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Powell: Fed won't wait for 2% inflation to cut rates
03:59
US
Powell: Fed won't wait for 2% inflation to cut rates
Financial markets were mixed on Tuesday after Federal Reserve Chair Jerome Powell's dovish comments sent Wall Street higher. Fed Chair Powell said on Monday that the central bank will not wait for inflation to fall to 2-percent to cut interest rates, and that inflation readings over the second quarter added somewhat to confidence that the pace of price increases is on track to returning to the Fed's target. That sent down the dollar to a five-week low against a basket of currencies. Meanwhile the rising prospect of Donald Trump returning to the White House sent cryptocurrencies soaring, with Bitcoin advancing towards 65-thousand dollars as Trump announced pro-crypto JD Vance as his running mate on Monday.
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