Fed plans more rate hikes to meet goals: Yellen

Share
Fed plans more rate hikes to meet goals: Yellen

Wall Street stocks rose early Wednesday as Federal Reserve Chair Janet Yellen pledged a "gradual" approach to additional interest rate increases.

"I really haven't had to give further thought to this question", she told the House Financial Services Committee, on the first of two days of the Fed chair's semi-annual testimony to Congress. Two Fed members, Fed Governor Lael Brainard and Minneapolis Federal Reserve Bank President Neel Kashkari spoke on Tuesday, however their dovish-perceived speeches added some uncertainty ahead of today's event. "She said exactly what the market expected and that's why the market was happy with it", said Chris Zaccarelli, chief investment officer at Cornerstone Financial Partners based in Charlotte, South Carolina.

The Final Word: Volatility spiked through the morning session after Donald Trump Jr. released emails that pointed to Russian collusion in the presidential election.

The fall in sterling once again lifted the exporter heavy United Kingdom bluechip index .FTSE which rose 1 percent, outperforming regional peers.

The Taiwan dollar and the Thai baht followed, each rising 0.4 percent.

Stocks showed a lack of direction over the course of the trading session on Tuesday before eventually ending the day mixed.

Despite a strong start, the home currency succumbed to intense dollar pressure in late afternoon deals amid firming greenback overseas trend.

The ILO jobless rate fell to 4.5% in the three months to May from 4.9% in the same period of the previous year, data from the Office for National Statistics showed Wednesday. According to Thompson Reuters, "technology is expected to have had among the strongest earnings growth for the second quarter". This was the lowest since 1975.

Spot gold was up 0.23 per cent at US$1,216.79 per ounce and away from Monday's US$1,204.45, its lowest since March 15.

The Fed has projected that the US economy will grow roughly 1.8 percent of GDP per year over the next two years.

The greenback reversed from an early high of 0.7216 against the kiwi, falling to a 2-day low of 0.7280. Output was forecast to gain 1% in May. The Energy Information Administration's weekly report on petroleum inventories in the U.S.is schedule for release at 10:30 a.m. ET.

Yellen said that while uncertainty about domestic fiscal policies and economic troubles for major worldwide trading partners complicates economic projections, she gave "roughly equal odds that the USA economy's performance will be somewhat stronger or somewhat less strong than we now project".

Share

Advertisement

Related Posts

Trump pledges to act 'very strongly' on North Korea missile threat
In fact, it would be foolish to use nuclear weapons against the South because radioactive fallout would also land in the North. A solution on North Korea must come through dialogue and consultation involving the worldwide community, Xi said.

Audi A8 First Look
Among the showcase features available from the new A8's long list of optional equipment is a so-called Traffic Jam Pilot system. Later to come will be two V8 engine options, a 4.0 liter TDI V8 that will make 435 hp and the 4.0 liter TFSI V8 with 460 hp.

ACLU Files Suit: Trump Election Fraud Panel Is Ignoring Open Meeting Laws
That's also the conclusion of a report just released by the Brennan Center for Justice at the New York University School of Law. Some states have outright refused the request, while others have said they will submit only what is allowed under state laws.

Vimeo Fans Net-Neutrality Hopes
The current net neutrality rules are working, they are popular, and they have been upheld in court challenges not once but twice. This keeps providers from giving preferential treatment to the highest bidder, while leaving small websites in the dust.

GOP Sen Cassidy: To Just Repeal Obamacare 'Betrays President Trump's Campaign Pledges'
Which is why Bernard and many other Americans like her are watching the health care debate on Capitol Hill with trepidation. Government subsidies for those ACA-compliant plans would be available to people making less than $42,000 or so per year.

Wimbledon takes time to chill before the fizz of Manic Monday
"I've been playing here a lot of years and I've never seen the courts that - I wouldn't say bad, but they weren't good". And I think they deserve, obviously, to be on Centre Court and Court 1. "I don't know if it's down to the weather".

Top US general denies claim of possible war crimes in Mosul fight
The pockets of ISIS fighters and total clearing of the city is expected to take weeks. Marwan Hadi based inside the Old City.

North Korea sanctions draft in China's hands
Speaking in Warsaw last week, Trump said he thought Russian Federation attacked the election but that "other countries" did, too. Xi told Trump that China had already stated its "principled position" on North Korea multiple times, according to Xinhua.

'Spider-Man: Homecoming' slings $117 million debut
In June (17), the 21-year-old revealed Marvel Studios bosses are planning to turn the Spider-Man franchise into another trilogy. Focus rounded out the top ten with the period film The Beguiled which grossed an estimated $2.1M, down 34%, for $7.4M to date.

Gilles Muller upsets Rafael Nadal in five-set marathon at Wimbledon
It was not easy to keep believing. "Physically, I'm not fighting anything like previous year with my knee". "I was playing well". The Croat had earlier beaten Roberto Bautista Agut 6-2 6-2 6-2 to progress to the last-eight for the fourth time in SW19.

© 2015 Stump Report. All Rights reserved.