Former chair of the ACCC to oversee an inquiry into Price Gouging and Unfair Pricing Practices, while a fall on Wall Street sends Australian stocks lower today. Follow the latest updates in our live blog.
The US central bank held interest rates steady as expected at the end of a two-day policy meeting, but the rate-setting Federal Open Market Committee said "inflation remains elevated" and Fed chair Jerome Powell said the Fed's job is to lower it.
"We are committed to achieving and sustaining sufficiently restrictive policy to bring inflation down to 2 per cent over time," Powell said at a press conference, adding that reducing inflation is likely to require a period of below trend growth.an additional 25 basis point rate hike this year, peaking in the 5.5 to 5.75 per cent rangeFed officials now see the personal consumption expenditures price index at 3.3 per cent at year end, up from June's forecast of 3.
"The Fed is trying to send as hawkish a signal as it possibly can. It's just a question of whether the markets will listen to them without taking them with a grain of salt," said Gennadiy Goldberg, head of US interest rate strategy at TD Securities in New York. "They're talking about higher rates for longer, but it's really the economy that matters. And if the economy starts to soften, I don't think these dot plot projections will actually hold up."
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