Powell says prolonged high rates could harm economic growth. The S&P 500 notches its 36th record close. Biden pledges Patriot missiles to Ukraine.
Traders work on the floor of the New York Stock Exchange on February 27, 2023 in New York City.This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribewarned that keeping interest rates high
for too long could harm economic growth. Despite recent cooling, he noted that the economy and labor market remain strong. Powell highlighted progress in reducing inflation towards the central bank's 2% target. "At the same time, in light of the progress made both in lowering inflation and in cooling the labor market over the past two years, elevated inflation is not the only risk we face," Powell said in prepared remarks.
"This sweetheart deal fails to recognize that because of Boeing's conspiracy, 346 people died," said Paul Cassell, attorney for the families. "The deadly consequences of Boeing's crime are being hidden."shares fell 1.4% to $183.24 on Tuesday. That's up from a low of $159.70 in April but still down almost 30% for the year. Meantime, theinched up just 0.07% for its 36th record close of the year — the lack of breath keeping gains in check..
More inflation data is due on Thursday, followed by producer prices on Friday. Powell's comments did little to change market expectations that the Fed would cut rates in September and once more by the end of the year. "Our view remains cautious on the SPX as investors are too optimistic about the power of Fed cuts and not focused enough on the softening momentum happening in the economy," he wrote. "The case for rate reductions to start in September is strong, but a modest easing cycle, as the approaching one will likely be, won't be enough to immediately halt the growth slowdown presently underway.
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