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The Fed won’t go for a 50 basis points jumbo rate cut [Video]

As investors await the upcoming rate decision by the U.S. Federal Reserve this month, Carl Weinberg of High Frequency Economics said that a deep interest rate cut was unlikely.

Policymakers at the U.S. central bank are widely expected to begin lowering interest rates as they meet on Sept. 17-18, marking a shift from the post-pandemic policy tightening that has raised fears of a U.S. recession.

“We’re not seeing anything that I can imagine, in the data, that’s going to trigger the Fed to do what I would call a panicked 50 basis point rate cut,” Weinberg, chief economist at High Frequency Economics told CNBC “Squawk Box Asia,” adding that the economy will welcome a 25 basis point cut instead.

He acknowledged that while there has been a slowdown in hiring, the most recent initial claims for unemployment data have gone down.

U.S. labor market data on Thursday offered mixed signals about the state of the economyamid concerns over the Fed having kept …

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Stocks rise as Biden exits White House race [Video]

Wall Street stock markets rose Monday despite Joe Biden's decision to drop out of the US presidential race fuelling fresh uncertainty. Biden on Sunday gave in to weeks of calls for him to step aside in the wake of a poor debate performance that amplified questions about his health, and endorsed Vice President Kamala Harris