{"id":616339,"date":"2024-03-04T00:00:00","date_gmt":"2024-03-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/04\/feds-jerome-powell-expected-to-fend-off-hopes-of-an-imminent-rate-cut\/"},"modified":"2024-03-04T00:00:00","modified_gmt":"2024-03-04T00:00:00","slug":"feds-jerome-powell-expected-to-fend-off-hopes-of-an-imminent-rate-cut","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/04\/feds-jerome-powell-expected-to-fend-off-hopes-of-an-imminent-rate-cut\/","title":{"rendered":"Fed\u2019s Jerome Powell expected to fend off hopes of an imminent rate cut"},"content":{"rendered":"

The Fed is in no hurry to cut rates: <\/strong>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<\/a>. <\/p>\n

The why:<\/strong> The Fed is worried that the \u201cdanger of moving too soon is that the job\u2019s not quite done,\u201d Powell told CBS in early February (watch, runtime: 13:20<\/a>). US inflation data released later in the month<\/a> validated his concerns that inflationary pressures persist, showing that underlying inflation rose in January by the most in eight months, up 0.4% from the month before and 2.8% on an annual basis, according to the Fed\u2019s preferred core personal consumption expenditures price index.<\/p>\n

Refresher: <\/strong>The Fed embarked on an aggressive monetary tightening policy in March 2022 in the wake of soaring inflation triggered by the Ukraine war. Interest rates are currently at a 22-year high at 5.25-5.5%, which marks their highest level since 2001.<\/p>\n

ALSO WORTH NOTING- <\/strong>Abu D<\/strong>habi sovereign wealth fund <\/strong>ADQ<\/a><\/strong> is considering<\/strong>listing <\/strong>Etihad<\/a><\/strong>Airways<\/a><\/strong>, Bloomberg<\/a> reports, citing people it says are familiar with the matter. The wealth fund has held talks with banks for a potential offering that could be \u201cas soon as this year,\u201d with the specific timing and size of the offering still undecided. ADQ is eyeing going after both a traditional IPO and direct listing, Bloomberg adds. <\/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 <\/strong><\/p>\n<\/td>\n

\n

29,058<\/p>\n<\/td>\n

\n

+0.3% (YTD: +16.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 30.83<\/p>\n<\/td>\n

\n

Sell 30.96<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 30.85<\/p>\n<\/td>\n

\n

Sell 30.95<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

21.25% deposit<\/p>\n<\/td>\n

\n

22.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

12,555<\/p>\n<\/td>\n

\n

-0.6% (YTD: +4.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,279<\/p>\n<\/td>\n

\n

+0.3% (YTD: -3.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,357<\/p>\n<\/td>\n

\n

+1.1% (YTD: +7.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5,137<\/p>\n<\/td>\n

\n

+0.8% (YTD: +7.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,683<\/p>\n<\/td>\n

\n

+0.7% (YTD: -0.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,895<\/p>\n<\/td>\n

\n

+0.4% (YTD: +8.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 83.84<\/p>\n<\/td>\n

\n

+0.4%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1.89<\/p>\n<\/td>\n

\n

+3.1%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2,092.70<\/p>\n<\/td>\n

\n

-0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 62,836.83<\/p>\n<\/td>\n

\n

+1.4% (YTD: +48.6%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL-<\/p>\n

The EGX30 rose 0.3% at yesterday\u2019s close<\/strong> on turnover of EGP 4.4 bn (1.2% above the 90-day average). Local investors were net buyers. The index is up 16.7% YTD.<\/p>\n

In the green: <\/strong>E-finance (+12.3%), Orascom Construction (+10.7%) and Talaat Moustafa Group (+8.8%).<\/p>\n

In the red: <\/strong>Mopco (-5.5%), Abou Kir Fertilizers (-4.8%) and Ibn Sina Pharma (-4.0%).<\/p>\n","protected":false},"excerpt":{"rendered":"

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 that the \u201cdanger of moving […]<\/p>\n","protected":false},"author":1,"featured_media":616340,"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":[72,119,349,1424,724,122,388],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-616339","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-interest-rates","tag-jerome-powell","tag-monetary-policy","tag-planet-finance","tag-us-federal-reserve","wpautop","entry"],"acf":{"mongo_id":"9a94cd00-3d8f-4c67-aa63-94881048aa20","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/145.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Fed\u2019s Jerome Powell expected to fend off hopes of an imminent rate cut","related_issue":[616322],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.29bf15fe-8d08-4f4c-9006-d577f40c5845.mp3"},"yoast_head":"\nFed\u2019s Jerome Powell expected to fend off hopes of an imminent rate cut - 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\/2024\/03\/04\/feds-jerome-powell-expected-to-fend-off-hopes-of-an-imminent-rate-cut\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fed\u2019s Jerome Powell expected to fend off hopes of an imminent rate cut\" \/>\n<meta property=\"og:description\" content=\"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. 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