iPhone | iPad
Android
Huawei
The Middle East’s largest economy has benefited from a spike in oil prices triggered by Russia’s attack on Ukraine, and has largely resisted appeals from Western countries to raise output in order to bring prices down
KT APPDOWNLOAD
Fed's Powell cautions against 'prematurely' lowering rates
US central bank will "keep at it until the job is done", he says
Reuters
Federal Reserve Chair Jerome Powell said the US central bank is committed to raising interest rates and keeping them high until inflation comes down, and warned against reversing course too soon.
"The historical record cautions strongly against prematurely loosening policy," Powell told reporters after the Fed announced its third consecutive 0.75 percentage point increase in the benchmark interest rate.
He said there is no room for complacency and the Fed will "keep at it until the job is done," although at some point it will be appropriate to slow the pace of rate increases.
More news from Economy
Fund urges policymakers worldwide to take inflation control as their first priority
High probability of stronger growth due to higher oil production and government pledge to double manufacturing sector’s size by 2031
Jerome Powell stresses that primary goal is to reduce inflation but he hopes for a 'soft landing'
Two sides held talks over macroeconomic, fiscal targets
The latest report by the Institute of Chartered Accountants in England and Wales and Oxford Economics projected 5.2 per cent GDP growth for the Middle East region
The auction size of Dh1.5 billion will be distributed over two tranches
Revlon, the 90-year-old multinational beauty company, has filed for Chapter 11 bankruptcy, weighed down by a heavy debt load, disruptions to its supply chain network and surging costs