Page 42 - Fomc News Today

St. Louis Fed Bank President James Bullard said he favors a strategy of "front-loading" big interest-rate hikes, and he wants to end the year at 3.75% to 4%, while his Richmond counterpart, Thomas Barkin, said the central bank was committed to lowering inflation and a recession could happen.

Jerome Powell thinks it would be prudent to take the preliminary reading of the second-quarter gross domestic product numbers with a “grain of salt.”

KUALA LUMPUR: The ringgit ended almost flat against the US dollar on Monday as investors remained in a wary mode amid the volatile market, said an analyst.

The ringgit is likely to continue its decline against the US dollar next week due to higher inflation, said an analyst.

The ringgit is likely to continue its losing streak against the US dollar from Monday (July 18), as the greenback is expected to stay dominant amid mounting inflation jitters.

Waller is the first Fed policy maker to explicitly express openness to an increase larger than 75 basis points at the July meeting.

The Federal Reserve’s Inspector General said Chair Jerome Powell and former Vice Chair Richard Clarida’s trading activity had not broken any laws or rules, but the probe into the former heads of the Dallas and Boston regional Fed banks remained open.

Primary market takes focus for large revenue deals from the New York State Thruway Authority and the Colorado Health Facilities Authority.

Federal Reserve Bank of Atlanta President Raphael Bostic said “everything is in play” for policy action after data showed that U.S. inflation accelerated again to a fresh four-decade high last month.

Federal Reserve Bank of Atlanta President Raphael Bostic said the U.S. economy can cope with higher interest rates and repeated his support for another jumbo move when the central bank meets later this month.