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But that is unlikely to push the Fed to switch its policy path anytime soon as Fed Chair Jerome Powell and other policymakers have remained blunt about the “pain” to come. The survey predicted that would be followed by 50 basis points in December to end the year at 4.25%-4.50%. The real policy mistake is not bringing inflation back down to 2%,” said Michael Gapen, chief U.S. economist at BofA Securities. All but two of 51 economists who replied to an additional question said the risks were skewed towards a higher terminal rate than they currently expected. “The only way the Fed can do that is to hike rates and keep policy restrictive until that is achieved.”(For other stories from the Reuters global economic poll:)
But that is unlikely to push the Fed to switch its policy path anytime soon as Fed Chair Jerome Powell and other policymakers have remained blunt about the “pain” to come. The survey predicted that would be followed by 50 basis points in December to end the year at 4.25%-4.50%. The real policy mistake is not bringing inflation back down to 2%,” said Michael Gapen, chief U.S. economist at BofA Securities. All but two of 51 economists who replied to an additional question said the risks were skewed towards a higher terminal rate than they currently expected. “The only way the Fed can do that is to hike rates and keep policy restrictive until that is achieved.”(For other stories from the Reuters global economic poll:)
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Register now for FREE unlimited access to Reuters.com RegisterA man arranges produce at Best World Supermarket in the Mount Pleasant neighborhood of Washington, D.C., U.S., August 19, 2022. REUTERS/Sarah SilbigerSept 27 (Reuters) - Wells Fargo expects steeper rate hikes by the Federal Reserve due to resiliency of the U.S. economy and the central bank's increased resolve to wring out inflation, the Wall Street bank's economists said in a note on Tuesday. "Our updated forecast for the fed funds rate also reflects the Fed's apparent willingness to do "whatever it takes" to rein in inflation." They expect a U-turn in Fed's policy only towards the end of next year. Register now for FREE unlimited access to Reuters.com RegisterReporting by Bansari Mayur Kamdar and Devik Jain in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.
Factbox: Government measures to ease inflation pain
  + stars: | 2022-09-27 | by ( ) www.reuters.com   time to read: +5 min
In August, the government offered debt relief to former students and unveiled the $430 billion "Inflation Reduction Act". * Canada on Sept. 13 announced a C$4.5 billion ($3.29 billion) relief package. * Poland will spend over 30 billion zlotys ($6.07 billion) to freeze power prices and support companies. * The Czech Republic will cap electricity and gas prices next year. * Croatia will cap electricity prices from Oct. 1 until March.
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It's officially fall, and travel insurance rates continue to drop from their summer-season peaks. Travel insurance weekly rates at a glance:Average premium: $265.23Average trip cost: $5,741.77Average trip length: 16 daysAverage cost of travel insurance by most popular destinationsIt's worth noting that some countries are naturally more expensive with flight and lodging costs, which could ultimately increase your travel insurance costs. Policy type Average days between purchase to trip Average Trip length (days) Average trip cost Average cost of travel insurance Cancellation 53 13 $5,949.67 $363.16 Non-cancellation 16 21 N/A $98.56Source: SquareMouthAverage cost of travel insurance by ageA traveler's age is a significant factor in determining the cost of travel insurance. When calculating your travel insurance premium, travel insurance providers consider the likelihood of a medical emergency. Editor's Rating 4.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's Rating 4.7/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's Rating 4.45/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Compare quotes On SquareMouth's website Compare quotes On SquareMouth's website Compare quotes On Travelex's websiteWhat does travel insurance cover?
I put off switching my money into a high-yield savings account, but when I finally did it took 10 minutes. The Capital One 360 Performance Savings Account checked all of the boxes I was looking for with a high-yield savings account. Pros Check mark icon A check mark. No monthly service fee Check mark icon A check mark. Easy to save for various goals Check mark icon A check mark.
The exterior of the Marriner S. Eccles Federal Reserve Board Building is seen in Washington, D.C., U.S., June 14, 2022. Asked at a Washington Post event whether he felt U.S. investors had taken an overly optimistic view of Fed policy until a recent sharp sell-off begin, Atlanta Fed president Raphael Bostic said that was beside the point. "Until that happens we're going to see I think a lot of volatility in the marketplace in all directions." "At the moment, inflation remains too high," Collins said in her first policy remarks since becoming head of the bank. The Fed maintains a 2% inflation target, as measured by the personal consumptions expenditures price index.
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You can watch all the news from the Tudum event live via Netflix's YouTube channel on September 24. How to watch Netflix Tudum 2022You can watch the Netflix Tudum 2022 livestream event on Netflix's YouTube channel. What is Netflix's Tudum event? Tudum is an annual Netflix event that's a lot like Comic-Con for Netflix fans. Tudum 2022 is a chance for filmmakers to talk about popular and upcoming titles with fans.
