Morning Briefing: Powell says Fed still expects inflation to ease

Moomoo Breakfast US wrote a column · Jul 15, 2021 05:43

By Chloe

Hey moomooers! Here are things you need to know before the opening bell:
- EU, China unveil plans to cut emmisons
- Businesses see above-average price increases, worry about lingering inflation, Fed beige book says

Market snapshot

U.S. stock futures were mixed in early morning trading on Thursday as investors readied for more corporate earnings and labor market data.

Dow futures fell 171 points. S&P 500 futures were below the flatline while Nasdaq 100 futures were mildly higher.

Morning Briefing: Powell says Fed still expects inflation to ease

Crypto

$Bitcoin(BTC.CC)$, the leading cryptocurrency, was trading at $32,135 at the time of writing, dipping 2.18% and$Ethereum(ETH.CC)$ was trading at $1,936, dipping 2.93%.

Top news

Stock futures slip ahead of jobless data

U.S. stock futures edged down ahead of jobless figures and a second day of testimony from Federal Reserve Chairman Jerome Powell on Capitol Hill.

Powell says Fed still expects inflation to ease

Federal Reserve Chairman Jerome Powell said the central bank wouldn't hesitate to raise interest rates to keep inflation under control but repeatedly emphasized he still expects price pressures to ease later this year.

China's economic growth slows in the second quarter

China's economic rebound slowed in the second quarter but continued to show unusual resilience more than a year after the country largely got control of the coronavirus within its borders.

U.S. competition policy is aligning with Europe, and deeper cooperation could follow

The European Union's top antitrust regulator, Margrethe Vestager, said she expects "much more intense work when it comes to technology and the digitized market" between her team and Washington.

Centrist Democrats take a wait-and-see stance on the $3.5 trillion plan

Some senators say they need to review details of a plan to fund expanded access to preschool and affordable child care, broader Medicare benefits and programs aimed at combating poverty and climate change.

Businesses see above-average price increases, worry about lingering inflation, Fed beige book says

The central bank also says the economic recovery further strengthened headed into the summer.

EU, China unveil plans to cut emissions

The European Union and China announced sweeping plans to limit greenhouse-gas emissions that will increase costs for industry and consumers but drew criticism from environmentalists as not going far enough to slow climate change.

$Taiwan Semiconductor (TSM.US)$ 's 2nd-quarter net profit rose 11% on year

The world's largest contract chipmaker said second-quarter net profit rose to $4.80 billion as the Covid-19 pandemic continued to support chip demand.

Blackstone enters deal to manage AIG life and retirement assets

Blackstone struck a deal to manage a swath of assets backing AIG's life insurance policies and annuities, a big step by the private equity firm toward becoming a major player in the insurance industry.