Federal Reserve Chair Jerome Powell is voicing an optimistic message about the U.S. economy and downplaying the threat of a recession.
has fallen significantly from a peak last summer but remains at a level double the Federal Reserve's target of 2%.
Data released in recent months suggests that the policy approach has succeeded in slowing economic activity while averting a downturn.by a sluggish 1.1% annualized rate over the three months ending in March, according to government data. Berries are seen on a shelf at Lincoln Market, June 12, 2023 in the Prospect Lefferts Gardens neighborhood in the Brooklyn borough of New York City.MORE: Federal Reserve pauses interest rates after 15 months of hikes
A jobs report earlier this month showed that the labor market grew robustly in May, adding 339,000 jobs compared to Wall Street estimates of just 195,000.Despite continued strength, labor market growth has slowed from its previous breakneck pace, suggesting that demand for workers has waned and in turn employers have faced less pressure to offer high wages, Powell said."We're getting the softening we need," Powell said.
"In my view, the least unlikely case is that we do find a way to better balance without a severe downturn," he added.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fed Chair Jerome Powell says rate hikes remain on the table in 2023Powell, reiterating that most central bankers still see two rate rises happening this year, did not rule out more rate hike action at the central bank’s next meeting.
Read more »
U.S. stocks open lower as chip stocks fall, investors await comments from Fed Chair PowellU.S. stock indexes opened lower on Wednesday as chip stocks tumbled after a report that Washington lawmakers are considering new curbs on export of chips for AI to China. The Dow Jones Industrial Average shed 0.2%:
Read more »
Bitcoin price clings to $30K as Fed's Powell stresses more rate hikesBitcoin reacts as hawkish as Fed Chair Powell as rate hike talk resurfaces.
Read more »
USD/CAD soars on Powell’s remarks and soft Canadian CPIUSD/CAD climbed sharply on Wednesday, helped by the US Federal Reserve (Fed) Chair Jerome Powell’s remarks at the European Central Bank (ECB) Sintra e
Read more »
Forex Today: Central bank heavyweights take center stage in SintraHere is what you need to know on Wednesday, June 28: Federal Reserve (Fed) Chairman Jerome Powell, European Central Bank (ECB) President Christine Lag
Read more »
U.S. dollar advances after Powell refuses to rule out consecutive interest-rate raisesThe U.S. dollar advanced against the euro and other rivals on Wednesday after Federal Reserve Chairman Jerome Powell refused to rule out the possibility of...
Read more »