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☆ US economic activity rose slightly in recent weeks, Fed survey shows
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +5 min

July 12 (Reuters) - U.S. economic activity increased slightly in recent weeks, with slow growth seen continuing in coming months, according to a Federal Reserve report published on Wednesday that also offered further indications of abating inflation pressures. "Overall economic expectations for the coming months generally continued to call for slow growth," the Fed said. Meanwhile, the report largely dovetailed with other recent data suggesting upward pressure on prices was softening. Credit standards tightened for all loan types, and loan spreads continued to narrow." Data since the June 13-14 meeting have shown an economy still growing despite expectations that the 5 percentage points of Fed rate increases over the last year or so would tip it into recession.

Persons: Price, Dan Burns, Paul Simao, Andrea Ricci Organizations: Federal, Richmond Fed, New York Fed, San Francisco Fed, Employers, Labor, Thomson Locations: U.S, New York

☆ Stock futures are little changed as Wall Street narrows focus on major inflation report: Live updates
▼ + stars: | 2023-07-11 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

U.S. stock futures were close to flat Tuesday night as investors looked toward the first potentially pivotal inflation report slated for release this week. S&P 500 futures and Nasdaq 100 futures traded near flat. Investors are eyeing the June consumer price index reading due before the bell Wednesday. June data for the producer price index — another well-watched gauge of inflation — is due Thursday before the bell. Elsewhere, investors will monitor comments from central bank officials including Richmond Fed President Tom Barkin, Minneapolis Fed President Neel Kashkari, Atlanta Fed President Raphael Bostic and Cleveland Fed President Loretta Mester throughout Wednesday for any insights into the state of U.S. economic policy.

Persons: Dow Jones, CME's, Chris Zaccarelli, that's, Stocks, Tom Barkin, Neel Kashkari, Raphael Bostic, Loretta Mester Organizations: Dow Jones Industrial, Nasdaq, Federal Reserve, Index, Independent, Alliance, Dow, Richmond Fed, Atlanta Fed, Cleveland Fed Locations: Minneapolis, U.S

☆ Morning Bid: China supports, peak rate haze
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +4 min

It made its displeasure at further yuan weakness clear on Tuesday, lifting official daily targets while state banks sold dollars. Even though investors seemed to bat away the bizarre weekend events in Russia, the murky Western interest rate picture continues to hamper European and U.S. stocks. Central bankers meeting at an annual European Central Bank forum in Portugal dissuaded markets from betting on a peak in the interest rate cycle just yet. While those comments are likely more directed at European policymakers, where disinflation is lagging, markets also still expect the Fed to push ahead with at least one more interest rate rise next month. The hawkish rate picture didn't deter demand for two-year Treasury notes at Monday's auction, however, and 2-year yields slipped below 4.70% on Tuesday.

Persons: Mike Dolan, Li Qiang, Hong Kong's, Christine Lagarde, Lagarde, Gita Gopinath, Morgan Stanley, Emelia Sithole Organizations: Federal, Economic, Bank of Japan, European Central Bank, ECB, Conference, University of Michigan's, Dallas Federal, Richmond Fed, Central Bank, Treasury, Walgreens, Reuters, Thomson Locations: U.S, China, Beijing, Tianjin, Shanghai, Russia, Portugal, Sintra

Appearing before the Senate Banking Committee, Powell reiterated his view that more rate hikes are likely in the months ahead. Richmond Fed President Tom Barkin said he remains unconvinced that inflation is on a steady path downward, but would not prejudge what the Fed should do at its July 25-26 meeting. Investors will also monitor comments from St. Louis Fed President James Bullard, Atlanta Fed President Raphael Bostic and Cleveland Fed's President Loretta Mester. ET, Dow e-minis were down 109 points, or 0.32%, S&P 500 e-minis were down 22 points, or 0.5%, and Nasdaq 100 e-minis were down 101.75 points, or 0.67%. Reporting by Shubham Batra, Shreyashi Sanyal and Shashwat Chauhan in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Jerome Powell, Powell, Matt Britzman, Hargreaves Lansdown, Tom Barkin, Louis, James Bullard, Raphael Bostic, Loretta Mester, Shubham Batra, Shreyashi Sanyal, Shashwat Chauhan, Arun Koyyur Organizations: Dow, Nasdaq, Banking, Richmond Fed, Deutsche Bank, Louis Fed, Atlanta Fed, Cleveland, Dow e, 3M, Carmax Inc, Thomson Locations: U.S, Bengaluru

