The Federal Reserve admitted yesterday that progress on inflation has stalled and that it will take longer for the Fed to achieve the confidence it needs to cut interest rates.
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The Fed chair does not see a rate hike coming but he acknowledged that recent setbacks on inflation mean the current rate policy will last for longer than anticipated.
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Federal Reserve officials agreed on Wednesday to hold interest rates steady for the sixth consecutive meeting, signaling that it is willing to keep rates at the highest level in more than two decades for longer than previously expected and noting that progress on bringing down inflation has stalled.
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The odds of a Fed cut are evaporating amid the blaze of hotter than expected inflation figures.
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The PCE index shows that progression on bringing down inflation has stalled.
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On Thursdayβs broadcast of the Fox News Channelβs βYour World,βΒ Minneapolis Federal Reserve Bank President Neel Kashkari stated that stimulus spending was βa contributor to the high inflation that weβve seen.β And βthe spending on infrastructure, the spending on new chip
The post Minneapolis Fed Pres: Biden Spending on Chips, Infrastructure βIs Inflationaryβ and There Are βCross-Purposesβ appeared first on Breitbart.
Employment grew much more than expected for the third month in a row.
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The Atlanta Fed said inflation is falling much more slowly than expected, so the Fed will probably not cut rates until the end of the year.
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The potential that the Fed's next move is up instead of down is arguably the most underpriced risk in the market.
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The JOLTS report casts further doubt on the need for a rate cut from the Federal Reserve in the months ahead.
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