US Fed Meeting Live: Bitcoin Gains Ahead Of FOMC Decision —Cryptocurrency Update
World’s largest cryptocurrency Bitcoin rose 1.7% to $76,498.10 ahead of the FOMC decision on Thursday. Meanwhile, Etherium rallied 7% to $2,871.99.
US Fed Meeting Live: S&P 500, Nasdaq Hold Gains, Dow Jones Little Changed — Markets Update
Here’s how US markets are reacting ahead of Federal Reserve interest rates decision:
Dow Jones little changed at 43,704.65.
S&P 500 rose 0.56% to 5,963.90.
Nasdaq rose 1.3% to 21,044.51.
US Fed Meeting Live: Don’t See Reasons To Stop Cutting Rates, Says May Daly
Federal Reserve Bank of San Francisco President Mary Daly indicated that the US central bank may continue reducing interest rates to prevent further weakness in the labour market.
"So far, I haven’t seen any information that would suggest we wouldn’t continue to reduce the interest rate,” Bloomberg reported last month quoting Daly as saying at WSJ event, adding, "This is a very tight interest rate for an economy already on track for 2% inflation, and I don’t want to see the labour market weaken further."
US Fed Meeting Live: Inflation Continues To Exceed Fed Target, Says FOMC Voter Beth Hammack
"We have made significant progress, but inflation continues to exceed the Federal Open Market Committee's (FOMC) 2% target," said Beth Hammack, president of the Cleveland Federal Reserve and an FOMC voter, while speaking at a conference last month.
She noted that the pandemic and its aftermath have underscored how varied changes across different components of inflation can significantly impact overall inflation trends.
US Fed Interest Rate Decisions Live: Impact Indian IT Companies
The Federal Reserve's indications about possible interest rate reductions have significant implications for Indian markets, particularly for IT companies that heavily rely on the US market for their revenue.
When interest rates rise in the US, it typically leads to reduced consumer expenditure and lower corporate investments, which can negatively impact the growth prospects of Indian IT firms. The IT sector has consistently shown sensitivity to broader US economic trends and monetary policy decisions.
US Fed Meeting Live: Treasury Yields Decline Ahead Of FOMC Decision — Markets Update
The 10-year Treasury yield decreased by 9 basis points to 4.35%. Meanwhile, the yield on the 2-year Treasury dropped by 7 basis points to 4.21%.
US Fed Meeting Live: S&P 500, Nasdaq Hold Gains, Dow Jones Little Changed — Markets Update
Here’s how US markets are reacting ahead of Federal Reserve interest rates decision:
Dow Jones little changed at 43,718.61.
S&P 500 rose 0.7% to 5,969.10.
Nasdaq rose 1.3% to 21,054.11.
Read the full story here.
US Fed Meeting Live: The Latest On Jobless Data
Applications for US unemployment benefits rose last week, staying close to the typical levels seen before the pandemic. Continuing claims, which reflect the number of individuals receiving benefits, climbed to 1.89 million in the previous week, marking the highest level since November 2021, according to data released by the Labor Department on Thursday.
Initial claims increased by 3,000 to 221,000 for the week ending Nov. 2, in line with the median Bloomberg estimate.
Read the full story here.
US Fed Meeting Live: S&P 500, Nasdaq 100 Extend Gains; Dow Jones Little Changed — Stock Markets Update
Here’s how US stock markets are reacting ahead of Federal Reserve interest rates decision:
Dow Jones Industrial Average were little changed at 43,756.02.
S&P 500 rose 0.6% to 5,966.20.
Nasdaq advanced 1.3% to 21,043.56.
US Dollar Index fell 0.8% to $104.31.
US Fed Meeting Live: The Latest On Inflation Reading
US inflation increased more than expected in September, signalling a halt in the recent trend of easing price pressures.
The core consumer price index, which excludes food and energy costs, rose by 0.3% for the second consecutive month, reversing a series of lower readings, according to figures from the Bureau of Labor Statistics released last month. The three-month annualized rate climbed to 3.1%, the highest since May, Bloomberg News reported based on its calculations.
US Fed Meeting Live: US GDP Growth And Economy Update
The United States’ inflation-adjusted gross domestic product grew at an annualized rate of 2.8%, following a 3% increase in the previous quarter, according to the government’s initial estimate published last month. The median forecast in a Bloomberg survey of economists had predicted a 2.9% growth rate.
Consumer spending, which is the largest component of economic activity, rose by 3.7%, the highest increase since early 2023. At the same time, a key measure of underlying inflation increased by 2.2%, closely aligning with the Federal Reserve’s target, according to figures from the Bureau of Economic Analysis.
Read the full story here.
US Fed Meeting Live: US Labour Costs Increase More Than Anticipated, Adding Inflationary Concerns
US labour costs grew at a stronger-than-expected rate in the third quarter, surpassing earlier projections for the year and potentially adding to inflationary pressures.
The unit labour costs—the cost to businesses for each unit of output produced—rose at an annualized rate of 1.9%, following substantial upward revisions to previous quarter figures, According to the data from the Bureau of Labor Statistics released on Thursday.
US Fed Meeting Live: September Dot Plots, Rate Cut Forecasts For Year-End And 2025
Here's what the dot plot suggested during September rate cut:
Median official expected to lower rates by 1 percentage point by year-end.
This implies two more quarter-point cuts or one larger, half-point cut.
Nine of 19 officials pencilled in 75 basis points of cuts or less.
Median rate forecast for 2025 falls to 3.4% from 4.1% in June.
This implies 4 additional quarter-point moves next year.
US Fed Meeting Live: S&P 500, Nasdaq Rise, Dow Jones Little Changed — Markets Update
Here’s how US markets are reacting ahead of Federal Reserve interest rates decision:
Dow Jones little changed at 43,743.24.
S&P 500 rose 0.4% to 5,950.20.
Nasdaq rose 0.7% to 20,907.76.
Read the full story here.
US Fed Meeting Live: S&P 500 Futures Rise, Dow Futures Little Changed — Markets Update
Here’s how US markets are reacting ahead of Federal Reserve interest rates decision:
Dow futures are trading little changed.
S&P 500 futures are trading 0.31% higher.
Nasdaq futures are up 0.56%.
Bitcoin rose 1.6% to $74,748.5.
US Fed Meeting Live: What To Expect?—A Preview
Economists surveyed by Bloomberg expect the Federal Open Market Committee to reduce the federal funds rate target by 25 basis points to between 4.50% and 4.75% at its meeting on Nov. 6-7.
In September, the FOMC lowered the rate by 50 basis points to a range of 4.75%-5.00%, marking its first cut in over four years. The central bank had maintained its key interest rate unchanged for eight consecutive meetings until July, when it increased the rate by 25 basis points, reaching a 22-year high.
US Fed Meeting Live: Schedule, Viewing Details for Jerome Powell's Speech
The Federal Open Market Committee (FOMC) meeting, which began on Nov. 6, concludes on Nov. 7. US Federal Reserve Chair Jerome Powell is scheduled to hold a press conference around 2:30 pm local time (approximately 12:30 am IST) on Nov. 7.
The press conference will be broadcast live on the US Federal Reserve's official website at https://www.federalreserve.gov/live-broadcast.htm. Additionally, viewers can watch the live stream on the Federal Reserve's social media channels, including their YouTube channel.
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