☆ Morning Bid: Dogged central banks rein in risk
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +4 min

Markets have been here before over the past year - continually underestimating the economy's resilience and Fed's trajectory. There was far less ambiguity in moves from Europe's central banks on Thursday. The Swiss National Bank raised rates by 25bp earlier, as expected, but also left the door open for more tightening. And Norway's central bank surprised with an aggressive 50bp rise to a 15-year high of 3.75% and signaled another move in August. In the emerging market world, Turkey was expected to more than double its 8.5% interest rate in a post-election macroeconomic policy reset.

Persons: Mike Dolan, Jerome Powell, Powell, Raphael Bostic, BoE, Britain's, Christopher Waller, Michelle Bowman, Loretta Mester, Thomas Barkin, Elaine Hardcastle Organizations: Federal, Financial, Fed, Atlanta Fed, Yahoo Finance, Bank of England, Swiss National Bank, Treasury, The Times, Bank of, U.S, Kansas City Federal, Chicago Fed, Cleveland Fed, Richmond Fed, Accenture, Darden, Graphics Reuters, Reuters, Thomson Locations: U.S, Britain, Europe's, Turkey, Mexico

☆ Fed Chair Powell is heading to Capitol Hill. Here’s what to expect
▼ + stars: | 2023-06-21 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Federal Reserve Chair Jerome Powell testifies before congressional lawmakers this week, starting Wednesday morning with the House Financial Services Committee — just one week after the central bank paused its most aggressive rate-hiking campaign in decades. Indeed, just days after the decision, two Fed officials called for more increases, citing persistent inflationary pressures. Powell will try to quell Democrats’ concerns over the Fed inducing more job losses than necessary and reassure Republicans that the central bank remains committed to fighting inflation. Financial markets see a roughly 77% chance the Fed will hike rates by another quarter point in July, according to the CME FedWatch Tool. The Fed has already published Powell’s semiannual report to Congress, which includes mostly what Powell and the post-meeting statement communicated earlier this month.

Persons: Jerome Powell, “ Powell’s, ”, José Torres, “ Powell, Christopher Waller, Thomas Barkin, Biden, Brendan Boyle, Powell, Mike Pence, Madhavi Bokil Organizations: DC CNN — Federal, House Financial, Fed, Interactive Brokers, Richmond Fed, ”, Pennsylvania Democrat, Republicans, US, Moody’s Investors, Moody’s Investors Service Locations: Washington, Pennsylvania

NEW YORK, June 20 (Reuters) - Oil futures fell about 2% in choppy trading on Tuesday on forecasts for slower growth of oil demand in China, the world's second-biggest oil consumer, and disappointment with the size of cuts in China's key lending rates. "Oil traders may need to see a materialised strong economic rebound in China to improve their outlook on oil demand," said Tina Teng at CMC Markets in Auckland. Higher interest rates ultimately increase borrowing costs for consumers, which could reduce oil demand by slowing economic growth. A stronger dollar makes crude more expensive for holders of other currencies, which can reduce oil demand. On the supply side, Iran's crude exports and oil output have hit new highs this year despite U.S. sanctions.

