3 Hours Ago
‘History will not be kind’ to current central bank officials: investing officer
The Federal Open Market Committee will not be looked back on positively after the central bank did not push back on market expectations for cuts next year, said Brad Conger, deputy chief investment officer at Hirtle Callaghan & Co.
“Today’s statement was Powell’s golden chance to press back on the markets’ undermining of his policy,” Conger said. “Instead, they used the occasion to congratulate themselves on a mission accomplished.”
“I fear history will not be kind to this FOMC,” he added.
— Alex Harring
3 Hours Ago
Fed doesn’t need a recession to cut rates, Powell says
The Federal Reserve is willing to cut rates even if the U.S. economy doesn’t dip into a recession in 2024, Chair Jerome Powell said.
“It could just be a sign that the economy is normalizing and doesn’t need the tight policy,” he said.
Powell also said that the Fed is now seeing progress on inflation across the three main core areas.
The comments could ease concerns that the projected rate cuts reflect a split opinion on the economy by the Fed members.
“Overall, they seem to be in-tune with economic realities, which is encouraging as we enter a new chapter of the Fed reaction function,” Dylan Kremer, chief investment officer for Certuity, said in an email.
— Jesse Pound
3 Hours Ago
It’s a good time for workers to ‘find jobs and get solid wage increases,’ Powell says
Central bankers think the labor market is finally easing into a…
