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POPULAR NEWS
Gold Posts Third Straight Gain Ahead of Fed Policy Decision

Gold posted a third straight gain before the conclusion of the Federal Reserve meeting where policy makers are widely expected to cut interest rates Wednesday. The Fed meeting comes amid increased volatility in the U.S. money markets that raises the odds for the central bank to expand its balance sheet. From 2008 to 2011, the Fed bought $2.3 trillion of debt, sending gold to a record that year. Bullion prices also advanced as investors weighed the impact of...

Oil Steadies as Saudis Pledge Swift Return of Lost Production

Oil held its decline from the dramatic spike earlier in the week as supply assurances from Saudi Arabia and the International Energy Agency calmed the market after the devastating weekend attacks. West Texas Intermediate crude for October delivery rose 8 cents, or 0.1%, to $58.19 a barrel on the New York Mercantile Exchange as of 10:09 a.m. in Singapore. It dropped 2.1% Wednesday following a 5.7% decline on Tuesday. Brent for November settlement added 6 cents...

Hong Kong Shares Fall For Third Day

Hong Kong stocks finished Wednesday with losses, extending a sell-off to a third day as traders fret over the impact of protests on the city, while they are awaiting a key Federal Reserve policy decision later in the day. The Hang Seng Index eased 0.13 percent, or 36.12 points, to 26,754.12. The benchmark Shanghai Composite Index edged up 0.25 percent, or 7.54 points, to 2,985.66 and the Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 0.26 percent, or 4.26...

U.S. Oil Futures Extend Losses to a Second Session

Oil futures fell on Wednesday, after suffering a loss of nearly 6% a day earlier, pressured as Saudi Arabia's output levels looked to recover much sooner than expected and the U.S. government reported a weekly rise in domestic crude inventories, following four consecutive weeks of declines. Prices briefly pared some of the losses in earlier dealings on the back of rising U.S. tensions with Iran. President Donald Trump announced via Twitter that he ordered Treasury Secretary Steven Mnuchin to...

Fed Makes Second Straight Rate Cut, Splits on Further Action

Federal Reserve policy makers lowered their main interest rate for a second time this year while splitting over the need for further easing, caught between uncertainty over trade and global growth and a domestic economy that's holding up well. œ Although household spending has been rising at a strong pace, business fixed investment and exports have weakened,™™ the Federal Open Market Committee said in a statement on Wednesday in Washington. Officials maintained their pledge to œact as...

Fed Holds Interest Rates Steady as Economy Grows at 'Solid Rate' and Inflation Stays Low
Thursday, 2 May 2019 06:44 WIB | FISCAL & MONETARY |Federal ReserveFOMCThe Fed

The Federal Reserve on Wednesday left unchanged a key U.S. interest rate that influences the cost of borrowing for mortgages and all sorts of consumer and business loans, noting a recent decline in inflation even as the economy continues to grow "at a solid rate."

In a unanimous vote, the Fed kept its benchmark interest rate in a range of 2.25% to 2.5%. Senior officials sounded more upbeat about the economy after a slow start in early 2019 and pointed to a recent decline in inflation as reasons to stand pat.

The government said last week GDP rose a surprisingly robust 3.2% in the first quarter. And on Monday, fresh data showed that core inflation as measured by the personal consumption expenditure price index fell to 1.6% in March ” a 19-month low.

œI see us on a good path, Fed Chairman Jerome Powell said in a press conference after the latest two-day meeting, at which senior central-bank officials evaluated the health of the economy.

The Fed acknowledged both overall and core inflation œhave declined and are running below the central bank™s 2% target, but Powell said there™s reason to believe the slackening in prices pressures is œtransient.

The Dow Jones Industrial Average and S&P 500 ended the trading session lower, having turned down during Powell™s press conference. Investors viewed Powell™s comments on the temporary nature of the weakness of core inflation as hawkish.

In other words, the Fed took away hopes of an early rate cut as the central bank expects core inflation to creep up again soon, and sees no reason to alter its self-described œpatient approach to interest rates. The Fed signaled in March that it™s done raising interest rates this year ” so long as inflation remains low.

œStronger growth but weaker inflation equaled a still-patient Fed, said economist Andrew Grantham of CIBC World Markets.

Powell also downplayed the weak ISM manufacturing index, which in April fell to its slowest pace since October 2016.

œWe see that reading as, it™s still a positive reading and consistent with what we expect from the manufacturing sector, which is moderate or perhaps modest growth, Powell said.

In a move important to Wall Street but of little consequence to Main Street, the Fed trimmed the interest rate it pays to banks that keep excess reserves at the central bank to 2.35% to 2.4%.

œThis is a technical adjustment, meant to push the effective federal funds rate back toward the middle of the target range ” not a change in the monetary policy stance, said chief economist Scott Brown of Raymond James.

Investors aren™t fully convinced, though. Wall Street expects the Fed to cut rates by the end of the year, according to the CME Group™s FedWatch tool.

The reduction in the rate on so-called excess reserves known as the IOER, meanwhile, is intended to foster trading in the fed funds market at rates well within the committee™s target range, the Fed said. Recently the effective federal funds rate has drifted again above the IOER rate.

Source : Marketwatch

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POPULAR NEWS
Gold Posts Third Straight Gain Ahead of Fed Policy Decision

Gold posted a third straight gain before the conclusion of the Federal Reserve meeting where policy makers are widely expected to cut interest rates Wednesday. The Fed meeting comes amid increased volatility in the U.S. money markets that raises the odds for the central bank to expand its balance sheet. From 2008 to 2011, the Fed bought $2.3 trillion of debt, sending gold to a record that year. Bullion prices also advanced as investors weighed the impact of...

Oil Steadies as Saudis Pledge Swift Return of Lost Production

Oil held its decline from the dramatic spike earlier in the week as supply assurances from Saudi Arabia and the International Energy Agency calmed the market after the devastating weekend attacks. West Texas Intermediate crude for October delivery rose 8 cents, or 0.1%, to $58.19 a barrel on the New York Mercantile Exchange as of 10:09 a.m. in Singapore. It dropped 2.1% Wednesday following a 5.7% decline on Tuesday. Brent for November settlement added 6 cents...

Hong Kong Shares Fall For Third Day

Hong Kong stocks finished Wednesday with losses, extending a sell-off to a third day as traders fret over the impact of protests on the city, while they are awaiting a key Federal Reserve policy decision later in the day. The Hang Seng Index eased 0.13 percent, or 36.12 points, to 26,754.12. The benchmark Shanghai Composite Index edged up 0.25 percent, or 7.54 points, to 2,985.66 and the Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 0.26 percent, or 4.26...

U.S. Oil Futures Extend Losses to a Second Session

Oil futures fell on Wednesday, after suffering a loss of nearly 6% a day earlier, pressured as Saudi Arabia's output levels looked to recover much sooner than expected and the U.S. government reported a weekly rise in domestic crude inventories, following four consecutive weeks of declines. Prices briefly pared some of the losses in earlier dealings on the back of rising U.S. tensions with Iran. President Donald Trump announced via Twitter that he ordered Treasury Secretary Steven Mnuchin to...

Fed Makes Second Straight Rate Cut, Splits on Further Action

Federal Reserve policy makers lowered their main interest rate for a second time this year while splitting over the need for further easing, caught between uncertainty over trade and global growth and a domestic economy that's holding up well. œ Although household spending has been rising at a strong pace, business fixed investment and exports have weakened,™™ the Federal Open Market Committee said in a statement on Wednesday in Washington. Officials maintained their pledge to œact as...

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