Persons: Brent, Edward Moya, Tina Teng, Thomas Barkin, Scott DiSavino, Noah Browning, Katya Golubkova, Andrew Hayley, David Goodman, Matthew Lewis Organizations: YORK, . West Texas, CMC Markets, China, Administration, Customs, . Federal Reserve, Richmond Fed, U.S ., Organization of, Petroleum, Thomson Locations: China, U.S, Auckland, Russia, New York, London, Tokyo, Beijing

Fed Governor Christopher Waller warned on Friday "core inflation is not coming down like I thought it would." Richmond Fed President Thomas Barkin said he was "comfortable" with further rate increases given that inflation was still not on the path back to 2%. Markets now await comments from more Fed officials including Fed Vice Chair Michael Barr later in the day, and Fed Chair Jerome Powell's semiannual monetary policy testimony to the U.S. House Financial Affairs Committee on Wednesday. Adding to the dour mood, China cut its benchmark lending rates by a smaller-than-expected 10 basis points. U.S.-listed shares of Chinese companies including Alibaba Group , JD.com and PDD Holdings (PDD.O) fell between 1% and 6% in premarket trading.

Persons: Eli Lilly, Christopher Waller, Thomas Barkin, CMEGroup's, Waller, Barkin, Michael Barr, Jerome Powell's, Powell, Hogan, Daniel Zhang, Shristi Achar, Shubham Batra, Johann M, Vinay Dwivedi Organizations: Therapeutics, Dow, Nasdaq, Federal Reserve, Richmond Fed, Traders, Microsoft, U.S . House Financial, Housing, Capitol, Riley, Fed, Alibaba, PDD Holdings, Dow e, Adobe Inc, Ford, General Motors, Tesla Inc, Dice Therapeutics, Thomson Locations: China, U.S, Bengaluru

☆ Bull market or fool's market? Investors say the latter
▼ + stars: | 2023-06-18 | by ( Krystal Hur | ) edition.cnn.com time to read: +10 min

Mega-cap tech stocks that were battered by rising interest rates in 2022 have also seen a huge boost this year. The Federal Reserve on Wednesday held interest rates steady but indicated that it could hike rates twice more this year. Tech stocks’ record runApple shares closed at a record high on Thursday, creeping closer to reaching a $3 trillion market capitalization. The rally’s next testDespite some bullish signs in the market, investors say the math isn’t adding up to a sustained rally — especially considering a possible recession looms on the horizon. The central bank last Wednesday paused interest rates and indicated that it could raise rates two more times this year.

Persons: Dow, ”, Amanda Agati, Wednesday’s, Stocks, Joe Biden, Dan Ives, “, ” Ives, Richard Steinberg, Jerome Powell, Agati, Sylvia Jablonski, Christopher Waller, Thomas Barkin, ” Waller, Sarah Henry, Henry, Here’s, Price, Refinitiv, Paul Eitelman, ” Eitelman Organizations: CNN Business, Bell, New York CNN, Apple, Nasdaq, PNC Financial Services, Management, “, Federal Reserve, Nvidia, Wedbush Securities, Microsoft, The Colony, Treasury, ”, Federal, Richmond Fed, Logan Capital Management, CPI, PPI, University of, Consumers, North America, Russell Investments, Wednesday, National Association of Realtors, Senate Locations: New York, what’s, Oslo

☆ Street looks to extend rally into a holiday-shortened week that is light on data
▼ + stars: | 2023-06-17 | by ( Zev Fima | ) www.cnbc.com time to read: +5 min

Also on tap are several speaking engagements for Federal Reserve members, including Chair Jerome Powell on Wednesday and Thursday in his semiannual monetary policy report to Congress. ET: St. Louis Fed president Jim Bullard speaks 8:30 a.m. ET: Federal Reserve Chairman Jerome Powell speaks 12:25 am. ET: Federal Reserve Chairman Jerome Powell speaks 10:00 a.m. Federal Reserve Board Chairman Jerome Powell departs after speaking during a news conference following the Federal Open Market Committee meeting, at the Federal Reserve in Washington, DC, on June 14, 2023.

