During the July meeting, Chairman Jerome Powell hinted at the possibility of an upcoming rate cut by the Federal Open Market Committee (FOMC). Powell did not provide specific guidance but mentioned that the committee is getting closer to implementing a rate cut, contingent on favorable inflation data. According to economists at Goldman Sachs, Powell’s remarks
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The EUR/GBP cross has been gaining ground around 0.8450 in Thursday’s early European session, showing a 0.35% increase on the day. The expectations for a rate cut by the Bank of England (BoE) seem to be divided, with market players unsure about the direction the central bank will take. The uncertainty surrounding the BoE’s interest
Federal Reserve Chairman Jerome Powell recently announced that the policy rate, the federal funds rate, will remain unchanged at a range of 5.25%-5.5%. Powell emphasized the difficult judgment call on rates and mentioned that all 19 participants supported the decision. There was a real discussion about the case for reducing rates at the meeting, but
The Federal Reserve officials recently announced that they will be keeping short-term interest rates steady for the time being. However, they did indicate that inflation is inching closer to its target, which could potentially lead to future interest rate cuts. Despite this indication, the officials did not give a clear signal that a reduction is
In July, the flash estimate for HICP inflation showed an unexpected but marginal rise in headline inflation to 2.6% from 2.5% in June. This increase was contrary to expectations, as many economists predicted a decrease in inflation rates. Core inflation, however, held steady at 2.9%, which was surprising given forecasts for a drop to 2.7%.
China’s manufacturing activity showed a decline for the third consecutive month in July, according to an official factory survey. The official purchasing managers’ index (PMI) dropped to 49.4 in July from 49.5 in June, falling below the 50-mark that separates growth from contraction. This decline has raised concerns about the need for Beijing to introduce
The NZD/USD pair has been trading on a stronger note around 0.5915 in Wednesday’s Asian session, up 0.17% on the day. This increase in strength can be attributed to the better-than-expected Chinese Manufacturing Purchasing Managers’ Index (PMI) data for July. The Chinese PMI for July came in at 49.4, beating expectations of 49.3, while the
Gold has recently shown signs of recovery after finding support near the $2,352 level against the US Dollar. The price has managed to break above the $2,380 level and the 200 Simple Moving Average on the 4-hour chart. Additionally, a connecting bearish trend line with resistance at $2,388 was cleared, indicating a possible uptrend. As
The newly appointed British finance minister, Rachel Reeves, recently announced that there would be a need to raise taxes in the upcoming October 30 budget. This confirmation aligns with the expectations of many individuals, given the significant 22 billion pound shortfall that was highlighted in this year’s budget. Reeves emphasized the importance of increasing taxes,
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It seems that Warren Buffett’s Berkshire Hathaway is on a selling streak when it comes to its big Bank of America stake. Over the past nine trading sessions, Berkshire has sold a total of 71.2 million shares of the bank, amounting to over $3 billion in sales. This indicates that the conglomerate is not just
The Job Openings and Labor Turnover Survey (JOLTS) data is a key indicator that is closely monitored by investors and policymakers to gain insights into the labor market dynamics. In the US, the Federal Reserve (Fed) closely watches this data to assess the need for monetary policy adjustments. Additionally, market participants analyze the JOLTS data
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