United States Federal Reserve chairman Jerome Powell takes questions at a news conference yesterday after the cash rate announcement. The hike brought the benchmark federal-fund rate to between 1.5% and 1.75%. "From the standpoint of our congressional mandate to promote maximum employment and price stability, the current picture is plain to see," Mr Powell said. The markets were pricing that if the US went into recession, it would only be temporary and "very mild", Mr McIntyre said. "That is what the markets like, [they] doesn’t like surprises," Mr McIntyre said.

Source: Otago Daily Times June 16, 2022 17:04 UTC