Sunday, 25 August, 2019

Jerome Powell takes stand for Fed independence against 'short-term political interests'

Trump and Powell in the Rose Garden of the White House in Washington D.C. on Nov. 2 2017 Trump and Powell in the Rose Garden of the White House in Washington D.C. on Nov. 2 2017
Russell Knight | 26 June, 2019, 02:16

Other Fed officials including New York Fed President John Williams, St. Louis Fed President James Bullard, and Atlanta Fed President Raphael Bostic will also speak Tuesday at the Council.

Asked about the repeated criticism by Trump, Powell said, "We are human".

Meanwhile, expectations for the upcoming G-20 summit also were lowered after a White House official told Reuters that the US will not accept any new tariff conditions and that the goal is to simply reopen talks.

"You had a one-two punch", with Powell warning against policy bending to short-term political pressures and Bullard saying half a percentage point would be too much, said Art Hogan, chief market strategist at National Securities in NY.

But Mr Powell warned that the central bank would not "overreact" to individual data points and short-term swings in sentiment that could quickly evaporate.

Investors have always been anticipating rate cuts this year even as Fed policymakers had once suggested such a move would have been premature or even irresponsible in light of a strong labor market and lofty asset prices.

Despite Tuesday's sell-off, June is shaping up to be a good month for USA equities.

The official also said the White House had no plans to demote Fed Chairman Jerome Powell, adding that there were different views within the White House counsel's office regarding the president's authority to do so.

"The market.is really looking at two issues that push it higher", said Rick Meckler, partner at Cherry Lane Investments in New Vernon, New Jersey.

Hannah Green records first major title at Women's PGA Championship
On Sunday, she followed in Webb's footsteps by winning the Women's PGA Championship, becoming the third Australian to win a major. Reavie put the tournament away on the par-4 17th, making a 14-foot birdie putt, while Bradley three-putted for a double bogey.

Siri soon to go desi with the new Apple iOS 13
As far as general physical appearance, the iPhone XI is expected to look pretty similar to its predecessor - with one exception. Olixar, a well-known accessory maker has begun to sell the camera protectors for the new iPhone 11 Max.

Australia repatriating eight children from ISIL families
Morrison said there was no blanket policy about Australia's repatriation of children stranded in Syria. The children's mother, Mrs Nettleton's daughter Tara, died of medical complications in 2015.

He said policy makers are "grappling" with whether rising trade tensions, softness in the global economy and signs of muted inflation will continue to weigh on the American economy. "One is the trade agreement and the other is Fed policy".

Earlier this year, economists believed the Fed would keep its key policy rate unchanged all year long after four rate hikes last year.

The Dow Jones Industrial Average rose 13 points, or less than 0.1%, to 26,740, while the S&P 500 was down less than a point at 2,944.

According to reports, New Residential Sales release for May will be released at around 10:00 a.m. ET.

Of the 11 major indexes in the S&P 500, seven were in negative territory, with communications services seeing the biggest percentage drop.

Rate-sensitive bank stocks were down 0.2%, as U.S. Treasuries benchmark yields fell below the closely watched 2% level. Shares of Allergan PLC jumped almost 29% after agreeing to be bought by fellow drugmaker AbbVie Inc.in a deal valued at $63 billion.

The S&P 500 posted 30 new 52-week highs and 6 new lows; the Nasdaq Composite recorded 24 new highs and 99 new lows. AbbVie's stock dropped 15.4%.

This story has been published from a wire agency feed without modifications to the text.

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