Stocks Slump as Fed’s Powell Dismisses Swift Rate Cuts

Published on February 5, 2024

Federal Reserve Chair Jerome Powell dashed the hopes of investors again, repeating the central bank’s position that it will not be as quick to cut interest rates as the financial markets anticipate. During a lengthy interview with CBS News’s “60 Minutes” that aired on Feb. 4, Mr. Powell pledged to take a careful approach to reducing rates, arguing that policymakers want to observe “more evidence that inflation is moving sustainably down to 2 percent.” Officials are growing confident that this is the case, alluding to six months’ worth of inflation figures, but they want more data “before we take that very important step of beginning to cut interest rates.”...

Continue reading on website
Other news

Texas Governor Vows to Expand Razor Wire Fence Despite SCOTUS Ruling

February 5, 2024
Weeks after the U.S. Supreme Court sided with the Biden administration on allowing federal agents to cut Texas-installed razor wire along the border, Gov. Greg Abbott vowed to expand his razor-wire fencing efforts.The Republican governor has set up the fencing near Shelby Park in Eagle Pass, drawing a legal fight between his administration and the White House.Last month, the U.S. high court handed

Quebec Government to Spend $870 Million to Replace Montreal’s Olympic Stadium Roof

February 5, 2024
Quebec Tourism Minister Caroline Proulx says the provincial government will spend $870 million to replace the decaying roof of Montreal’s Olympic Stadium.Ms. Proulx told reporters in Montreal the existing roof is nearing the end of its life, and the stadium will have to close completely within two years if nothing is done.She says the new roof will keep the stadium open year-round and could double