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Powell sees cooler US hiring in possible hint of rate cuts

“In his speech, Powell also said the Fed plans to renew its Treasury security purchases to pump more cash into overnight money markets” reports That step is intended to help keep short-term rates at their target level and isn’t needed to support the economy, the Fed chairman added.Corporate tax payments due at the end of the quarter and bond sales by the federal government had soaked up enough cash to send the overnight rates sharply higher.

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