Persons: Jerome Powell, Louis, Jim Bullard, John Williams, Austan Goolsbee, Loretta Mester, Tom Barkin, Friday's, Jim Cramer's, Jim Cramer, Jim, Mandel Ngan Organizations: Federal Reserve, Darden, FedEx, Louis Fed, Housing, NY Fed, Federal, Chicago Fed, Patterson Companies, Winnebago Industries, Algoma Steel, Cleveland Fed, Richmond Fed, Commercial Metals, U.S, Treasury, Jim Cramer's Charitable, CNBC, AFP, Getty Locations: United States, Olive, Washington ,

[1/3] The exterior of the Marriner S. Eccles Federal Reserve Board Building is seen in Washington, D.C., U.S., June 14, 2022. "Core inflation is not coming down like I thought it would," Federal Reserve Gov. The U.S. economy was "still ripping along for the most part," he said, with the underlying pace of price increases "moving sideways." The Fed this week ended its run of 10 consecutive rate hikes when policymakers decided to keep the benchmark overnight interest rate in a range of from 5% to 5.25%. Though Fed chair Jerome Powell at a press conference Wednesday said no decision had been made about the upcoming July Fed meeting, investors and other analysts broadly expect the Fed to resume rate increases.

Persons: Sarah Silbiger WASHINGTON, Christopher Waller, Waller, Thomas Barkin, Barkin, I’m, Jerome Powell, Austan Goolsbee, Goolsbee, Howard Schneider, Chizu Nomiyama, Alistair Bell Organizations: Eccles Federal Reserve, Washington , D.C, REUTERS, . Federal Reserve, Federal, Silicon Valley Bank, Richmond Federal, Fed, Chicago Fed, Thomson Locations: Washington ,, Norway, Silicon, U.S, Maryland

A 1.7% decline in Microsoft Corp (MSFT.O) and a 1.3% dip in Amazon.com Inc (AMZN.O) weighed on the S&P 500 and the Nasdaq. S&P 500 fell 0.36% to end the session at 4,409.77 points. Of the 11 S&P 500 sector indexes, eight declined, led by communication services (.SPLRCL), down 1%, followed by a 0.83% loss in information technology (.SPLRCT). Declining stocks outnumbered rising ones within the S&P 500 (.AD.SPX) by a 1.4-to-one ratio. The S&P 500 posted 24 new highs and no new lows; the Nasdaq recorded 112 new highs and 67 new lows.

Persons: Christopher Waller, Thomas Barkin, Sam Stovall, Morgan Stanley, Sruthi Shankar, Shristi, Noel Randewich, Vinay Dwivedi, Richard Chang Organizations: Microsoft, Nasdaq Adobe, Nasdaq, Dow, Federal, Richmond Fed, CFRA, University of Michigan's, Microsoft Corp, Inc, Nvidia Corp, Dow Jones, Nvidia, Adobe Inc, iRobot Corp, Micron Technology, Thomson Locations: U.S, Bengaluru, Oakland , California

[1/3] The exterior of the Marriner S. Eccles Federal Reserve Board Building is seen in Washington, D.C., U.S., June 14, 2022. REUTERS/Sarah SilbigerWASHINGTON, June 16 (Reuters) - U.S. Federal Reserve officials struck a hawkish tone in their first comments since the central bank held the policy interest rate steady at its meeting this week but signaled that rate hikes will likely resume. "Core inflation is not coming down like I thought it would," Federal Reserve Gov. The U.S. economy was "still ripping along for the most part," he said, with the underlying pace of price increases "moving sideways." Though Fed chair Jerome Powell at a press conference Wednesday said no decision had been made about the upcoming July Fed meeting, investors and other analysts broadly expect the Fed to resume rate increases.

