"That's my view. They'll cut preemptively in June. That is to say Wednesday," says the Grant's Interest Rate Observer newsletter editor.Economyread more
It's about time to write off high-growth tech stocks, Goldman Sachs warned, saying the double whammy of sky-high valuation and elevated regulation is becoming a "hazard" to...Marketsread more
Iran will surpass the internationally agreed levels of its low-enriched uranium levels in 10 days, the country's atomic energy body said Monday.Politicsread more
Sotheby's announced Monday that it's signed an agreement to be acquired by BidFair USA, a venture owned by art collector Patrick Drahi.Marketsread more
The Fed is not likely to make a move on interest rates when it meets this week, but it should clear the way for a rate cut later in the summer.Market Insiderread more
Ross played down the prospect of an agreement being reached at the G-20 meeting in Osaka on June 28-29.Paris Airshowread more
Boeing is scrambling to restore confidence in the 737 Max from regulators, customers and the flying public.Paris Airshowread more
Google CEO Sundar Pichai said in a CNN interview that while the company will work to remove as much harmful content as possible, the company can't remove 100% of it.Technologyread more
Amazon responded this morning to Democratic Congresswoman Alexandria Ocasio-Cortez's claim that it pays warehouse workers "starvation wages" in a tweet that says it pays...Technologyread more
The chipmaker crush could persist and investors should be selective, but Nvidia looks like a clear buy, one market watcher says.Trading Nationread more
Federal Reserve Chairman Jerome Powell issued his strongest statement yet Wednesday that the central bank has changed its outlook regarding interest rate hikes.
"The case for raising rates has weakened somewhat," Powell said during a news conference following this week's two-day Federal Open Market Committee meeting.
The statement came after the FOMC decided to leave its benchmark interest rate target unchanged at 2.25 percent to 2.5 percent. In addition, the committee vowed to take a "patient" approach toward further hikes. Powell added that the funds rate is "in the committee's" range of a neutral rate estimate, a key measure for the Fed.
The position on rates marks an evolving process for Powell, who has sent jitters through markets in recent months with remarks that indicated he believed the Fed would be continuing to raise interest rates at least until it found a neutral range.
"I would want to see a need for further rate increases," Powell said Wednesday, adding that inflation would be key.
Also causing some concern on the Fed are geopolitical issues like the ongoing Brexit negotiations and an economic slowdown in China.
As things currently stand, Powell said the committee can take its time before additional rate moves. The Fed has hiked its benchmark rate eight times since it began the normalization process in December 2015 and has indicated two more increases in 2019.
However, futures markets are pricing in no further tightening and in fact are noting a small chance for a rate cut over the next year. "Today, the FOMC decided that the cumulative effect of those developments … warrant a patient wait-and-see approach regarding future policy changes."