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The National
2 hours ago
- The National
Few Fed officials support rate cut this month, meeting minutes show
Only a small contingent of officials at the Federal Reserve support a US interest rate cut this month, minutes released from the central bank's June meeting showed on Wednesday. Fed officials are debating the effects that President Donald Trump's tariffs will have on inflation. Most policymakers noted during the June 17-18 meeting that tariffs "could have more persistent effects on inflation", while a few thought it would lead to a one-time increase. "A couple of participants noted that … they would be open to considering a reduction in the target range for the policy rate as soon as at the next meeting," June's meeting minutes read. At the same time, some officials said they would be open to holding rates steady for the whole year. Fed officials last month agreed to hold the central bank's interest rate target range at between 4.25 and 4.50 per cent, extending their pause for a fourth straight meeting. The Fed holds its next two-day meeting on July 29-30. Two top Fed officials – governor Christopher Waller and vice chair for supervision Michelle Bowman – indicated their support for a rate cut this month shortly after the June meeting, with the Mr Waller pointing to his belief that tariffs will have a one-time inflationary effect. Mr Waller and Ms Bowman are both permanent voting members on the rotating 12-person Federal Open Market Committee. However, those views are at odds with the broader rate-setting FOMC, including Fed chairman Jerome Powell, who has gone for a more cautious approach towards cutting rates. The June minutes reflected Mr Powell's more cautious posture. "Participants agreed that although uncertainty about inflation and the economic outlook had decreased, it remained appropriate to take a careful approach in adjusting monetary policy," they read. Employment data released last week further evaporated the chances of a rate cut this month. Data released by the Labour Department showed the economy topped expectations by adding 147,000 jobs in June while the unemployment rate unexpectedly fell from 4.2 per cent to 4.1 per cent. Traders have now priced in the odds of a July rate cut at just 6.7 per cent while also reducing expectations of a cut in September, data from the CME Group showed. Still, minutes from the June meeting showed "most participants" expect to cut rates at some point this year. Projections released alongside their rates decision showed most Fed officials anticipate two rate cuts in 2025, in line with market expectations. The Fed's cautious stance has drawn the ire of Mr Trump, who in recent weeks has increased tension with the central bank and Mr Powell. Mr Trump earlier on Wednesday said the current Fed rate should be "at least" three points lower, to reduce the cost of servicing the country's debt. Other members of the Trump administration have also begun criticising Mr Powell as speculation increases over who might be his successor. Among his critics is Treasury Secretary Scott Bessent, who has lashed out at the Fed chair, a step that his predecessors have typically avoided. Mr Trump had previously toyed with the idea of firing Mr Powell, although a recent ruling from the Supreme Court granted Federal Reserve officials protection from the President. On Tuesday, he repeated his call for Mr Powell's resignation and gave Congress his approval to investigate him over accusations among Republicans that he had misled politicians about renovations at the Fed's headquarters in Washington. Mr Powell has maintained that he will serve out his term as Fed chairman, which expires in May 2026. He has not said if he will remain on the board for his duration as Fed governor, which expires in 2028.
Khaleej Times
3 hours ago
- Khaleej Times
Fed minutes show narrow support for rate cut later this month
Only "a couple" of officials at the Federal Reserve's June 17-18 meeting said they felt interest rates could fall as soon as this month, with most policymakers remaining worried to some degree about the inflationary pressure they expect to come from President Donald Trump's use of import taxes to reshape global trade. Trump has demanded immediate cuts, and called for Fed Chair Jerome Powell to resign, but the minutes showed only narrow support for a reduction in borrowing costs among the Fed's 19 policymakers. "Most participants" at the Fed's meeting did anticipate rate cuts would be appropriate later this year, with any price shock from tariffs expected to be "temporary or modest," said the minutes, which were released on Wednesday. The document covered the deliberations at the U.S. central bank's Federal Open Market Committee meeting last month, at which officials unanimously voted to keep the benchmark interest rate in the 4.25%-4.50% range set last December. "Participants generally agreed that, with economic growth and the labor market still solid and current monetary policy moderately or modestly restrictive, the Committee was well positioned to wait for more clarity on the outlook for inflation and economic activity," the minutes said. While many policymakers agreed rate cuts might be appropriate later this year, there was broad division about the outlook. Read the full Fed minutes here. "Some participants ... saw the risk of elevated inflation as remaining more prominent," the minutes said. Seven policymakers in projections issued after the June meeting anticipated no rate cuts this year. "A few participants saw risks to the labor market as having become predominant," the minutes stated. But officials seemed, in large part, wary to change monetary policy while so much remained up in the air about the final tariff rates that Trump intends to impose and how businesses and consumers will respond. Fed officials "agreed ... it remained appropriate to take a careful approach in adjusting monetary policy," according to the minutes. The comments in the minutes were reflected in the interest rate projections issued after the two-day meeting, with the median rate outlook pointing to two quarter-percentage-point cuts by the end of 2025. Investors expect an initial cut at the Fed's meeting in September and a second one in December. Fed Governor Christopher Waller and Fed Vice Chair for Supervision Michelle Bowman have since said they felt rates could fall as soon as the July 29-30 meeting, but a recent stronger-than-expected jobs report has led investors to put the odds of an imminent rate cut at close to zero. Powell's term as Fed chief lasts until May 15.
Khaleej Times
5 hours ago
- Khaleej Times
Sojern joins forces with PubMatic to expand travel audience data curation
Sojern, a leading marketing platform built for hospitality, is joining forces with PubMatic, an independent technology company shaping the future of digital advertising's supply chain. This new relationship enables agencies and advertisers to access and activate Sojern's extensive real-time travel data insights, with PubMatic's premium inventory, to target travelers more accurately and in a privacy-compliant way. Creating personalized, targeted campaigns requires finding the right mix of audiences and inventory supply. Curation is a preferred option, enabling real-time optimization and measurement so brands can create relevant ads that drive results. By using a multi-ID approach, curation enables advertisers to work directly with supply-side platforms (SSPs) to strategically combine first-party data, Sojern travel segments, and premium inventory. 'It's clear that curation offers an exciting future for programmatic advertising, and while we've worked with PubMatic for many years, this partnership shows that we're committed to delivering vertical-specific curated advertising to our clients,' said Josh Beckwith, Vice President, Global Corporate Sales at Sojern. 'This relationship will fuse Sojern's best-in-class travel data and multi-ID audiences with PubMatic's best-in-class inventory, and allow us to optimize both in real time, creating curated campaigns using our clients' preferred supply path.' The partnership unlocks new opportunities for advertisers to activate Sojern's real-time vertical-specific traveler insights directly within PubMatic's curation and data solution, Connect. This integration enables more precise targeting and transforms audience curation into a powerful tool for programmatic advertising and performance. 'Today's advertising needs to work for everyone. Consumers want privacy and relevant ads, while brands need quality advertising space and brand safety,' said Amélie Grenier-Bolay, Country Manager, Italy & MENA, PubMatic. 'Strategic curation brings together advertisers, publishers, and audiences by filtering content for quality and relevance. This partnership with Sojern is a perfect example, providing marketers with access to travel data for more effective targeting while ensuring privacy protection and maintaining brand safety. The result is better transparency, more control, and stronger performance across the board.'
