US central bank

Asian markets muted ahead of central bank announcements

HongKong - Muslimchronicle

Asian stock markets were largely flat on Monday (Oct 30) as investors locked in gains on earnings reports and braced for key Japanese and US central bank announcements. In Tokyo - where the Nikkei cooled but still reached its best level in 21 years - the focus is on a two-day Bank of Japan policy meeting that started Monday. TheRead 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

Trump says to decide Fed chair in two, three weeks

Washington - Muslimchronicle

US President Donald Trump indicated Friday he would select his nominee to be the next Federal Reserve chair within weeks, after meeting potential candidates. Trump said he would decide who chairs the US central bank in two or three weeks, a day after reportedly interviewing Kevin Warsh and Jerome Powell. The US leader has to decide whether to replace JanetRead more

Dow, S&P 500 close at new records in New York

Washington - Muslimchronicle

Wall Street rose to fresh record closes on Monday, boosted by gains in banking and financial stocks while investors eyed this week's meeting of the US central bank in Washington. The Dow Jones Industrial Average gained 0.3 percent, to end the session at 22,331.35, while the S&P 500 rose 0.2 percent to 2,503.97, just a hair's breadth more than Friday'sRead more

US Fed official sees gradual rate hikes even amid low inflation

New York - AFP

The US central bank can continue to raise interest rates gradually, despite persistent low inflation that could suggest a fundamental change in the economy, a top Federal Reserve official said Thursday. New York Fed President William Dudley said while he has been surprised that inflation has remained stubbornly below the central bank's two percent target even as the economy hasRead more

Asia fails to build on Wall Street lead as dollar languishes

New York - Muslimchronicle

The dollar struggled to recover Thursday in the wake of dovish Federal Reserve minutes highlighting concern over low inflation and crumbling corporate support for US President Donald Trump. The greenback was hovering around 110 yen as safe haven assets were reinvigorated, with Asian equities treading water to broadly hold gains from a rally earlier in the week on easing tensionsRead more

US consumer spending slows

Washington - Arab Today

US consumer spending barely rose in February amid delays in the payment of income tax refunds, but the biggest annual increase in inflation in nearly five years supported expectations of further interest rate hikes this year. The Commerce Department said on Friday consumer spending, which accounts for more than two-thirds of US economic activity, edged up 0.1 percent. That wasRead more

Federal Reserve's Fischer: US jobs in powerful recovery

Washington - AFP

The US labor market is in a "powerful" recovery, with jobs increasing fast enough to keep the unemployment rate steady around 5 percent, Federal Reserve Vice Chair Stanley Fischer said Friday. Speaking after the release of the solid October employment report, which showed the unemployment rate ticked down to 4.9 percent, Fischer said he believes the economy is nearly atRead more

Federal Reserve ‘should keep trillions in bonds to provide stability’

New York - Arab Today

The US Federal Reserve should scrap a plan to shrink its massive bond holdings and instead keep them “indefinitely” as a new and little-recognized tool to protect against financial shocks, according to research presented to some of the world’s top central bankers. Former Fed Governor Jeremy Stein and two colleagues at Harvard University concluded in a research paper that hangingRead more

Fed keeps rates unchanged

Washington - Arab Today

The Federal Reserve left interest rates unchanged on Wednesday but said near-term risks to the US economic outlook had diminished, opening the door to a resumption of monetary policy tightening this year. The US central bank said the economy had expanded at a moderate rate and job gains were strong in June. It added that household spending also had beenRead more