Market Wire, North America

The Federal Reserve’s policy committee left benchmark rates at a 22-year high this afternoon, kept at least one more hike on the table, and signalled it would likely cut three times next year – not the four previously envisioned. At the conclusion of its two-day meeting in Washington, the Federal Open Market Committee unanimously voted to maintain the target range for the federal funds rate between 5.25 and 5.50 percent – the highest since 2001, with no dissents in favour of lifting or cutting the rate. In the statement setting out the decision, policymakers emphasized signs of resilience – pointing...

Last updated: 08:46 EDT Underlying US consumer inflation accelerated more than expected last month, helping ratify market expectations for at least one more move in the Federal Reserve’s tightening cycle.  According to data published by the Bureau of Labor Statistics this morning, the headline consumer price index rose 3.7 percent in August from the same period last year, up 0.6 percent on a month-over-month basis. This was closely aligned with consensus estimates among economists polled by the major data providers ahead of the release. Energy costs jumped 5.6 percent month-over-month as global oil prices surged.  The – arguably more important...