Friday, 23 August, 2019

US Fed defies Trump and holds interest rates

Embedded Image Trump to Fed: Slash Rates Now
Patty Aguilar | 01 May, 2019, 22:57

The Federal Reserve held interest rates steady on Wednesday as policymakers took heart in continued US job gains and economic growth and held out hope that weak inflation will edge higher.

PwC Partner Mitch Roschelle on US economic outlook's potential impact on Federal Reserve policy.

The Federal Reserve has made a decision to keep its benchmark interest rate right where it is, despite the protestations of U.S. President Donald Trump.

"In light of global economic and financial developments and muted inflation pressures, the Committee will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate to support these outcomes", the Fed said in a statement released after the meeting.

Apple removed several parental control Apps from the App Store
Apple insisted that it gave all the app-makers 30 days to alter their applications to bring them into line with App Store rules. The parent company, Bytedance , is said to be one of the world's most valuable startups and is estimated at worth $75 billion.

Amazon will deliver packages to the trunk of your Ford or Lincoln
Ford Motor Company said on Tuesday that it's bringing Amazon Key's in-car delivery service to its lineup of connected vehicles. Amazon Key works through the FordPass and Lincoln Way apps to locate and grant temporary access to the vehicles.

'Incredibly difficult' to reach Mozambique cyclone survivors
The people were all members of the same family and several other houses had also been buried, STV reported. Women and children have been hit hardest, she said, with a need for all the basics, especially shelter.

In his latest attack on the Fed, Mr Trump criticised the central bank for "incessantly" raising rates. The statement suggested that a recent decline in inflation may be more persistent than expected, and was no longer to be blamed simply on falling energy prices. It is not the first time that Trump has asked the Federal Reserve for lower interest rates, which makes the cost of borrowing cheaper and tends to encourage consumers and businesses to spend and invest.

Moore issued a statement supporting his own nomination within a minute of Fed officials announcing that they would keep a key short-term rate unchanged.

The Fed indicated earlier this year that it would not change rates for the rest of 2019. The verdict comes as expected according to overnight indexed swap pricing seeing that markets were pricing only a 2.2 percent chance that the Fed would move on rates today. A cut of a full percentage point would take the USA benchmark interest rate back to where it was in December 2017.

The Fed has hiked rates nine times December 2015 and Chairman Jerome Powell, a Trump appointee, has repeatedly given the impression that there will be no further rate hikes.

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