By: Elisabeth Buchwald, Krystal Hur, Bryan Mena, Allison Morrow
The Senate Banking Committee is set to grill executives from failed banks Silicon Valley Bank and Signature Bank. Markets will also be paying close attention to the latest retail sales and housing data for any signs that the economy is slowing.
It has been a busy week of public engagements for the Federal Reserve’s top officials. One thing has become clear: There is an intensifying debate about whether to hike again or pause at the next meeting.
Federal Reserve officials were divided at their last meeting as to whether or not another rate hike was needed to slow the economy, according to minutes from the central bank’s May policymaking meeting, released Wednesday afternoon.
The US labor market picked up momentum in May, once again defying expectations of a slowdown. But Federal Reserve officials are still likely to suspend rate hikes in their upcoming policy meeting because of broader trends pointing to a weakened economy later in the year.