U.S. Federal Reserve System Chairman Jerome Powell testifies to the House Financial Committee on the semi-annual monetary policy report at 10:00 a.m. ET on June 21. …
Federal Reserve Chair Powell Testifies to House Financial Committee on Semi-Annual Monetary Policy Report
June 21, 2023
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Wall Street Opens Lower as Powell Doubles Down on Inflation Fight
Wall Street’s main indexes opened lower on Wednesday as Federal Reserve Chair Jerome Powell remained firm in bringing inflation back to 2 percent target, spurring worries of more monetary tightening. The Dow Jones Industrial Average fell 63.31 points, or 0.19 percent, at the open to 33,990.56. The S&P 500 opened lower by 8.70 points, or…
Dollar Firm Ahead of Powell Testimony, Sterling Falls After Inflation Data
SINGAPORE/LONDON—The dollar was firmer on Wednesday leading into Federal Reserve Chair Jerome Powell’s appearance before Congress, where he is expected to strike a hawkish tone, while sterling slipped after hotter-than-expected British inflation data. The annual pace of British consumer price gains was steady at 8.7 percent in May, against hopes it had cooled since April….
Oil Holds Steady Ahead of Powell’s Congressional Testimony
LONDON—Oil prices stabilised on Wednesday ahead of Federal Reserve Chair Jerome Powell’s congressional testimony later in the day and as data showing British inflation remained sticky raised the possibility of a hawkish Bank of England policy decision this week. Brent futures were flat at $75.90 a barrel by 0929 GMT and U.S. West Texas Intermediate…
Stocks Uneasy in Case Powell Embraces His Inner Hawk
June 21, 2023
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SYDNEY/LONDON—Stocks slipped on Wednesday on negative news including a lack of new stimulus from Beijing, bearish British inflation data, and a further slump in European real estate, as markets await direction from Federal Reserve Chair Jerome Powell. The world’s most powerful central banker faces lawmakers in two days of testimony and is sure to be…
US Industrial Production Unexpectedly Falls in May After 2 Months of Gains
June 21, 2023
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U.S. industrial production unexpectedly slipped in May, after two months of gains. Factories in the mid-Atlantic region saw a decline in activity for the first time since 2021 in June, according to the Federal Reserve Bank of Philadelphia. Production fell 0.2 percent last month, as manufacturing struggled under the weight of higher interest rates, after…
Stock Market Today: Wall Street Falls and Takes a Step Back After Its Big Rally
NEW YORK—Stocks pulled back Tuesday in their first trading after a five-week rally carried Wall Street to its highest level since the spring of last year. The S&P 500 fell 20.88 points, or 0.5 percent, to 4,388.71. The Dow Jones Industrial Average dropped 245.25, or 0.7 percent, to 34,053.87, and the Nasdaq composite lost 22.28,…
Protesters Again Target Major Coal Ports in Australia
The Port of Newcastle and the Port of Melbourne have again been targeted by climate protesters just hours after a teenager scaled a coal loader and glued herself to a railing. It’s the third day of action by climate activists targeting major east coast coal ports. A young woman named Niamh abseiled off Shepherd’s bridge on…
UK Grocery Inflation Drops to Lowest Monthly Rate But Still ‘Pretty Painful’: Report
Grocery price inflation has fallen to its lowest rate this year, bringing slight relief to British consumers, according to UK market research analysts. Grocery inflation sits at 16.5 percent for the four weeks to June 11, which is its lowest level since last year. However, analysts at the data analytics company Kantar have warned that…
RBA Says Jobs Market Too Tight to Control Inflation
June 20, 2023
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The jobs market is too strong, and the unemployment rate too low for the Reserve Bank to stamp down inflation. RBA deputy governor Michele Bullock says an unemployment rate of around 4.5 percent is roughly the lowest possible level that’s consistent with the RBA’s two-to-three per cent inflation target. The jobless rate has been stuck…
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