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☆ Fed sees more rate hikes ahead, but at a slower pace, meeting minutes show
▼ + stars: | 2023-07-05 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

Almost all Federal Reserve officials at their June meeting indicated further tightening is likely, if at a slower pace than the rapid-fire rate increases that had characterized monetary policy since early 2022, according to minutes released Wednesday. Policymakers decided against a rate rise amid concerns over economic growth, even though most members think further hikes are on the way. Citing the lagged impact of policy and other concerns, they saw room to skip the June meeting after enacting 10 straight rate increases. Most recently, the Fed's preferred inflation gauge saw just a 0.3% increase in May, though it was still reflecting a 4.6% annual rate. Fed officials have stressed the importance of reducing that disparity as they look to tamp down the demand that pushed inflation higher.

Persons: hesitance, firming, Jerome Powell, Raphael Bostic Organizations: Federal Reserve, Market, Market Committee, Fed

Mortgage rates inched up just a bit this week. According to Freddie Mac, the average 30-year mortgage rate increased four basis points to 6.71%, while the average 15-year mortgage rate increased three basis points to 6.06%. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control.

Persons: Freddie Mac, Sam Khater, Freddie Mac's, Fannie Mae, they'll Organizations: Census Bureau, Department of Housing, Urban, Zillow, Federal Reserve, Fed, Mortgage, Association, Sky, ARM Locations: Chevron

[1/2] The Starlink logo is seen in front of the Indian flag in this illustration taken, June 21, 2023. The Telecom Regulatory Authority of India, OneWeb and Starlink parent SpaceX, did not respond. Deloitte says India's satellite broadband service market will grow 36% a year to reach $1.9 billion by 2030. Starlink is waiting for clarity on India's spectrum allocation before firming up its commercial strategy, another source said. "I'd expect Starlink to make high-profile free offers elsewhere in order to try and demonstrate what India could be missing out on," he said.

Persons: Dado Ruvic, Starlink, India's Ambani, Elon Musk, Mukesh Ambani, Narendra Modi, Musk, Ambani, OneWeb, Tim Farrar, Aditya Kalra, Munsif Vengattil, Aditi Shah, Raju Gopalakrishnan Organizations: REUTERS, DELHI, Reliance, Indian, Ambani's, Telecom Regulatory Authority of, SpaceX, Reuters, Deloitte, Foreign, TMF Associates, Thomson Locations: India, U.S, Telecom Regulatory Authority of India

Inflation has "started to abate" but the Fed will remain focused on returning it to the 2% target, Fed governor and vice chair nominee Philip Jefferson said in testimony prepared for his confirmation hearing on Wednesday before the Senate Banking Committee. "The economy faces multiple challenges, including inflation, banking-sector stress, and geopolitical instability. "Inflation has started to abate, and I remain focused on returning it to our 2% target." As a group, Fed policymakers last week signaled two more interest-rate hikes are likely by the end of the year. The Senate Banking committee on Tuesday also released prepared remarks from Fed Board nominee Adriana Kugler, who said returning inflation to the central bank's 2% target is key to setting a strong foundation for the U.S. economy.

Persons: Philip Jefferson, Jefferson, Lisa Cook, ” Cook, Cook, Adriana Kugler, " Kugler, Kugler, Bob Menendez, Menendez, Howard Schneider, Michael S, Dan Burns, Ann Saphir, Matthew Lewis Organizations: Reserve, Committee, Federal, World Bank, Fed, of Governors, Senate, Derby, Thomson Locations: Washington, U.S, New York, Berkeley , California

☆ The Fed just held interest rates and signaled future hikes at the same time – a move that baffled many. Here's how Larry Summers, Mohamed El-Erian, and others have reacted.
▼ + stars: | 2023-06-17 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +6 min

The Fed pressed pause on its interest-rate increases this month after boosting borrowing costs 10 times since early 2022. The move spurred a wave of commentary given the central bank at once held rates and signaled more hikes. "It seems like the unanimity of opinion that we need more rate hikes has been clear, but the path of rate hikes is all over the place," he added. "It was what I would call, an awkward but hawkish pause," he added. Peter Schiff, chief global strategist at Euro Pacific Capital"Don't believe the hype on the Fed's hawkish pause on rates.

