The Federal Reserve is close to achieving its long-term inflation target, a senior official has said, as the central bank begins to pivot to when it may cut interest rates.
Recent economic data has shown the Price Consumption Expenditures (PCE) Price Index has fallen to 2.6 per cent, with core inflation down to 3.2 per cent. Economic growth is projected to have grown somewhere between 1 and 2 per cent in the fourth quarter of last year.
Meanwhile, the labour market has been cooling without a sharp increase in unemployment.
“For a macroeconomist, this is almost as good as it gets,” Federal Reserve governor Christopher Waller said during a snowed-out Brookings Institution seminar in Washington on Tuesday.
Mr Waller, one of the permanent members of the Federal Reserve board of governors who vote on monetary policy decisions, noted PCE inflation had been running closer to 2 per cent over the past six months, which is near the Fed's long-term goal.
“Based on economic activity and the cooling of the labour market, I am becoming more confident that we are within striking distance of achieving a sustainable level of 2 per cent PCE inflation,” he said.
With the economy moving towards soft-landing territory, the Fed has pivoted to when it will begin cutting interest rates and by how much. Traders expect the 5.4 per cent rate to decline from March but Mr Waller said the timing and number of rate cuts would be determined by data.
December projections released by the Fed forecast three cuts this year to bring down its rate range to 4.25 per cent and 5.0 per cent.
“I see no reason to move as quickly or cut as rapidly as in the past,” he said, echoing previous Fed statements that rates will be held at an elevated level for a prolonged spell.
The Fed holds its first policy meeting of the year on January 30 and 31.
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Alia’s winning experiment examined how genes might change under the stresses caused by being in space, such as cosmic radiation and microgravity.
Her samples were placed in a machine on board the International Space Station. called a miniPCR thermal cycler, which can copy DNA multiple times.
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Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
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