Economy

Gold futures rise on weakened US dollar

Gold futures rise on weakened US dollar

Powell also made no mention in his speech of what many economists see as the most serious threat to the economy: The trade war that Trump has launched with America's main trading partners - a conflict that risks depressing USA and global economic growth the longer it goes on and that directly targets Canada.

Interest rate futures traders are pricing in a 98-percent chance of a rate hike at the Fed's September meeting, and a 68 percent chance of an additional hike in December, according to the CME Group's FedWatch Tool.

His words reinforcing the Fed's plan to gradually raise rates seemed to have reassured investors.

US Fed chief Jerome Powell.

Powell, in a speech Friday kicking off the Kansas City Fed's annual economic forum in Jackson Hole, Wyoming, described the economy as "strong" and said there were few signs that the economy risked overheating.

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Irish Prime Minister Leo Varadkar concurred, saying the church stepped in to care for Irish children when the state did not. But neither his words nor the meeting with victims is likely to assuage demands for heads to roll over the abuse scandal .

Questioning Fed actions is normally off limits for USA politicians, since it could raise fears central bankers would feel political pressure and fail to act to head off rising inflation.

Based on the futures market, investors are nearly certain Fed policymakers will raise the benchmark interest rate to a range of 2 percent to 2.25 percent at its next meeting in late September, which would be the highest interest rates in a decade but not high by historical standards. He is due to speak on monetary policy later Friday.

"The market's not cheap, but it's not as demandingly valued as many think it should be given that we continue to reach new highs", he said. That echoed a phrase that was used to describe the extraordinary steps the Fed and other central banks took after the 2008 financial crisis plunged the USA and global economies into deep recessions. Powell pointed out that officials at the time believed the "natural rate" of unemployment was much lower than actual unemployment and far lower than it appears with hindsight.

On Wall Street, the Dow Jones Industrial Average rose 139.04 points, or 0.54 percent, to 25,796.02.

Powell's statement that rate hikes are keeping job growth strong and inflation under control was a high-profile endorsement of the central bank's current policy approach after U.S. President Donald Trump criticized the pace of rate hikes this week.

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Here it's a party before the match!" he said at a Press conference ahead of Sunday's trip to Newcastle United . Hazard continues to be linked with leaving Stamford Bridge, with Real Madrid yet to replace Cristiano Ronaldo.

There had been concern that Jerome Powell would lay out an accelerated series of rate hikes despite recent wobbles in emerging market economies.

Trump believes that rate hikes would hinder economic growth and put a cap on the bullish USA stock market.

It provides intellectual support for the Fed to continue on its policy path, said Derek Tang, an economist at LH Meyer Inc., an economic-forecasting firm. But the response was not an inflation hawk's defense of slowing the economy to hold down inflation. Five of those rate hikes, including two this year, have occurred with Trump in the White House.

"Powell deliberately avoided commenting on the latest developments on trade policy, politics and risks from overseas", said Michael Pearce, senior USA economist at Capital Economics.

Lew Alexander, an economist at Nomura, said earlier this week that, "Powell, a lawyer by training, is not known for breaking new conceptual ground on monetary policy or macroeconomics".

Smoke pours back in the Tri-Cities. When will we get relief?
Anyone experiencing symptoms of heart or lung disease associated with smoke exposure should contact their healthcare provider. Air quality returned to " good " in Tacoma on Thursday as winds pushed large amounts of wildfire smoke out of the region.

Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, said Trump can decide what to comment on and is not anxious that the criticism will affect the central bank's monetary policy.


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