Persons: Larry Summers, Mohamed El, David Rosenberg, Jeff Gundlach, —, Jerome Powell, Summers, Erian, Tom, Dick, Harry, " Rosenberg, Gundlach, Steve Forbes, Forbes, Don't, Richard Clarida, they've, they're, Clarida, Whitney Watson, Watson, Peter Schiff, Schiff Organizations: Fed, Service, Federal Reserve, Bloomberg, Erian, Allianz, CNBC, Federal, Global, Goldman Sachs, Euro

Retail sales - a key gauge of consumer confidence - rose 12.7%, missing forecasts of 13.6% growth and slowing from April's 18.4%. Data ranging from factory surveys and trade to loan growth and home sales have shown signs of weakness for the world's second-biggest economy. China's stock markets rose after the rates cut, with the benchmark CSI 300 gaining 0.6% in early trade, while Hong Kong's Hang Seng Index climbed 1.2%. The sector is expected to grapple with "persistent weakness" for years, dragging on economic growth, Goldman Sachs analysts said this week. The country's biggest banks recently cut their deposit rates to ease pressure on profit margins and encourage savers to spend more.

Persons: China's, Zhiwei Zhang, Bruce Pang, Jones Lang LaSalle, Pang, Hong, Julian Evans, Pritchard, Yi, Goldman Sachs, Albee Zhang, Sam Holmes Organizations: National Bureau of Statistics, Jones, CSI, Capital Economics, Investment, Thomson Locations: BEIJING, Beijing, China, outflows

☆ Cuba, Iran presidents meet in Havana, vow to confront 'Yankee imperialism'
▼ + stars: | 2023-06-15 | by ( Nelson Acosta | ) www.reuters.com time to read: +3 min

HAVANA, June 15 (Reuters) - Iranian President Ebrahim Raisi met with Cuban counterpart Miguel Diaz-Canel on Thursday, his last stop on a three-nation Latin American tour aimed at shoring up support among Latin American allies saddled, like Iran, by U.S. sanctions. Raisi told reporters at a trade forum in Havana early on Thursday that Cuba and Iran would seek opportunities to work together in electricity generation, biotechnology, and mining, among other areas. "The conditions and circumstances in which Cuba and Iran find themselves today have many things in common," Raisi said in a conversation with Cuban president Miguel Diaz-Canel. Prior to arriving in Cuba, the Iranian president also met with Nicaragua´s Daniel Ortega in the Central American country. Raisi called his visit with Iran´s key Latin American allies a "turning point" in relations.

Persons: Ebrahim Raisi, Miguel Diaz, Canel, Raisi, Nicaragua ´, Daniel Ortega, Diaz, John Kirby, Kirby, We’re, Hurricane Ian, Fidel Castro ´, Donald Trump, Nelson Acosta, Dave Sherwood, Jonathan Oatis Organizations: Cuban, U.S, Central American, Yankee, White House, Communist, Thomson Locations: HAVANA, Iran, Havana, Cuba, Venezuela, Nicaragua, America, Iranian, Russia, China, Hurricane

☆ Still-hawkish Fed pauses rate tightening after 10 straight hikes
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: +13 min

While the market expected a hawkish pause, this is even a little bit more hawkish than market participants anticipated and that’s why you’re having a negative reaction in risk assets. So, it does suggest that the Fed is looking to tighten policy further, but the big question is can the Fed credibly commit to two more rate hikes if they just decided to actually hold rates steady. And what is the threshold for further rate hikes? “GEORGE YOUNG, PORTFOLIO MANAGER, VILLERE & CO, NEW ORLEANS"This a pregnant pause, meaning that they said they're going to pause hikes today but they're going to increase later. ANGELO KOURKAFAS, SENIOR INVESTMENT STRATEGIST, EDWARD JONES, ST LOUIS"We're seeing a more hawkish pause.

