Investing.com -- Fed chief Jerome Powell suggested that interest rates may need to stay higher for longer, but stock futures indicate a positive open on Wall Street. U.K. inflation falls again, while chipmaker ASML reports strong sales to China."The recent data have clearly not given us greater confidence and instead indicate that it's likely to take longer than expected to achieve that confidence," Powell told a forum in Washington, on Tuesday.
Investors have been steadily marking down the likelihood and timing of Fed rate cuts as economic data have pointed to stronger growth and stickier inflation than previously expected. That said, Europe's biggest tech firm kept its full-year financial forecasts unchanged, expecting a boost in the second half of the year.
“We see 2024 as a transition year with continued investments in both capacity ramp and technology, to be ready for the turn in the cycle,” said ASML CEO Peter Wennink, in a statement.slowed to 3.2% in annual terms in March, the weakest level for two-and-a-half years, down from a 3.4% increase in February.
The build, released on Tuesday, came after a 3 million barrel rise in the prior week, and was largely driven by U.S. production remaining at record highs above 13 million barrels per day.