Fed rate cut on collision course with 2024 election politics
The Federal Reserve is set to cut interest rates by at least a quarter of a percentage point on Wednesday, putting the politically independent institution in the crosshairs of a bitter election in which inflation and economic pain are central issues. Fed Chairman Jerome Powell has faced criticism from both parties for months. Some Democrats, […]
Bitcoin ETFs Add $250 Million in Surge Ahead of Expected Rate Cut – Decrypt
Bitcoin Exchange-Traded Fund (ETF) There is a renewed interest. Figures published by blockchain data firm Arcam Intelligence show American funds added a total of about $250 million worth of Bitcoin on Monday, the most daily additions in more than a month. The surge helped push the price of bitcoin itself above $61,000 per coin on […]
Stock market today: Wall Street stays stuck in place as it counts down to a rate cut – The Associated Press
NEW YORK (AP) — U.S. stock indexes were flat on Tuesday, with Wall Street seeing fewer big moves than expected. First interest rate cut It's been more than four years. The S&P 500 rose 1.49 points, or less than 0.1%, to 5,634.58. It remains 0.6% below its all-time closing high set in July but briefly […]
Retail Sales Unexpectedly Rose in August, Lowering Chances of a Bigger Rate Cut
U.S. consumers unexpectedly increased spending in August, defying expectations that a softening labor market would dampen retail purchases. Retail sales rose 0.1% in August, Commerce Department data released Tuesday showed, after an upward revision to a 1.1% increase the previous month. While rising sales are unlikely to derail the Federal Reserve's plans to cut interest […]
US retail sales unexpectedly rise, lowering odds for big rate cut
U.S. retail sales unexpectedly rose last month, a surprisingly strong result that likely reduces the likelihood of a big interest rate cut from the Federal Reserve this week. Retail purchases rose 0.1% in August, Commerce Department data released Tuesday showed, beating economists' expectations of a 0.2% decline as cash-strapped consumers showed resilience despite a shaky […]
Global shares rise, dollar pinned lower by Fed rate cut bets By Reuters – Investing.com
By Samuel Indyk and Ray Wee LONDON (Reuters) – European shares rose on Tuesday but the U.S. dollar fell as the Federal Reserve was expected to begin an easing cycle and policymakers could potentially cut interest rates sharply. Investors remain focused solely on the Fed's decision on Wednesday, as the likelihood of a 50 basis […]
GBP/USD rallies on Fed rate cut bets – FXStreet
GBP/USD re-surfaced above 1.3200 on Wednesday amid risk-on sentiment. The Fed's interest rate outlook is nailed on the ceiling as the market expects a 50bps cut. UK CPI inflation and the Bank of England's interest rate outlook will also be on the agenda this week. GBP/USD broke into higher territory on a quiet Monday, with […]
Democrat Senators Demand Super-Sized Rate Cut
Who's afraid of the Biden-Harris economy? If the Biden-Harris Administration's policies aren't hurting the economy, why are leading Democrats calling for the Federal Reserve to announce massive interest rate cuts? Three Democratic U.S. senators sent a letter to Federal Reserve Chairman Jerome Powell on Monday. Urged the central bank to cut interest rate target by […]
Gold price rises as Fed rate cut expectations grow – FXStreet
Gold prices rise as the probability of a 50bps Fed rate cut rises to 59% amid falling US Treasury yields. The US Dollar Index (DXY) fell 0.36% to 100.74, boosting the lower-yielding metal. Traders are awaiting U.S. retail sales and housing data on Tuesday ahead of the Fed's decision and Chairman Jerome Powell's press conference […]
3 Democrats call for interest rate cut ahead of pivotal Fed meeting
Three prominent Democrats Federal Reserve Chairman Jerome Powell on Monday called for a 75 basis point interest rate cut, warning that the central bank may have already held off too long. The central bank is due to announce the rate cut on Wednesday after keeping interest rates unchanged at 5.25-5.5 percent, a two-decade high, for […]