County Jerome Financial News

Federal Reserve Chair Jerome Powell swore in three members of the central bank’s governing board Wednesday, including Philip Jefferson as vice chair and Adriana Kugler to fill a vacant seat as the central bank’s first Latina governor

Last Friday, we cautioned that spot gold, which some investors tend to look at more closely than gold futures, could drop beneath $1,915 an ounce or alternatively run above $1,930. 

interest rate unchanged at the end of its Sept. 19-20 policy meeting and probably wait until the April-June period of 2024 or later before cutting it, according to economists in a Reuters poll.Fed Chair Jerome Powell underscored the «higher-for-longer» mantra for rates in a speech at the annual Jackson Hole central banking symposium in August and maintained another rate hike might still be needed to bring inflation down to the 2% target. But other members of the rate-setting Federal Open Market Committee (FOMC), including some of the more hawkish ones, have raised the possibility of holding off on another rate hike to allow more time to gauge the impact of the cumulative 525 basis points of tightening delivered by the Fed since March 2022. More than 95% of economists, 94 of 97, in the Sept.

By Prerana Bhat

US Federal Reserve is done with raising interest rates and will likely to cut them by roughly one percentage point next year, reported the Bloomberg. The latest forecast from the Economic Advisory Committee of the American Bankers Association shows that the US will probably avoid the recession though the economic growth slowdown in coming quarters pushing up unemployment while reducing inflation.

Next week will help determine what the Federal Reserve’s near-term outlook for interest rates will be as the U.S. central bank faces the difficult task of balancing between its ongoing battle to contain inflation and cool the economy without tipping it into a recession.

Federal Reserve governor Philip Jefferson has won confirmation from a majority of members of the United States Senate, placing him in position to become the Fed's next vice chair.

Boston Federal Reserve President Susan Collins on Wednesday advocated a patient approach to policymaking while saying she needs more evidence to convince her that inflation has been tamed.

By Richard Cowan and Ann Saphir

But despite making significant progress, inflation remains above the Fed's long-term target of two percent. Meanwhile, the US jobs market has shown growing signs of softening in recent months, a key precondition for the Fed to contemplate an end to its cycle of monetary tightening. «That was a helluva good week of data we got last week, and the key thing out of it is it's going to allow us to proceed carefully,» Fed governor Christopher Waller said in an interview with CNBC, referring in part to last week's jobs data. «There’s nothing that is saying we need to do anything imminent any time soon, so we can just sit there, wait for the data, see if things continue,» he added. Waller's comments follow a similarly cautious view to Fed Chair Jerome Powell, who told the Jackson Hole economic symposium in Wyoming at the end of August that the Fed would proceed «carefully» from now on. Investors and analysts overwhelmingly expect the Fed to pause its hiking cycle at its next rate-setting meeting on September 19-20, while keeping the prospect of another hike later in the year alive. Futures traders currently put the probability of a rate pause in September at 95 percent, and the chance of another hike in November at around 40 percent, according to data from CME Group. On Tuesday Waller indicated the Fed should keep its options open in the months ahead. «I don’t think one more hike would necessarily throw the economy into a recession if we did feel we needed to do one,» he told CNBC.

Bitcoin (BTC) has been on a bull run for the past six months or so and the market is yet to respond — but it will in around six to 12 months, according to BitMEX co-founder and former CEO Arthur Hayes.

By Jeff Mason

Average hourly wages rose 0.2% from July and 4.3% on an annual basis, decreasing slightly but remaining above the levels needed to hit the Fed’s 2% inflation target.

(Reuters) — As an awful August gives way to an uncertain September, investors hope this month will confirm that the seemingly relentless rise in interest rates will end soon, meaning respite for both stocks and bonds.

By Safiyah Riddle

Powell’s recent Jackson Hole Summit speech was mainly as expected. Well, except for the part where Powell obfuscated the truth behind the surge in inflation. More telling was the misunderstanding of the impact of fiscal and monetary policies on long-term outcomes.

The Federal Reserve «didn't do their homework» and mischaracterized the spike in inflation that has plagued the U.S. economy over the last two years, according to Nobel Prize-winning economist Joseph Stiglitz.

Federal Reserve Chair Jerome Powell has his data. Financial advisors have theirs.

Following Federal Reserve Chairman Jerome Powell's speech last week that didn't provide any clues regarding monetary policy, investors shifted their focus to macroeconomic indicators.

Jerome Powell, chairperson of the US Federal Reserve, has reiterated the Fed’s commitment to bringing down inflation to its preferred level of 2%. “We must keep at it until the job is done," Powell said on Friday, implying that interest rates will remain high until the Fed is confident that it has a firm grip on bringing down inflation. The Fed tries to control inflation by raising the federal funds rate, the interest rate at which banks in the US lend money to each other on an overnight basis.

'Perhaps the surprisingly resilient US economy is finally showing signs of slowing after a long rate hiking cycle.'