NEW YORK - Wall Street turned negative after Federal Reserve Chairman Jerome Powell in a press conference after the Fed announced its first rate cut since 2008 characterized it as a mid-cycle policy adjustment, adding that the decision was different from the beginning of a lengthy cutting cycle.
FILE PHOTO: Federal Reserve Board Chairman Jerome Powell testifies before a Senate Banking, Housing and Urban Affairs Committee hearing on the"Semiannual Monetary Policy Report to Congress" on Capitol Hill in Washington DC, U.S., July 11, 2019. REUTERS/Leah Millis/File Photo Powell then clarified that Wednesday’s cut will not be a cycle of just one cut, helping steady markets.
U.S. stocks initially barely moved after the Fed said it was cutting interest rates, as expected, citing concerns about the global economy and muted U.S. inflation, and signaled a readiness to lower borrowing costs further if needed.** Fed cuts target interest rate 25 basis points to 2.00-2.25%, citing implications of global developments for the U.S.
** Fed says rate cut supports committee’s view that sustained economic expansion, strong labor market and near-target inflation are the most likely outcomes but uncertainties remain
Really? “gyrate?”
Why can’t feds do something about usury inflicted on taxpayers with little or no stake in the stock markets?Those who turn to credit cards to meet needs of family end up paying 2/3 of minimum payment in interest (e.g.$90 payment of which only $30 goes to lower total owed)-racket.
Bet they will go up tomorrow!
U.S. markets twerk after Fed cuts rates, stocks drop to the flo
Powell's conference is supposed to manage expectations! In the past chairmen were smarter & more cautious! powell is a bad communicator and one misunderstanding can cost billions! POTUS
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