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“We have some confidence of that,” Powell said about inflation moving down toward its target.
“We want to see a little more data so we can become more confident.”
Traders have already shelved earlier expectations for a cut in March, and they’re now eyeing June as the likeliest beginning.
A report in the morning did little to change those expectations. It said US employers were advertising nearly 8.9 million jobs at the end of January, close to the same number as a month before.
Wall Street’s hope has been for continued but more modest growth in job openings. Such a slowdown could help the economy thread the needle and stay out of recession while also removing upward pressure on inflation. That in turn could get the Federal Reserve to cut rates.
The job-openings data likely changed little and support the Fed’s current stance, “which is one of patience on future policy decisions,” according to Rubeela Farooqi, chief US economist at High Frequency Economics.
Later in the day, the Federal Reserve will release its “Beige Book,” which describes how the economy is faring around the country.
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On Wall Street, Foot Locker tumbled 29.2 per cent even though it reported stronger profit for the latest quarter than analysts expected. The sneaker retailer said it’s not yet resuming its dividend as it rebuilds cash. It also gave a forecast for upcoming profit that fell short of analysts’ expectations.
Nordstrom likewise fell even though its report for the latest quarter topped forecasts. It sank 14.7 per cent after giving a forecasted range for profit this upcoming year whose midpoint was below analysts’ estimates.
In the bond market, the yield on the 10-year Treasury slipped to 4.09 per cent from 4.14 per cent late Tuesday.
In stock markets abroad, indexes were mixed with mostly modest moves across Europe and Asia.
Hong Kong’s Hang Seng jumped 1.7 per cent to trim its loss for the week. In China, top officials said they have plenty of room to attain their target for economic growth this year, though they acknowledged it’s a challenge.
AP
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