Investing.com – The head of the US Federal Reserve said that the Fed will not cut rates until it has more confidence about the decline in inflation.
Jerome Powell added, in his speech at the opening of the Business, Government and Society 2024 Conference at Stanford University, that he cannot yet determine the veracity and stability of the rise, indicating the possibility that they are stumbling blocks or temporary speed bumps and inflation will return to a downward trend.
Powell explained that according to the current economic situation, he would take his place this year. The past data did not change the Federal Reserve’s view of its monetary policy.
The Fed Chairman hinted that monetary tightening has begun to put significant pressure on the economy, but the US economy is still safe from recession.
Federal Reserve Chairman Jerome Powell said Wednesday that stronger-than-expected economic activity this year has not materially changed the Fed’s expectations that lower inflation will allow for interest rate cuts this year.
Powell pointed to signs that labor market conditions are less tight than in recent years, alleviating concerns that salaries and prices could rise in tandem.
Prices now after the Fed Chairman’s statements
It is now rising by 1.3% to $2,312 per ounce, while spot contracts rise to $2,290.6 per ounce.
On the other hand, the American fell by 0.5% to 104.015 against a basket of foreign currencies. Wall Street indices rose coinciding with Jerome Powell’s statements.
It is now rising by 0.47%, rising by 0.15%, and the S&P 500 by 0.34%.
Futures rose 3.8% to $26.9 an ounce.
The price is approaching the $90 threshold now, with the price rising by 0.6% to $89.45. It rose by 0.48% to $85.56 per barrel.
2024-04-03 16:21:00
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