News article in McDonald’s website confirms that after more than 30 years of operations in the country, McDonald’s Corporation...

Economy

McDonald’s To Exit from Russia after 30 Years of Service in the Country

The dollar slipped against other major currencies for a third straight day on Tuesday, tempering a long rally as investors cashed out and trimmed bets on U.S...

Stock Markets

Dollar Slipped against other Major Currencies as Focus turns to Growth

Asian shares rise on Tuesday, boosted by technology majors, as hopes expectation grow for an easing of China's regulatory crackdown on...

Stock Markets

Asian Shares Rise on High Expectation of Easing China Tech Crackdown

On Friday, Elon Musk revealed that his $44 billion takeover deal for Twitter Inc. has been put “temporarily on hold”, triggering a share plunge...

Stock Markets

Musk’s $44 Billion Twitter Acquisition Deal ‘on Hold’ Causing Shares to Plunge

His Highness Sheikh Khalifa bin Zayed Al Nahyan, the President of the United Arab Emirates and Ruler of Abu Dhabi, has passed away on Friday, May 13, aged 73...

World

RIP: UAE’s Sheikh Khalifa Bin Zayed Al Nahyan Passes Away

Economic Indicators

3 Mar 2022

Fed Chief Supports Quarter Point March Rate Increase, Hints at Possible Future Hikes

Fed Chief Supports Quarter Point March Rate Increase, Hints at Possible Future Hikes

The Index Today

The U.S. Federal Reserve’s Chair Jerome Powell announced on Wednesday that the Fed will begin “carefully” hiking interest rates this year with the first one set to come into effect after its policy meeting in March. However, he also suggested that the Fed is prepared to implement more aggressive steps to counter rising pandemic-induced inflation.

Calling the Ukraine-Russia conflict a “game changer”, Powell said before the House Financial Services Committee, "There are events yet to come and we don't know what the real effect on the U.S. economy will be."

For now, the Fed will be adhering to its original plan of raising the interest rates by a quarter point after its policy meeting which is scheduled to take place March 15-16 as inflation soars to highest levels since the 1980s. However, the Fed is prepared to raise rates if it shows no signs of mellowing, including hiking rates above the 2.5% mark.

Even as the country’s maximum employment goals have been met, inflation currently stands at three times the Fed’s 2% target which makes it the primary focus for Powell and the Biden administration.

©Photo: Wall Street Journal