The Australian share market is set to rise this morning, while US Federal Reserve chair Jermome Powell pares back expectations for interest rate cuts. Follow the day's events and insights as they happen with our business reporters on the ABC News live markets blog.
Live updates: Australian share market to rise, US Fed chair says central bank not in a 'hurry' to cut ratesLive updates: Australian share market to rise, US Fed chair says central bank not in a 'hurry' to cut ratesThe Australian share market is set to open higher, as US stocks edge lower.
Follow the day's financial news and insights from our specialist business reporters on our live blog.The head of the US's central bank has said strong economic growth, a solid job market, and inflation that remains above target means the"the economy is not sending any signals that we need to be in a hurry to lower rates. The strength we are currently seeing in the economy gives us the ability to approach our decisions carefully.
The slower pace of rate cuts aligns with current market expectations following Donald Trumps' election victory and persistent inflation. Traders are predicting another quarter percentage point rate cut in December and fewer cuts next year than previously forecast. Mr Powell said officials are taking their time to assess the impact of Mr Trump's slated policies on tax cuts, tariffs and immigration on economic growth and inflation.It's the end of another busy week and this morning we're digesting yesterday's job news and looking ahead to events further afield.
The Australian share market is set to open higher, despite US stocks falling today. Futures are up 0.64% to 8308 points at 7:20am AEDT.). If that transpires it could mean the cut will come after the federal election, which is expected to be called sometime in the first five months of next year.
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