The US economy’s strength and continued tight labor markets could warrant further Federal Reserve interest rate increases, Fed Chair Jerome Powell said on Thursday in remarks that appeared to push back against market expectations that the central bank’s rate hikes had reached an end.
“We are attentive to recent data showing the resilience of economic growth and demand for labor. Additional evidence of persistently above-trend growth, or that tightness in the labor market is no longer easing, could put further progress on inflation at risk and could warrant further tightening of monetary policy,” Powell said in remarks to the Economic Club of New York.
For inflation to durably return to the Fed’s 2% target, it “is likely to require a period of below-trend growth and some further softening in labor market conditions,” Powell said.
Since the Fed began raising interest rates in March of 2022 the unemployment rate has varied little from the current 3.8%, below the level most Fed officials feel is noninflationary, and overall economic growth has generally remained above the 1.8% annual growth rate Fed officials see as the economy’s underlying potential.
The Fed is “proceeding carefully” in evaluating the need for any further rate increases, Powell said, likely leaving intact current expectations that the Fed will leave its benchmark policy rate steady at the current 5.25% to 5.5% range at the upcoming Oct. 31-Nov. 1 meeting.
There is evidence the labor market is cooling, Powell said, with some important measures approaching levels seen even before the pandemic.
Powell also noted a number of fresh “uncertainties and risks” that need to be accounted for as the Fed tries to balance the threat of allowing inflation to rekindle against the threat of leaning on the economy more than is necessary.
Those include new geopolitical risks to the economy from the “horrifying” attack on Israel by the Palestinian militant Hamas group, Powell said.
“Our institutional role at the Federal Reserve is to monitor these developments for their economic implications, which remain highly uncertain,” Powell said. “Speaking for myself, I found the attack on Israel horrifying, as is the prospect for more loss of innocent lives.”
He also noted recent market-driven increases in bond yields that have helped to “significantly” tighten overall financial conditions.
“Persistent changes in financial conditions can have implications for the path of monetary policy,” Powell said, with higher market-based interest rates, if sustained, doing the same job as Fed rate increases.
But the Fed chair also voiced what has become a lingering theme at the central bank: That despite steady progress on lowering inflation, the battle isn’t over, with further rate increases still a possibility and the duration of tight monetary conditions still to be determined.
“Inflation is still too high, and a few months of good data are only the beginning of what it will take to build confidence that inflation is moving down sustainably toward our goal,” Powell said, citing the progress made since inflation peaked last year but also noting that one of the Fed’s main measures of inflation remained at 3.7% through September, nearly twice the central bank’s target.
“We cannot yet know how long these lower readings will persist, or where inflation will settle over coming quarters,” Powell said. “The path is likely to be bumpy and take some time…My colleagues and I are united in our commitment to bringing inflation down sustainably to 2%.”
The weeks since the Fed’s September meeting have been unusually turbulent, with worries about regional war in the Middle East rising and bond markets driving market interest rates higher, tightening the financial conditions faced by businesses and households somewhat independent of the Fed.
Data since the Fed’s last meeting also has shown US job growth reaccelerating unexpectedly, retail sales defying predictions of a slowdown and varying measures of prices offering inconsistent signals about whether inflation is on track to return to the Fed’s 2% target in a timely manner.
Powell’s appearance comes less than 48 hours before the beginning of the traditional quiet period ahead of the rate-setting Federal Open Market Committee’s meeting on Oct. 31-Nov. 1. While a handful of other Fed officials have appearances later on Thursday and Friday before blackout begins on Saturday, it is Powell’s remarks that will set the tone for policy expectations heading into that meeting.
Should they leave rates unchanged in two weeks as is now widely expected, it would mark the first back-to-back meetings with no rate increase since the Fed kicked off its hiking campaign in March 2022.
A Reuters poll of more than 100 economists published on Wednesday showed more than 80% expect no rate hike at the next meeting, and most also believe the Fed is done with rate hikes even though a majority of policymakers at their September meeting projected one more quarter-point increase was likely to be needed by year end.
Many in the poll offered the caveat that if progress on inflation stalls out or reverses, the Fed would not hesitate to resume raising rates.
The US Securities and Exchange Commission (SEC) has postponed deciding on whether to greenlight two proposed cryptocurrency exchange-traded funds (ETFs) holding Dogecoin and XRP, filings show.
