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[ad_1] Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. ET. Here's a recap of Friday's key moments. 1. Wall Street saw some volatility Friday around Federal Reserve Chairman Jerome Powell's morning speech from the central bank conference in Jackson Hole, Wyoming. Powell said inflation is still "too high" and the Fed is "prepared to raise rates further" if economic data dictates it. No interest rate hike is expected at next month's Fed meeting, according to the CME FedWatch tool . There's a split in the market on whether we'll see one more rate hike before year-end. Currently, no action is favored. 2. The overall market remains oversold, according to Jim Cramer's trusted S & P Oscillator , but not as oversold as it was earlier in the week. We've been making strategic buys all week long. One day after a blowout quarter, we boosted on Thursday our Nvidia (NVDA) pr...

[ad_1] Stocks swung to gains on Wall Street following the latest hike to interest rates by the Federal Reserve, which said it's finally seeing improvements in inflation.  The S&P 500 rallied after an early 1% loss and rose 43 points, or 1.1%, to close at 4,119. The Dow Jones Industrial Average also erased an early to drop to rise 7 points, or less than 0.1%, to 34,092. The Nasdaq composite jumped 2%. The Federal Reserve extended its fight against high inflation Wednesday by  raising its key interest rate  by a quarter-point, its eighth consecutive hike since March. It's the smallest such increase in the Fed's blizzard of rate hikes since it began almost a year ago. The Fed signaled that even though inflation is easing, it remains high enough to require further rate hikes. What's more important for markets is where interest rates are heading next. Federal Reser...

[ad_1] The Federal Reserve is raising its benchmark interest rate a quarter of a percentage point, officials with the central bank said on Wednesday, its eighth consecutive hike as policy makers try to subdue inflation. The latest increase in the federal funds rate — what banks charge each other for short-term loans — is smaller than the Fed's 0.5 percentage point increase in December as well as a string of three-quarter point moves over the course of 2022. With the latest increase, the Fed's target interest rate is set in a range between 4.50% and 4.75% — its highest level since late 2007. "Ongoing hikes" The Fed said its campaign to curb prices is working, while indicating it plans to keep rates high for some time. "Over the past year we have taken forceful actions to tighten the stance of monetary policy," Fed Chair Jerome Powell said in a press conference Wednesday."Even so, we have more work to...

[ad_1] A residential neighborhood in Austin, Texas, on Sunday, May 22, 2022. Jordan Vonderhaar | Bloomberg | Getty Images The average rate on the popular 30-year fixed mortgage dropped to 6.57% on Monday, according to Mortgage News Daily . That's down from a rate of 6.76% on Friday and a recent high of 7.05% last Wednesday. Mortgage rates loosely follow the yield on the 10-year Treasury , which fell to a one-month low in response to the failures of Silicon Valley Bank and Signature Bank and the ensuing ripple through the nation's banking sector. In real terms, for a buyer looking at a $500,000 home with a 20% down payment on a 30-year fixed mortgage, the monthly payment this week is $128 less than it was just last week. It is still, however, higher than it was in January. So what does this mean for the spring housing market? In October, rates surged over 7%, and that started the real slowdown in home sales. But rates then started falling in December and were near 6% by t...

[ad_1] WASHINGTON : The Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point, but indicated it was on the verge of pausing further increases in borrowing costs amid recent turmoil in financial markets spurred by the collapse of two US banks. The move set the US central bank's benchmark overnight interest rate in the 4.75%-5.00% range, with updated projections showing 10 of 18 Fed policymakers still expect rates to rise another quarter of a percentage point by the end of this year, the same endpoint seen in the December projections. But in a key shift driven by the sudden failures this month of Silicon Valley Bank (SVB) and Signature Bank, the Fed's latest policy statement no longer says that "ongoing increases" in rates will likely be appropriate. That language had been in every policy statement since the March 16, 2022 decision to start the rate hiking cycle. Instead, the policy-setting Federal Open Market Committee said only ...

[ad_1] Federal Reserve Chairman Jerome Powell testifies during the Senate Banking, Housing, and Urban Affairs Committee hearing titled The Semiannual Monetary Policy Report to the Congress, in Hart Building on Tuesday, March 7, 2023. Tom Williams | Cq-roll Call, Inc. | Getty Images When the Federal Reserve starts to raise interest rates, it generally keeps doing so until something breaks, or so goes the collective Wall Street wisdom. So with the second- and third-largest bank failures ever in the books happening just over the past few days, and worries of more to come, that would seem to qualify as significant breakage and reason for the central bank to back off. related investing news Not so fast. Even with the failure over the past several days of Silicon Valley Bank and Signature Bank that forced regulators to spring into action , markets still expect the Fed to keep up its inflation-fighting efforts. Suring bond yields played into the demise in particular of SVB as the bank fa...

[ad_1] China saw weaker imports despite rapid reopening: UBS China's economy saw weaker imports despite its rapid reopening, UBS' head of China economic research Wang Tao said in a note. "Despite a rapid reopening (sequentially) in the past 2 months, domestic demand growth on y/y basis may have been still relatively soft," she said in a note. She added the import volume of copper ore and iron ore both improved from December likely due to a pick up in construction activities. "Our channel checks suggest that work resumption of construction sector was slow in the first two weeks post CNY holiday, but accelerated in the 3rd and 4th weeks," she said, noting that crude oil import growth also fell alongside imports of IT components and auto products. China on Tuesday saw exports fall by 6.8% in February in U.S. dollar terms and imports also declined 10.2%. — Jihye Lee U.S. plans to lift Covid testing requirement for travelers from China: NBC The U.S. plans to...

[ad_1] WASHINGTON : A united US Federal Reserve agreed to hold interest rates steady at the June meeting as a way to buy time and assess whether further rate hikes would be needed, even as the vast bulk expected they would eventually need to tighten policy further, according to meeting minutes released on Wednesday. While "some participants" wanted to move ahead with a rate hike in June because progress in cooling inflation had been slow, "almost all participants judged it appropriate or acceptable to maintain" the federal funds rate at the existing 5% to 5.25%, the minutes said. "Most of those participants observed that leaving the target range unchanged at this meeting would allow them more time to assess the economy's progress," toward returning inflation to 2% from its current level more than twice that. The minutes added detail to the policy statement and economic projections issued after the June 13-14 session, when the Fed ended its 10-m...

[ad_1] Last Updated: July 05, 2023, 02:13 IST New York, United States of America (USA) Previous flare-ups also benefited the U.S. dollar, reducing demand for gold. Spot gold rose 0.4% to $1,928.09 per ounce by 09:31 a.m. EDT (1331 GMT), with trading volumes likely thinned by a U.S. holiday Gold prices edged higher on Tuesday as some traders bet that recent weak U.S. economic data may prompt the Federal Reserve to rethink its rate-hike trajectory, while also awaiting further cues from the minutes of the central bank’s last meeting. Spot gold rose 0.4% to $1,928.09 per ounce by 09:31 a.m. EDT (1331 GMT), with trading volumes likely thinned by a U.S. holiday. U.S. gold futures gained 0.3% to $1,935.90. “Weaker-than-expected U.S. economic data released on Monday, including PMIs, have supported gold. Market participants will closely track upcoming U.S. job market data, watching if previous U.S. interest rate hikes will slow down the U.S. economy," UBS analyst Giovanni Staunovo s...