Less than two weeks after the second-biggest bank failure in US history, Federal Reserve Chair Jerome Powell made clear that inflation remains policymakers’ top concern. Know more:
Less than two weeks after the second-biggest bank failure in US history, Federal Reserve Chair Jerome Powell made clear that inflation remains policymakers’ top concern.
Powell, during the press conference Wednesday, repeatedly noted uncertainty about the spillover effects from the banking-sector problems on lending. He also shared his impression of the speed at which events unfolded, with “a very fast run” on Silicon Valley Bank that left regulators asking themselves, two weekends back, “How did this happen?”
“The Fed weighed the pros and cons of a wait-and-see approach against a continuation of hikes, and chose the latter. That signals an unconditional commitment to the price-stability leg of the Fed’s dual mandate. We think they made the right decision,” said Bloomberg economists Anna Wong, Stuart Paul and Eliza Winger.
“This has been the most aggressive monetary policy tightening cycle for 40 years and by going harder and faster into restrictive territory you naturally have less control over the outcome,” said James Knightley, chief international economist at ING. “This heightens the chances of economic and financial stress.”
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Beautiful Airbnbs with pools in Rizal to rent for P10,000 or lessRizal is just an hour (or less) away from Metro Manila and it's the perfect destination for a weekend getaway. Whether it be in hilly Antipolo or picturesque Tanay, this province has a lot to offer in terms of activities and sceneries. And because it's a popular destination among city dwellers, there are many vacation rentals available in the province--from modern minimalist houses to rustic bahay kubo-inspired homes, there's something for everyone. Aside from the design of the rentals, one common requirement of Filipino travelers is a pool because pools are the best way to cool down and enjoy summertime with loved
Read more »
Kai Sotto cools down as Ray Parks-less Nagoya snaps Hiroshima’s 3-game win streakAfter averaging 16.2 points in his first four games, Kai Sotto scores a season-low 8 points as the Hiroshima Dragonflies fail to keep their streak going in the Japan B. League.
Read more »
US banks face scrutiny as Fed rate decision loomsA scramble by troubled U.S. lender First Republic Bank to secure a capital infusion kept worries about the broader banking sector alive on Wednesday as authorities considered steps to further strengthen financial stability. | Reuters
Read more »
Asia shares hope for best as Fed decides on ratesAsian shares staged a cautious bounce on Wednesday with hopes a global banking crisis would be averted vying with uncertainty over the outlook for U.S. interest rates as the Federal Reserve holds a high-stakes meeting on policy. | Reuters
Read more »
Dollar muted as traders await Fed rate decisionThe dollar was pinned near five-week lows ahead of the conclusion of the U.S. Federal Reserve’s policy meeting, with investors awaiting clarity on the path the central bank is likely to take in the wake of global banking turmoil. | Reuters
Read more »
Fed’s Powell faces political storm, policy minefield over SVB oversightThe Federal Reserve is expected to raise interest rates by a quarter of a percentage point, a decision that will land amid a brewing political storm over the U.S. central bank’s oversight of collapsed Silicon Valley Bank. | Reuters
Read more »