The US regulator has delayed its deadline for ruling on the proposed ETF listings until June, according to two filings reviewed by Cointelegraph.
The filings were responses to March requests from US exchanges NYSE Arca and Cboe BZX Exchange to list Bitwise’s Dogecoin (DOGE) ETF and Franklin Templeton’s XRP (XRP) ETF, respectively.
They came on the same day that Nasdaq, another US exchange, asked for permission to list a 21Shares Dogecoin ETF.
Dogecoin is the world’s most heavily traded memecoin, with a market capitalization of around $26 billion as of April 29, according to data from CoinGecko. XRP is the native token of the XRP Ledger blockchain network. It has a market capitalization of approximately $133 billion, CoinGecko data shows.
The SEC has delayed its deadline for reviewing Franklin’s XRP Fund. Source: SEC
In 2025, the SEC has fielded requests to authorize dozens of altcoin ETFs for US listing. As of April 21, approximately 70 crypto ETFs were awaiting the SEC’s review.
Asset managers are proposing funds holding “[e]verything from XRP, Litecoin and Solana to Penguins, Doge and 2x Melania and everything in between,” Bloomberg analyst Eric Balchunas said in an April 21 post on the X platform.
The deluge of proposals comes as US President Donald Trump pushes the SEC to take a more accommodating stance toward cryptocurrencies.
However, analysts caution investor demand for altcoin ETFs may be tepid in comparison to funds holding core cryptocurrencies such as Bitcoin (BTC) and Ether (ETH).
“Having your coin get ETF-ized is like being in a band and getting your songs added to all the music streaming services,” Balchunas said.
“Doesn’t guarantee listens but it puts your music where the vast majority of the listeners are.”
Although US exchanges are embracing crypto ETFs, they are also urging the SEC to take a tough regulatory posture toward digital assets. In an April 25 comment letter, Nasdaq encouraged the SEC to hold digital assets to the same compliance standards as securities if they constitute “stocks by any other name.”
It seems such a short time ago that all 16 teams began the 2025 Stanley Cup playoffs with a clean slate. On Tuesday night, two teams could have their postseason runs ended.
Can both teams stave off elimination to get another home game out of the 2025 postseason?
Games 2-4 marked the 11th time in the past 20 years that teams have gone to overtime three straight times in a playoff series.
Jake Sanderson‘s game-winning overtime goal was the first of his career, and he became the ninth defenseman age 22 or younger with an OT goal in the playoffs (and the first for the Senators).
Veteran David Perron scored his first playoff goal with the Senators, the fourth team with which he has scored a postseason goal (Blues, Golden Knights, Ducks).
Toronto defensemen have scored five goals this postseason, the most by any team, a surprising outcome given that the Leafs had the fewest goals by defensemen in the regular season (21).
The Devils have outscored the Hurricanes at 5-on-5 in the series (7-5), but trail on their own power plays (0-1), the Canes’ power plays (0-4) and when the net is empty (0-2).
Hurricanes goaltender Frederik Andersen was knocked out of Game 4 following a collision with Devils forward Timo Meier. Meier has not scored on Andersen during this series, but scored on his first shot on goal against backup goalie Pyotr Kochetkov.
Andersen’s status is up in the air for Game 5, but he is the current leader among playoff goaltenders in goals-against average (1.59) this postseason, and is second among qualified goalies in save percentage (.936).
Andrei Svechnikov scored his second career playoff hat trick in Game 4. He has two for his career and is the only player in Hurricanes/Whalers franchise history to score a playoff hat trick.
Game 4 broke one streak and continued another. Ivan Barbashev‘s OT winner snapped a three-game losing streak for Vegas in playoff OT games, while the loss for Minnesota makes it five straight defeats in home playoff games that go to the extra session.
Wild goalie Filip Gustavsson made 42 saves in the loss, his second career playoff game with 40 or more. He is the only goaltender in franchise history with multiple 40-save games in the playoffs.
Kirill Kaprizov registered an assist in the Game 4 loss, giving him eight points in four games this postseason, one behind the leaders.
Vegas forward Tomas Hertl is on a heater. His goal in Game 4 is his third this postseason, and he has eight goals in his past nine games going back to March 22.