Persons: QUINCY KROSBY, Powell, He’s, BRIAN JACOBSEN, MENOMONEE, ” ANDRZEJ SKIBA, ” GENNADIY GOLDBERG, they’ve, ” ELLEN HAZEN, Logan, Waller, “ GEORGE, ANGELO KOURKAFAS, EDWARD JONES, They've, MICHAEL BROWN, hawkishly, WHITNEY WATSON, GOLDMAN, “, STOVALL, ” PAUL NOLTE, MICHAEL JAMES Organizations: YORK, Federal Reserve, Federal, U.S, RBC, CPI, PPI, Powell &, Cleveland Fed, Global Finance, Markets, Thomson Locations: U.S, CHARLOTTE, NC, WISCONSIN, WELLESLEY , MASSACHUSETTS, ORLEANS, GOLDMAN SACHS, Manheim, ALLENTOWN, CHICAGO

☆ The Federal Reserve paused its interest-rate hikes after 10 consecutive increases
▼ + stars: | 2023-06-14 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

The Federal Reserve announced it's pausing interest-rate hikes at its Wednesday meeting. This comes after 10 consecutive interest-rate increases in 15 months. The Federal Open Market Committee (FOMC) announced it's holding interest rates steady at its Wednesday meeting, putting a pause on the central bank's 10 consecutive increases in 15 months. "Without a meaningful downside surprise in both jobs and inflation, a final interest-rate hike remains in the cards for July." Following the failures of Silicon Valley Bank and First Republic Bank, credit conditions tightened, in part pushing the Fed to skip this month's rate hike amid a lending pullback.

Persons: —, Jerome Powell, Powell, Seema Shah, Shah, Thomas Simons, Simons, Marta Norton, Kathy Gramling, Gramling, Norton, there's, Price Organizations: Federal Reserve, Service, Market, Fed, Asset Management, Jefferies, Valley Bank, First Republic Bank, Morningstar Wealth's America, EY, Consumer, Morningstar Wealth, Norton

☆ Crypto prices stabilize after plunging on SEC crackdown jitters
▼ + stars: | 2023-06-12 | by ( Sheila Chiang | ) www.cnbc.com time to read: +2 min

The Binance website on a laptop arranged in the Brooklyn borough of New York, US, on Wednesday, June 7, 2023. The list of digital tokens deemed as unregistered securities by the Securities and Exchange Commission now spans over $120 billion of crypto after the US agencys lawsuits against Binance Holdings Ltd. and Coinbase Global Inc. The SEC sued Coinbase and Binance last week, accusing both of selling unregistered securities, among other charges. On Tuesday, the U.S. regulator alleged that Coinbase was operating as an unregistered exchange and broker, and that 13 assets listed on its platform were considered crypto asset securities. On Monday, it also accused Binance of inflating trading volumes, diverting customer funds and misleading customers about its controls, among others.

Persons: Gabby Jones, Coinbase, Ripple's XRP, Binance's, Binance Organizations: Securities and Exchange Commission, Binance Holdings, Coinbase Global Inc, Bloomberg, Getty, U.S . Securities, Exchange Commission, SEC, Polygon's Locations: Brooklyn, New York, U.S

☆ Why the new bull market is headed for more Fed stress after a rate hike pause
▼ + stars: | 2023-06-11 | by ( Natalie Rose Goldberg | ) www.cnbc.com time to read: +10 min

And even if the Fed does pause, Ferguson says it doesn't mean that more rate hikes aren't coming over the rest of the year. He isn't alone in the view that a Fed pause won't last long. This view is underpinned by, among other things, a labor market that continues to be tight. Others see recent cooling the labor market as a signal the Fed may soon have more need to moderate its rate hike strategy. "The broad picture here is the labor market is cooling in a sustainable way.

