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The U.S. central bank would likely have begun cutting interest rates again if not for the levy plan, the Fed chief said.
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The 10-year Treasury yield slipped during the Tuesday session, as investors awaited the release of U.S. jobs data in a shortened trading week.
The 10-year Treasury yield slipped during the Tuesday session, as investors awaited the release of U.S. jobs data in a shortened trading week.
The 10-year Treasury yield was little changed Tuesday after comments from Federal Reserve Chair Jerome Powell on the impact of tariffs on U.S. monetary policy.
Economists expect policymakers to cut rates by 25 basis points at the next gathering in August, a move that would take the central bank’s base rate to 4%.
The closely watched services inflation print picked up to 3.3% in June, however.
The funding will go towards xAI’s efforts to build out its AI infrastructure and develop its Grok chatbot.
“We do think the last cycle is done, bringing inflation down from the peak of 10[%], back to 2%, that element is over,” Philip Lane told CNBC.
“We do think the last cycle is done, bringing inflation down from the peak of 10[%], back to 2%, that element is over,” Philip Lane told CNBC.