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5 hours ago
Fed Director Michelle Bowman says rate hikes are likely to end, but it’s not yet time to cut rates
Federal Reserve President Michelle Bowman has indicated that the central bank’s rate hikes are likely to be completed, but added that she is not prepared to start cutting rates.
Speaking Monday at a community bankers conference in South Carolina, Governor Bowman highlighted the Fed’s progress in controlling inflation through tightening policy.
“This development has led to my view that we will consider the possibility of further declines in inflation if policy rates remain at current levels for some time,” he said in prepared remarks. Ta.
If inflation continues to fall toward the Fed’s 2% goal, “eventually it will be appropriate” to begin the process of lowering interest rates, Bowman said.
But he said the central bank still had work to do before it started cutting rates. “In my view, we are not there yet,” Bowman added.
Read more about Bowman’s comments here.
–Darla Mercado, Jeff Cox
5 hours ago
Stock prices move significantly after hours
Let’s check out the companies that are becoming a hot topic for after-hours trading.
- Unity Software — Unity Software shares rose more than 3% after the maker of the game engine used in video games “Angry Birds” and “Pokémon Go” announced it would cut 25% of its workforce, or about 1,800 people. Did.
- Microchip Technology — Shares of Microchip Technology fell more than 3% after the microcontroller maker lowered its third-quarter sales forecast, citing a “deteriorating economic environment.” The company expects sales to decline 22% in the third quarter, compared with previous guidance for declines of 15% and 20%.
- JetBlue Airways — JetBlue shares rose more than 1% after the airline announced that president and chief operating officer Joanna Geraghty will replace Robin Hayes as CEO, effective February 12. .
Read the full list here.
— Sarah Min
6 hours ago
Stock futures start lower
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