In remarks scheduled for 12 p.m. (1600 GMT) at the Economic Club of New York, Powell will all but close out a frenetic month following U.S. monetary...
- Federal Reserve Chair Jerome Powell will take the podium in New York on Thursday with his colleagues at the U.S. central bank in apparent agreement to hold interest rates unchanged at their next meeting in two weeks but with still-great uncertainty about what happens after that.
If that were not enough, the bond market is reeling and tightening financial conditions at a rapid clip, and the most deadly Middle East conflict in years has erupted with no swift resolution in sight and worries it may widen into a regional war with unknown economic consequences. "We think the Fed chair will stick to the message delivered by Vice Chair Jefferson that the data has been coming in stronger than expected, but there has also been a big move in yields, which has tightened financial conditions, so no urgency for a policy response in November and the Fed can adopt a wait-and-see approach," Evercore ISI Vice Chairman Krishna Guha wrote.
A Reuters poll of more than 100 economists published on Wednesday showed more than 80% expect no rate hike at the next meeting, and most also believe the Fed is done with rate hikes even though a majority of policymakers at their September meeting projected one more quarter-point increase was likely to be needed by year end.
-- A selloff in Asian shares deepened, as investors fretted over higher Treasury yields and escalating tensions in the Middle East.
Bing Guan/ReutersDonald Trump shared a Substack article from far-right political activist and internet personality Laura Loomer on Truth Social Monday night that lobbed unverified accusations at New York Attorney General Letitia James, asserting that there was a connection between James and “Christian J. French, The Trump hating COO and heir to the Anti-Trump ‘Regional News Network.
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