Next Target 11,500 (Sooner Than Ever)
Fed to Plow Ahead on Half-Point Hikes, Undeterred by Stock Slump
Powell says won’t hesitate to tighten above neutral if needed.
St. Louis Fed President James Bullard, a hawk and Federal Open Market Committee voter, said he backs the central bank’s plan to hike interest rates in half-percentage-point steps -- moves that are already reflected in rates markets for the upcoming three FOMC meetings.
Falling equities assist the Fed’s goal of slowing growth because of the “wealth effect” in which investors curtail some spending in response to market drops. JPMorgan Chase & Co. economists have cut their US economic forecasts for this year and next, citing in part the decline in stocks.
What to watch this week:
G-7 finance ministers and central bankers meeting Wednesday, & Eurozone, UK CPI Wednesday
Powell says won’t hesitate to tighten above neutral if needed.
St. Louis Fed President James Bullard, a hawk and Federal Open Market Committee voter, said he backs the central bank’s plan to hike interest rates in half-percentage-point steps -- moves that are already reflected in rates markets for the upcoming three FOMC meetings.
Falling equities assist the Fed’s goal of slowing growth because of the “wealth effect” in which investors curtail some spending in response to market drops. JPMorgan Chase & Co. economists have cut their US economic forecasts for this year and next, citing in part the decline in stocks.
What to watch this week:
G-7 finance ministers and central bankers meeting Wednesday, & Eurozone, UK CPI Wednesday
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