Persons: Sarah Silbiger WASHINGTON, Christopher Waller, Waller, Thomas Barkin, Barkin, I’m, Jerome Powell, Howard Schneider, Chizu Organizations: Eccles Federal Reserve, Washington , D.C, REUTERS, . Federal Reserve, Federal, Silicon Valley Bank, Richmond Federal, Fed, Thomson Locations: Washington ,, Norway, Silicon, U.S, Maryland

WASHINGTON, June 16 (Reuters) - Richmond Federal Reserve president Thomas Barkin said Friday he is comfortable with further interest rate increases if coming data does not show that weakening demand for goods and services is feeding through to slower inflation. "I am still looking to be convinced of the plausible story that slowing demand returns inflation relatively quickly" to the 2% target, Barkin said in comments prepared for delivery to the Maryland Government Finance Officer Association. Many investors now expect the central bank to resume rate increases at its meeting in July. But he did say the focus remained on returning "stubbornly persistent" inflation to the Fed's 2% target, from a current level more than twice that. "The ’70s provides a clear lesson: If you back off inflation too soon, inflation comes back stronger, requiring the Fed to do even more, with even more damage," Barkin said.

Persons: Thomas Barkin, Barkin, I’m, Howard Schneider, Chizu Organizations: Richmond Federal, Maryland Government, Association, Thomson Locations: U.S

☆ Fmr. Richmond Fed President Lacker: There's a strong case the Fed will ultimately have to do more
▼ + stars: | 2023-06-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFmr. Richmond Fed President Lacker: There's a strong case the Fed will ultimately have to do moreJeffrey Lacker, former Richmond Fed president, joins 'Squawk on the Street' to discuss Lacker's thoughts on the Federal Reserve's upcoming meeting, why the real interest rate is important, and the lagged impact of rate hikes.

Persons: Lacker, Jeffrey Lacker Organizations: Richmond Fed, Federal

WASHINGTON, June 7 (Reuters) - The U.S. economy is strong amid robust consumer spending but some areas are slowing down, U.S. Treasury Secretary Janet Yellen said on Wednesday, adding that she expects continued progress in bringing inflation down over the next two years with a strong labor market. Yellen said that inflation can subside while maintaining a strong labor market, with unemployment in the 4% range, up slightly from the 3.7% reading in May. "We've always thought an unemployment rate with four as the first digit is a very strong labor market," Yellen said. She said the economy has slowed somewhat, easing pressures in the labor market, but "we still have a very healthy labor market, wage gains are significant." Asked about former Richmond Federal Reserve President Jeffrey Lacker's view that the federal funds rate, at 5.0-5.25% now, will have to rise to 6% to tame inflation, Yellen said that was a decision for the Fed.

Persons: Janet Yellen, Yellen, We've, Jeffrey Lacker's, David Lawder, Susan Heavey, Doina Chiacu, Chizu Nomiyama, Andrea Ricci Organizations: Treasury, CNBC, Federal, Richmond Federal, Securities and Exchange Commission, European Union, Thomson Locations: U.S

☆ Fmr. Richmond Fed President Lacker: Fed will have to go above 6% 'when all is said and done'
▼ + stars: | 2023-06-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFmr. Richmond Fed President Lacker: Fed will have to go above 6% 'when all is said and done'Jeffrey Lacker, former president of the Federal Reserve Bank of Richmond, joins CNBC's 'Squawk Box' to discuss the Fed's next move and more.

Persons: Lacker, Jeffrey Lacker Organizations: Richmond Fed, Federal Reserve Bank of Richmond

☆ Inflation is going to be more stubborn than people would hope, says Richmond Fed's Tom Barkin
▼ + stars: | 2023-05-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInflation is going to be more stubborn than people would hope, says Richmond Fed's Tom BarkinCNBC's Steve Liesman joins 'The Exchange' to discuss Richmond Fed President Tom Barkin's comments about Fed policy in restrictive territory, the reasonings behind his higher rate forecasts, and weakening risk of wage inflation.

