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Silver price crashes 3% to 70.99 USD as precious metals face sharp selloff pressure Powell says he will not step down amid DOJ probe as Fed independence concerns rise Powell says inflation still high with Middle East tensions and energy prices keeping Fed cautious on rate cuts James Comey surrenders after indictment over Instagram seashell post as prosecutors allege Trump threat S&P 500 drops 0.40% and Nasdaq falls 0.48% as Fed rate pause triggers renewed market pressure US Fed holds rates steady at 3.75% as markets face prolonged uncertainty Lanterns premieres August 16 on HBO Max as DC expands gritty Green Lantern universe reboot BoC signals no easy path ahead as AI impact stays limited and oil prices could force rate hikes Silver price crashes 3% to 70.99 USD as precious metals face sharp selloff pressure Powell says he will not step down amid DOJ probe as Fed independence concerns rise Powell says inflation still high with Middle East tensions and energy prices keeping Fed cautious on rate cuts James Comey surrenders after indictment over Instagram seashell post as prosecutors allege Trump threat S&P 500 drops 0.40% and Nasdaq falls 0.48% as Fed rate pause triggers renewed market pressure US Fed holds rates steady at 3.75% as markets face prolonged uncertainty Lanterns premieres August 16 on HBO Max as DC expands gritty Green Lantern universe reboot BoC signals no easy path ahead as AI impact stays limited and oil prices could force rate hikes

Powell says he will not step down amid DOJ probe as Fed independence concerns rise

US MARKETS

Powell says he will not step down amid DOJ probe as Fed independence concerns rise

2:46 PM EDT

Federal Reserve Chair Jerome Powell has said inflation is still elevated and energy prices are a key reason behind it. He also made it clear that the current interest rate policy is appropriate for now. Markets are listening closely because his comments give clues about what the Fed may do next. Powell inflation warning as energy prices keep pressure on US economy Powell said inflation remains above the Fed’s comfort level. One of the main drivers is rising energy prices. When oil and gas prices go up, it affects transport costs, food prices, and overall living expenses. He explained that the current policy stance is working in the right direction. This means interest rates are high enough to slow inflation without damaging the economy too much at this stage. In simple terms, the Fed is choosing patience. They are not rushing to cut rates because inflation is still not fully under control. Middle East tensions add uncertainty to inflation and oil price outlook Powell also pointed to rising uncertainty from developments in the Middle East. This is important because the region plays a major role in global oil supply. When tensions increase, oil prices usually rise. That directly adds pressure on inflation worldwide. This makes it harder for central banks to plan interest rate cuts. He said risks are present on both sides of the Fed’s mandate. This means inflation could stay high, but economic growth could also slow down if rates stay elevated for too long. So the Fed is now balancing two risks at the same time. Neither inflation nor growth can be ignored. US consumer spending remains strong despite high interest rates Powell noted that consumer spending is still resilient. This means people are continuing to spend money even with higher borrowing costs and inflation pressures. Strong spending usually supports economic growth. But it can also keep inflation from falling quickly because demand remains high. This is why the Fed is not in a hurry to change interest rates. They want to see clear evidence that inflation is cooling before taking the next step. Overall, Powell’s message is cautious. Inflation is still a problem. Energy prices are adding pressure. And global tensions are increasing uncertainty. The Fed is staying patient and waiting for clearer economic signals before making any move on rates.

US MARKETS

Powell says inflation still high with Middle East tensions and energy prices keeping Fed cautious on rate cuts

2:41 PM EDT

Powell press conference begins as markets watch closely for any hint of future rate cuts

US MARKETS

Powell press conference begins as markets watch closely for any hint of future rate cuts

2:36 PM EDT