{"id":582424,"date":"2023-03-08T00:00:00","date_gmt":"2023-03-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/08\/further-faster-rate-hikes-possible-warns-feds-powell\/"},"modified":"2023-03-08T00:00:00","modified_gmt":"2023-03-08T00:00:00","slug":"further-faster-rate-hikes-possible-warns-feds-powell","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/08\/further-faster-rate-hikes-possible-warns-feds-powell\/","title":{"rendered":"Further + faster rate hikes possible, warns Fed\u2019s Powell"},"content":{"rendered":"

<\/span>From the horse\u2019s mouth:<\/span> The Federal Reserve will likely need to hike interest <\/span>rates further and faster than currently expected to temper inflation, central bank chair Jerome Powell told lawmakers yesterday. The comments, made during Senate testimony yesterday, signaled that the Fed could raise its key rate by 50 bps at its next meeting in two weeks time. \u201cThe latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated,\u201d he said. <\/span>Reuters<\/a><\/span>, <\/span>Bloomberg<\/a><\/span> and <\/span>Financial Times<\/a><\/span> have more.<\/span><\/p>\n

Reminder:<\/span> Following a series of huge 75-bps hikes last year, the central bank has been slowing <\/span>the pace of increases in recent meetings, and in February raised them by just 25 bps. A series of strong economic data and a <\/span>surprise increase<\/a><\/span> in the Fed\u2019s preferred gauge of inflation has raised expectations that policymakers could get more hawkish in the coming months as they battle to get inflation closer to the 2% target.<\/span><\/p>\n

The markets didn\u2019t take the news well:<\/span> Powell\u2019s comments triggered nervousness in the <\/span>markets yesterday as investor fears of a US recession resurfaced. Shares ended sharply lower \u2014 the Dow Jones was the worst performer, lo<\/span>sing 1.7% to erase 2023 gains<\/span> \u2014 the USD gained <\/span>1.2%<\/span>, and<\/span> Brent tumbled 3.6%<\/span>, its biggest single-day loss since the first week of the year. <\/span><\/p>\n

Asian markets are up\/down in early trading this morning<\/span> and futures sugges<\/span>t xx<\/span><\/p>\n

MEANWHILE- Sheikh Tahnoon is setting up one of the largest asset managers in the <\/span>region:<\/span> Abu Dhabi sovereign fund ADQ and International Holding Company (IHC) are partnering to set up <\/span>what they\u2019re calling<\/a><\/span> \u201cregion\u2019s largest multi-asset class investment manager.\u201d The firm will manage assets from ADQ\u2019s alternative investments platform, Abu Dhabi Growth Fund and IHC, and raise fresh funds from investors, they said. The two companies are bringing on board US private equity General Atlantic as a strategic investor. Sheikh Tahnoon bin Zayed Al Nahyan chairs both ADQ and IHC and is also the UAE\u2019s national security adviser.<\/span><\/p>\n

<\/a><\/a><\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/span><\/p>\n<\/td>\n

\n

16,433<\/span><\/p>\n<\/td>\n

\n

-2.2% (YTD: +12.6%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/span><\/p>\n<\/td>\n

\n

Buy 30.78<\/span><\/p>\n<\/td>\n

\n

Sell 30.89<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/span><\/p>\n<\/td>\n

\n

Buy 30.78<\/span><\/p>\n<\/td>\n

\n

Sell 30.88<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/span><\/p>\n<\/td>\n

\n

16.25% deposit<\/span><\/p>\n<\/td>\n

\n

17.25% lending<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/span><\/p>\n<\/td>\n

\n

10,473<\/span><\/p>\n<\/td>\n

\n

+0.2% (YTD: -0.1%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/span><\/p>\n<\/td>\n

\n

9,948<\/span><\/p>\n<\/td>\n

\n

-0.5% (YTD: -2.6%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/span><\/p>\n<\/td>\n

\n

3,429<\/span><\/p>\n<\/td>\n

\n

-0.8% (YTD: +2.8%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/span><\/p>\n<\/td>\n

