Powell expected to seek another cut despite strong spending [Business News Network (BNN) Energy & Resources (Canada)]
Wells Fargo & Company (WFC)
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Source: Business News Network
Powell expected to seek another cut despite strong spending The U.S. data pouring in supports Federal Reserve Chairman Jerome Powell’s forecast of solid economic growth and higher inflation. Still, economists remain confident that Powell will cut interest rates again next month as insurance against a global slowdown. Retail sales in July rose by the most in four months, data showed on Thursday, suggesting the consumer was holding up ahead of the latest escalation in the U.S.-China trade war. While manufacturing output declined in the month, two regional Fed indexes for August came in higher than expected. “Prudent risk management would argue for a cut in September because of the downside risks from trade policy and a slowing global economy,’’ said Ryan Sweet, head of monetary-policy research at Moody’s Analytics Inc. “The incoming data will likely factor into whether or not they go 50 or 25 basis points in September. Right now the data argue for 25.’’ Powell may give a hint of his thi
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WFC
Earnings
- 4/12/24 - Beat
WFC
Sec Filings
- 4/25/24 - Form 424B2
- 4/23/24 - Form 8-K
- 4/23/24 - Form PX14A6G
- WFC's page on the SEC website