Persons: Savita Subramanian, Roger Ferguson, That's, Ferguson, CNBC's, isn't, Michelle Girard, Steve Liesman, Dennis Lockhart, Lockhart, Fed's, Jerome Powell, Brendan McDermid, — Ferguson, Wharton, Jeremy Siegel, Siegel, Jerome Powell's, Rucha Vankudre, Nick Bunker, Bunker, Goldman Sachs, David Solomon —, Solomon, Goldman, Frederic Mishkin, it's, Mishkin, we've Organizations: Federal Reserve, Dow Jones, NASDAQ, Bank of America, Fed, NatWest Markets, Atlanta Fed, Traders, New York Stock Exchange, CNBC, Conference Board, Labor, Lightcast, Former Fed, Bank of Canada, Reserve Bank of Australia Locations: U.S

☆ Stocks gain, dollar stumbles as US averts default and Fed skip bets rise
▼ + stars: | 2023-06-02 | by ( Alun John | ) www.reuters.com time to read: +5 min

Markets are now focused on U.S. jobs data due at 0830 EST (1230 GMT), the most significant macroeconomic release of the week, for more cues on the Federal Reserve's rate hike path. European mining stocks (.SXPP) increased 4.4%, boosted by a Bloomberg report China is working on new measures to support its property market. Copper prices were heading for their first weekly gain since April with other metals trading higher too. Spot gold was up marginally at $1,979 an ounce, but set for its biggest weekly gain in nearly two months, as a softer dollar and lower yields bolstered the bullion's appeal. Reporting by Ankur Banerjee; Editing by Lincoln Feast, Kim Coghill, Sriraj Kalluvila and Andrew HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid LONDON, Jefferson, Jeff Schulze, payrolls, Philip Jefferson, Joe Biden, Phil Shucksmith, We've, Brent, Ankur Banerjee, Lincoln, Kim Coghill, Sriraj Kalluvila, Andrew Heavens Organizations: New York Stock Exchange, REUTERS, U.S, Labor, U.S . Senate, Bloomberg, Asia Pacific, Japan's Nikkei, Nasdaq, Senate, Newton Investment, Investors, U.S . Treasury, European Central Bank, ECB, Thomson Locations: New York City, U.S, China, Japan

☆ Dollar sags as Fed bets ebb, debt bill passes; Aussie soars
▼ + stars: | 2023-06-02 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

The Australian dollar surged after an increase in the minimum wage stoked bets for the central bank to raise rates again next week. A day earlier, Fed Governor Philip Jefferson had said that "skipping a rate hike at a coming meeting would allow the committee to see more data before making decisions about the extent of additional policy firming." "Maybe they hike in June, maybe in July, or maybe they don't hike any more." Money markets currently see about 29% odds of a hike, down from near 70% earlier in the week. Traders currently lay about one-third odds on a quarter-point rate hike on Tuesday.

Persons: Patrick Harker, Philip Jefferson, Shinichiro Kadota, Christine Lagarde, Joe Biden, Monday's, Ray Attrill, NAB's, Kevin Buckland, Sam Holmes Organizations: U.S, Federal Reserve, Australian, Philadelphia Fed, Barclay, European Central Bank, National Australia Bank, Traders, Thomson Locations: TOKYO, U.S, Tokyo

☆ Dollar sags as chances grow for Fed 'skip,' debt bill passes
▼ + stars: | 2023-06-02 | by ( ) www.cnbc.com time to read: +2 min

Hundred dollar bills are seen in this photo illustraiton in Warsaw, Poland on Sept. 21, 2022. The Australian dollar surged after an increase in the minimum wage stoked bets for the central bank to raise rates again next week. The dollar index, which measures the U.S. currency against six others, has dropped nearly 0.8% this week, its biggest weekly loss since mid-January. Money markets are pricing in a roughly 29% chance of a hike, down from near 70% earlier in the week. The dollar was last up slightly at 138.74 yen.

