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SPY

Fed Chair Powell stated that current inflation dynamics can persist, and it's uncertain if demand is the main factor. He believes the policy is restrictive and will eventually weaken the economy. Despite no rate hikes being the base case, progress on inflation is noted alongside a strong labor market and good growth levels.

Portfolio Pulse from Benzinga Newsdesk

June 12, 2024 | 6:58 pm

SPY

Fed Chair Powell stated that inflation was the key factor influencing rate path forecasts. He noted a pause in inflation progress in Q1, indicating that rate cuts will take longer. However, today's inflation report was better than expected.

Portfolio Pulse from Benzinga Newsdesk

June 12, 2024 | 6:50 pm

SPY

Fed Chair Powell stated that the Federal Reserve is practicing a conservative approach to its inflation outlook and does not have high confidence in its forecasts. He welcomed the current inflation reading and expressed hope for more similar readings. Powell mentioned that the test for cutting rates would be more confidence that inflation is moving toward 2%.

Portfolio Pulse from Benzinga Newsdesk

June 12, 2024 | 6:41 pm

SPY

Fed Chair Powell emphasized the need to remain highly attentive to inflation risks, stating that there has not been enough progress to confidently cut rates. He highlighted the need for more positive data to bolster confidence in inflation control.

Portfolio Pulse from Benzinga Newsdesk

June 12, 2024 | 6:36 pm

SPY

Fed Chair Powell stated that the economy has made considerable progress with strong job gains, but inflation remains too high. The Fed will maintain its restrictive policy stance to balance demand and supply.

Portfolio Pulse from Benzinga Newsdesk

June 12, 2024 | 6:32 pm

NEVDF

TFPM

Nevada Copper (OTC:NEVDF) has filed for Chapter 11 bankruptcy due to operational setbacks and financing challenges, despite high copper prices. Elliott Investment Management has committed to support the company with $60 million in debtor-in-possession financing. Pala Investments and Mercuria Energy Group, key backers, decided against providing additional funds. The company's CEO, Randy Buffington, has stepped down, and Tom Albanese has taken over as chairman.

Portfolio Pulse from Stjepan Kalinic

June 12, 2024 | 6:04 pm

SPY

The Federal Reserve's latest projections indicate a potential 25 basis points (BPs) rate cut in 2024 from the current level, followed by an additional 100 BPs cut in 2025.

Portfolio Pulse from Benzinga Newsdesk

June 12, 2024 | 6:03 pm

SPY

The Federal Reserve projects 2.1% GDP growth and 4% unemployment for 2024, raises the inflation forecast to 2.6%, and sees the Fed Funds Rate at a median of 5.1% by the end of 2024. The discount rate remains unchanged at 5.50%.

Portfolio Pulse from Benzinga Newsdesk

June 12, 2024 | 6:02 pm

SPY

The Federal Reserve has decided to maintain the interest rate paid on reserve balances at 5.4% and the federal funds rate in a target range of 5.25% to 5.5%. The Fed will also conduct various open market operations and reinvestments to manage liquidity and monetary policy.

Portfolio Pulse from Benzinga Newsdesk

June 12, 2024 | 6:01 pm

SPY

The Federal Reserve's FOMC statement for June 12, 2024, indicates that economic activity continues to expand, job gains remain strong, and inflation has eased but is still elevated. The Fed decided to maintain the federal funds rate at 5.25% to 5.5% and will continue reducing its holdings of Treasury securities and agency debt. The Committee remains vigilant about inflation risks and will adjust monetary policy as needed.

Portfolio Pulse from Benzinga Newsdesk

June 12, 2024 | 6:00 pm