(Bloomberg) -- The Bank of England will have to keep interest rates high for longer because inflation is unlikely to fade as quickly as it emerged, despite sharp falls in gas and producer prices, Deputy Governor Ben Broadbent said.Most Read from BloombergSpaceX Blast Left Officials in Disbelief Over Environmental DamageTesla Investors to Get $12,000 Each From Musk’s SEC DealPowell Signals Fed Will Raise Rates If Needed, Keep Them HighAfter 15 Years, a New Private Jet Is America’s Most PopularNYC
The Gorgeous Private Islands Where The Wealthiest Stars Spend Time To Relax And Unwind..JACKSON HOLE, Wyoming -The Federal Reserve may need to raise interest rates further to cool still-too-high inflation, Fed Chair Jerome Powell said on Friday, promising to move with care at upcoming meetings as he noted both progress made on easing price pressures as well as risks from the surprising strength of the U.S. economy.
If you want to find snippets that suggested dovishness, you could find them," Blinder said, adding that if he had to break the tie, he would say it was "mildly to the hawkish side." Looking ahead, Blinder says, given Powell's tone, he thinks the Fed will raise rates by another 25 basis points, but that he hopes they don't do it. "I don't think they need to do it.
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Mortgage rates jump, Better sinks, Fed's Collins on rates: Top storiesMortgage rates surged to a 22-year high according to the latest numbers from Freddie Mac. Online mortgage lender Better Home and Finance (BETR) made its debut on the Nasdaq, with shares sinking 93% on its first day of trading. Boston Fed Reserve President Susan Collins told Yahoo Finance that more rate hikes may be needed to tame inflation. Yahoo Finance Live breaks down Thursday's top stories.
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Fed 'clearly going to hold through the end of the year': Fed's HarkerFederal Reserve members, including chair Jerome Powell, are sending a clear message - they want to get rates down to two percent. However, some are taking a more hawkish stance than others. Philadelphia Federal Reserve President Patrick Harker wants to let 'things work through the economy.' Harker tells Yahoo Finance's Jennifer Schonberger what he is hearing from people who live in his district that they want to be able to digest all the rate increases the Fed has done this year. However, Harker stresses that 'not raising rates right now still means we are in a restrictive stance, we're still putting pressure on the economy,' and that data will dictate his decisions. Right now, Harker doesn't see a re-acceleration in inflation and that he would like to 'hold and see how things turn out.'The Fed is 'clearly going to hold through the end of the year,' Harker said, and that next year, data will dictate whether or not the Fed cuts rates. In order to get to a point where the Fed will cut, Harker says there needs to be 'clear signs' inflation is moving towards the Fed's two percent target, something he says 'is gong to take some time.' Overall, Harker says a soft landing scenario is the 'most probable,' but it's not guaranteed. Key video moments 00:00:22 Harker's current thinking on rates 00:02:00 Harker's on the September meeting 00:02:19 How long will the Fed keep rates high? 00:03:45 When could the Fed cut rates? 00:04:45 Harker on a soft landing 00:05:30 Relationship between wages and inflation 00:06:45 How demographics are impacting the economy and what the Fed does 00:10:00 Harker discusses what he is hearing at the symposium
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Fed Officials Say Rates Close to Peak, More Increases Possible(Bloomberg) -- Two Federal Reserve officials said policymakers may be close to being done with interest-rate increases, but one held back from ruling out further hikes until inflation is more clearly on a downward path. Most Read from BloombergWagner Chief Prigozhin Listed Aboard Crashed Jet, Reports SayMore People Call in Sick on August 24 Than Any Other DayHuawei Building Secret Network for Chips, Trade Group WarnsStocks Fall as AI Buzz Wanes With Powell in Focus: Markets WrapBRICS Bloc Grows
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P.E.I. electricity rates may be going up, twiceMaritime Electric applies for 1.6 per cent increase for Oct. 1 and may pass on $36-million Fiona bill to Islanders
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P.E.I. electricity rates may be going up, twiceMaritime Electric applies for 1.6 per cent increase for Oct. 1 and may pass on $36-million Fiona bill to Islanders
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Millennials set to face economic pain amid rising interest rates: RBCWatch Millennials set to face economic pain amid rising interest rates: RBC Video Online, on GlobalNews.ca
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