Persons: Fiona Cincotta, let's, Patrick Harker, Philip Jefferson Organizations: Federal Reserve, Australian, City Index, Philadelphia Fed Locations: Warsaw, Poland, U.S, City

☆ The job market held up in May. But the Fed may have already decided to pause
▼ + stars: | 2023-06-02 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

Washington, DC CNN —The US labor market picked up momentum in May, once again defying expectations of a slowdown. Many economists, including those at the Fed, still expect a recession later in the year. The labor market and signs of future disinflationThe May jobs report mostly showed that the labor market held up. Some top economists have argued that the strong labor market has had a minor, albeit growing, impact on inflation. Hawkish Fed officials still think the Fed’s job isn’t done.

Persons: That’s, Joe Biden’s, ”, Philip Jefferson, Patrick Harker, “, ” Harker, It’s, ” Julia Pollak, ZipRecruiter’s, you’ve, you’d, Dave Gilbertson, hasn’t, Ben Bernanke, ” Jack Macdowell, Louis President James Bullard, Bullard, Louis Fed’s, Louis, Jerome Powell, there’s, Ian Shepherdson, Eugenio Alemán, Raymond James Organizations: DC CNN, Federal, Fed, Federal Reserve Bank of Philadelphia, National Association for Business Economics, CNN, Employers, of Labor Statistics, BLS, UKG, The Palisades Group, Hawkish Fed, Federal Reserve Bank of St, Louis Fed, Pantheon Locations: Washington, Washington ,

☆ Fed 'skip' chatter triggers dollar's biggest weekly fall since January
▼ + stars: | 2023-06-02 | by ( Amanda Cooper | ) www.reuters.com time to read: +4 min

The Australian dollar surged after an increase in the minimum wage there stoked bets for another raise in rates next week. The dollar index , which measures the U.S. currency against six others, has dropped nearly 0.8% this week, its biggest weekly loss since mid-January. Philadelphia Fed President Patrick Harker said on Thursday "it's time to at least hit the stop button for one meeting and see how it goes", referring to the June 13-14 Fed meeting. Money markets are pricing in a roughly 29% chance of a June hike, down from near 70% earlier in the week. Even if a hike doesn't happen next week, markets expect one by autumn.

Persons: Fiona Cincotta, let's, Patrick Harker, Philip Jefferson, Guy Miller, Christine Lagarde, Joe Biden, Monday's, Ray Attrill, Dhara Ranasinghe, Kevin Buckland, Mark Heinrich, Mark Potter, Andrew Heavens Organizations: Federal Reserve, Australian, City Index, Philadelphia Fed, Reuters, Zurich Insurance, European Central Bank, U.S . Senate, National Australia Bank, NAB, Traders, Reserve Bank of Australia, Thomson Locations: U.S, City, April's, London, Tokyo

☆ Premarket stocks: The Fed can't figure out what's happening with the job market
▼ + stars: | 2023-06-01 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New data out Wednesday showed that job openings and hiring both rose in April, while unemployment sits near 53-year lows. What’s happening: The number of available jobs in the United States rose unexpectedly in April after three months of declines. Job openings climbed to 10.1 million in April, according to data released Wednesday by the Bureau of Labor Statistics. Fed Chair Jerome Powell has said that he wants to see more slack in the labor market. “I love what I do,” Dimon told Bloomberg, adding he’s “quite happy” in his current job.

Persons: won’t, —, Jerome Powell, Philip Jefferson, ”, Jefferson, Mark Hamrick, “, Sam Stovall, David Kotok, Joe Biden, It’s, Mitch McConnell, ” Biden, Biden, Jamie Dimon, Elon Musk, Dimon, he’s, ” Dimon, Matt Egan, he’d Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Bureau of Labor Statistics, BLS, Fed, Index, Commerce Department, FedWatch, Cumberland Advisors, Senate, ”, JPMorgan, Bloomberg Television, Bloomberg Locations: New York, China, Europe, United States, America

☆ Here's what to watch out for in Friday's jobs report for May
▼ + stars: | 2023-06-01 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Joe Raedle | Getty ImagesWatching the monthly jobs reports this year has been something of a waiting exercise, with economists and market participants looking for a downturn that never seems to arrive. But judging by the way these reports have been going, the risk is probably to the upside in a jobs market that has been nothing if not resilient. "The labor market still looks tight. Defying the FedThe tight labor market and the pressure that has put on wages and inflation has bedeviled the Federal Reserve. A 'fully staffed' jobs market?

