Inflation Data Reinforce Powell's Shift Toward High for Longer [Financial Post (Toronto, Ontario, Canada)]
ING Group, N.V. (ING)
US:NYSE Investor Relations:
ing.com/investor-relations.htm
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Fresh inflation data released Friday cemented the message from Federal Reserve Chair Jerome Powell last week that high interest rates are here to stay for now. The Fed's preferred gauge of underlying inflation climbed 0.3% in March and 2.8% from a year earlier, the same as the prior month. Figures from earlier this year were also revised up slightly, government data showed. Article content Article content The three-straight months of worrisome inflation data indicate progress toward the central bank's 2% goal has stalled, and suggest the first interest-rate cut is getting pushed further out. Investors see one to two rate cuts this year, beginning in November, but concerns are growing the Fed may not lower borrowing costs at all in 2024. “The hot inflation readings through March should write off any rate cuts in the first half of 2024,” said Na
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- ING's page on the SEC website