The number of Americans filing new applications for unemployment benefits last week rose slightly to 230,000, matching economists’ expectations as the US job market continues to cool.
The central bank has maintained its benchmark overnight interest rate in the current 5.25%-5.50% range for a year, having raised it by 525 basis points in 2022 and 2023.Though economists forecast the US would face a recession after the series of rate hikes, easing inflation has spurred hopes that the Fed will be able to deliver a soft landing.
But higher-than-expected core inflation figures reported Wednesday morning seemingly dashed hopes for the 50-basis point cut — equal to half a percentage point — that traders were vying for versus the more typical 25-basis point cut.
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