The US dollar rose for a fourth straight session on Monday as investors braced for high inflation data released this week, leading to expectations of continued aggressive monetary policy from the Federal Reserve.
A weaker US dollar makes dollar-denominated commodities less expensive for holders of other currencies.
Analysts said the central bank's move met market expectations and they took heart in Powell's statements that implied the central bank could undertake smaller interest rate hikes later in 2022 after two straight super-sized increases.
Lower-income and Black and Hispanic Americans have been hit especially hard since a disproportionate share of their income goes toward essentials such as transportation, housing and food.
Wall Street stocks fall and record worst first six months since 1970 amid recession fears and Federal Reserve's bid to curb inflation.
Wall Street tumbles into what's called a bear market after fears about a fragile economy and rising interest rates sent the S&P 500 more than 20 percent below its record set early this year.
United Nations Security Council meets to discuss Myanmar crisis as pro-democracy activists hold fresh demonstrations against the military coup.
If approved by the Senate, Yellen will be the first female Treasury Secretary of the US.
With the economy still reeling from the damage inflicted by the coronavirus pandemic, the Federal Reserve confirmed it will keep the benchmark interest rate at zero until the recovery is underway.
The Federal Reserve took emergency action to help the economy withstand the coronavirus by slashing its benchmark interest rate to near zero and saying it would buy $700 billion in Treasury and mortgage bonds.
Washington’s threat comes as Iraq struggles to meet the basic needs of its people.
The fallout from the 2008 global financial crisis refuses to go away and now leading economists may be looking to upend traditional neoliberal economic policy.
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