Stephen Miran, a Federal Reserve governor whose term ends at the end of January, said Thursday that he is looking for 150 basis points of interest-rate cuts this year to boost the U.S. labor market. Miran told Bloomberg Television's Surveillance program that Fed officials had room to further reduce rates given his view that underlying inflation was likely running at 2.3%. "I'm looking for about a point and a half of cuts. A lot of that is driven by my view of inflation," Miran said. "Underlying inflation is running within noise of our target, and that's a good indication of where overall...
Allies of Federal Reserve Chair Jerome Powell have laid the groundwork for him to push through an interest rate cut during the central bank's December 9-10 meeting, the Wall Street Journal's Nick Timiraos reported on Monday. But the decision is likely to be contested in an increasingly divided rate-setting committee, especially as a lack of clear data points for October leave the Fed flying blind into its final meeting for the year. Powell is likely to weigh two options, Timiraos said one involving an immediate rate cut before adopting a more cautious stance for further decisions, while...
Chicago Federal Reserve President Austan Goolsbee on Thursday said he is uneasy about cutting interest rates in the face of too-high inflation that's steady at best and by some measures getting worse, remarks that signal a reluctance to support a third straight reduction in borrowing costs next month. "My unease is about the short-run front-loading of too many rate cuts and counting on ... the inflation uptick that we've seen being transitory," Goolsbee told reporters in a virtual interview. "I'm not hawkish when it comes to rates over the medium term: I think rates are going to go down,...
A divided Federal Reserve cut interest rates last month even as many policymakers cautioned that lowering borrowing costs further could risk undermining the fight to quell inflation that has been above the U.S. central bank's 2% target for four and a half years, the minutes from the October 28-29 meeting showed on Wednesday. "Many participants were in favor of lowering the target range for the federal funds rate," the minutes stated, while noting some members of that group also would have been satisfied if the policy-setting Federal Open Market Committee had left rates steady. Several...
U.S. President Donald Trump on Wednesday doubled down on his criticism of Federal Reserve Chairman Jerome Powell for not lowering interest rates more quickly, saying: "I'll be honest, I'd love to fire his ass." Trump, speaking at a Saudi Arabia-backed investment forum in Washington, urged his Treasury secretary, Scott Bessent, to accelerate the hunt for a successor for Powell. "You've got to work on him, Scott. The only thing Scott's blowing it on is the Fed," Trump said about Bessent, who was in the audience for the event at the Kennedy Center in Washington. "The rates are too high,...
The Minutes of the United States (US) Federal Reserve's (Fed) October 28-29 monetary policy meeting will be published on Wednesday at 19:00 GMT. The US central bank decided to cut the policy rate by 25 basis points (bps) to the range of 3.75%-4% at that meeting, but Fed Governor Stephen Miran voted in favor of lowering the fed funds rate by 50 bps, while Kansas Fed President Jeff Schmid preferred no change. Jerome Powell and company opted to reduce the policy rate in OctoberThe Federal Open Market Committee (FOMC) decided to cut the interest rate by 25 bps in October, as widely anticipated....
Bank of Japan (BOJ) Governor Kazuo Ueda stated that achieving 2% inflation is getting closer, although real inflation remains low. Ueda emphasized that the BOJ will continue to raise interest rates...
The Reserve Bank of Australia (RBA) maintained its cash rate at 4.1% during its April meeting, holding borrowing costs unchanged after slashing 25 bps in the February meeting, aligning with market...