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- Powell Says Inflation is Still too High
All eyes have been on Federal Reserve Chair Jerome Powell as he comments on rates from Jackson Hole. He acknowledged some progress has been made, however, they're being cautious about their next steps. Also pointed out that inflation is still higher than what policymakers are comfortable with. The good news is that the Fed is keeping an open mind and staying flexible as they think about what to do next. But what does this mean? Well, seems as though higher interest rates are staying, well for now.
Although inflation has moved down from its peak — a welcome development — it remains too high….We are prepared to raise rates further if appropriate, and intend to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective.
Markets notched higher on the back of Powells comments.
In Other News:
Dubai House Prices Continue to Boom! Dubai's luxury home prices have gone through the roof! In fact, they shot up by almost 50% in the year leading up to June. And here's the best part - this is the eighth quarter in a row that Dubai has held the top spot. Talk about impressive! But that's not all, since the third quarter of 2020, prices have skyrocketed a whopping 225% from their pandemic low. Tokyo and Manila also deserve a shoutout for their impressive performances, coming in second and third place with annual rises of 26.2% and 19.9% respectively.
The US Dollar is Here to Stay: Sometimes, oil trades have been settled in currencies like the Chinese yuan, Russian ruble, or Indian rupee. However, the concept of "de-dollarization," which means shifting away from using the U.S. dollar to settle trades in different currencies, is still quite a distant idea, this is according Indian Oil & Gas Minister Hardeep Singh Puri.
Trump is Back! Well on X (Twitter): After all the drama surrounding his account suspension, he's finally made a comeback. His first post was a mugshot of himself with the powerful message "Never Surrender" and a link to his campaign website. And guess who couldn't resist sharing it? Elon Musk himself, with the comment "Next-Level". It's safe to say that things just got interesting again on X!