Mindblown: a blog about philosophy.
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US Treasury Secretary Yellen, testifying to lawmakers, says Treasury is not considering insuring all uninsured bank deposits
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End of day report March 22nd
Global financial tensions have created a shock of uncertain magnitude, according to central bankers.
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Fed Chair Powell says FOMC does not know the extent of the impact of tighter credit conditions; do not see the impact just yet, that argues for being alert when considering future rate hikes
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Powell: We no longer state ongoing rate increases may be appropriate [due to banking credit conditions]
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FED MEDIAN FORECAST SHOWS RATES AT 5.1% END-`23, 4.3% END-`24
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FED STATEMENT; “The Committee anticipates that some additional policy firming may be appropriate”
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Fed Statement comparison
Fed
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FED RAISES BENCHMARK RATE 25 BPS TO 4.75%-5% TARGET RANGE
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ECB’s Nagel says further hikes are needed in coming meetings if inflation develops as projected, ECBs job is not done yet the bank must be bold and decisive
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ECB officials claim vindication on rate hike amid price risks, according to Bloomberg, adds officials are increasingly confident the EZ banking system has withstood financial turmoil, allowing them to resume rate hikes in due course
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