{"id":87895,"date":"2024-07-16T00:00:00","date_gmt":"2024-07-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/16\/fed-boss-continues-to-carefully-build-a-case-for-rate-cuts-saying-it-looks-like-inflation-is-heading-to-the-magical-2-zone\/"},"modified":"2024-07-16T00:00:00","modified_gmt":"2024-07-16T00:00:00","slug":"fed-boss-continues-to-carefully-build-a-case-for-rate-cuts-saying-it-looks-like-inflation-is-heading-to-the-magical-2-zone","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/16\/fed-boss-continues-to-carefully-build-a-case-for-rate-cuts-saying-it-looks-like-inflation-is-heading-to-the-magical-2-zone\/","title":{"rendered":"Fed boss continues to (carefully) build a case for rate cuts, saying it looks like inflation is heading to the magical 2% zone"},"content":{"rendered":"

The US Federal Reserve continues to build a case for starting to cut interest rates.<\/strong> Fed boss Jerome Powell said yesterday 2Q 2024 US inflation readings \u201cadd somewhat to confidence\" that inflation is heading towards the central bank\u2019s 2% target, Financial Times<\/a> reported. His remarks add to speculation that the Fed could start cutting interest rates as soon as September.<\/p>\n

What he said: \u201cOur test has been for quite some time that we want to have greater <\/strong>confidence that inflation was moving sustainably down<\/strong> towards our 2 percent target, and what increases confidence in that is more good inflation data,\u201d Powell said at an event at the Economic Club of Washington. \u201cAnd lately, we have been getting some of that.\u201d<\/p>\n

But Powell isn\u2019t calling the ball:<\/strong> \u201cToday I\u2019m not going to be sending any signals one way or the other on any particular meeting,\u201d Powell said. \u201cJust to ruin the fun right at the beginning.\u201d<\/p>\n

Powell has been (cautiously) talking up the idea that inflation is cooling:<\/strong> He told Congress last week<\/a> that he has \u201csome confidence\u201d that inflation is heading toward the 2% mark. He also said that the Fed doesn\u2019t necessarily need to wait for inflation to fall to 2% before moving on interest rate cuts, adding to the speculation that the first cut could come this fall.<\/p>\n

AND- Powell <\/strong>said<\/a><\/strong> that risks to the labor market were a key focus for the Fed<\/strong> along with elevated. \u201cNow that inflation has come down and the labor market has indeed cooled off, we\u2019re going to be looking at both mandates,\u201d Powell said. \u201cThey\u2019re in much better balance.\u201d He said that \u201can unexpected weakening\u201d in the labor market could stir a reaction by the central bank.<\/p>\n

WHY THIS MATTERS- Powell\u2019s comments were the last remarks he is scheduled to make <\/strong>before the Fed meets <\/strong>on July 30-31 at which the bank is widely seen leaving rates unchanged. The earliest most analysts expect a rate cut is at the September policy meeting. <\/p>\n

MARKETS THIS MORNING- <\/p>\n

Powell\u2019s remarks yesterday were in line with market expectations <\/strong>and did little to move markets: Major Asian benchmarks are mixed this morning, with no big swing to in sight. <\/p>\n

Across the pond: <\/strong>The Dow closed at another record high yesterday, gaining 200 points as traders shrugged off the attempted assassination of Donald Trump. Wall Street futures were up in overnight trading, while all of the major European benchmarks we track were down slightly. <\/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

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

\n

11,948<\/p>\n<\/td>\n

\n

+0.6% (YTD: -0.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

MSCI Tadawul 30<\/strong><\/p>\n<\/td>\n

\n

1,498<\/p>\n<\/td>\n

\n

+0.7% (YTD: -3.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

25,850<\/p>\n<\/td>\n

\n

+0.6% (YTD: +5.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

USD : SAR (SAMA)<\/strong><\/p>\n<\/td>\n

\n

USD 3.75 Sell<\/p>\n<\/td>\n

\n

USD 3.75 Buy<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

6.0% repo <\/p>\n<\/td>\n

\n

5.5% reverse repo<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

27,952<\/p>\n<\/td>\n

\n

-0.3% (YTD: +12.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,145<\/p>\n<\/td>\n

\n

0.0% (YTD: -4.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,115<\/p>\n<\/td>\n

\n

+0.3% (YTD: +1.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5,631<\/p>\n<\/td>\n

\n

+0.3% (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

8,183<\/p>\n<\/td>\n

\n

-0.9% (YTD: +5.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,983<\/p>\n<\/td>\n

\n

-1.2% (YTD: +10.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

84.77<\/p>\n<\/td>\n

\n

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

\n

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

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

\n

2.16<\/p>\n<\/td>\n

\n

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

\n

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

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

\n

USD 2,428.90<\/p>\n<\/td>\n

\n

+0.3%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 63,612<\/p>\n<\/td>\n

\n

+4.5% (YTD: +51.4%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL: TADAWUL-<\/p>\n

The TASI rose 0.6% yesterday <\/strong>on turnover of SAR 7.2 bn. The index is down 0.2% YTD.<\/p>\n

In the green:<\/strong> Al Sagr Ins. (+10.0%), Gasco (+6.0%) and Jazira Takaful (+5.3%).<\/p>\n

In the red: <\/strong>Talco (-7.7%), Rasan (-7.1%) and MBC Group (-6.5%).<\/p>\n

\n

THE CLOSING BELL: NOMU-<\/p>\n

The NomuC<\/strong> rose 0.6% yesterday <\/strong>on turnover of SAR 37.4 mn. The index is up 5.4% YTD.<\/p>\n

In the green:<\/strong> Future Care (+10.3%), NBM (+10.0%) and Ghida Al Sultan (+6.1%).<\/p>\n

In the red:<\/strong> Ladun (-7.4%), Fesh Fash (-4.7%) and AZM (-4.7%)<\/p>\n","protected":false},"excerpt":{"rendered":"

Plus: Trades shrug off attempt on Trump\u2019s life, sending Dow up 200 points to close at another record high<\/p>\n","protected":false},"author":1,"featured_media":87896,"comment_status":"","ping_status":"open","sticky":false,"template":"","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":[2565],"tags":[10,55,296,59,264],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87895","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam-ksa","tag-financial-markets","tag-interest-rates","tag-planet-finance","tag-us-federal-reserve","wpautop","entry"],"acf":{"mongo_id":"eb9ede9d-ff02-43d9-9499-fda52fbd76ce","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/1188.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Fed boss continues to (carefully) build a case for rate cuts, saying it looks like inflation is heading to the magical 2% zone","related_issue":[87878],"teaser":"Plus: Trades shrug off attempt on Trump\u2019s life, sending Dow up 200 points to close at another record high","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.82b8887a-4159-4aa4-8d75-9e6d6ea530f6.mp3"},"yoast_head":"\nFed boss continues to (carefully) build a case for rate cuts, saying it looks like inflation is heading to the magical 2% zone - KSA<\/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\/ksa\/2024\/07\/16\/fed-boss-continues-to-carefully-build-a-case-for-rate-cuts-saying-it-looks-like-inflation-is-heading-to-the-magical-2-zone\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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