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Fed Chair Jerome Powell says immigration surge boosted unemployment rate
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Fox Business, National

Fed Chair Jerome Powell says immigration surge boosted unemployment rate

By Michelle Wells | Fox Business Federal Reserve Chair Jerome Powell said Wednesday that immigration is helping push the unemployment rate higher as they enter the labor force and look for jobs. Powell was asked about whether the level of job creation in the economy, which has been a little more than 100,000 on average for the last three months, is alarming and if the labor market can continue slowing down through fewer job openings as opposed to job losses. "On the job creation… it depends on the inflows," Powell said. "So if you're having millions of people come into the labor force, and you're creating 100,000 jobs, you're going to see unemployment go up. So it really depends on what's the trend underlying the volatility of people coming into the country." "We understand the...
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Fed Chair Powell signals rate cuts as stocks test record highs
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National, The Street

Fed Chair Powell signals rate cuts as stocks test record highs

By Martin Baccardax | The Street U.S. stocks moved firmly higher in early Friday trading, while Treasury yields and the dollar were largely unchanged, as investors reacted to a key speech from Federal Reserve Chairman Jerome Powell that could clarify the central bank's plans for autumn rate cuts.  Bond market are rallying hard on the back of Powell's Jackson Hole address, but bets on an outsized 50 basis point rate cut in September are moving only modestly higher, with the bulk of the odds from the CME Group's FedWatch pointing to a 25 basis point reduction.  Benchmark 10-year Treasury note yields were last marked 5 basis points lower from prior to Powell's remarks at 3.801%, while rate-sensitive 2-year notes fell 6 basis points to 3.935%. READ MORE ON THE STREET...
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