Wall Street touches new highs after comments by Fed's Powell
Wall Street touches new highs after comments by Fed's Powell
Federal Reserve chairman signals cut in US interest rates
11 July, 2019, 05:51
Powell said last Friday's relatively strong U.S.jobs report had no impact on the Fed's economic outlook.
The strong comments from the head of the USA central bank, the country's top financial regulator, adds to misgivings about the project, which has already produced strong skepticism among top policymakers across the globe.
"Manufacturing, trade and investment are weak all around the world".
Though the threatened tariffs on Mexico never materialised and China and the U.S. have agreed to resume talks to reach a trade deal, that "did little to alleviate the uncertainty that Fed officials believe is contributing to cooling momentum in global trade and domestic capex plans", Deutsche Bank's United States economics team wrote this week. "It doesn't remove the uncertainty".
Stocks rose and bond yields fell as investors welcomed new signals that the Federal Reserve is ready to cut interest rates for the first time in a decade.
"Libra raises many serious concerns regarding privacy, money laundering, consumer protection and financial stability", Powell said during his semi-annual testimony on monetary policy before the U.S. House of Representatives Financial Services Committee.
Powell, chosen by Trump to run the Fed but now out of his good graces, has worked hard to build relations among lawmakers, and even on a Democratic-controlled committee won plaudits and encouragement to stay on the job. -China trade war. The Fed minutes of the June policy meeting released on Wednesday as well echoed Powell's comments to Congress.
Asked by Waters what he would do if Trump said he wanted to fire him, Powell replied, as he has in the past, that he intends to serve his full four-year term.
According CNBC, Powell testified that "inflation has been running below the Federal Open Market Committee's symmetric 2 percent objective, and crosscurrents, such as trade tensions and concerns about global growth, have been weighing on economic activity and the outlook".
Iran enriching uranium to 4.5% purity, IAEA tells member states "As a result, the USA policy on the economic clampdown of Iran negatively affects the IAEA inspections in Iran", Ulyanov said. Wolcott reiterated that Washington believes the deal was ineffective, but remains "open to negotiation without preconditions".
Oil gains after US stockpiles drop, rigs evacuated The EIA on Tuesday revised its US crude oil production forecast for 2019 to an all-time high of 12.36 million bpd. This follows discovery of contaminated Urals crude that affected the Druzhba pipeline to Europe.
Powell also says the Fed is coordinating with other regulators, such as the Treasury Department, and other central banks overseas.
'I can't hear you, ' Waters said, urging a more enthusiastic response from the Federal Reserve chairman.
S&P 500 e-minis were down 8 points, or 0.27% and Nasdaq 100 e-minis were down 23.75 points, or 0.3%. The U.S. dollar fell against a basket of other currencies.
Meanwhile, the yield on 10-year Treasuries slipped to 2.04%.
"My sense is that Powell is more concerned about global financial conditions ... than he is pacified by a strong USA labor market", said Jim Caron from Morgan Stanley Investment Management.
The Fed has kept its current benchmark overnight interest rate in a range of between 2.25 percent and 2.50 percent since December.
"Equities across the globe are likely to hold their breath as markets ponder whether Powell would confirm or downplay expectations for a potential US rate cut this month", FXTM research analyst Lukman Otunuga wrote in a note.
Futures are still fully priced for a 25-basis-point cut at the Fed's July 30-31 meeting, but have abandoned wagers on a half-point move.
After this plea and even appearances on local USA television, it seems as though Sturridge's prayers have been answered. I just want to say a big thank you to everyone on social media who supported us and raised awareness.
The Boeing 737 Max planes have been grounded since mid-March after two fatal crashes that claimed a total of 346 lives. The planemaker delivered 113 of the model plane through June compared to 269 of all 737s in the first half of 2018 .
German Chancellor Merkel later addressed this newest episode herself saying that she felt fine and there was no reason to worry. German Chancellor Angela Merkel has been seen shaking at a public event for the third time in less than a month .
US President Donald Trump responded with a warning that Iran "be careful," while European powers condemned Tehran's decision. The ship "was navigating in worldwide waters", Deputy Foreign Minister Abbas Araghchi said at a press conference in Tehran.
Right along the coast south of Louisiana, water temperatures are now approaching 32ºC - more than ample fuel for a healthy storm. The unnamed system is spinning in the same general area where Hurricane Michael gained strength last October.
The new mobile platform also promises to supports up to a single 13MP camera and dual 8MP cameras thanks to its dual 12-bit ISP. Even though the chipset supports these features, it is not necessary we will see them in all budget phones out of the box.
"I told Theresa May how to do that deal, but she went her own foolish way - was unable to get it done". Sir John said "we carried the election until nearly the very last date" and it was an "absurd charge".
Iran has condemned the British government's move as "maritime piracy" and summoned Britain's ambassador three times in protest. The Gibraltar authorities did not disclose the origin of the oil, although Iranian officials have said it was their tanker.
Leyou actually announced the Lord of the Rings game past year , but its partnership with Amazon was not revealed at the time. Tolkien and Amazon is preparing a new streaming show set in an unexplored era of the fantasy universe directed by J.A.
And I think this team really understands, and is so prideful that we do carry with us other people when we step out on the pitch. President Trump's played coy this week, telling reporters he hasn't yet thought about whether he would invite the U.S.
Cardinals Select Cornerback in Supplemental Draft
The question now is whether or not the Baltimore Ravens should place a bid on any of the players available, primarily these two. The Panthers have never selected a player in the Supplemental Draft and this probably isn't the year that changes.
Washington DC hit by torrential rain, flooding
Flooding even reached the White House basement and government employees had to drain the standing water with wet vacuums. Emergency services used an inflatable boat to rescue one motorist stranded in their auto near the National Mall.
Warriors to waive Shaun Livingston
Livingston was not expected to be with the Warriors next season, either because he would retire or be waived. ESPN's Adrian Wojnarowski cited sources in reporting Tuesday that the Warriors will waive Livingston.