US Fed Chief Backs Gradual Rise in Rates

Federal Reserve Bank of Chicago President Charles Evans speaks during a meeting in Madrid Spain

Alibaba rose 1.63 percent after the Chinese e-commerce firm took control of logistics unit Cainiao and pledged to spend $15 billion over five years to build out a global logistics network.

Because changes in interest rates influence economic activity and inflation with a substantial lag, the Federal Open Market Committee (FOMC) sets monetary policy with an eye to its effects on the outlook for the economy. "Chair Yellen tried to strike a balanced tone in her speech overnight, but was tilted towards the hawkish side".

Equifax dropped 1.1 percent after announcing that chief executive and chairman Richard Smith would step down in the wake of a massive data hack.

Dudley cited the soft dollar and strong overseas growth among the reasons he expects slightly above-average USA economic activity and a long-sought rise in wages.

"That triggered the move in bonds but the fact that we should hear something more substantive on tax reform today is adding to the selloff", he added.

Hopes were also raised of lower USA corporation and individual taxes after President Donald Trump hosted a bipartisan round table discussion on tax policy at the White House.

Janet Yellen sent a strong signal on Tuesday that the central bank intends to normalize interest rates steadily in the months ahead.

President Donald Trump warned North Korea on Tuesday that any U.S. military option would be "devastating" for Pyongyang, but said the use of force was not Washington's first option to deal with the country's ballistic and nuclear weapons program.

In a speech at a convention of business economists held Tuesday in Cleveland, Federal Reserve Chairwoman Janet Yellen said her organization has been puzzled by chronically low inflation.

Star Trek: Discovery Premiere, Where Can You Watch?
On top of its new single-day record, the service has also seen its best week and month for new sign-ups, according to Deadline . New episodes of Star Trek: Discovery stream Sundays at 8:30/7:30c exclusively on CBS All Access .

In Europe, the German 10-year government bond took a cue from the US, rising more than 6 basis points to hit 0.464%.

Cape Town - The rand lost more than 1.5% against the United States dollar on Wednesday, breaking through the level of R13.50/$ for the first time in nearly three months as the greenback rallied on rate hike hopes.

The U.S. Energy Information Administration will release stocks data later on Wednesday.

Ten-year yields climbed seven basis points to an eight-week high of 2.30 percent, also pushed higher by the prospect of tax cuts that could increase federal borrowing, analysts said.

The Euro-to-Dollar rate pared a 0.68% loss overhanging from the London session to trade just 0.52% down at 1.1794.

India's Sensex was declining 0.9 percent and benchmark indexes in Indonesia and Malaysia were down around 0.1 percent, while Singapore's Straits Times index was rising 0.9 percent and the Taiwan Weighted rose 0.7 percent.

The greenback broke out to over a 2-month high of Y113.229 against the Japanese Yen Wednesday morning, but has since pulled back to around Y112.700. The euro fell to $1.1788 from $1.1791.

-West Texas Intermediate crude fell 0.5 percent to $51.94 a barrel.

Related News:

  • Collins: 'Very difficult' to imagine backing GOP health care bill

    Collins: 'Very difficult' to imagine backing GOP health care bill

    If the Texas Republican sticks to that stand, GOP leaders will have little hope that their 11th-hour Senate push will survive. Trump is hugely popular in deep-red Alabama, gushing, "It's nice to go places where people love you".
    Facebook says it will release Russian-linked ads to Congress

    Facebook says it will release Russian-linked ads to Congress

    Facebook denied that the allegations and argued that Zuckerberg's leadership has been a key part of the company's success. Facebook will share ads from the Russian entity known as the Internet Research Agency with congressional investigators.
    Stay off Rohingya Muslim matter, Centre tells Supreme Court

    Stay off Rohingya Muslim matter, Centre tells Supreme Court

    The United Nations says there are 16,000 registered Rohingya in India, but many more are undocumented. The Myanmar government considers the Rohingya to be economic migrants from Bangladesh.
  • ME  election system not targeted by Russian hackers

    ME election system not targeted by Russian hackers

    There is also a spring election in April where an open seat on the Wisconsin Supreme Court will be filled. The state has voted for the Democratic presidential candidate in seven consecutive presidential elections.
    Kylie Jenner Is Reportedly Pregnant

    Kylie Jenner Is Reportedly Pregnant

    Sources also tell TMZ Scott has been telling his friends about the pregnancy. "The family has known for quite some time". Maybe that time she spent with Tyga and Blac Chyna's baby awakened her maternal instincts.
    The four countries quietly expanding their nuclear arsenals

    The four countries quietly expanding their nuclear arsenals

    It will keep us on track for achieving our goal of a world in which nuclear weapons exist only in movies or books. BACKED a United Nations treaty prohibiting nuclear weapons , despite objections to the treaty from Nato.
  • 27 years later, woman charged in fatal shooting by clown

    27 years later, woman charged in fatal shooting by clown

    Neighbors told police Michael Warren was a frequent visitor to Keen's apartment, the Miami Herald reported in September 1990. He did serve time in prison for grand theft, racketeering and odometer tampering, connected to a used auto business.
    Mexican border wall prototype construction begins

