For five trading sessions in a row, the price of the $USDJPY currency pair continued to maintain its bullish momentum near its highest level in 24 years.
Enter your emailcontinued to maintain its bullish momentum near its highest level in 24 years.
. But many economists lowered their forecasts after the spending report and now expect growth to be 1% or so at an annual rate. Americans are also saving less to keep up with higher prices. A report on Friday said the US savings rate was only 3.5% in August, well below pre-pandemic levels of about 8%.
Overall, the Fed is trying to keep inflation under control through a series of the fastest interest rate increases in four decades. It pushed the benchmark short-term interest rate into a range of 3% to 3.25%, the highest rate since early 2008, up from nearly zero in March. Fed Chair Jerome Powell and other officials have repeatedly emphasized the Fed's determination to cut rates, even if higher interest rates lead to layoffs and higher unemployment.
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