Oil Prices Slip After Powell Warns Of Higher-For-Longer Interest Rates
Crude oil prices began to slip on Friday after Federal Reserve Chair Jerome Powell spoke for a mere 8...
Crude oil prices began to slip on Friday after Federal Reserve Chair Jerome Powell spoke for a mere 8 minutes, warning that there would be pain ahead.
“While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses,” Power said in his Friday speech.
The WTI September contract slipped $0.23 (-0.25%) to $92.29. While down on the day, WTI prices are still up roughly $3 per barrel from this time last week. Brent crude prices were also trending down, by $0.05 (-0.05%) on the day to $99.29 per barrel—also up roughly $3 per barrel on the week.
Inflation falls for first time in more than two years, key U.S. gauge shows, due to sinking gas prices
The numbers: A key gauge of U.S. inflation fell 0.1% in July thanks to tumbling gasoline...
The numbers: A key gauge of U.S. inflation fell 0.1% in July thanks to tumbling gasoline prices, marking the first decline in more than two years and giving Americans some relief from a rapidly rising cost of living.
The drop in the so-called personal-consumption price index was the first since April 2020, when the U.S. economy was locked down after the initial outbreak of the coronavirus.
A narrower measure of inflation that omits volatile food and energy costs, known as the core PCE, edged up 0.1% . That was below Wall Street’s 0.2% forecast. Economists polled by The Wall Street Journal had predicted no change in July.
Key details: The rate of inflation over the past year dropped to 6.3% from 6.8% in the prior month.
Dow off 400 points after Powell warns of collateral damage from inflation battle
U.S. stocks tumbled Friday to session lows after Federal Reserve Chairman Jerome Powell delivered blunt...
U.S. stocks tumbled Friday to session lows after Federal Reserve Chairman Jerome Powell delivered blunt remarks on the pain the U.S. inflation fight likely will cause households and businesses at the annual Jackson Hole, Wyoming economic summit. The Dow Jones Industrial Average DJIA, -1.38% was down 406 points, or 1.2%, trading near 32,880, while the S&P 500 SPX, -1.72% was off 1.6% and the Nasdaq Composite Index COMP, -2.13% was off 1.9%. Powell said Friday that there will "very likely be some softening of labor market conditions," in his speech. "While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses," he said. The 10-year Treasury note rose to 3.05% and the ICE US Dollar Dollar index edged down 0.3% to about 108 against a basket of rival currencies.
Fed Chair Jerome Powell’s speech in Jackson Hole, Wyoming—the one investors have been sweating over...
Fed Chair Jerome Powell’s speech in Jackson Hole, Wyoming—the one investors have been sweating over all week—will take place this morning.
You might be wondering…how did the country’s biggest central bank conference end up in Wyoming? The answer: fly-fishing. It’s always fly-fishing.
In 1982, when the Kansas City Fed was looking for a prominent speaker for its annual conference, organizers wanted to go big and have Fed Chair Paul Volcker come speak. They knew that Volcker was an avid fly fisherman, so they chose the fly-fishing mecca of Jackson Hole to convince him to attend. It worked, and the Fed has held its annual symposium there ever since.
Texas agencies may ban BlackRock over energy policies
Texas may prohibit state agencies, including pension funds, from doing business with BlackRock and nine...
Texas may prohibit state agencies, including pension funds, from doing business with BlackRock and nine other financial firms after Comptroller Glenn Hegar ruled that they are violating state law by boycotting the energy industry. Hegar has also identified almost 350 other funds that are allegedly violating the law.
