalled in the first quarter. The Fed voted unanimously to keep its benchmark interest rate between 5.25 and 5.50 percent, and said that "modest" progress had been made toward its long-term inflation target of two percent. The announcement suggests that central bank officials remain wary about cutting rates too soon, despite consumer inflation data published earlier Wednesday, which pointed to a slowdown i...
AFP
Washington (AFP) - The US Federal Reserve is likely to keep interest rates unchanged this week, but could pare back the number of cuts it has penciled in for this year, as policymakers digest a mixed bag of economic data. Stalled progress against inflation and a robust labor market have pushed many analysts to predict that the rate-setting Federal Open Market Committee (FOMC) will not cut interest rates from their current 23-year high before September at the earliest. A September start to cuts would likely increase the gap between the Fed and the European Central Bank (ECB), which began easin...
AFP
Washington (AFP) - A strong US economy and an uptick in inflation led the Federal Reserve's rate-setting committee to conclude that progress against rising prices had stalled, according to minutes of its most recent meeting published Wednesday. Fed policymakers voted to hold rates at a 23-year high after the rate-setting meeting concluded on May 1, as they sought to tackle inflation still stuck firmly above the bank's long-term target of two percent. The minutes of the two-day Federal Open Market Committee (FOMC) meeting show that policymakers generally felt that "recent data had not increase...
AFP
Washington (AFP) - Progress in the US Federal Reserve's fight against inflation "likely resumed" last month, a senior bank official said Tuesday, adding that additional rate hikes were probably unnecessary. Consumer inflation ticked lower in April, providing Fed policymakers with some good news following an uptick in the first quarter that had led some officials to question whether to cut rates at all this year from their current two-decade highs. "The inflation data for April suggests that progress toward two percent has likely resumed," Fed governor Christopher Waller told a conference in Wa...
AFP
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) - US consumer inflation eased slightly last month, according to government data published Wednesday, in a positive sign for President Joe Biden ahead of November's election. The data supports his administration's messaging that the US economy has turned a corner, as it looks to quell consumers' concerns about the impact of rising prices going into an expected rematch against former president Donald Trump. US stock markets set new records in New York following the publication of the inflation data, as hopes rose that the Federal Reserve would start cutting interest rates in the...
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
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