Hot and cold on hype, hikes and a hurricane
Fed chief keeps mum on rate hike; some traders see best global economic growth prospects in a decade or more
US STOCKS rebounded to new records as the Federal Reserve looked likely to give the market a reprieve from rate hikes.
Further gains are likely this week, if employment and manufacturing data is consistent with the emerging picture of a global economic boom and if Hurricane Harvey is not too catastrophic.
In a speech from Jackson Hole, Wyoming, that was almost as hyped as the Mayweather-McGregor fight, Fed chairwoman Janet Yellen studiously avoided tipping her hand on rate plans for the balance of the year. Instead, she mounted a fierce defence of the Fed and other regulators' tighter grip on banks in the wake of the financial crisis.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Saudi Arabia hikes oil selling prices for all grades to Asia
Slowing global economy to mean smaller revenue bump in Australian budget
Emerging-market optimism dashed by Fed as currencies, bonds sink
France’s Macron set to press China’s Xi on trade, Ukraine
Israeli Cabinet votes to shut down Al Jazeera’s local operations
Ukraine eases some wartime capital controls for businesses