Federal Reserve

US Fed to hike interest rates as Trump tax cut looms

Washington - Muslimchronicle

The US central bank is set to raise the benchmark interest rate this week, looking to get ahead of price increases that, though absent so far, are still expected to materialize. It would be the third rate hike this year, and is overwhelmingly expected by economists and traders, and hinted at by policymakers, even though official data show inflation remainsRead more

'Many' Fed members favor near-term rate

Washington - Muslimchronicle

A majority of US central bankers favor raising benchmark interest rates in the near term, signalling the Federal Reserve is likely to tighten monetary policy next month, minutes from their last meeting revealed Wednesday. But sharp disagreements persist among policymakers over the dangers of inflation and the need to raise rates, according to the minutes of the Fed's October 31-NovemberRead more

Dow ends at fresh record as pound falls after rate hike

New York - AFP

The Dow finished at a fresh record Thursday after President Donald Trump nominated Jerome Powell to lead the Federal Reserve and congressional Republicans unveiled their long-awaited tax cut plan. The moves in the US came on a mixed day for equity markets elsewhere, with London rallying after the Bank of England raised interest rates for the first time in aRead more

US Fed begins two-day meeting as Yellen era appears set to close

Washington - Muslimchronicle

The Federal Reserve began a two-day monetary policy meeting on Tuesday, largely overshadowed by this week's expected White House decision to replace central bank chief Janet Yellen. Policymakers are unlikely to raise interest rates at the current meeting, holding off until at least December as they grapple with consistently poor inflation numbers despite falling unemployment and robust economic growth. TheRead more

Trump to announce Fed choice Thursday: US official

Washington - AFP

US President Donald Trump is expected to announce his choice to lead the Federal Reserve on Thursday, a US official said Monday. Trump said last week he had "somebody very specific in mind. I think everybody will be very impressed." He has not publicly ruled out re-nominating current Fed Chair Janet Yellen to a second four-year term, but US mediaRead more

US Fed to stand pat as inflation conundrum persists

Washington - AFP

The moribund inflation seen in the world's largest economy over the last year is a "mystery," a "surprise" and a "concern" all at once, in the words of US central bank chief Janet Yellen. And the dilemma -- why price pressures have not picked up despite nearly a decade's worth of falling unemployment and growth -- will be squarely atRead more

Trump to announce new Fed chair 'next week': White House

Washington - Muslimchronicle

US President Donald Trump will name the next chair of the Federal Reserve next week, the White House said, a choice that could have far reaching implications for his economic agenda. "I can confirm that the president plans to make an announcement on that next week. But beyond that, I don't have any other details to add," said spokesperson SarahRead more

Fed pick coming in 'fairly short' time

Washington - Muslimchronicle

President Donald Trump said Tuesday he would choose a new Federal Reserve chair among five front-runners in a "fairly short" time but stopped short of naming a favorite. Current Fed Chair Janet Yellen's term is due to expire in February. Trump is reportedly considering candidates including former Fed governor Kevin Warsh, current White House economic advisor Gary Cohn, Stanford economistRead more

'Many' Fed members favor December rate hike

Washington - AFP

US central bankers are sharply divided over whether to increase interest rates again this year amid persistently weak inflation, but many still favor a hike, meeting minutes released Wednesday showed. The continuing disagreements among members of the Federal Reserve could leave investors and market watchers guessing about the path of US monetary policy in the waning months of the year.Read more

US fines HSBC $175 mn for lax forex oversight

Washington - AFP

The US central bank on Friday fined global banking giant HSBC $175 million for failing to oversee foreign exchange traders who misused confidential client information and colluded with traders at competing banks. Between 2008 and 2013, the bank failed to detect misconduct by senior traders, including its global head of foreign exchange cash trading, according the Federal Reserve. TradersRead more