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Fed holds rate. US borrowing plan slightly less than expected. Bank of England seen keeping its rate unchanged. Here’s what you need to know today.

The Federal Reserve signaled that a run-up in long-term Treasury yields reduces the impetus to raise interest rates again, even as Chair Jerome Powell left the door open to another hike to tame inflation. While Powell indicated policymakers could raise rates when they meet next month, he also allowed that officials may be done with their tightening campaign. He said he wasn’t yet confident to judge whether monetary policy was restrictive enough to bring inflation back to the Fed’s 2% target. The central bank held the target range for its benchmark interest rate at 5.25% to 5.5% for a second straight meeting. The S&P 500 rose as Treasury yields tumbled in the US.