Sunday, 22 September, 2019

Fed's Powell says politics play no role in interest-rate decisions

Youtube video thumbnail Powell: Fed ‘not forecasting or expecting a recession’
Russell Knight | 10 September, 2019, 14:33

His comments cemented expectations for another quarter-percentage-point cut in interest rates later this month.

Federal Reserve Chairman Jerome Powell speaks during the "The Economic Outlook and Monetary Policy" panel discussion hosted by the Swiss Institute of International Studies at the University of Zurich in Zurich, Switzerland September 6, 2019. "Trade policy uncertainty is not something that central banks have a lot of practice in dealing with". "We're going to continue to act as appropriate to sustain this expansion".

Powell's remarks reinforced investors' expectations for a quarter percentage-point cut when USA central bankers gather in Washington Sept. 17-18.

Former Fed official Bill Dudley, former head of the Fed's NY regional bank, had made that suggestion in an opinion piece last month.

Federal Reserve Chairman Jerome Powell stressed the importance of independent monetary policy on Friday, hours after President Donald Trump lashed out at the central bank in a series of particularly harsh tweets. But he did not.

Gold traded lower early in the session as Treasury yields rose along with demand for risky assets, and the U.S. Dollar firmed, making the dollar-denominated asset less-appealing.

"The most likely outlook for our economy remains a favourable one with moderate growth, a strong labor market and inflation moving back up close to our 2% goal, " Powell said during a question and answer session.

US stocks remained higher and Treasuries were mixed as Powell spoke, with the S&P 500 adding to a second straight weekly gain.

Apple set to unveil three iPhone variants, new Watch models and more
As per usual, he didn't provide any other details, so all we have is the photo itself and a vague note about it not being special. This year, the rumors suggest a potential slew of new Apple devices, from new iPhones to a redesigned iPad and MacBook Pro .

Siri Script Rewritten to Deflect Feminism Questions
Also included in the leaked documents are a list of Siri upgrades aimed for release in as part of iOS 13, code-named " Yukon ". A "play this on that" feature allows users to pick content on a selected device of their choosing using Siri.

Kim Kardashian West feared she had lupus
Momager Kris Jenner , and sisters Khloe Kardashian and Kylie Jenner gathered around to comfort a distraught Kim. However, she insists that was a one-time thing and SKIMS is much more comfortable and wearable.

The US Department of Labor on Friday reported that employers added 130,000 new jobs in August, somewhat undershooting economists' estimates and adding to fears of a weakening economy.

Repeating his message from Jackson Hole, Wyo., Powell said there are "significant" downside risks facing the economy and said the Fed is going to monitor all these factors.

Instead, on Friday he turned to a concept, the future path of interest rates which was used in the Fed's July statement, when it announced the first rate cut since 2008.

"We have seen this meme over and over and over and yet tariffs keep marching higher and higher and higher", Michael Every, senior Asia-Pacific strategist at Rabobank, said in a research note.

Powell noted that trade uncertainty has served as a drag on business investment, and promised the Fed would do whatever it could to continue to support the United States economy.

"We serve all Americans regardless of their political party", Powell said. "The idea that we would deviate from that is just simply wrong".

Federal Reserve Chairman Jerome Powell on Facebook's plans for the Libra cryptocurrency. Powell said it could quickly become systemically important because of the huge scale of the social-media giant's network.

However, he cautioned that Libra still had to win over a majority of its critics, with Libra potentially damaging the financial landscape of the industry if it was not held to the highest standards of regulatory and supervisory expectations.

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