County Jerome Financial News

Wall Street's main indexes opened lower on Thursday on persistent worries over prolonged restrictive monetary policy, while investors assessed economic data and awaited Federal Reserve chief Jerome Powell's remarks during the day. The Dow Jones Industrial Average fell 30.83 points, or 0.09%, at the open to 33,519.44. The S&P 500 opened lower by 4.86 points, or 0.11%, at 4,269.65, while the Nasdaq Composite dropped 49.48 points, or 0.38%, to 13,043.37 at the opening bell.

(Reuters) — U.S. stock index futures slipped on Thursday as soaring oil prices cemented the prospects for a prolonged restrictive monetary policy, while investors awaited economic data and Federal Reserve Chair Jerome Powell's remarks during the day.

By Brigid Riley

U.S. economic data and fresh comments from Federal Reserve officials. Federal Reserve Bank of Minneapolis President Neel Kashkari was one among several Fed voices to caution markets on the possibility of more hikes, saying on Wednesday that ample evidence of ongoing economic strength meant that more tightening might be in the pipeline. Fed Chair Jerome Powell is scheduled to speak later on Thursday, giving markets further clues into the future path of U.S. monetary policy.

Blue chip cryptocurrency markets are slightly in the red on Tuesday, but for the most part are holding up pretty well within recent ranges, despite longer-dated US yields pushing to new multi-decade highs.

U.S. Federal Reserve Chair Jerome Powell said emphatically last week that people «hate inflation, hate it,» but he left another fact unspoken — they also punish the politicians in charge when prices rise. The central bank's quest for a "soft landing" of more slowly rising prices and continued economic growth looks increasingly probable.

Last year’s spike in inflation, to the highest level in four decades, was painful enough for American households

Investing.com-- Gold prices fell in Asian trade on Tuesday, facing consistent pressure from a stronger dollar and higher Treasury yields as Federal Reserve officials reiterated the bank’s outlook for higher interest rates. 

Cresset Capital CIO and founding partner Jack Ablin discusses higher interest rates and offers his market outlook on 'Barron's Roundtable.'

By Robert Harvey and Natalie Grover

Last year’s spike in inflation, to the highest level in four decades, was painful enough for American households

By Ankika Biswas and Shashwat Chauhan

After the first weekly loss in four, oil bulls will be raring to push crude oil towards the higher $90s, while top buyer China again faces its recurring bogeyman — an ailing property sector — that’s weighing on its stock market.

By Amanda Cooper

Jerome Powell appears cautious as he acknowledges that such an outcome is merely a possibility which will depend on numerous factors beyond the control of the US Fed. Powell indicated that a "soft landing" for the economy is not the most likely or expected outcome, but it is still considered a possibility.

Bitcoin (BTC) starts the last week of September with a retest of $26,000 as a stubborn range persists.

crypto market displayed a sideways trend, influenced by various industry developments and macroeconomic factors. Bitcoin started trading at the $26,000 mark and briefly surged above $27,000. However, it faced resistance around the $27,500 level, leading to a subsequent downward movement. Presently, BTC is trading at approximately $26,600. If BTC continues its decline, it may retest the support zone at $25,400. Despite experiencing a 60% decline from its all-time high, BTC has posted a 2.34% gain month-to-date and a remarkable 60% increase year-to-date. Additionally, this week the U.S. Federal Reserve convened for a meeting to discuss interest rate hikes. Fed Chair Jerome Powell indicated that the central bank would consider additional rate hikes if the economy continues to outperform expectations. The benchmark interest rate presently remains in the range of 5.25% to 5.50%. Concurrently, market participants are reacting to the U.S. benchmark 10-year note yields reaching 4.490%, the highest level since November 2007. These events have induced a bit of bearish sentiments in the markets. Similarly, Ethereum (ETH) has mirrored BTC's movements. ETH encountered bearish momentum below the $1,600 level. A breakthrough above the $1,620 resistance could propel its price toward $1,650, while a failure to clear immediate support may lead to a decline towards the $1,565 level. In an interesting turn of events, Germany's largest lender, Deutsche Bank, announced a collaboration with Swiss startup Taurus to establish digital asset custody and tokenization services, highlighting the growing involvement of traditional financial institutions in the crypto space.

Meanwhile, benchmark 10-year US Treasury yields touched a 16-year peak the day after Fed Chairman Jerome Powell warned inflation still has a long way to go before approaching the central bank's 2% target. At 11 a.m., Bitcoin (BTC) was trading 1.62% lower at $26,620, while Ethereum (ETH) was trading below the 1,600 level. Meanwhile, the global cryptocurrency market cap was trading lower, around $1.06 trillion, falling 1.50% in the last 24 hours.

Piper Sandler Chief Global Economist Nancy Lazar explains why the economy will get worse before it gets better on ‘Maria Bartiromo’s Wall Street.’

Federal Reserve and Bank of England left interest rates unchanged this week, while both left the door open to additional increases should inflation prove persistent. Policymakers in the US made their decision unanimously, while those in the UK were split. Meantime, Bank of Japan Governor Kazuo Ueda tamped down speculation of a near-term interest rate hike after the central bank chose to stick with its ultra-easy stimulus. Here are some of the charts that appeared on Bloomberg this week on the latest developments in the global economy:US Fed Chair Jerome Powell made clear Wednesday the central bank is close to done raising interest rates, but his colleagues delivered the message that resonated: Borrowing costs must remain higher for longer amid renewed strength in the economy.

AI promise has masked a big threat in this era of Federal Reserve hawkishness: Real-world borrowing costs have jumped across Corporate America. Now Wall Street is fretting over the monetary danger in a week that Jerome Powell signaled his resolve once again to keep the policy stance tight — sparking a rout across Big Tech and beyond. His tool of choice to cool the still-hot US economy: Ensuring interest rates adjusted for inflation — seen as true cost of money for borrowers — stay elevated. Real yields, which touched decade-highs this week, need to stay meaningfully positive “for some time,” the Fed chief said at the policy gathering. It’s a chilling message for the top-heavy US equity market.