Prices at the Pumps - April 17, 2024 #saltwire #energymarkets #pricesatthepumps #gaspricesWASHINGTON - The number of Americans filing new claims for unemployment benefits was unchanged at low levels last week, pointing to continued labor market strength.
Labor market strength, which is driving the economy, together with elevated inflation have led financial markets and some economists to expect that the Federal Reserve could delay cutting interest rates until September. A few economists doubt that the U.S. central bank will lower borrowing costs this year.
Fed Chair Jerome Powell backed away on Tuesday from providing any guidance on when rates might be cut, saying instead that monetary policy needed to be restrictive for longer. The central bank has kept its policy rate in the 5.25%-5.50% range since July. It has raised the benchmark overnight interest rate by 525 basis points since March of 2022.
The Fed's Beige Book report on Wednesday described employment as rising at a"slight pace overall" since late February, adding that"several districts reported improved retention of employees, and others pointed to staff reductions at some firms."
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