š„US Federal Reserve meeting LIVE Updates:š„
Contrary to fears of a likely recession in the US, the latest retail sales data showed strong consumer spending ahead of the Federal Reserve's policy meeting, which ends today (September 18). Interestingly, the 2007 rate cutting cycle too began on the same day, three months before the Great Recession.
US retail sales rose by 0.1% in August, defying economists' expectations of a 0.2% decline. Excluding auto sales, retail sales rose 0.1%, slightly short of the 0.2% growth forecast.
Global markets await the first rate cut by the US Federal Reserve since March 2020 as inflation has moved closer to its target of 2%. A cut in benchmark interest rates will bring down the cost of borrowing for companies in the US, and send a signal to many central banks scheduled to review their own monetary policy this week.
The big question right now is: will the Fed chair Jerome Powell cut the Fed funds rate by 25 basis points or 50? 100 basis points make a percent.
CME Groupās Fed Watch tool shows a 67% probability that the central bank will cut rates by 50 basis points, up from around 47% on Friday.
Wall Street's main stock indexes rose on Tuesday, with the S&P 500 hitting an intraday record high ahead of a crucial Federal Reserve interest-rate decision, after fresh economic data allayed worries of a sharp slowdown in the U.S. economy.
š„US Fed meeting LIVE: Wall Street is stuck as the countdown to a rate cut ticks closer to zeroš„
US stock indexes are holding near their records Wednesday ahead of an announcement in the afternoon thatās expected to kick off a series of cuts to interest rates meant to prevent a recession.
The S&P 500 was virtually unchanged in early trading and sitting 0.6% below its all-time high set in July. The Dow Jones Industrial Average was edging down 48 points, or 0.1%, but still flirting with another record after setting its latest on Monday. The Nasdaq composite was basically flat, as of 9:35 a.m. Eastern time.
š„US Fed meeting LIVE: Public discontent with economy fuels Trump's campaignš„
High interest rates and elevated prices for everything from groceries to gas to rent have fanned widespread public disillusionment with the economy and provided a line of attack for former President Donald Trumpās campaign.
Vice President Kamala Harris, in turn, has charged that Trumpās promise to slap tariffs on all imports would raise prices for consumers much further.
Stay tuned for live updates and analysis as the major economic event unfolds in the next two days.
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