Economy Financial News

Federal Reserve Chairman Jerome Powell dashed any hopes for a rate cut in the near future and said that the central bank is not «at all» thinking of the possibility currently.

Treasury yields as markets grew more convinced the Federal Reserve was done with its aggressive monetary policy tightening cycle after it left rates unchanged. The Fed on Wednesday held interest rates steady as widely expected, as policymakers struggled to determine whether financial conditions may be sufficiently tight to control inflation. However, Fed Chair Jerome Powell acknowledged that a recent market-driven rise in Treasury bond yields, home mortgage rates and other financing costs could have their own impact on the economy as long as they persist. The decision lifted sentiment in Wall Street, which spilled over into the Asia day, giving a small boost to the risk-sensitive Australian and New Zealand dollars. The Aussie rose 0.5% to a three-week high of $0.6426, while the kiwi similarly jumped more than 0.5% to hit a two-week top of $0.58825. The dollar edged broadly lower alongside U.S. Treasury yields which touched multi-week lows in early Asia trade.

Jerome Powell holds a press conference after the U.S. central bank made a decision on interest rates.

US Fed's decision. The US Fed kept interest rates unchanged for the second consecutive meeting, with the US economy and labour market improving and inflation remaining well above the US central bank's target.

Federal Reserve held interest rates steady on Wednesday but left the door open to a further increase in borrowing costs in a policy statement that acknowledged the US economy's surprising strength, but also nodded to the tighter financial conditions faced by businesses and households. «Economic activity expanded at a strong pace in the third quarter,» the US central bank said in a policy statement after a two-day meeting in which officials unanimously agreed to leave the benchmark overnight interest rate in the 5.25-5.50% range where it has been since July. The language marked an upgrade to the «solid pace» of activity the Fed saw as of its September meeting, and followed on recent data that showed US gross domestic product grew at a 4.9% annual rate in the third quarter. Though markets think the Fed may be done raising its policy rate, with financial conditions tightening on their own through higher market-based interest rates, data pointing to a stronger-than-expected economy and labor market have kept the prospect of another hike on the table. The Fed's latest statement noted that with job gains still «strong» and inflation still «elevated», the central bank continues to consider «the extent of additional policy firming that may be appropriate to return inflation to 2% over time.» Fed Chair Jerome Powell will hold a press conference at 2:30 p.m.

rupee on Wednesday closed at a new low versus the US dollar as risk aversion ahead of the Federal Reserve's statement, overseas investment outflows from Indian equities and dollar demand from oil importers exerted pressure on the local currency. The rupee settled at 83.29 per US dollar on Wednesday, a new record closing low. The local unit had settled at 83.25 per US dollar on Tuesday.

DoubleLine Capital CEO Jeffrey Gundlach believes interest rates are about to trend lower as the economy deteriorates further and tips into a recession next year.

By Marcela Ayres

Historically, a Santa rally happens in the weeks leading up to Christmas when a collective sense of goodwill bleeds into equity markets. This is typically a seasonal blip and nothing to write home about. But this year, we could see a far more significant rally as the United States Federal Reserve, the Securities and Exchange Commission and BlackRock line up to deliver a bonanza of holiday cheer.

(Reuters) — PTC (NASDAQ:PTC) Inc on Wednesday forecast its fiscal 2024 revenue below Wall Street estimates, signaling weakness in demand for its industrial design and testing software as companies keep their technology budgets tight.

The Federal Reserve held interest rates at a 22-year high for a second straight meeting, while suggesting that the recent rise in Treasury yields may weigh on the economy and inflation.

By Yasin Ebrahim

(Reuters) — Roku (NASDAQ:ROKU) forecast fourth-quarter revenue above Wall Street estimates on Wednesday, anticipating higher sales of its streaming devices and ad collections on signs of stability in the global economy.

The Federal Reserve left its benchmark interest rate unchanged for the second straight meeting and kept the door open to another rate hike this year as the central bank’s ongoing battle against inflation appears to be far from over.

Global Market Intelligence. Though the October PMI Manufacturing data was above its long-run average of 53.9, it was the slowest rate of expansion recorded since February. The 50-mark separates expansion from contraction.

Federal Reserve on Wednesday held interest rates at a 22-year high for the second time, as it moves to slow stubborn inflation without damaging the strong economy. The Fed's decision to keep its benchmark lending rate between 5.25% and 5.50% gives policymakers time to “assess additional information and its implications for monetary policy," the central bank said in a statement. Below is the statement released by the US Fed on Wednesday after its two-day policy meet— Recent indicators suggest that economic activity expanded at a strong pace in the third quarter.

US Federal Reserve announced its interest rate decision today after a two-day Federal Open Market Committee (FOMC) meeting and left the benchmark interest rates unchanged at 5.25 per cent - 5.50 per cent. The Fed's decision to keep its benchmark lending rate between 5.25 percent and 5.50 percent gives policymakers time to "assess additional information and its implications for monetary policy," the central bank said in a statement.

₹1.72 trillion in Goods and Services Tax (GST) in October, a 13% increase from a year earlier, marking the second-highest monthly haul since the new tax regime debuted in 2017. Overall, GST receipts so far this year are in line with the 10.5% nominal GDP growth rate projected by the finance ministry and reflect the trends in tax administration efficiency as well as consumption. The average gross monthly GST collection in FY24 is ₹1.66 trillion, up 11% from FY23.

The Federal Reserve on Wednesday again held benchmark interest rates steady amid a backdrop of a growing economy and labor market and inflation that is still well above the central bank's target.

Across the country, family members of children, parents and other relatives struggling with the disease of addiction are facing new financial burdens whether it’s missing work, blowing through their savings or becoming parents again in their 60s and 70s

The Mexican government says it will pay half of interest rates on bank loans to rebuild the 377 hotels destroyed or heavily damaged by Hurricane Otis