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Despite Not Happening Yet, Fed Chair Powell Still Anticipates Rate Cuts Later This Year
Federal Reserve Chair Jerome H. Powell recently testified before the House Financial Services Committee and indicated that the central bank is likely to start cutting interest rates in 2024. However, Powell emphasized the need for policymakers to have “greater confidence” in conquering inflation before implementing any rate cuts.
Powell’s statements align with market expectations, as the Fed has been signaling a potential decrease in borrowing costs to counter slowing price increases. The chair also addressed significant developments in bank regulation, hinting at imminent changes to proposed rules known as “Basel III Endgame.”
While investors eagerly anticipate rate adjustments, Powell reaffirmed the Fed’s cautious approach to rate cuts, emphasizing the importance of sustaining economic growth and keeping inflation in check. The central bank raised rates over the past two years to curb inflationary pressures, and plans to gradually reverse this policy stance as needed.
Although the Fed is expected to lower rates multiple times in 2024, market analysts anticipate the June meeting as a probable starting point for this adjustment. Powell stressed the need to strike a delicate balance to avoid derailing progress made in taming inflation while supporting economic activity and employment.
The ongoing moderation in inflation alongside a resilient job market indicates positive economic trends, providing a favorable backdrop for potential rate cuts. Powell highlighted the evolving dynamics in the labor market, where demand and supply are aligning to foster a healthier balance.
In parallel, Powell addressed concerns surrounding proposed bank regulations, signaling revisions to the contentious “Basel III Endgame” rules that aim to bolster financial stability. The proposed changes could impact the capital requirements for large banks, stirring debate and lobbying efforts within the banking industry.
Powell’s acknowledgment of potential revisions to the regulatory framework marks a significant development, reflecting the Fed’s responsiveness to industry feedback. The prospect of reissuing the bank reform proposal underscores the complex interplay between financial regulation, economic policy, and market dynamics.
News
Facing Criticism for Shooting Dog, South Dakota Governor Noem Discusses ‘Difficult Choices’
South Dakota Governor Kristi Noem found herself in hot water recently after admitting to shooting her “untrainable” hunting dog. The controversial incident sparked public outrage, but it did not stop her from attending a gathering of California Republicans, where she received a warm reception on Saturday.
Noem, known for her stance on gun rights and conservative leadership, addressed more than 200 people at the California Republican Party convention in Burlingame. She emphasized the importance of patriotism and preserving American values amidst challenging times.
Although she did not directly reference the dog-shooting incident in her speech, she alluded to the controversy surrounding her decision to euthanize her dog named Cricket due to its poor hunting skills and an unfortunate incident involving farm chickens.
Attendees at the luncheon received a copy of Noem’s book, “No Going Back: The Truth on What’s Wrong With Politics and How We Move America Forward,” which she promoted during her remarks. Despite the backlash, she remained firm in her convictions.
Noem’s focus shifted to her leadership in South Dakota, particularly her handling of the COVID-19 pandemic and her decision to deploy the state’s National Guard to the U.S.-Mexico border. She raised concerns about drug cartels exploiting Native American tribal lands in her state and criticized the federal government for its inaction.
Despite the controversy surrounding her, Noem commended former President Trump for his authenticity and unwavering commitment to his beliefs. She highlighted Trump’s unconventional approach to politics as a sign of his genuine character.
State Republican Party delegate Anna Bryson expressed admiration for Noem’s financial policies and tax reduction efforts. She acknowledged the dog-shooting incident but credited Noem for her commitment to sound fiscal management.
The convention, attended by over 800 delegates and guests, marked a significant gathering for California Republicans. Despite past protests during Trump’s appearance in Burlingame in 2016, the event with Noem proceeded smoothly with no major disruptions.
Noem’s resilience amidst adversity and her unwavering commitment to her principles garnered both admiration and scrutiny at the California Republican Party convention.
Times staff writer Anabel Sosa contributed to this report.
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Facing Criticism for Shooting Dog, South Dakota Governor Noem Discusses ‘Difficult Choices’