Two Fed regional chiefs say July rate cut may not be warranted

Federal Reserve chairman signals cut in US interest rates

The Bipartisan Policy Center, a Washington think tank, warned Monday that Congress will have to raise the federal debt limit in the first half of September, otherwise "the federal government can no longer pay all of its bills in full and on time".

MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.2 percent, after 3 sessions of losses.

At 8:43 a.m. ET, Dow e-minis were up 81 points, or 0.3%. S&P 500 e-minis were up 4.5 points, or 0.15% and Nasdaq 100 e-minis were up 9.5 points, or 0.12%.

But on Thursday, Fed Chair Jerome Powell had something to say about the president.

The new high drew a cheer from US President Donald Trump, who has repeatedly criticized Powell on monetary policy.

Powell repeated that sentiment in his prepared statement to the House Financial Services Committee, saying that the central bank "would act as appropriate to sustain the expansion".

"Financial stocks are fine today as we're getting ready to enter the earnings season for banking", said Jamie Cox, managing partner at Harris Financial Group in Richmond, Virginia. Trump said, "I'm a very greedy person". He contrasted the "baseline outlook" of continued U.S. growth against risks including persistently weak inflation, slower growth in other major economies and a downturn in business investment driven by uncertainty over the Trump administration's trade war with China. He said on Wednesday that the central bank stood ready to "act as appropriate" to support record USA economic growth.

Russell Westbrook, Heat Have Mutual Interest
According to ESPN's Adrian Wojnarowski , the Thunder are now sending Jerami Grant to the Denver Nuggets for a 2020 first round pick.

Powell said the Fed stands ready to "act as appropriate" to support record usa economic growth now under threat. The Nasdaq Composite and Dow Jones Industrial Average also closed all-time highs.

Powell's statement emphasizing that current trade conditions and muted economic activity are dampening the US economy's outlook had a sanguine effect on the market.

The economy remains generally in "a good place", he said, and consumer spending remains robust.

As regards the labor market, which added a higher-than-expected 224,000 jobs in June, Powell said there has been no evidence yet "for calling this a hot labor market".

Wall Street looked set to open higher on Friday, putting the three indexes on track to extend this week's strong run fueled by rising expectations of an interest rate cut this month.

Gold prices inched higher on Friday as investors shrugged off concerns that stronger-than-expected consumer inflation in the United States could influence the USA central bank's decision on aggressive monetary policy easing. In sum, the minutes re-emphasized the case for easier monetary policy is now stronger.

At the time, Powell expressed the belief that the Fed needed to "normalize" interest rates, which had been slashed to 0 percent during the Great Recession, now that the economy was growing again.

Related News:



Most liked

The Duchess of Sussex Meghan Markle Is Being Mom-Shamed Already
In March, Buckingham Palace, Clarence House and Kensington Palace issued new guidelines to block online trolls on their accounts. So, expect to see Archie spend more time with Prince Louis , 1, Prince George , 5, and Princess Charlotte , 4, in the future.

Roger Federer and Rafael Nadal set to square off in Wimbledon semifinals
The second was a different story as Bautista Agut dialled back a little and found that he was able to out-duel the master. Djokovic overcame Spain's Roberto Bautista Agut 6-2, 4-6, 6-3, 6-2 earlier on Friday to reach his sixth Wimbledon final.

What Ending the Affordable Care Act Could Mean for Texans
That's because provisions of the ACA extend far beyond its core mission of subsidizing health insurance for low-income Americans. Now the matter is before the 5th Circuit, based in New Orleans. "The health and wellbeing of almost every American is at risk".

UK will not escort every British-flagged ship through Strait of Hormuz
This is enough to provide reassurance, but probably not to deal with a crisis, BBC defence correspondent Jonathan Beale said. Royal Navy Type 23 frigate HMS Montrose is pictured at speed in the Mediterranean Sea during an exercise in October 2012.

Dow tops 27,000, healthcare in spotlight after Trump's decision on rebate
Trump's attacks have raised alarms that he is undermining the Fed's long-recognized independence from political pressure. Germany's Dax lagged with a loss of 0.1 per cent and E-Mini futures for the S&P 500 were a shade lower.

Ole Gunnar Solskjaer gives injury update on Man United's Alexis Sanchez
There also remains the issue of replacing the clinical forward and Solskjaer's options in the market are pretty limited. I can't be sitting here talking about Paul and what agents are saying.

Love Island’s Amy 'set to find love on Celebs Go Dating
Taking to twitter, fans starting theorising saying: "Lucie and George must have been dumped if Amy has walked". Though it isn't known whether she was part of one of the evicted couples, it's all to play for on the show .

Senator introduces USWNT equal pay bill after letter from NCAA coach
Do yourself a huge favor and take a look at all the action from last night's yacht party and today's parade in New York City. It's unclear if the winning team will be invited by President Donald Trump to visit.

Dow Suddenly Recovers After Fed Chair Powell Tees Up a Rate Cut
The greenback is under pressure in the early day, likely from some profit taking ahead of Fed Chair Powell's Testimony later today.

Nintendo reveal a new Switch Lite console with a Pokémon special edition
Nintendo has clarified that the back-of-box information for physical games, or Nintendo's website , will say if this is the case. In terms of controls, the Switch Lite ditches the detachable Joy-cons in favor of a solid built-in controller setup.

Kawhi Leonard wanted to play with Kyrie Irving
Just one week ago, NBA free agent and 2019 NBA Finals MVP Leonard was facing one of the biggest decisions of his life. Check out the audio below as Clay explains why he regrets counting the Clippers out in the Kawhi Leonard sweepstakes.

Turn back to 1985 with Microsoft’s Windows 1.11-Stranger Things mashup
It's only available as a PC program, which is kind of disappointing because I would have expected it to run in mobile platforms. Microsoft says it is already working on a resolution which should be available in the end-July update to Windows 10.

Stop picking on me, says Konta after Wimbledon exit
Halep won the French Open past year and was world No.1 as recently as January before being eclipsed by Naomi Osaka and then Barty. It did not come quite as quickly as hoped, as two match points came and went in a flurry of deuces and a break back by Kvitova.

ASAP Rocky Reportedly Being Held in 'Disease-Ridden' Facility in Sweden
Additionally, a Department of State official tells PEOPLE that "we are aware of the arrest of a USA citizen in Stockholm". One of the young men appeared to hit one of the rapper's team with a pair of headphones.

Mets star Pete Alonso wins the Home Run Derby
Guerrero Jr. led off the championship round with 22 homers, bringing his 2019 Home Run Derby total to 91 homers, a record. After winning the 2019 Home Run Derby , Pete Alonso reveals his championship chain bestowed upon him by Daddy Yankee .