\n

3,986<\/span><\/p>\n<\/td>\n

\n

-1.5% (YTD: +3.8%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/span><\/p>\n<\/td>\n

\n

7,919<\/span><\/p>\n<\/td>\n

\n

-0.1% (YTD: +6.3%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/span><\/p>\n<\/td>\n

\n

4,279<\/span><\/p>\n<\/td>\n

\n

-0.8% (YTD: +12.8%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/span><\/p>\n<\/td>\n

\n

USD 82.95<\/span><\/p>\n<\/td>\n

\n

-3.8%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/span>(Nymex)<\/span><\/p>\n<\/td>\n

\n

USD 2.66<\/span><\/p>\n<\/td>\n

\n

+3.4%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/span><\/p>\n<\/td>\n

\n

USD 1,818.30<\/span><\/p>\n<\/td>\n

\n

-2.0%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/span><\/p>\n<\/td>\n

\n

USD 22,055<\/span><\/p>\n<\/td>\n

\n

-1.6% (YTD: +33.2%)<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/span><\/p>\n

The EGX30 fell 2.2% at yesterday\u2019s close<\/span> on turnover of EGP 1.9 bn (6.9% below the 90-day <\/span>average). Local investors were net buyers. The index is up 12.6% YTD.<\/span><\/p>\n

In the green: <\/span>Ezz Steel (+3.4%).<\/span><\/p>\n

In the red: <\/span>Qalaa Holdings (-4.6%), Telecom Egypt (-4.5%) and GB Auto (-4.3%).<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