    Mexican border wall prototype construction begins

    In nearby streets, signs have been posted prohibiting vehicles from parking there between September 26 and November 10. According to CBP, they "will inform future design standard (s) which will likely continue to evolve to meet (U.S.
    IOS 11 Screen Recording: Here's How To Screen Record From Your iPhone

    IOS 11 Screen Recording: Here's How To Screen Record From Your iPhone

    In iOS 11 that is made slightly easier, because you can now shift the keyboard to the left or the right and make it smaller. Apple Maps now have indoor maps for major airports and shopping centres, and there's a DND mode while driving.
  • Pochettino treats 'everyone' at Tottenham to steak dinner

    Pochettino treats 'everyone' at Tottenham to steak dinner

    The England worldwide has made a habit down the years of producing his best in meetings with local rivals. All the managers love to have this type of player in your squad", Pochettino said.
    Iran unveils latest ballistic missile

    Iran unveils latest ballistic missile

    Criticism by the Trump administration of the 2015 nuclear deal has focused heavily on Tehran's continuing missile program. Iran has insisted the missiles are not created to carry nuclear weapons and is not in violation of the resolution.
    Mormon-owned BYU lifts ban on selling Coca-Cola

    Mormon-owned BYU lifts ban on selling Coca-Cola

    The Church-owned LDS Business College began selling caffeinated soft drinks in June, according to the The Daily Universe . Utah's Brigham Young University (BYU ) has lifted its decades-long ban on the sale of caffeinated drinks on campus.


Most liked

Trump hints at firing Health Secretary Tom Price over airplane use
Trump's remarks were the latest example of the White House distancing itself from Price's actions. And I will tell you personally, I'm not happy about it.

'Matter of hours' before Bali volcano erupts, says Indonesian government
More than 75,000 people were evacuated over the past few days as Agung has experienced hundreds of internal volcanic earthquakes. The central government has set aside a relief fund of almost $150 million in case of an eruption .

Saudi Arabia Allows Women To Drive, Backs Down On Long-Standing Ban
Saudi Arabia on Tuesday announced that it would allow women to drive, state media reported . In recent years, a number of activists defied the ban, leading to their arrests.

NBC's Sunday night National Football League ratings dip from last year's week 3
Did this weekend's events have a dramatic effect on Sunday's games? Both networks tackled the political news of the weekend. It was a great Sunday of football and still the main story was what players did during the national anthem .

Federation Internationale de Football Association to lift controversial poppy ban
The new wording tightens the definition of what is to be deemed a "political" symbol by the football authorities. The poppy has always been used as a symbol for the British to commemorate military personnel who died in battle.

Jurgen Klopp Pissed Off By Sky Sports' Question About Loving His Players
Sadio Mane should be fresh after his domestic suspension, and a fine display from Daniel Sturridge at the King Power on Saturday has given Klopp something to chew over.

China experts say 3.4-quake hits North Korea in 'suspected explosion'
North Korea has said it intends to build a missile capable of striking all parts of the United States with a nuclear bomb. Geological Survey and Japan's Meteorological Agency both detected the tremor but said they could not judge the cause.

Remarkable Rossi qualifies third for Aragon MotoGP despite broken leg
But the five-time world champion easily moved through, subsequently qualifying on the front row. Fourth-place sees Vinales slip to 28 points off Marquez in third in the championship standings.

Things to Watch on Catalonia's Referendum
Student union representatives are calling for protesters to remain over the weekend to support for the vote. They occupied a central cloister near the offices of the dean and other university officials.

Parineeti, Varun support Mahira Khan over trolling
Parineeti Chopra , Ali Zafar, Osman Khalid Butt and Momina Mustehsan were some of the celebrities who defended Mahira. Every woman has the right to make her own choices in life (as long as she is not hurting anyone) just as we men do.

Rohingya Flee Myanmar Violence at Mercy of Traffickers, Warns UN
The Rohingya exodus began August 25, after Rohingya insurgent attacks on police set off a military crackdown. More than 400,000 Rohingya have fled from Myanmar (also known as Burma) to Bangladesh since August 25.

Ryanair passengers who re-booked flights pay again for extras
In better news for the carrier, the meeting saw shareholders approved all resolutions by substantial majorities. What should I do if my flight is cancelled? Ryanair will also need to spend an extra €30m on hiring pilots.

Dragic leads Slovenia to Eurobasket glory
For Russia, point guard Alexey Shved's 18 points and center Timofey Mozgov's 14 points were not enough to beat Spain . Gasol brothers - Marc and Pau - were in form once again, helping Spain bag the bronze medal in the tournament.

Moon, Trump vow stronger pressure on N Korea
Some doubt Kim - Trump referred to him as "Rocket Man" in Sunday's tweet - will ever agree to give up his arsenal. Security Council unanimously slapped with a new set of sanctions earlier this month over its nuclear program.

Who Will Win Big At This Year's Primetime Emmy Awards?
Also on hand will be cast members of Saturday Night Live and Westworld , both of which lead with 22 nominations each. Plus, there will be plenty of photos and videos on the Emmys/Television Academy and CBS Facebook pages.