2024-07-09 23:59:25
Economy
Finance

Federal Reserve Chair Powell Testifies to Congress on Economic Risks and Rate Cuts

Federal Reserve Chairman Jerome Powell testified before Congress, highlighting the central bank's focus on downside risks to the economy as well as inflation. Powell expressed concerns about the cooling job market and persistently high prices, signaling that the Fed may be moving closer to cutting interest rates.

He emphasized the need to balance reducing policy restraint to avoid weakening economic activity and employment. While Bitcoin briefly bounced back above $57,000, analysts expect selling pressure from various factors to weigh on its price.

Powell's comments suggest that the foundations are being laid for a potential rate cut in September, though he did not provide a definitive timeline. The stock market continues to hit all-time highs, but investors are cautious about a potential pullback and are closely watching Powell's testimony for insights into the central bank's view on the economy and inflation.

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CoinDesk
9. Juli 2024 um 15:18

Bitcoin Little-Changed Above $57K as Fed Chair Powell Testifies to Congress

Finance
Economy
Politics
Technology
Federal Reserve Chairman Jerome Powell testified before Congress, indicating that the central bank is focused on downside risks to the economy as much as inflation. Powell said reducing policy restraint too late or too little could weaken economic activity and employment. Bitcoin price received a brief bounce but quickly gave back any gains, trading just above $57,000. Traditional markets remained relatively flat, with the dollar and bond yields slightly higher. Powell reiterated that the Fed does not expect to reduce the target range for the federal funds rate until they have greater confidence that inflation is moving sustainably toward 2 percent.
Yahoo Finance
9. Juli 2024 um 14:01

Fed's Powell highlights slowing job market in signal that rate cuts may be nearing

Economy
Finance
Politics
Federal Reserve Chair Jerome Powell highlighted a cooling job market and persistently high prices in his testimony to the Senate Banking Committee, signaling that the Fed may be moving closer to cutting interest rates. Powell noted that 'elevated inflation is not the only risk we face' and that cutting rates 'too late or too little could unduly weaken economic activity and employment'. The Fed has raised rates 11 times since March 2022 to fight inflation, but Powell's comments suggest the central bank is shifting its focus towards supporting economic growth.
Al Jazeera – Breaking News, World News and Video from Al Jazeera
9. Juli 2024 um 20:54

US Fed’s Powell cites slowing job market in signal rate cuts may be coming

Economy
Finance
Politics
Federal Reserve Chairman Jerome Powell testified before the US Congress, signaling that the central bank may be moving closer to cutting interest rates. Powell cited a cooling job market and persistently high prices, shifting away from the Fed's single-minded fight against inflation. He warned that cutting rates too late or too little could weaken economic activity and employment, suggesting the Fed is considering a more balanced approach to its policy decisions.
Inc.com
9. Juli 2024 um 14:33

Fed Chair's Senate Testimony Could Show Path to Rate Cut

Economy
Finance
Politics
Federal Reserve Chair Jerome Powell's upcoming Senate testimony is expected to provide insights into the central bank's plans for interest rate cuts. Recent data shows slowed inflation and a weakening job market, leading to speculation that the Fed may accelerate its plans to cut rates. Powell's comments will be closely watched for signs that the Fed is ready to cut rates, potentially as soon as September, as it balances the risks of high inflation and an economic slowdown.
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