Persons: Joe Raedle, Dow Jones, We're, Joseph LaVorgna, LaVorgna, payrolls, we're, Donald Trump, Philip Jefferson Organizations: Labor Department, Nikko Securities America, National Economic Council, Federal Reserve Locations: Miami , Florida

☆ US rate futures expect Fed pause in June in sharp turnaround from earlier
▼ + stars: | 2023-05-31 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +2 min

The big catalyst were comments from Fed Governor and vice chair nominee Philip Jefferson and Philadelphia Fed President Fed Harker who both touted skipping a June rate hike. That said, data due on Friday about the U.S. job market "may change my mind." The Job Openings and Labor Turnover Survey, or JOLTS report, also showed layoffs declined significantly last month. After the JOLTS report, rate futures had priced in a nearly 70% chance of a rate increase next month. Some things seem like a little bit loose and so if the Fed is going to be on pause, it's time.

Persons: Refinitiv's, Philip Jefferson, Fed Harker, Jefferson, Harker, Ellis Phifer, Raymond James, Gertrude Chavez, Dreyfuss, Diane Craft Organizations: YORK, Federal Reserve, Fed Governor, Philadelphia Fed, Labor Department, Labor, Survey, Thomson Locations: Memphis , Tennessee

The rate hike "skip" has now become jargon for an emerging compromise between concerns inflation is not yet controlled with fears the economy may slow sharply as banks pull back on credit. "I don't really see a compelling reason to pause," Cleveland Fed president Loretta Mester said in an interview published Wednesday in the Financial Times. Jefferson acknowledged inflation remains "too high" and that "by some measures progress has been decelerating recently." While Jefferson does not expect a recession, he noted that there are reasons to be careful after 15 months in which the policy rate was raised by 5 percentage points. Reporting by Howard Schneider; Editing by Paul Simao, Nick Zieminski and Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

Persons: Philip Jefferson, Jefferson, Jerome, Powell, Krishna Guha, Patrick Harker, Harker, Loretta Mester, Michelle Bowman, Howard Schneider, Paul Simao, Nick Zieminski, Daniel Wallis Organizations: Federal Reserve, Fed, U.S . Senate, Philadelphia Fed, Cleveland Fed, Financial Times, Thomson Locations: U.S, Washington

The House Rules Committee late on Tuesday, in the first procedural vote on the contentious legislation, cleared the measure for debate in the full House on Wednesday. The solid Democratic opposition is not necessarily indicative of how the party would vote on the bill itself. "We are certainly punching above our weight," she told her fellow House Republicans. [1/4] U.S. House Speaker Kevin McCarthy (R-CA) returns to his office from the House floor at the U.S. Capitol ahead of an expected vote in the U.S. House of Representatives on a bill raising the federal government's $31.4 trillion debt ceiling, in Washington, U.S., May 31, 2023. White House Budget Director Shalanda Young, who was one of Biden's lead negotiators, urged Congress to pass the bill.

