by a bigger margin than expected to a 15-year high. Central banks in Norway, Switzerland and Turkey also raised borrowing rates.Jerome H. Powell reiterated his belief that inflation is still too highThe Fed held interest rates steady at its last meeting after raising rates aggressively throughout 2022 and into 2023 to tame painfully high inflation.
Central banks worldwide have been raising interest rates to make borrowing more difficult and slow economic growth in order to stifle inflation. The strategy risks going too far in stalling growth and dragging economies into a recession. Economists and analysts have been warning that the U.S. could slip into a recession before 2023 ends, but resilient consumer spending and a strong jobs market have been bolstering the economy.
The U.S. stock market has been “taking a little bit of a breather” following a five-week rally, said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. The big focus in the coming weeks will probably be any economic data, including a big report on inflation next week, that could give investors a better sense of how the Fed will proceed.
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