US Fed to continue gradual rate hikes to manage potential risks

Fed chair Jerome Powell’s highly anticipated speech: what to expect

What's more, the RSI is trending north and could find acceptance above 50.00 (in bullish territory) on Monday.

White House audio recordings show that President Richard Nixon pressured then-Fed Chairman Arthur Burns to keep interest rates low to boost Nixon's re-election chances in 1972.

Questioning Fed actions is normally off limits for U.S. politicians, since it could raise fears central bankers would feel political pressure and fail to act to head off rising inflation.

While US inflation has recently moved up near 2 per cent, Powell said he sees "no clear sign of an acceleration above 2 per cent" and there does not seem to be "an elevated risk of overheating".

The U.S. dollar weakened sharply, providing support for dollar-denominated gold prices, as Powell, at the annual Fed symposium said gradual U.S. interest-rate hikes remain appropriate and there was no risk to the economy overheating.

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That is the difference between short-term interest rates and long-term rates.

Fed Chairman Jerome Powell was to give the conference's keynote address yesterday morning, with investors focused on what he might signal about the future path of rate hikes in light of Trump's comments and economic developments.

On Wall Street, the Dow Jones Industrial Average rose 139.04 points, or 0.54pc, to 25,796.02. The president has complained that the Fed's tightening of credit could threaten the continued strong growth he aims to achieve through the tax cuts enacted late a year ago, a pullback of regulations and a rewriting of trade deals to better serve the United States. It marked the second time this summer that Trump had publicly criticized the policymaking of the Fed.

On the economic front, US new orders for manufactured durable goods in July decreased 4.3 billion USA dollars or 1.7 percent to 246.9 billion USA dollars, worse than market consensus, said the Commerce Department on Friday.

The Fed has been coming to Jackson Hole since 1981. A slower pace of rate increases would be meant to encourage continued borrowing and spending by companies and individuals to drive economic growth.

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"He could put in some new ideas or comment on current discussions and that would move the market, but I would say the odds of that is less than 50/50", said Jim Vogel, an interest rate strategist at FTN Financial in Memphis, Tennessee.

The Fed has raised its key policy rate seven times since late 2015 after seven years of keeping the rate at a record low near zero to help the economy recovery from the Great Recession.

The Fed's overnight lending rate is now in a range of 1.75 per cent to 2.00 per cent. But Powell noted that there's a wide difference of opinion about it. Under the Fed's rotating voting system for Fed regional bank presidents Bullard does not have a vote this year, but he participates in rate-setting discussions.

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