Powell signals possible two more rate hikes in 2023
Fed Chair Jerome Powell told the Senate Banking Committee that restoring 2 percent inflation is vital for long term health and that policymakers may need one or two additional rate increases this year if the economy performs as expected. He noted a majority still aims to tighten further to reach the inflation target.
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Stocks drift as central banks raise rates worldwide
Global central banks push borrowing costs higher to fight inflation as U S stocks end mixed with tech gains offsetting broad weaknesses. The S P 500 rose to 4381 89 while the Nasdaq gained 128 41 to 13630 61 and the Dow slipped to 33946 71. Powell reiterated inflation remains too high signaling potential further rate hikes this year. Internationally the Bank of England and others lifted rates to multi year highs, applying pressure on markets and growth.
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Fed Governor Bowman backs further rate hikes in Cleveland
Fed Governor Michelle Bowman reinforced Powell's hawkish stance at a Fed Listens event in Cleveland saying that additional policy-rate increases will be necessary to bring inflation down from its currently high levels.
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Retailers warn of tighter consumer spending in 2023 outlook
Investors and retailers expect weaker year ahead as inflation erodes buying power. Macy's Target and Dollar General warn of slower sales while May retail data shows modest gains driven by autos and parts. Analysts say high inflation, shrinking savings and tighter credit will curb discretionary purchases into 2024.
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May home sales rise as price drop hits 2011 low
Existing home sales rose 0.2 percent in May to a 4.3 million annual pace, while the national median price fell 3.1 percent year over year to 396 100. Inventory remained tight with about 1.08 million homes for sale, roughly a three month supply at the current pace.
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