mouserman wrote: Toppicks1 wrote: Again today as banks are starting to get noticed as a place to be again. Nice to be positioned ahead of the moves. The buy point at 10.25 provided a great entry. As of today the may dividend would rise to .1359 cents. Such a great feeling knowing you have capital gains and your dividend keeps growing.
Amazing how the banks are affected when 5 regional banks in the US get downgraded and then the FED SAYS INTEREST RATES may not get cut this summer.
The chief of the San Francisco Federal Reserve said there “is really no urgency” to cut U.S. interest rates in light of how long it’s taking for inflation to ebb.
“Inflation is coming down, but it’s slow. Bumpy and slow,” Mary Daly said at an event in Las Vegas
There is really no urgency to adjust the rate,” she added. “Standing pat is the right policy at the moment.”
Daly is a member this year of the 12-member Fed board that helps determine the level of U.S. interest rates.
The Fed has signaled it plans to cut interest rates three times this year, but senior members are divided over when to begin. For now Wall Street is expecting the first reduction in mid-June.
Daly herself said there’s still a “path” to cut interest rates this year, “but we’re just not there yet.”
Inflation has risen in the first few months of 2024 and the economy has remained remarkably resilient, raising questions about whether the increase in prices will slow enough to hasten Fed rate cuts.
She also said it’s premature to assume three rate cuts are in the cards for 2024. “Three rate cuts is a projection and a projection is not a promise,” she said.
Daly said the timing and size of the rate cuts will depend on how fast inflation slows and whether the economy softens.
The Fed will see several addition months of data on inflation and employment before the June meeting to help the central bank plot its course.