Federal Reserve keeps key interest rate unchanged
The Federal Reserve left its key interest rate unchanged at between 5.25% and 5.5% — the highest level in more than a decade — as annual inflation rates continued to stall.
The Federal Reserve left its key interest rate unchanged at between 5.25% and 5.5% — the highest level in more than a decade — as annual inflation rates continued to stall.
Jay Powell’s colleagues spent the last week backing a stance the central bank chair hammered home at his last press conference: Interest rates will be staying higher for longer.
Another hot inflation reading released Friday reinforces that any near-term interest rate cuts are less likely, as the Federal Reserve shifts to a higher-for-longer stance.
Tuesday's bigger-than-expected increase in wage data for the first quarter is the latest in a string of economic data that has Wall Street cautious about the Fed's next move.
Federal Reserve vice chair Philip Jefferson on Monday became the latest central bank official to call for holding interest rates at current levels until inflation shows more signs of cooling.
India's central bank on Wednesday ordered Kotak Mahindra Bank to immediately cease onboarding new customers via its online and mobile banking channels and to stop issuing fresh credit cards, citing serious deficiencies in the bank's IT systems and risk management practices. Kotak Mahindra Bank is India's fourth most valuable bank. The lender, also an investor in many startups, additionally works with many fintech firms to extend credit to SMEs and MSMEs and to issue co-branded credit cards.
The Fed is expected to keep interest rates at a 23-year high Wednesday, but investors will be listening for any signs of how long they will have to wait before cuts can begin.
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