Federal Reserve Chairman Jerome Powell touched off a surge in stock prices Wednesday after saying the outlook for the USA economy remains solid and interest rates are almost within a "neutral" range.
US Federal Reserve Chair Jerome Powell injected investors with a strong dose of optimism on Wednesday, saying that the central bank's policy rate is now "just below" estimates of a level that neither brakes nor boosts a healthy US economy, comments that many investors read as signalling the Fed's three-year tightening cycle is drawing to a close.
The possibly dovish shift in language on Wednesday came as President Donald Trump stepped up attacks on Powell, criticizing the Fed's rate hikes as undercutting his economic and trade policies.
Trump on Tuesday again blasted his hand-picked chief of the United States central bank, saying he was "not even a little bit happy" with his selection of Powell.
USA stock markets moved sharply higher on the news.
U.S. stock markets jumped following the comments, as investors interpreted them to mean the central bank was close to the end of its tightening cycle, which has seen eight rate increases since December 2015 following the global financial crisis.
The 10-year Treasury yield fell with the dollar after the release of Powell's speech in NY.
Powell was not asked about escalating criticism of him from President Trump, who has complained that rising interest rates are hurting the economy.
The Fed chief said in his speech that interest rates remain "low by historical standards" and still provide stimulus to the economy.
US Fed chairman hints at higher rates following Trump attack
"If there has been one certainty of late it is the market's ability to misinterpret Fed Chairman Powell".
While Powell said Fed officials are monitoring these risks, they are not on the whole too anxious about them. "As always, our decisions on monetary policy will be created to keep the economy on track in light of the changing outlook for jobs and inflation".
Although a December rate hike has been widely expected, the Fed's path next year has been more uncertain, with investors last month expecting two or even three rate hikes in 2019.
Powell and other officials have dismissed the unprecedented political attacks from Trump, saying they have no influence on deliberations of the independent central bank.
He also said the central bank does not see "dangerous excesses" in stock markets and the financial system now is "substantially more resilient" than it was before the 2008 financial crisis.
Powell in a recent public appearance said policymakers had suffered "a failure of imagination" back then regarding how central financial stability was to the economy overall.
While he acknowledged the growing concern over increased borrowing by businesses that already carried a high debt load, he said for now they were "unlikely to pose a threat to the safety and soundness" of the system in the event of a downturn.
Rescue and search operations are underway and the cause of the explosion is still under investigation. In August 2015, 165 people were killed in a chemical warehouse explosion in the port city of Tianjin.
He allegedly took some items to his own home, which he then allegedly set aflame as well, with his own wife and children inside. The prosecutor will share more details of the case Thursday during a previously scheduled 11 a.m.
There also have been creative issues, with a revolving door of showrunners on Marvel's Netflix shows. Earlier this year, " Iron Fist " was the first to fall, followed shortly afterward by " Luke Cage ".
Pressed on whether Labour would again campaign to Remain, he said there would have to be a debate within the party. The ultimate gamble for the Prime Minister, who has to hope that voters will, via the ballot box, back her plan.
This year's G20 summit is also grappling with how to handle the presence of Crown Prince Mohammed bin Salman. Finding common ground is in the interest of both China and the US , and would benefit the global economy.
It said romaine from elsewhere should soon be labelled with harvest dates and regions so people know it's safe to eat. However, some people may have a more serious illness that requires hospital care, or long-lasting health effects.
Judge Desmond Zaidan noted that the speed offence could lead to a fine of up to €2,000 and five penalty points. When speeding goes wrong, the consequences are catastrophic and lives change, there's no question about it.
However, by the stock market's close, Apple was able to regain the spot with a market value of over $825 billion. Furthermore, Bloomberg reports, Microsoft's market cap previously matched Apple's last in 2010, eight years ago.
Real Madrid enters the contest level with Roma on nine points through four matches played but ahead on goal differential by two. The manager told us at half-time we needed to keep playing the way we know. "I'm very happy with how he played.
The president also said other countries sending their cars to the us have been taking advantage of the situation for decades. But it later negotiated concessions from the union and reopened the plant to build the Chevrolet Sonic subcompact vehicle .
The top 10 causes of death , which account for 74 percent of mortality in the USA , remained the same between 2016 and 2017. Among the nation's 10 leading causes of death , only the cancer death rate fell in 2017, while 7 other causes increased.
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Matt Wells named Texas Tech head football coach
Texas Tech fired Mike Leach in 2009 after ten seasons and neither of its next two hires have caught on for the long haul. After Gary Andersen left Logan to become the head coach at Wisconsin for the 2013 season, Wells was elevated to the post.
Sylvester Stallone hangs up his gloves as Rocky Balboa
Then all of a sudden this young man presented himself (gesturing towards actor Michael B Jordan ) and the whole story changed. Creed II hits cinemas this week for another round of the unbeatable Rocky formula . 'Now you , have to carry the mantle'.