Fed Holds Rates Steady, Powell Teases September Rate Cut and Talks CBDC Future - Kitco News
Jeremy Szafron, Anchor at Kitco News, delivers the latest updates from the Federal Reserve. The FOMC has decided to hold interest rates steady at their current range of 5.25% to 5.5%, the highest level in over two decades. However, Fed Chair Jerome Powell hinted that an interest-rate cut could come as soon as September. Powell emphasized the Fed's balanced approach to managing inflation and employment risks, noting that the job market remains strong but not overheated. He also highlighted that consumer spending has slowed but remains solid, and the US economy appears to be 'normalizing'. Powell addressed the topic of a central bank digital currency (CBDC), stating that the Fed is not looking to implement anything at the moment. Powell's dovish comments extended a rally in stocks, with the S&P 500 up by 2%. Treasury yields fell across the curve, and the dollar slipped against all of its developed-market peers. Traders are now pricing in a minimum of two rate cuts this year, with the first expected at the Fed’s next meeting. Stay tuned for more insights and expert analysis on Kitco News.
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#FederalReserve #InterestRates #JeromePowell #RateCut #CBDC #MonetaryPolicy #KitcoNews #Economy #FinancialNews #MarketUpdate #StockMarket #Investment #EconomicPolicy
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