{"id":640356,"date":"2024-08-25T00:00:00","date_gmt":"2024-08-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/25\/fed-chief-signals-september-rate-cut-as-economic-risks-shift\/"},"modified":"2024-08-25T00:00:00","modified_gmt":"2024-08-25T00:00:00","slug":"fed-chief-signals-september-rate-cut-as-economic-risks-shift","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/25\/fed-chief-signals-september-rate-cut-as-economic-risks-shift\/","title":{"rendered":"Fed chief signals September rate cut as economic risks shift"},"content":{"rendered":"

The \u201ctime has come\u201d for rate cuts in the US: <\/strong>Federal Reserve Chair Jerome Powell indicated his readiness to start cutting interest rates in September during his address at the Fed\u2019s annual retreat in Jackson Hole on Friday \u2014 read the speech<\/a> or (watch, runtime: 16:06<\/a>). Powell emphasized that \u201cthe time has come for policy to adjust,\u201d citing cooling inflation and slowing job growth.<\/p>\n

Behind Powell\u2019s comments was a more optimistic inflationary forecast:<\/strong> US inflation fell under the 3% mark in July<\/a> for the first time since March 2021, strengthening the case for the Fed to cut interest rates. The figure undercut economists\u2019 expectations that inflation would hold steady at 3% and helped to support Powell\u2019s argument at Jackson Hole that \u201cinflation is on a sustainable path back to 2%.\u201d<\/p>\n

Rising concerns about the labor market are also pushing the Fed to take actions:<\/strong> \u201cThe upside risks to inflation have diminished, and the downside risks to employment have increased,\u201d Powell explained. With the US unemployment rate rising to a near three-year high of 4.3% in July<\/a>, which in turn raised recession fears and triggered a market meltdown at the start of August, the Fed is now weighing how confident it is the economy\u2019s inflationary trajectory with a desire not to see \u201cfurther cooling in labor market conditions.\u201d<\/p>\n

The odds:<\/strong> Markets now see a 35% chance of a larger-than-usual 50 bps cut in September, up from 28% before Powell\u2019s remarks, according to the Financial Times<\/a>.<\/p>\n

Market reax:<\/strong> US Treasuries rallied and the USD fell as investors priced in larger rate cuts this year following Powell\u2019s comments on Friday before the markets closed for the weekend. The two-year Treasury yield dropped 0.1 percentage points to 3.9%, while the S&P 500 closed up 1.2% on Friday, approaching July's all-time high.<\/p>\n

What\u2019s next?<\/strong> The Fed will meet on 17-18 September to review rates, six weeks before the US presidential election. \u201cThe direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks,\u201d Powell said. <\/p>\n

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

\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

30,141<\/p>\n<\/td>\n

\n

+0.8% (YTD: +21.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 48.73<\/p>\n<\/td>\n

\n

Sell 48.86<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 48.73<\/p>\n<\/td>\n

\n

Sell 48.83<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

12,194<\/p>\n<\/td>\n

\n

+0.1% (YTD: +1.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,374<\/p>\n<\/td>\n

\n

0.0% (YTD: -2.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,293<\/p>\n<\/td>\n

\n

-0.4% (YTD: +5.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5,635<\/p>\n<\/td>\n

\n

+1.2% (YTD: +18.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

8,328<\/p>\n<\/td>\n

\n

+0.5% (YTD: +7.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,909<\/p>\n<\/td>\n

\n

+0.5% (YTD: +8.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 79.02<\/p>\n<\/td>\n

\n

+2.3%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2.02<\/p>\n<\/td>\n

\n

-1.5%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2,546<\/p>\n<\/td>\n

\n

+1.2%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 64,050.10<\/p>\n<\/td>\n

\n

+0.7% (YTD: +51.9%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/p>\n

The EGX30 rose 0.8% at Thursday\u2019s close<\/strong> on turnover of EGP 5.3 bn (45.5% above the 90-day average). Local investors were net sellers. The index is up 21.1% YTD.<\/p>\n

In the green: <\/strong>Ezz Steel (+7.3%), Eastern Company (+3.6%), and Madinet Masr (+3.4%).<\/p>\n

In the red: <\/strong>E-finance (-4.7%), Oriental Weavers (-4.2%), and Elsewedy Electric (-3.1%).<\/p>\n","protected":false},"excerpt":{"rendered":"

US inflation fell under the 3% mark in July for the first time since March 2021<\/p>\n","protected":false},"author":1,"featured_media":640357,"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":[72,119,182,349,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-640356","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-inflation","tag-interest-rates","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"e15e30cc-1793-4522-a801-84e86ab96968","order":"12","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/2081.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Fed chief signals September rate cut as economic risks shift","related_issue":[640337],"teaser":"US inflation fell under the 3% mark in July for the first time since March 2021","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.ccb59e8e-a1ab-405c-9beb-09d87dabea5e.mp3"},"yoast_head":"\nFed chief signals September rate cut as economic risks shift - 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\/08\/25\/fed-chief-signals-september-rate-cut-as-economic-risks-shift\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fed chief signals September rate cut as economic risks shift\" \/>\n<meta property=\"og:description\" content=\"US inflation fell under the 3% mark in July for the first time since March 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zone","author":"enterpriseam admin","date":"16 July 2024","format":false,"excerpt":"Plus: Trades shrug off attempt on Trump\u2019s life, sending Dow up 200 points to close at another record high","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\/7\/1188.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":586455,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/11\/us-inflation-slows-again-paving-the-way-to-a-fed-interest-rate-pause\/","url_meta":{"origin":640356,"position":1},"title":"US inflation slows again, paving the way to a Fed interest rate pause","author":"enterpriseam admin","date":"11 May 2023","format":false,"excerpt":"The consumer price index fell to 4.9% in April","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET 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FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1365.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544822,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/22\/a-terrible-day-in-the-us-bond-market-as-powell-ups-the-ante-on-inflation\/","url_meta":{"origin":640356,"position":3},"title":"A terrible day in the US bond market as Powell ups the ante on inflation","author":"enterpriseam admin","date":"22 March 2022","format":false,"excerpt":"US treasuries experienced one of their biggest daily sell-offs in the past decade yesterday after Federal Reserve Chairman Jay Powell indicated that the central bank could hike interest rates more aggressively than expected, according to Bloomberg. 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":548937,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/28\/hawkish-powell-speech-shocks-markets\/","url_meta":{"origin":640356,"position":4},"title":"Hawkish Powell speech shocks markets","author":"enterpriseam admin","date":"28 August 2022","format":false,"excerpt":"Stocks sink after Fed chair promises to keep raising interest rates: Federal Reserve Chairman Jerome Powell dashed market hopes that the central bank could slow interest rate hikes in a speech on Friday, triggering the biggest single-day rout in US stocks since June. Addressing the gathering of central bankers in\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":640356,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/640356","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=640356"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/640356\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/640337"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/640357"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=640356"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=640356"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=640356"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=640356"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=640356"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}