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  • Aug 22, 2024

Fed's Harker is ready to start methodical course of rate cuts

NEW YORK (Reuters) -Federal Reserve Bank of Philadelphia President Patrick Harker said Thursday he was on board with a September rate cut as long as the data performs as he expects it to, and cautioned that it's better to focus on the prospect of a steady course of easing rather than on the size of a given policy action. When it comes to an imminent move down in the cost of short-term borrowing, “for me, barring any surprise in the data we'll get between now and then, I think we need to start this process” of lowering rates, Harker said in an interview with Reuters as he attends the Kansas City Fed’s annual research conference in Jackson Hole, Wyoming. Harker said the size of any given move was less important than how the overall scope of cuts plays out, noting “I think a slow, methodical approach down is the right way to go.”

  • Aug 22, 2024

Fed Officials Argue for Gradual Pace of Cuts Starting Soon

(Bloomberg) -- Two Federal Reserve officials said they believe it’s appropriate for the US central bank to begin lowering interest rates soon, and that the pace of subsequent cutting should be “gradual” and “methodical.”Most Read from BloombergChicago's Migrant Surge Is Stirring Trouble for Democrats in DNC Host CityUK Transport Minister Clears Path for More 20mph Speed ZonesWith Self-Driving Vans, Hamburg Tries to Make Microtransit WorkThe Serious Work That Free Play Can DoBoston Fed President

  • Aug 22, 2024

Turkey Has Decision to Make Soon to Show If Inflation Fight Real

(Bloomberg) -- Turkey’s minimum wage outlook is already being gamed out for clues that President Recep Tayyip Erdogan will dial back populist economic policies and deliver on a commitment to curb one of the world’s highest rates of inflation.Most Read from BloombergChicago's Migrant Surge Is Stirring Trouble for Democrats in DNC Host CityUK Transport Minister Clears Path for More 20mph Speed ZonesWith Self-Driving Vans, Hamburg Tries to Make Microtransit WorkThe Serious Work That Free Play Can D

  • Aug 22, 2024

US Mortgage Rates Drop to a 2024 Low as Buyers Await Fed Cuts

(Bloomberg) -- Mortgage rates in the US resumed their downward path, dropping to a new low for the year. Most Read from BloombergChicago's Migrant Surge Is Stirring Trouble for Democrats in DNC Host CityUK Transport Minister Clears Path for More 20mph Speed ZonesWith Self-Driving Vans, Hamburg Tries to Make Microtransit WorkThe Serious Work That Free Play Can DoThe average for a 30-year, fixed loan was 6.46%, down from 6.49% last week, Freddie Mac said in a statement Thursday.Borrowing costs are

  • Aug 22, 2024

Fed policymakers flag rate cuts as job market cools

JACKSON HOLE, Wyoming (Reuters) -Federal Reserve policymakers on Thursday lined up in support of U.S. interest-rate cuts starting next month now that inflation is well down from its highs and the U.S. labor market is cooling, though one signaled he is in no rush to ease policy. "For me, barring any surprise in the data we'll get between now and then, I think we need to start this process” of lowering rates, Philadephia Fed Bank President Patrick Harker said in an interview with Reuters. “I think a slow, methodical approach down is the right way to go.”

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