Federal Reserve Hikes Interest Rates For Third Time This Year

Federal Reserve Hikes Interest Rates For Third Time This Year

"Not in the long run anyway", said Chris Rupkey, chief financial economist at MUFG Union Bank.

She similarly said that she had a great deal of confidence in Powell's ability to steer the central bank in an appropriate course, noting that he has been on the Federal Open Market Committee since 2012 and has not dissented from a majority opinion in that time. But policymakers' forecasts, and Yellen's comments, suggest that is not the Fed's main takeaway.

"All of those were fueled by too-easy money and all of them resulted in big market corrections or recessions - and one of them the biggest recession we've seen since the Great Depression", he said in an interview with " Power Lunch".

Traders also mulled the potential implications of Democrat Doug Jones' victory in the special US Senate election in Alabama on Tuesday, which thinned the Republicans' Senate majority to 51-49, raising discussion about their ability to pass tax legislation before year-end.

Asian stocks edged higher on Thursday after the Federal Reserve delivered a much-anticipated interest rate hike but flagged caution about inflation, tempering expectations for future tightening, which weighed on the dollar and Treasury yields.

But wages earned for work are another lens into the inequality story, and in that realm, the gap indeed has narrowed. The Bureau of Labor Statistics puts the proportion at 76.8%. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy.

Fed officials sharply increased their growth projection for 2018, to 2.5 percent from 2.1 percent in September.

"Most of my colleagues factored in some fiscal stimulus", Yellen said, but have done so throughout the year, meaning the forecast rise from September "should not be viewed as estimates of the tax package".

Thought bubble: Inequality is not an absolute metric. Powell voted in favor of the interest hike.

In response to her final question at her final press conference on Wednesday, after nearly four years at the helm of the U.S. central bank, Yellen effectively dismissed the current shape of the U.S. yield curve as little more than a technical anomaly.

Yellen's term expires in February, and it fell to US President Donald Trump to choose her replacement.

The Treasury endorsed the plan with a one-page analysis this week projecting it would help boost economic growth to 2.9 percent annually over the next decade. The stock added 71 cents to $32.98. The unemployment rate has slipped to a 17-year low of 4.1 percent, although inflation still lags the Fed's target. "It also supports our view that the Fed will be fairly gradual next year". Brent crude, the international standard for oil, shed 13 cents to $64.56 per barrel in London.

Innogy SE shares (IGY.XE) sank 13%, with the Germany energy company citing a difficult retail energy market in the U.K.as reason it's cutting its forecasts for 2017 and 2018.

The dollar index, which weighs the greenback against a basket of currencies, fell 0.72 per cent, while the euro was up 0.71 per cent to $1.1823.

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