Page 21 - Us Federal Reserve

Rupee set to test fresh lows as Powell dispels hopes of softer Fed

But depreciation likely to be orderly because of RBI support, FPI inflows

Powell's 8-min speech at Jackson Hole erases $78 bn from richest Americans

US central bank will keep raising interest rates and probably leave them elevated for a while to reduce inflation

Senator Warren worries that Fed will tip US economy into recession

The US central bank's chief warned on Friday that Americans were headed for a painful period of slow economic growth and possibly rising joblessness as the Fed raises interest rates to fight inflation

Indian equities likely to remain volatile after US Fed chair's speech

On Friday, Fed chair Jerome Powell signaled the US central bank is likely to keep hiking interest rates and keep them elevated to tame inflation.

Dollar rebounds as Fed Chair Powell commits to fighting inflation

The dollar index gained after Federal Reserve Chair adopted a hawkish tone to battling inflation, but did not settle the debate on how large a rate increase is likely

Faster debt relief needed as more nations seek help, says IMF's Gopinath

More countries are likely to seek debt relief as a stronger dollar makes repayments tougher, says IMF chief

US Fed chief Powell talks tough, warns of 'unusually high' rate hikes

Inflation is now their chief concern, and Powell's remarks at the symposium, hosted by the Kansas City Fed, set a tone likely to register on global markets

Oil prices dip after US Fed chair Powell warns of economic pain ahead

Brent crude futures fell 1 cent to $99.33 a barrel by 1:13 p.m. EDT (1713 GMT). U.S. West Texas Intermediate (WTI) crude futures fell 33 cents to $92.19 a barrel.

US spending misses target due to drop in gasoline prices, inflation eases

Slowdown in inflation likely to be welcomed by Fed officials

Stocks slide, dollar cuts losses as Fed's Powell warns of economic pain

"Reducing inflation is likely to require a sustained period of below-trend growth. Moreover, there will very likely be some softening of labor market conditions," Powell said.

Rupee rises by 8 paise to 79.84 on weak dollar ahead of Fed chair speech

The rupee appreciated by 8 paise to close at 79.84 against the US dollar on Friday, supported by a weak dollar in the overseas markets and a positive trend in domestic equities. However, higher crude prices in the international markets restricted the rupee's gain, forex dealers said. At the interbank forex market, the local unit opened at 79.87 against the greenback. It witnessed an intra-day high of 79.81 and a low of 79.94 against the American currency during the session. It finally ended at 79.84 against the US dollar, up 8 paise from its previous close of 79.92. "Rupee continued to consolidate in a narrow range ahead of the Jackson Hole symposium. Dollar weakened against its major crosses after the GDP number released from the US came in line with expectation," said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services. Market participants remained cautious as they waited for a speech by the Federal Reserve chairman. "The Fed Chairman's speech in Jackson

Fed could keep lifting rates sharply 'for some time', says Powell

Federal Reserve Chair Jerome Powell delivered a stark message on Friday: The Fed will likely impose more large interest rate hikes in coming months and is resolutely focused on taming the highest inflation in four decades. Powell acknowledged that the Fed's continued tightening of credit will cause pain for many households and businesses as its higher rates further slow the economy and potentially lead to job losses. These are the unfortunate costs of reducing inflation, Powell said in the written version of a high-profile speech he is giving at the Fed's annual economic symposium in Jackson Hole. But a failure to restore price stability would mean far greater pain. Powell's message may disappoint investors who were hoping for a signal that the Fed might soon moderate its rate increases later this year if inflation were to show further signs of easing. After hiking its key short term rate by three-quarters of a point at each of its past two meetings part of the Fed's fastest pace

Dollar index volatile after Fed's Jerome Powell comments on inflation

Powell struck a hawkish tone, as was widely expected, and said that the Fed's overarching focus is to bring price pressures back down to the Fed's target of 2%.

Brent crude anchored above $100 a barrel, heading for weekly gain

Brent crude futures climbed $1.53, or 1.54%, to $100.87 a barrel by 1051 GMT. U.S. West Texas Intermediate (WTI) crude futures rose $1.20 cents, or 1.3%, to $93.72.

Oil prices edge up on signs of improving fuel demand, await Fed outlook

Oil prices rose as much as $1 on signs of improving fuel demand, although further gains were capped as the market awaited clues from the US Federal Reserve chairman

Gold inches higher as dollar softens ahead of Jerome Powell's speech

Gold prices edged higher as the dollar slipped, while investors looked forward to a speech by U.S. Federal Reserve Chair Jerome Powell at the Jackson Hole symposium for clues on interest rate hikes

Gold range-bound as investors wait for Fed chair's speech at Jackson Hole

Spot gold rose 0.2% to $1,751.16 per ounce by 0854 GMT, trading in a $9 range. It advanced 0.7% in the previous session. U.S. gold futures rose 0.1% to $1,763.60.

Yuan has no basis for long-term depreciation, says Chinese state media

The Chinese currency has weakened to two-year lows against the dollar this week, reacting to expectations of further aggressive interest rate hikes from the Fed and a domestic economic slowdown

Dollar pauses for breath ahead of Jackson Hole symposium this week

The US dollar steadied just below recent peaks, as investors waited to hear from the Federal Reserve and pondered whether weak US data may slow the pace of rate hikes

Nasdaq ticks up on hopes of less aggressive rate hikes after weak PMI data

US composite PMI at lowest since February 2021; Zoom tumbles on weak forecast; Macy's shares rise on earnings beat