With the 'tightening cycle running its course', the Fed will now begin cutting interest rates in 2024
The Federal Reserve has finished raising interest rates and will likely cut them by about one percentage point next year, according to chief economists at some of North America's largest banks.
While the United States is likely to avoid a recession, economic growth looks set to slow markedly in coming quarters, pushing up unemployment while lowering inflation, the latest forecast from the American Bankers Association's Economic Advisory Committee shows.
“Given both demonstrated and expected progress on inflation, most committee members believe the Fed's tightening cycle has run its ...
Oil prices fell on Monday as a stronger dollar and economic woes in China weighed on the outlook for fuel demand, although Light crude held above $87 a barrel, helped by tighter supplies after Saudi Arabia and Russia extended supply cuts.
"Concerns about China's economic growth have weighed on sentiment in the commodity sectors," ANZ analysts said.
"The move was compounded by a stronger US dollar, which has dampened investor appetite," they added, referring to the dollar, which has risen for eight straight weeks.
Oil prices have risen for the past two straight weeks, with Light crude ...
The dollar slipped on Friday but remains set for a fifth consecutive week of gains in its longest winning streak in 15 months, fueled by demand for safer assets amid worries about the Chinese economy and US rates.
The People's Bank of China set a much stronger-than-expected daily fix, lifting the yuan from a 9-month low a day earlier, while the pound sterling fell after UK retail sales fell more than expected in July.
Against the yuan, the dollar rose 0.1% to 7.30327 in offshore trading after the central bank set the official midpoint at 7.2006, more than 1,000 points above Reuters ...
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