From the horse\u2019s mouth: The Federal Reserve will likely need to hike interest rates further and faster than currently expected to temper inflation, central bank chair Jerome Powell told lawmakers yesterday. The comments, made during Senate testimony yesterday, signaled that the Fed could raise its key rate by 50 bps at its next meeting in […]<\/p>\n","protected":false},"author":1,"featured_media":582425,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[72,8780,119,349,1424],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-582424","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-federal-reserve","tag-financial-markets","tag-interest-rates","tag-jerome-powell","wpautop","entry"],"acf":{"mongo_id":"ac6512c5-b42f-4f82-8497-6e8f9e97ca70","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/Jerome-Powell-1600px.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Federal Reserve could hike interest rates faster, says Jerome Powell","related_issue":[582394],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.b054415f-5137-4003-aaeb-afa03ce940a0.mp3"},"yoast_head":"\nFurther + faster rate hikes possible, warns Fed\u2019s Powell - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/08\/further-faster-rate-hikes-possible-warns-feds-powell\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Further + faster rate hikes possible, warns Fed\u2019s Powell\" \/>\n<meta property=\"og:description\" content=\"From the horse\u2019s mouth: The Federal Reserve will likely need to hike interest rates further and faster than currently expected to temper inflation, central bank chair Jerome Powell told lawmakers yesterday. The comments, made during Senate testimony yesterday, signaled that the Fed could raise its key rate by 50 bps at its next meeting in […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/08\/further-faster-rate-hikes-possible-warns-feds-powell\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-08T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/Jerome-Powell-1600px.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/08\/further-faster-rate-hikes-possible-warns-feds-powell\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/08\/further-faster-rate-hikes-possible-warns-feds-powell\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Further + faster rate hikes possible, warns Fed\u2019s Powell\",\"datePublished\":\"2023-03-08T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/08\/further-faster-rate-hikes-possible-warns-feds-powell\/\"},\"wordCount\":450,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/08\/further-faster-rate-hikes-possible-warns-feds-powell\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/Jerome-Powell-1600px.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"Federal Reserve\",\"Financial Markets\",\"interest rates\",\"Jerome Powell\"],\"articleSection\":[\"PLANET FINANCE\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/08\/further-faster-rate-hikes-possible-warns-feds-powell\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/08\/further-faster-rate-hikes-possible-warns-feds-powell\/\",\"name\":\"Further + faster rate hikes possible, warns Fed\u2019s Powell - 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The comments, made during Senate testimony yesterday, signaled that the Fed could raise its key rate by 50 bps at its next meeting in […]","og_url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/08\/further-faster-rate-hikes-possible-warns-feds-powell\/","og_site_name":"EnterpriseAM Egypt","article_published_time":"2023-03-08T00:00:00+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/Jerome-Powell-1600px.jpg?fit=%2C&ssl=1","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/08\/further-faster-rate-hikes-possible-warns-feds-powell\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/08\/further-faster-rate-hikes-possible-warns-feds-powell\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"Further + faster rate hikes possible, warns Fed\u2019s Powell","datePublished":"2023-03-08T00:00:00+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/08\/further-faster-rate-hikes-possible-warns-feds-powell\/"},"wordCount":450,"publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/08\/further-faster-rate-hikes-possible-warns-feds-powell\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/Jerome-Powell-1600px.jpg?fit=%2C&ssl=1","keywords":["EnterpriseAM","Federal Reserve","Financial Markets","interest rates","Jerome Powell"],"articleSection":["PLANET FINANCE"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/08\/further-faster-rate-hikes-possible-warns-feds-powell\/","url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/08\/further-faster-rate-hikes-possible-warns-feds-powell\/","name":"Further + faster rate hikes possible, warns Fed\u2019s Powell - 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Following last week\u2019s policy meeting, the market had already priced in a further six\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":553615,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/09\/are-we-going-to-see-a-faster-than-expected-taper\/","url_meta":{"origin":582424,"position":2},"title":"Are we going to see a faster-than-expected taper?","author":"enterpriseam admin","date":"9 December 2021","format":false,"excerpt":"Is the Fed set to press fast-forward on its stimulus wind-down? Economists expect the US Federal Reserve to taper its bond-buying program in order to start raising interest rates much more rapidly than expected, according to a Financial Times poll. More than half of the 48 respondents said the Fed\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":616339,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/04\/feds-jerome-powell-expected-to-fend-off-hopes-of-an-imminent-rate-cut\/","url_meta":{"origin":582424,"position":3},"title":"Fed\u2019s Jerome Powell expected to fend off hopes of an imminent rate cut","author":"enterpriseam admin","date":"4 March 2024","format":false,"excerpt":"The Fed is in no hurry to cut rates: US Federal Reserve Chief Jerome Powell is widely expected to deliver a hawkish message on interest rates to the US House and Senate in a semiannual monetary policy testimony on Wednesday and Thursday, writes Bloomberg. The why: The Fed is worried\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/3\/145.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":622208,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/29\/us-federal-reserve-signals-slowdown-on-2019-rate-hikes\/","url_meta":{"origin":582424,"position":4},"title":"US Federal Reserve signals slowdown on 2019 rate hikes?","author":"enterpriseam admin","date":"29 November 2018","format":false,"excerpt":"US Fed signaling slowdown on 2019 rate hikes? Meanwhile, US Federal Reserve boss Jay Powell gave markets a shot in the arm when he suggested yesterday that US interest rates are \u201cjust below \u2026 neutral\u201d levels. Analysts have interpreted his remarks (transcript here) as a sign that the Fed may\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/11\/Jerome-Powell-web.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":582669,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/12\/emerging-markets-are-really-hoping-us-interest-rates-dont-go-to-6\/","url_meta":{"origin":582424,"position":5},"title":"Emerging markets are really hoping US interest rates don\u2019t go to 6%","author":"enterpriseam admin","date":"12 March 2023","format":false,"excerpt":"Fresh warning signs for EMs amid expectations for hawkish Fed pivot: Analysts are warning of the damage emerging markets will experience if the Federal Reserve increases its interest rates up to 6%, Reutersreported. \u201cFed tightening towards 6% would firmly test historical \u2018pain thresholds\u2019 for emerging market assets,\u201d one UBS strategist\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/Pakistan-USDs-1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/582424","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=582424"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/582424\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/582394"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/582425"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=582424"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=582424"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=582424"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=582424"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=582424"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}