- Musiala and Upamecano return to Bayern training
- Wirtz return 'unclear' after injury on Germany duty
- Ghulam says 'wait is over' after century on Pakistan debut
- Boeing to raise up to $25 bn as strike weighs on finances
- Two giant pandas arrive in US from China
- Japan hold Australia, S. Korea and China win in World Cup qualifying
- Mbappe's golden-boy image takes a hit amid negative headlines
- Hezbollah threatens to attack targets across Israel
- Oil prices fall on easing Middle East fears
- Wales lock Jenkins to miss November Tests with 'horrible' injury lay-off
- France to play Israel in Paris and allow fans in
- Twin panda cubs to make public debut at Berlin zoo
- Scotland's Kinghorn maintains Lions 'dream' despite Toulouse clash
- Pakistan debutant Ghulam hits century to defy England in second Test
- Boeing announces intention to raise up to $25 bn
- Tuchel 'in talks with FA' over England manager's job
- Dutch rider Lavreysen targets record at world track championships
- Bangladesh suspend Hathurusingha as coach after alleged assault
- Russian Olympic chief announces surprise resignation
- Ferguson to leave Man Utd ambassador role as club cuts costs
- Turkish govt defends tax plan to fund defence industry
- Oil prices tumble on easing Middle East fears
- Eidevall quits as Arsenal Women head coach
- US, Philippines launch war games after China's Taiwan drills, ship collision
- Swedish prosecutor confirms 'rape' probe without naming Mbappe
- England dismiss Ayub but Pakistan reach 173-3 at tea in second Test
- Israel vows to put 'national interest' first in response to Iran attack
- Oil prices hit by easing Middle East fears, most Asian markets rise
- Mbappe-PSG salary row faces hearing as France captain cited in 'rape' report
- K-pop star tells South Korea lawmakers of workplace bullying
- Ex-Wallabies captain Elsom denies wrongdoing after arrest warrant
- Pakistan 79-2 at lunch in second England Test after Leach strikes
- Hopes pinned on peace across Taiwan Strait after drills
- Valencia fans leave Singapore with 'stern warning' after protest
- Falling sales cause sour grapes for iconic Portugal wine
- Belgian pathologist and literary star gives 'voice to the dead'
- Ethiopia's 'korale' recyclers turn waste into money
- Italy row, AI in focus at world's biggest book fair
- US, Philippines launch war games a day after China's Taiwan drills
- Scotland lock Gray signs for Japan's Toyota
- Allen and Bills foil Rodgers, outlast Jets 23-20
- North Korea blows up roads connecting it to the South
- East Timor fights new battles 25 years after independence vote
- Japan election campaigns kick off for Oct 27 vote
- Home runs propel Mets, Yankees to MLB playoff victories
- Taiwan detects record 153 Chinese military aircraft after drills
- Oil prices drop on easing fears over Middle East, most markets rise
- Reoxygenating oceans: startups lead the way in Baltic Sea
- North Korea's Kim holds security meeting over drone flights
- Cars, chlamydia threaten Australian koalas
US inflation is 'still too high': Fed Chair Powell
US inflation is "still too high" despite a recent slowdown, Federal Reserve Chair Jerome Powell said Thursday, leaving the door open for a new interest rate hike.
Additional evidence of "persistently above-trend growth," or a reversal of the recent decline in job openings and softening of wage growth could cause the Fed to reconsider its current rate pause, he told a conference in New York.
If the US economy develops in this way, it "could put further progress on inflation at risk and could warrant further tightening of monetary policy," he said in a speech that was briefly disrupted by climate change protesters.
The Fed recently slowed its aggressive campaign of monetary tightening which lifted its benchmark lending rate to a 22-year high, as it looks to slow down inflation without pushing the US economy into recession.
Headline inflation, as measured by the Fed's favored gauge, has more than halved since peaking in June last year, but remains stuck above its long-term target of two percent.
"Inflation is still too high, and a few months of good data are only the beginning of what it will take to build confidence that inflation is moving down sustainably toward our goal," Powell said.
"We cannot yet know how long these lower readings will persist, or where inflation will settle over coming quarters," he continued, adding that the Fed would proceed "carefully" at future interest rate meetings.
- Monetary policy is 'restrictive' -
Powell said the Fed's current policy stance is "restrictive," suggesting that monetary policy was working to put "downward pressure on economic activity and inflation."
But he warned that "a range of uncertainties, both old and new," were complicating monetary policy.
"Doing too little could allow above-target inflation to become entrenched," he said.
"Doing too much could also do unnecessary harm to the economy," he added.
Recent data points to the continued strength of the US economy supported by resilient consumer spending, while the tight labor market is showing some signs of softening.
The Fed's upcoming decisions will be "based on the totality of the incoming data, the evolving outlook, and the balance of risks," he said, echoing previous comments.
Futures traders currently assign a probability of more than 95 percent that the Fed will announce it will hold interest rates steady on November 1, following its next meeting, according to data from CME Group.
- Geopolitical tensions threaten economy-
In a highly unusual move, Powell also addressed the ongoing conflict between Israel and Hamas militants in Gaza.
"Geopolitical tensions are highly elevated and pose important risks to global economic activity," he said.
"Speaking for myself, I found the attack on Israel horrifying, as is the prospect for more loss of innocent lives," he continued.
The Fed's role is to monitor what economic implications these developments could have, he added.
Analysts have voiced concerns that the Israel-Hamas war could spread into a broader regional conflict in the crude-rich Middle East, with implications for oil production.
F.Pedersen--AMWN