Persons: Kevin McCarthy's, Joe Biden's, McCarthy, Biden, Chip Roy, Roy, Erin Houchin, Kevin McCarthy, Julia Nikhinson, Republican Mitt Romney, Dick Durbin, Shalanda Young, Biden's, Young, White, David Morgan, Richard Cowan, Moira Warburton, Julio, Cesar Chavez, Scott Malone, Rosalba O'Brien, Alistair Bell Organizations: U.S . House, Kevin McCarthy's Republicans, Twitter, Democratic, Treasury, Republican, White, Senate, Republicans, Office, ., U.S, Capitol, REUTERS, Senators, National Institutes of Health, Internal Revenue Service, Thomson Locations: U.S, Washington , U.S, Washington

The House Rules Committee late on Tuesday, in the first procedural vote on the contentious legislation, cleared the measure for debate in the full House on Wednesday. The solid Democratic opposition is not necessarily indicative of how the party would vote on the bill itself. "We are certainly punching above our weight," she told her fellow House Republicans. A successful House vote would send the bill to the Senate, where debate and voting could stretch into the weekend, especially if any one of the 100 senators try to slow its passage. White House Budget Director Shalanda Young, who was one of Biden's lead negotiators, urged Congress to pass the bill.

Persons: Kevin McCarthy's, Joe Biden's, McCarthy, Biden, Chip Roy, Roy, Erin Houchin, Republican Mitt Romney, Dick Durbin, Shalanda Young, Biden's, Young, White, David Morgan, Richard Cowan, Moira Warburton, Julio, Cesar Chavez, Scott Malone, Himani Sarkar, Rosalba O'Brien Organizations: U.S . House, Kevin McCarthy's Republicans, Twitter, Democratic, Treasury, Republican, White, Senate, Republicans, Office, Senators, National Institutes of Health, Internal Revenue Service, Thomson Locations: U.S, Washington

The solid Democratic opposition is not necessarily indicative of how the 213-member party caucus would vote on the bill itself. But reflecting party divisions, Representative Erin Houchin countered that despite Democratic control of the White House and Senate, the bill would achieve significant Republican spending cuts. "We are certainly punching above our weight," she told her fellow House Republicans. White House Budget Director Shalanda Young, who was one of Biden's lead negotiators, urged Congress to pass the bill. A successful House vote would send the bill to the Senate, where debate and voting could stretch into the weekend, especially if any one of the 100 senators try to slow its passage.

Persons: Kevin McCarthy's, Joe Biden's, Biden, Chip Roy, Roy, Erin Houchin, Republican Mitt Romney, McCarthy, Dick Durbin, Shalanda Young, Biden's, Young, White, Richard Cowan, Moira Warburton, David Morgan, Scott Malone, Himani Organizations: U.S . House, Kevin McCarthy's Republicans, Democratic, Treasury, Republican, White, Senate, Republicans, Office, National Institutes of Health, Internal Revenue Service, Thomson Locations: U.S, Washington

"The risks of doing too much or doing too little are becoming more balanced and our policy adjusted to reflect that," Powell said. Ahead of a June 13-14 policy meeting "we haven't made any decisions about the extent to which additional policy firming will be appropriate." U.S. policymakers remain on the fence about their upcoming rate decision, and Powell's appearance on Friday was a moment that could have provided clarity. But the central bank will still receive important jobs and inflation data in coming weeks that could sway the debate. If an actual U.S. debt default is the result, the central bank may even be pushed towards emergency steps to ease the burden on the economy.

☆ Federal Reserve officials are growing skeptical over suspending rate hikes
▼ + stars: | 2023-05-19 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Some officials are concerned inflation isn’t cooling fast enough, which could prompt an 11th consecutive rate hike when policymakers meet in June. Federal Reserve Board Chair Jerome Powell and former Federal Reserve Board Chair Ben Bernanke (R) participate in a discussion at the Federal Reserve Board building in Washington, DC, May 19, 2023. Saul Loeb/AFP/Getty ImagesEarlier this month, Fed officials voted unanimously to raise the benchmark lending rate by a quarter point to a range of 5-5.25%, while signaling a possible pause ahead. Of course, Fed officials’ thinking on monetary policy could drastically change if the United States defaults on its debt, which could happen as soon as June 1. Fed officials always mention that their views on interest rates largely depend on what economic indicators show, resisting taking an absolute stance on how they will vote.

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