US stocks retreat as Powell cautions on inflation

22/6/2022 7:29:00 PM

US stocks retreat as Powell cautions on inflation

Us Stocks, Wall Street

US stocks retreat as Powell cautions on inflation

NEW YORK, June 22 — Wall Street stocks fell early today, giving back some of the prior session’s gains as markets awaited testimony from the Federal Reserve chief on inflation...

Wednesday, 22 Jun 2022 11:36 PM MYTNEW YORK, June 22 — Wall Street stocks fell early today, giving back some of the prior session’s gains as markets awaited testimony from the Federal Reserve chief on inflation and monetary policy.In prepared testimony, Fed Chief Jerome Powell said that further inflation “surprises” could come after the wave of unexpected price increases over the last year.

The Senate banking committee hearing, the first of two appearances before lawmakers this week, follows yesterday’s equity market rally in the wake of the market downturn in 2022.Markets are jittery ahead of the upcoming earnings period, where the weakening economic outlook is expected to weigh on forecasts.

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Powell sees ongoing rate hikes, says recession a ‘possibility’(June 22): Federal Reserve Chair Jerome Powell said the Central Bank will keep raising interest rates to tame inflation and conceded that a US recession was “certainly a possibility”.“We anticipate that ongoing rate increases will be appropriate,” Powell said Wednesday in his semiannual testimony to the Senate Banking Committee. “Inflation has obviously surprised to the upside over the past year, and further surprises could be in store. We therefore will need to be nimble in responding to incoming data

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for the latest news you need to know.The US Marshals Services sold the confiscated Walker Tower condo in Chelsea to Ron Vinder for $18.A (June 22): The US must use all available tools and develop new ones to defend its economic interests and values against China’s unfair practices after talks showed clear limits to the nation’s willingness to live up to past commitments, President Joe Biden’s trade chief said.A WASHINGTON (June 21): US existing home sales tumbled to a two-year low in May as prices jumped to a record high — topping the US$400,000 mark for the first time — and mortgage rates increased further, pushing out entry-level buyers from the market.

Wednesday, 22 Jun 2022 11:36 PM MYT NEW YORK, June 22 — Wall Street stocks fell early today, giving back some of the prior session’s gains as markets awaited testimony from the Federal Reserve chief on inflation and monetary policy. In prepared testimony, Fed Chief Jerome Powell said that further inflation “surprises” could come after the wave of unexpected price increases over the last year. That set off a battle with the tower’s condo board, which voted to void the sale and sued to eject Vinder and his family from the building. The Senate banking committee hearing, the first of two appearances before lawmakers this week, follows yesterday’s equity market rally in the wake of the market downturn in 2022. “This has become part of a pattern,” Tai said. Markets are jittery ahead of the upcoming earnings period, where the weakening economic outlook is expected to weigh on forecasts. The Malaysian fund that was created to promote economic development was looted of more than $4. About 20 minutes into trading, the Dow Jones Industrial Average was down 0." Existing home sales fell 3.

8 per cent at 30,287. The Walker Tower board claimed its bylaws gave it the right of first refusal on any condo sale in the building. The US has brought a renewed focus to engaging with partners and allies who are hurt by China’s unfair trade and economic practices, Tai said.75. The broad-based S&P 500 shed 0. New York Superior Court Justice Paul Goetz dismissed the condominium board’s complaint last Friday (June 17).6 per cent to 3,740. Still, the US kept in place tariffs on more than US$300 billion in annual imports from its geopolitical rival, and China’s imports fell short of its purchasing commitments.54, while the tech-rich Nasdaq Composite Index dropped 0. Naming the government was necessary because it had a stake in the case as it would once again be the condo’s owner if Vinder were evicted, he said.40 million units.

5 per cent to 11,019.80. Kasowitz said in a statement. Treasury Secretary Janet Yellen told lawmakers this month that the Biden administration is looking to “reconfigure” the tariffs and acknowledged that they were contributing to higher prices for goods with US inflation running at the hottest pace in 40 years. Among industrial sectors, petroleum-linked equities were especially weak, as oil prices fell on demand concerns and as US President Joe Biden called for a three-month halt to the federal gas tax to address soaring fuel prices. ExxonMobil and Chevron were both down more than four per cent. - Bloomberg Article type: free. — AFP Advertisement .6% on a year-on-year basis last month.