![US economy no longer overheated, Fed chief tells Senate committee](https://cdn.magzter.com/1617717947/1720652515/articles/NmGLHl9Zc1720655727509/US-ECONOMY-NO-LONGER-OVERHEATED-FED-CHIEF-TELLS-SENATE-COMMITTEE.jpg)
“We are well aware that we now face two-sided risks”, and can no longer focus solely on inflation, Mr Powell told the Senate Banking Committee on July 9. “The labour market appears to be fully back in balance.”
Mr Powell told lawmakers bluntly that “today I’m not going to be sending any signals about the timing of any future actions” on interest rates, as he was quizzed by Democrats about the risks to the job market and by Republicans about the pain to households of inflation that remains above the central bank’s 2 per cent target.
But analysts still saw Mr Powell at least edging the door open to a rate cut as soon as September.
“His emphasis has shifted a bit towards a balance of risks within the Fed’s mandate,” said Natixis chief economist for the US Christopher Hodge. “The Fed needs to get ahead of weakness in the labour market... it appears as if the foundation is being laid for a pivot in September.”
Mr Powell’s semi-annual appearance in the Senate will be followed by a hearing in the House set for July 10 at 10pm Singapore time.
Denne historien er fra July 11, 2024-utgaven av The Straits Times.
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Denne historien er fra July 11, 2024-utgaven av The Straits Times.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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![GOLDEN REDEMPTION FOR CHINA](https://reseuro.magzter.com/100x125/articles/24723/1782985/v8Pu5L0j41722378990788/GOLDEN-REDEMPTION-FOR-CHINA.jpg)
GOLDEN REDEMPTION FOR CHINA
Wang, Sun clinch table tennis mixed doubles title after team’s Tokyo failure
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GYMNAST HASHIMOTO ALMOST LOST FAITH
Star helps Japan snatch gold after difficult months of doubt, injury as China stumble
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New app in the works to boost logistics efficiency in Singapore
Aim is to raise the island’s status as a global supply chain hub amid external disruptions
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Singapore has one of the world's densest data centre capacities
Relative to GDP, it has more capacity than countries like Japan, says Josephine Teo
S'pore shares edge down as investors keep watch on US Fed
STI down 0.1%; Wilmar International climbs 1.6% | Losers outnumber gainers 302 to 231 in broader market | Regional indexes mixed; Hang Seng falls 1.4%, Nikkei up 0.2%
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Jail, caning for man who held woman hostage at knifepoint
A repeat offender who held a 60-year-old woman hostage at knifepoint in Yishun in January 2023 was sentenced to eight years and a month’s jail, and six strokes of the cane on July 30.
Incidents of data leaks in public sector rose by 10% in 2023
Increase likely due to rise in digital services and most cases were of low severity: MDDI
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Kim grooming teen daughter as successor: S. Korean spy agency
North Korean leader Kim Jong Un is grooming his teenage daughter as his successor to lead the nuclear-armed state, according to South Korean MPs briefed by Seoul's spy agency on July 29.
World's forests failed to curb climate change in 2023: Study
Record high temperatures affected their ability to absorb carbon dioxide, it finds
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Landslides in Kerala kill at least 93; hundreds rescued
Many were tea and cardamom estate workers and their families asleep in makeshift tents