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May 14 - Powell says inflation has been higher than thought, expects rates to hold steady


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 4 days ago '22        #1
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HERMES  topics gone triple plat - Number 1 spot x32
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icon May 14 - Powell says inflation has been higher than thought, expects rates to hold steady
 

 
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●Fed Chair Jerome Powell reiterated Tuesday that inflation is falling more slowly than expected, likely keeping interest rates elevated for an extended period.

●“We did not expect this to be a smooth road. But these [inflation readings] were higher than I think anybody expected,” Powell said in Amsterdam. “What that has told us is that we’ll need to be patient and let restrictive policy do its work.”

●Tuesday brought a fresh round of discouraging inflation data, when the producer price index rose a higher-than-expected 0.5% in April.

Federal Reserve Chair Jerome Powell reiterated Tuesday that inflation is falling more slowly than expected and will keep the central bank on hold for an extended period.

Speaking to the annual general meeting of the Foreign Bankers’ Association in Amsterdam, the central bank leader noted that the rapid disinflation that happened in 2023 has slowed considerably this year and caused a rethink of where policy is headed.

“We did not expect this to be a smooth road. But these [inflation readings] were higher than I think anybody expected,” Powell said. “What that has told us is that we’ll need to be patient and let restrictive policy do its work.”

While he expects inflation to come down through the year, he noted that hasn’t happened so far.

“I do think it’s really a question of keeping policy at the current rate for longer than had been thought,” he said.

However, Powell also repeated that he does not expect the Fed to be raising rates.

The Fed has been holding its key overnight borrowing rate in a targeted range of 5.25%-5.5%. Though the rate has been there since July, it is the highest level in some 23 years.

“I don’t think that it’s likely, based on the data that we have, that the next move that we make would be a rate hike,” he said. “I think it’s more likely that we’ll be at a place where we hold the policy rate where it is.”

Markets vacillated as Powell spoke around 10 a.m. ET and major averages were near breakeven approaching noon ET. Treasury yields edged lower, and futures traders slightly raised the market-implied probability of the Fed’s first rate cut coming in September.

Powell’s comments mirrored sentiments he expressed during his May 1 news conference after the most recent Federal Open Market Committee meeting.

The committee unanimously voted to hold the line on rates while also expressing that it had seen a “lack of further progress” on getting inflation back to the Fed’s 2% target, despite a series of 11 interest rate increases.

Tuesday brought a fresh round of discouraging inflation data, when the Labor Department’s producer price index, a proxy for wholesale costs, rose a higher-than-expected 0.5% in April on the back of a surge in services prices.

Though the index on its surface indicated further price pressures, Powell called the report “mixed” as some of the components showed easing movement.

“Is inflation going to be more persistent going forward? ... I don’t think we know that yet. I think we need more than a quarter’s worth of data to really make a judgement on that,” he said.

 https://www.cnbc.com/2024 .. ld-steady.html
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12 comments

Top 10 most slapped recently  4 days ago '23        #2
Yopa 
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We have couple dudes on here saying how great things are while the feds gives away our money to corporations & wage stupid conflicts they can't win against other countries
+4   

 4 days ago '22        #3
Gr8 Damien 
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They trying their hardest to p1ss people off
emoji
+1   

 4 days ago '06        #4
sunsetnVine 
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 Gr8 Damien said 🔗
They trying their hardest to p1ss people off
emoji
Biden screwed either way. Sliw bleed or instant crash. Nthat commercisl re crash is what they are really keeping at bay

Cuz elections
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 4 days ago '22        #5
MONEY WORLD 
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 Yopa said 🔗
We have couple dudes on here saying how great things are while the feds gives away our money to corporations & wage stupid conflicts they can't win against other countries
Don't listen to them, they're DNC agents.
-2   

 4 days ago '17        #6
Dante Haversham  topics gone triple plat - Number 1 spot x20
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 sunsetnVine said 🔗
Biden screwed either way. Sliw bleed or instant crash. Nthat commercisl re crash is what they are really keeping at bay

Cuz elections
I said this sh1t months ago and had fools popping out of trash cans trying to convince me commercial real estate isn't a big deal.

 3 days ago '06        #7
sunsetnVine 
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 Dante Haversham said 🔗
I said this sh1t months ago and had fools popping out of trash cans trying to convince me commercial real estate isn't a big deal.
Just talked to my financial advisor about how to avoid it… way to many for lease signs in the burbs and downtown. Prime real estate near metro lines etc that little companies can now lease…. The whole building.

I got some money waiting for the blood in the streets. Scsry thing is most investment vehicles dont have commercial re baked in…

Beginning to think we cant avoid the hit when it comes…. Like someone gotta hold that bag right? How will it get pushed on us…..

U got idiots like this… blaming telework
🔗

He is right and wrong….people going bk to work… firms are just not reupping leases

In reality….

🔗


Storm coming
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Last edited by sunsetnVine; 05-15-2024 at 06:17 AM..

 3 days ago '11        #8
megalomaniacal 
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Its not, theyre robbing the people and sending the money to different countries money laundering.


Dirtbag a$s sh1t going on

 3 days ago '22        #9
Yousabitchtoo 
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 megalomaniacal said 🔗
Its not, theyre robbing the people and sending the money to different countries money laundering.


Dirtbag a$s sh1t going on
You’re an idiot

Top 10 most slapped recently  3 days ago '23        #10
Yopa 
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 MONEY WORLD said 🔗
Don't listen to them, they're DNC agents.
So the Republicans care about the negro
🔗

They will only make things worse
Cheeto & sleepy Joe are both senile idiots
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 3 days ago '11        #11
megalomaniacal 
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 Yousabi#chtoo said 🔗
You’re an idiot
Get off my d1ck gunther.


These CEOS and board member prices rose for greed only

On the government side aipac is running sh1t and bribing politicians with same aid money their country receives

Now $TFU dumbass
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 3 days ago '22        #12
Yousabitchtoo 
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 megalomaniacal said 🔗
Get off my d1ck gunther.


These CEOS and board member prices rose for greed only

On the government side aipac is running sh1t and bribing politicians with same aid money their country receives

Now $TFU dumbass
Yeah I’m glad you have it all figured out lol. You are 100 percent a maga.

 3 days ago '11        #13
megalomaniacal 
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 Yousabi#chtoo said 🔗
Yeah I’m glad you have it all figured out lol. You are 100 percent a maga.
fu#k maga and fu#k biden, thst sh1t is irrelevant
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