WASHINGTON: Federal Reserve Chair Jerome Powell on Wednesday gave a clear signal the central bank is ready to raise US interest rates in March for the first time since cutting them to zero when Covid-19 broke out.
"I would say the committee is of a mind to raise the federal funds rate at the March meeting, assuming that conditions are appropriate for doing so," Powell said in an unusually frank comment on the Fed's planned actions. Powell echoed those comments in his press conference, noting that"the drivers of higher inflation" were predominantly due to"the dislocations caused by the pandemic," and"we continue to expect it to decline over the course of the year".
The FOMC provided no time frame but said it"expects that reducing the size of the Federal Reserve's balance sheet will commence after the process of increasing the target range for the federal funds rate has begun".
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Japanese company ispace joins march back to the moon in 2022
Source: STForeignDesk - 🏆 4. / 71 Read more »
Crypto exchange FTX US valued at $8 billion as first fundraise draws SoftBank, TemasekCryptocurrency exchange FTX US said on Wednesday it had notched a valuation of $8 billion after raising $400 million in its first funding round from investors including Japan's SoftBank Group Corp and Singapore's Temasek Holdings.The Series A funding also includes investments from crypto investment firm P
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
US in talks with energy producers to supply Europe if Russia invades Ukraine
Source: STForeignDesk - 🏆 4. / 71 Read more »
GM's US$7 billion investment intensifies EV battle with Ford, TeslaGeneral Motors Co said on Tuesday (Jan 25) it will invest US$7 billion in Michigan, much of that aimed at dramatically boosting production of full-size electric pickups, intensifying a battle with rival Ford Motor Co for EV supremacy in North America. Both US automakers, however, will have to contend
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
US consumers slightly more hopeful about inflation, economy: DataWASHINGTON: American consumers were feeling less confident in January amid elevated prices and a COVID-19 resurgence, but their views of the economy and inflation were growing more positive, a survey released on Tuesday (Jan 25) showed. The Conference Board\u0027s consumer confidence index declined to 113.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
US F-35 pilot ejects, 7 hurt in South China Sea 'landing mishap'Seven US military personnel were hurt on Monday (Jan 24) when an F-35C warplane had a “landing mishap” on the deck of the aircraft carrier USS Carl Vinson in the South China Sea and the pilot ejected, the US Navy said. A US Navy statement said the incident happened during “routine flight operations” in the South China Sea. “The pilot...
Source: asiaonecom - 🏆 10. / 59 Read more »