US Federal Reserve Pauses Rate Hikes But Signals More Tightening Ahead

The US Federal Reserve voted Wednesday to pause its aggressive campaign of interest rate hikes.

Washington:

The US Federal Reserve voted Wednesday to pause its aggressive campaign of interest rate hikes despite "elevated" inflation, while indicating that another sharp increase could be needed before year-end.

After 10 straight increases since March 2022, the Fed's rate-setting committee voted to hold its benchmark lending rate between 5.0 percent and 5.25 percent, the central bank said in a statement.

Despite the Fed's aggressive campaign of monetary tightening, annual inflation remains stubbornly above its long-term target of two percent, while unemployment is close to record lows.

Holding interest rates steady gives policymakers on the Federal Open Market Committee (FOMC) time "to assess additional information and its implications for monetary policy," the Fed said.

The move was broadly in line with analysts' expectations.

However, FOMC members hinted that more monetary tightening lies ahead. They raised the median projection for the Fed's benchmark lending rate at the end of this year by another half percentage-point.

The US economy has shown signs of slowing, with the Fed recently forecasting a mild recession to begin later this year.

But the central bank said Wednesday that recent indicators suggest "economic activity has continued to expand at a modest pace."

The Fed also released an updated economic forecast, lifting its 2023 GDP growth projections to 1.0 percent from 0.4 percent in March.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Adblock test (Why?)

from NDTV News- Special https://ift.tt/1Ww7uLz https://ift.tt/ZIsuABJ
via IFTTT

Comments

Salaries Of 12700 Punjab Teachers Tripled After Regularisation

Punjab government has tripled the salaries of 12,700 teachers, who were regularised recently. Chandigarh: Punjab Chief Minister Bhagwant Mann on Tuesday said the salaries of 12,700 teachers, who were regularised recently, have been increased by up to three times. In a statement here, Mr Mann said these teachers will be known as associate teachers and special inclusive teachers, adding that they will be governed by a 'Policy for Welfare of Adhoc, Contractual, Temporary Teachers (Nation Builders) and other employees in the School Education Department'. Based on their educational qualifications and primary conditions for entry into services, their emoluments have been fixed up to the completion of 58 years in service. Mr Mann said these teachers will be entitled to an increment of 5 per cent on their salaries every year. The chief minister said BA pass education providers (associate teachers) who were hitherto getting Rs 9,500 per month will now get Rs 20,500 as an emolum...

"Jaiswal Has Run Ahead Of Gill": Ex-India Star's Massive T20 WC Verdict

Former India opener Aakash Chopra has suggested that Yashasvi Jaiswal is slightly ahead of Shubman Gill in the pecking order as captain Rohit Sharma's partner at the top in T20Is. Since making his debut last year, Jaiswal has been in stunning form in the shortest format of the game. Gill's form, on the other hand, has dipped since the ODI World Cup last year in India. With the T20 World Cup scheduled to be held later this year, Chopra feels Jaiswal will open the innings with Rohit during the tournament. "It's clear that Yashasvi Jaiswal has run ahead of Shubman Gill. Yashasvi is ahead in the two-horse race, Gill is lagging slightly behind. Gill was played in the first match, dropped in the second, and wasn't played in the third as well," Chopra said on his YouTube channel. Jaiswal helped India beat Afghanistan in the second T20I earlier this week, scoring a quickfire fifty. Considering his recent form across formats, Chopra emphasised that Jaiswal has ...

Russian Mercenary Arm Wagner Groups Says Moscow Army Attacked Its Forces

Russian mercenary group Wagner said that Moscow attacked on its rear camps. Moscow: The chief of Russian mercenary group Wagner on Friday accused Moscow's military leadership of ordering strikes on their camps and killing a "huge" number of forces. "We were ready to make concessions to the defence ministry, surrender our weapons," Yevgeny Prigozhin said in a furious audio message released by his spokespeople. "Today, seeing that we have not been broken, they conducted missile strikes at our rear camps." (Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.) Adblock test (Why?) from NDTV News- Special https://ift.tt/J4lDwvL https://ift.tt/w7JfFhE via IFTTT

டெக் மந்த்ரா

Search This Blog