The Fed Reserve believes it needs to tame inflation even more
U.S. Federal Reserve Chair Jerome Powell has warned interest rates could move higher than previously expected.
After seeing the data, Powell believes the Fed needs to do more to tame inflation.
This could see larger rate increases than the quarter-percent ones officials had used recently.
“As I mentioned, the latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated,” Powell told a Senate banking committee.
“If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes.
“Although inflation has been moderating in recent months, the process of getting inflation back down to 2% has a long way to go and is likely to be bumpy.”
The White also believes the path the Fed is taking is the right one, as inflation is on a trajectory to stabilise and drop.
“Our team has been very clear – the recent jobs data and economic data shows we are on the right track,” White House Press Secretary Karine Jean-Pierre affirmed.
Powell also made remarks about increasing the U.S.’ debt ceiling beyond $31 trillion.
“At the end of the day, there is only one solution to this problem and that is Congress,” he added. “Congress really needs to raise the debt ceiling. That’s the only way out.”
Xi Jinping is taking over China’s sharemarket
China’s economy sees President Xi Jinping asserting control over its sharemarket, a move raising eyebrows globally.
Xi’s government has unveiled a series of measures aimed at consolidating authority over the country’s stock market, signalling a desire for greater economic stability and control.
The reforms include stricter regulations for listing on Chinese stock exchanges, with companies needing to meet more stringent criteria to go public.
Additionally, the government is increasing its oversight of foreign listings by Chinese firms, a move seen as an attempt to prevent capital flight.
Investors worry as Tesla misses targets
Tesla reported lower-than-expected quarterly deliveries, sending its shares into a downward spiral.
The EV giant’s stock tumbled as investors expressed concerns over the company’s ability to meet its ambitious growth targets.
In the third quarter of this year, Tesla delivered a total of 220,500 vehicles, missing Wall Street’s estimates.
This disappointing performance raised doubts about the company’s ability to keep up with the soaring demand for its EVs, especially as competitors continue to enter the market. #featured
Is the housing market surge a bubble waiting to burst?
The housing market has witnessed a remarkable surge in home sales, driving property prices to unprecedented highs.
Despite the ongoing economic challenges, the real estate sector appears to be thriving, leaving experts and homeowners both astonished and hopeful.
Over the past year, the real estate landscape has been anything but predictable.
But the surge in demand has been met with a limited supply of available homes.
Builders have struggled to keep pace with the soaring demand, making the situation worse. #featured
Key investor interests when evaluating a startup
Southern Hemisphere’s largest gaming event
Australia’s power network is facing a terrible summer
Crypto.com accidentally transfers $10.5m to woman instead of $100
What is happening between SHIB and Vitalik? | TICKER VIEWS
Russia has cancelled itself. But the world should beware of poking the Russian bear￼
Money2 days ago
Warren Buffett warns of commercial real estate market crisis
Insight5 days ago
Revolutionising property ownership with property syndication
News6 days ago
Elon Musk on Philadelphia looting: ‘America resembles the Joker’
News4 days ago
U.S. alleges China’s worldwide media influence campaign
News3 days ago
Andrew Tate granted partial travel freedom in Romania
News5 days ago
Cybersecurity experts on the best ways to protect your business
Tech1 day ago
Why isn’t there an EV for all?
Money3 days ago
Why the U.S. is back to panicking about the debt ceiling