REUTERS/Sarah SilbigerWASHINGTON, Sept 22 (Reuters) - A gauge of future U.S. economic activity declined for a sixth straight month in August, potentially signaling a recession amid large interest rate increases from the Federal Reserve. The Conference Board said on Thursday its Leading Economic Index fell 0.3% last month after decreasing 0.5% in July. "Economic activity will continue slowing more broadly throughout the U.S. economy and is likely to contract," said Ataman Ozyildirim, senior economics director at the Conference Board in Washington. The Conference Board projects a recession in the coming quarters." It signaled more large increases to come this year.
"We have got to get inflation behind us," Federal Reserve Chair Jerome Powell told reporters after Fed policymakers unanimously agreed to raise the central bank's benchmark overnight interest rate to a range of 3.00%-3.25%. Market participants have also pushed up their rate expectations for the European Central Bank, which is all but certain to hike again on Oct. 23. It is now seen taking its own interest rate to almost 3% next year from 0.75% now. We won't be raising interest rates for some time," Bank of Japan Governor Haruhiko Kuroda said after the policy decision. Meanwhile, Turkey's central bank continued with its unorthodox policy on Thursday by delivering another surprise interest rate cut despite inflation running at more than 80%, sending the lira to an all-time low against the dollar.
Sen. Dianne Feinstein, a California Democrat, told young climate activists in 2019, "You didn't vote for me." AP Photo/Gemunu AmarasingheBut most policy debates aren't genuinely existential in the way climate change is. "Younger Democrats tend to have a much more friendly relationship and response to the party's activist class than older Democrats do." Fossil-fuel interests have played a central role in stymieing progress on climate change for decades. Nearly a decade later, Trump ran for and won the presidency — with Gingrich's early and staunch support — while calling climate change a "hoax."
REUTERS/Sarah Silbiger/File PhotoSept 21 (Reuters) - The average interest rate on the most popular U.S. home loan climbed to its highest level since October 2008, Mortgage Bankers Association (MBA) data showed on Wednesday. Rising mortgage rates are increasingly weighing on the interest-rate-sensitive housing sector as the Federal Reserve pushes on with aggressively lifting borrowing costs in order to tame high inflation. The central bank is set to raise interest rates by three-quarters of a percentage point for a third straight time later on Wednesday. The yield on the 10-year note acts as a benchmark for mortgage rates. The MBA also said its Market Composite Index, a measure of mortgage loan application volume, increased 3.8 percent from a week earlier, but remained well below last year's levels.
Register now for FREE unlimited access to Reuters.com RegisterCars pass by the Washington Monument at night in Washington, U.S., October 24, 2021. REUTERS/Sarah Silbiger/File PhotoWASHINGTON, Sept 20 (Reuters) - A man has been taken into custody after the Washington Monument was vandalized late on Tuesday, police said, adding that the area around the base of the monument has been temporarily closed. "Area around base of the Washington Monument temporarily closed. NPS (National Park Service) conservators will work on restoration process," the United States Park Police (USPP) said on Twitter. Images posted on Twitter by local media showed red paint smeared on the west side of the monument's base.
The rate hikes are the sharpest since the last time the Fed, under Paul Volcker's leadership, battled super-high inflation in the 1980s. But the projections do show Americans are in for some pain ahead as the Fed works to end inflation and prevent what Powell says would otherwise be even worse outcomes. By the end of 2024 policymakers see inflation at 2.3%, and easing to its 2% target by the end of 2025. Historically once the unemployment rate rises by half a percentage point, it continues to rise another point or two, if not more. Wednesday's projections show Fed policymakers have also become more pessimistic about the outlook for economic growth.
Fed policymakers expect it to rise to 4.4% by the end of next year, projections released Wednesday show. The availability of nearly two job openings for every job seeker reflects that, and Fed policymakers hope businesses will respond to interest rate hikes mostly by trimming hiring rather than with outright layoffs. Fed policymakers see inflation, now at 6.3% by their preferred measure, falling to 2.8% by the end of next year, projections released on Wednesday show. But in general, banks are slow to pass on the Fed's rate increases to savers and do so at levels typically far below the central bank's policy rate and, currently, inflation. With the rise in rates, monthly mortgage payments on a median-priced existing home have jumped nearly 60% to $1,940 this year.
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Here comes the main course
  + stars: | 2022-09-20 | by ( ) www.reuters.com   time to read: +2 min
The lead-up to the U.S. central bank event has been bumpy and could spell more volatility for Asian markets in the hours before the Fed's statement. Ahead of the rate decision, rates continued their ascent. The 2-year Treasury yield , which tracks Fed rates closely, approached 4%, the highest since 2007. Reuters GraphicsOn Tuesday, Sweden provided the appetizer for the feast of central bank action to follow the rest of the week. The country's central bank caught markets off-guard in hiking interest rates by a larger-than-expected full percentage point.
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