Persons: Richmond, Tom Barkin, Steve Liesman, Tom Barkin's Organizations: Richmond

☆ Morning Bid: Too soon to drink to the US debt deal
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +3 min

More detail and clarity are expected around the tentative agreement in Washington to suspend the $31.4 trillion federal debt ceiling until January 2025 in exchange for caps on spending and cuts in government programmes. In the first trades in U.S. debt markets since the debt ceiling deal, longer-term Treasuries rallied in Asia, driving benchmark 10-year yields down 6 basis points to 3.76%. Asian stocks are up, and futures indicate mild gains for stocks in Europe and the United States, too. Besides the debt deal, there is little else on investors' minds. Earnings : Manchester United, Hewlett-PackardReporting by Vidya Ranganathan; Editing by Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

☆ Morning Bid: Debt vote in sight, but further Fed squeeze
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +4 min

[1/2] Visitors walk on the plaza at the U.S. Capitol in the midst of ongoing negotiations seeking a deal to raise the United States' debt ceiling and avoid a catastrophic default, in Washington, U.S. May 24, 2023. Relief over the likely lifting of the U.S. debt ceiling this week is being reined in by the uncomfortable prospect of even higher Federal Reserve interest rates - and the further evaporation of any 2023 easing hopes. Futures markets now see a 60% chance the Fed will lift rates by another quarter point to the 5.25-5.50% range at its June 14 meeting. Though largely illiquid out of U.S. hours, one-month Treasury bill yields were marked about 10 basis points higher than Friday's close. U.S. stock futures were about 0.5% higher, in part due to relief over the debt deal - even though, unlike the latest big debt ceiling standoff in 2011, there has been little noticeable disturbance in stock indices over the past month.

☆ Morning Bid: Tech politics, debt cap brinkmanship
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +5 min

Well-choreographed brinkmanship over the debt ceiling standoff looks set to go down to the wire, while technology firms have once again become a battleground in tense geopolitics. As AI-fueled U.S. technology stocks have led the way this year, the S&P (.SPX) has gained almost 10% this year and hit its highest level in nine months on Friday. Minneapolis Fed chief Neel Kashkari said on Sunday he could support holding rates steady at the next meeting. Futures markets see more than an 80% chance of a June pause and still price almost 50bp of cuts by yearend. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

With the end of another earnings season in sight, Wall Street's attention has turned to Washington and the debt ceiling deadline. Republican negotiators on Friday walked out of talks on raising the debt limit , abruptly ending a positive week of discussions that appeared to be leading toward a deal. Democrats and the White House have been pushing for a "clean" hike to the debt limit that would push the next deadline past the 2024 presidential election, while Republicans are pressing for spending cuts. Many investors believe this ongoing game of chicken over the debt limit is largely for show, since the U.S. has never defaulted on its debt obligations. U.S. President Joe Biden hosts debt limit talks with House Speaker Kevin McCarthy (R-CA) and other congressional leaders in the Oval Office at the White House in Washington, U.S., May 9, 2023.

☆ 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.

At the same time, he said the job market is showing an "unprecedented" break from past behavior with a steady drop in job openings without any rise in the unemployment rate. The big unknown is whether that continued job market health is consistent with inflation falling steadily from its current levels above 4% back to the Fed's 2% target. That could allow the job market to cool without as much of a rise in unemployment as might otherwise be the case. Economists and policymakers at this week's conference pointed to other factors adding to the case for a soft landing. But at this point the "uncertainty" about what's at work in the economy could, some officials feel, mask developments that are working in their favor.

☆ Wall Street closes lower after Home Depot outlook, US retail sales
▼ + stars: | 2023-05-17 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

The Commerce Department reported retail sales rose 0.4% in April, short of the estimate for an increase of 0.8%. That slowing along with recent negotiations over the U.S. debt ceiling has focused attention on when the central bank will pause hiking, or cut interest rates. While the market is currently pricing in a rate cut by the end of the year, recent comments from Fed officials suggested they are not ready to cut rates soon. Cleveland Fed President Loretta Mester said she does not think the central bank can hold interest rates steady yet. (This story has been corrected to say 'a rate cut,' instead of 'a rate hike,' in paragraph 8)Reporting by Shreyashi Sanyal in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

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