3 hours ago
Fed Governor Michelle Bowman says interest rate hikes are likely over, but it's not time to cut them yet
Federal Reserve Governor Michelle Bowman indicated that the central bank's rate hikes were likely complete – but she added that she was not ready to start cutting rates.
Bowman spoke at a community bankers conference in South Carolina on Monday, where she highlighted the Fed's progress in curbing inflation through tight policy.
“Based on this progress, I have evolved my view to consider the possibility that the inflation rate could fall further if the key interest rate is maintained at current levels for some time,” she said in prepared remarks.
If inflation continues to fall toward the Fed's stated 2 percent target, Bowman said it will “at some point be appropriate” to begin cutting interest rates.
However, the central bank still has a lot of work to do before cuts begin, she said. “In my opinion, we’re not at that point yet,” Bowman added.
Read more about Bowman's comments here.
-Darla Mercado, Jeff Cox
3 hours ago
Stocks make the biggest moves after hours
Check out the companies making headlines in after-hours trading.
- Unity Software – Shares of Unity Software rose more than 3% after the maker of game engines used in the Angry Birds and Pokémon Go video games said it will cut 25% of its workforce, or about 1,800 employees .
- Microchip Technology – Shares of Microchip Technology fell more than 3% after the microcontroller maker cut its third-quarter sales forecast, citing a “weakening economic environment.” The company expects third-quarter revenue to decline 22%, compared to previous forecasts of declines of 15% and 20%.
- JetBlue Airways – JetBlue shares rose more than 1% after the company announced that President and Chief Operating Officer Joanna Geraghty will succeed Robin Hayes as CEO, effective Feb. 12.
Read the full list here.
—Sarah Min
3 hours ago