FEDERAL OPEN MARKET COMMITTEE
Some way to go before reaching US inflation target, says New York Fed’s Williams
Inflation in the US has decreased from its pandemic-era highs, but more efforts are necessary to bring consumer prices down to the desired level, said John Williams, president and CEO of the Federal Reserve Bank of New York. Speaking on Friday at the Reserve Bank of India, Williams addressed global market speculations about when interest rates might be lowered in the world's largest economy.
US Independence Day 2024: Will stock markets stay open on Fourth of July?
Fourth of July celebrations are just on the brink, and people in the US are in a rather jovial mood due to all the festive plans and events around this occasion of US Independence Day 2024. However, this day being a federal holiday, will see some major operations staying closed.
US weekly jobless claims rise labor market slows
The labor market shows signs of easing as unemployment benefits claims increase. Layoffs rise due to interest rates impacting demand, and challenges in seasonal data adjustments persist. Market anticipates Fed's potential rate cuts. Job cuts decrease in June, but higher than last year. Nonfarm payrolls data may reveal job increase. Job openings ratio remains steady, while Fed deliberates policy changes post-hikes. Continuing claims rise due to policy effects.
Asian stocks advance as S&P 500 closes above 5,500: Markets wrap
Market euphoria as S&P 500 hits records, Calvasina bullish. Job openings up, Fed's easing stance challenged. Eyes on US payrolls data for June update.
US Fed's 'dot plot' could offer glimpse of rate-cut resolve
Since raising their benchmark federal funds rate more than five percentage points starting in March 2022, the Federal Open Market Committee (FOMC) has held borrowing costs at a two-decade high since July. A host of Fed leaders have suggested in recent weeks they see no rush to cut rates, with inflation more persistent and the outlook for growth staying solid.
US Fed likely to remain on pause and pare back rate cut expectations
The US Federal Reserve is likely to keep interest rates unchanged this week, but could pare back the number of cuts it has penciled in for this year, as policymakers digest a mixed bag of economic data. But with the data still painting a mixed picture, he is unlikely to rock the boat too much this week, according to Oxford Economics chief US economist Ryan Sweet.
FOMC, FII action among 10 factors to dictate D-Street mood this week
The Nifty index closed the week with a 3.6% increase amidst two significant occurrences: the highly anticipated election results and the monetary policy decision by the Reserve Bank of India (RBI). As trading resumes on Monday, a range of significant domestic and international events scheduled throughout the holiday-shortened week are expected to influence market movements.
Dollar clings to eight-week low ahead of payrolls test
The dollar's performance is influenced by ECB President's stance on easing, Bank of Japan's upcoming policy decision, and foreign exchange intervention concerns.
Dollar hovers near 8-week low as payrolls test looms
The U.S. dollar index remained stable near 104.13, hinting at a potential 0.5% decline for the week due to expectations of Fed rate cuts. Traders anticipate a softer non-farm payrolls report, possibly below the 185,000 forecast.
World stocks at record high after cautious ECB rate cut
It was enough to snip the pan-European STOXX 600's gains back to 0.6%, while the euro inched up to almost $1.0890 against the dollar and government bond yields - which reflect borrowing costs and move inversely to price - ticked up too.
US job openings fall more than expected in April
US job openings fell in April to the lowest level in over three years, signaling softening labor market conditions that could aid the Federal Reserve's inflation fight.
Fed's Williams says he doesn't feel urgency to cut rates right now
Williams stated that the economy's behavior over the past year provides ample evidence that monetary policy is restrictive in a way that helps achieve their goals. He made these remarks in the text of a speech prepared for delivery before a gathering of the Economic Club of New York.
Fed officials back higher-for-longer rates
Minutes from the two-day Federal Open Market Committee gathering ending May 1 showed that, while participants assessed that policy was "well positioned," various officials mentioned a willingness to tighten policy further if warranted.
Oil slips for third day on prospect of US rates staying high
Brent crude futures were down 87 cents, or 1.1%, at $82.01 a barrel, while U.S. West Texas Intermediate crude (WTI) was down 81 cents, or 1%, to $77.85 at 1255 GMT. Both benchmarks settled about 1% lower on Tuesday.
D-Street opens marginally higher tracking gains in global peers; Fed minutes in focus
Benchmark equity indices opened higher, tracking gains in global equities. Investors focused on Federal Reserve's policy meeting minutes for rate cut clues. Uncertainty prevails over India's national elections outcome and foreign selling impact on Indian equities. Sensex pack includes major companies like Reliance Industries and UltraTech Cement, among others. BSE Sensex and Nifty50 show marginal increases.
Fed's Waller sees some progress on inflation, no rate hike needed
Federal Reserve Governor Christopher Waller on Tuesday put a pin in speculation that interest rates may need to rise again, saying the latest inflation data is "reassuring" and the U.S. central bank's policy rate is set appropriately.
Fed remains cautious on cuts even as data improves
"I don't see any indicators now telling me ... there's a reason to change the stance of monetary policy now," Williams said in an interview with Reuters, adding that he did not expect the case for a rate cut to fall into place "in the very near term."
Fed's Mester seeks more evidence inflation pressures are easing
Mester said risks to inflation have risen and risks to weaker growth and hiring have diminished, which means in a strong economy the Fed has the space to look for more evidence inflation is moving back to target before cutting rates.
Fed meeting outcome today: How it may impact Indian stock market
Federal Reserve's decisions, especially on interest rates, have a profound impact on global markets, including India. Chair Jerome Powell, could chalk out a future trajectory, without any rate cuts this year, or bring it down from the three rate cuts the other Fed officials were projecting. Young retail Indian investors can mistakenly treat these macroeconomic developments lightly, believing instead that it won’t have an impact on the Indian markets. But that would be a costly blunder.
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