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Added on the 27/07/2023 08:24:10 - Copyright : Euronews EN
The US Federal Reserve has voted to hold interest rates at a 22-year high for a second straight meeting. "Today we decided to leave our policy interest rate unchanged," announces Fed chair Jerome Powell. SOUNDBITE
US Federal Reserve Chair Jerome Powell announces that the US Federal Reserve has voted to keep interest rates at a 22-year high, between 5.25 percent and 5.50 percent. SOUNDBITE
The European Central Bank has slowed the pace of its interest rate increases, stepping back like the US Federal Reserve from a string of jumbo hikes aimed at snuffing out inflation.
The US Federal Reserve faces a tricky balancing act, as it tries to navigate high inflation and instability in the banking sector. Alexander Yokum, of CFRA Research, says the collapse of Silicon Valley Bank and Signature Bank could affect the Fed's next interest rate decision, despite a 6% jump in consumer prices. Also in the show - Facebook's parent company Meta confirms a further 10,000 job cuts, and a California court rules that gig economy workers should not be considered employees.
The US central bank has raised its benchmark rate to its highest level in 15 years, although at a slower clip than previously. Federal Reserve Chair Jerome Powell argues that while inflation has dipped, it is still too high to warrant a change in monetary policy. Also on the show, the US Senate unanimously passes a bill that would ban federal employees from using TikTok on their work phones or devices over data security fears. Finally, James Cameron's "Avatar: The Way of Water" is set for a blockbuster opening weekend in the US.
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