The Wild have been mostly effective at keeping Jack Eichel off the score sheet. He had one assist in Game 4, his first point of the series after a team-leading 94 points in the regular season.
With his two-goal outing in Game 4, Evan Bouchard became the fourth defenseman in Stanley Cup playoff history to have back-to-back multigoal games, joining Rob Blake (2002), Al Iafrate (1993) and Denis Potvin (1981).
Leon Draisaitl — who scored the OT game winner in Game 4 — now has eight four-point games in his playoff career. That’s the fourth most in Oilers history, behind Wayne Gretzky (20), Mark Messier (10) and Jari Kurri (10).
Tied with Draisaitl for the playoff scoring lead is Kings winger Adrian Kempe, who is also tied for the goals lead with four. Kempe had 19 total points in 22 previous playoff games, all with the Kings.
Kings goaltender Darcy Kuemper has been busy, facing 134 shots, which is the second most among postseason goaltenders (Gustavsson is first with 136). Kuemper’s current .881 save percentage is the second worst of his playoff career, narrowly ahead of the .879 he generated while backstopping the Wild for two games in the 2013 playoffs.
Arda’s three stars from Monday night
Johnston scored his first goal of the 2025 postseason nine seconds in, which is tied for the fifth fastest goal to start a game in Stanley Cup playoff history. He had himself a night, with two goals and an assist in the Stars’ win.
Rantanen scored his first postseason goal with the Stars against his old team. Rantanen became the seventh different player in NHL history to score a playoff goal against a team with which he previously tallied 100-plus postseason points. The others: Jaromir Jagr (2012 and 2008 vs. Pittsburgh Penguins), Brett Hull (2002, 2001, and 1999 vs. St. Louis Blues), Wayne Gretzky (1992, 1990, 1989 vs. Edmonton Oilers), Jari Kurri (1992 vs. Oilers), Paul Coffey (1992 vs. Oilers) and Bernie Geoffrion (1967 vs. Montreal Canadiens).
His postgame quotes keep getting better and better, to the point where he deserves a star for saying, “I’m sick of talking about hits” — then asking the media for their thoughts. Love it.
After an exciting, but scoreless, first period, the game heated up even more in the second. Anton Lundell opened the scoring for the Panthers, and Aaron Ekblad delivered a vicious hit to Tampa Bay’s Brandon Hagel; the call was not penalized on the ice, and Hagel would have to leave the game. Thereafter, the Lightning scored two goals within 11 seconds from Mitchell Chaffee and Erik Cernak to take the lead well into the third period. But then in another span of 11 seconds, the Panthers pulled off the same feat, with goals by Ekblad and Seth Jones, sending the building into a frenzy. Carter Verhaeghe added an empty-netter for insurance. Full recap.
play
1:21
Panthers match Lightning with 2 goals in 11 seconds to take lead
Aaron Ekblad and Seth Jones score within 11 seconds of each other as the Panthers grab a late lead in the third period.
As wild as the opening game was Monday night, this one looked to be going down the same road early. Dallas’ Wyatt Johnston scored nine seconds into the game, which is the fastest goal ever to start a playoff game in Stars franchise history. Fellow young Star Thomas Harley joined him on the scoresheet with 45 seconds left in the first. From there on, Dallas kept Colorado at arm’s length, with a second-period goal from Mikko Rantanen, another from Johnston and one from Mason Marchment, followed by an empty-netter from Roope Hintz to put an exclamation point on the proceedings. Artturi Lehkonen and Nathan MacKinnon scored in the second period, but that was not nearly enough on this night. Full recap.
play
0:34
Stars score in first 9 seconds of the game
Wyatt Johnston wastes no time as he finds the net within nine seconds of play for a Stars goal against the Avalanche.
“He’s not playing tomorrow. And you know why,” said Lightning coach Jon Cooper on Tuesday.
Ekblad’s hearing will be held remotely.
With less than nine minutes left in the second period of Florida’s 4-2 victory, Hagel played the puck out of the Tampa Bay zone near the boards. Ekblad skated in on him and delivered a hit with his right forearm that made contact with Hagel’s head, shoving Hagel down in the process. The back of Hagel’s head bounced off the ice. He was pulled from the game because of concussion concerns and didn’t return to the bench.
Ekblad wasn’t penalized for the hit and remained in the game. He would play a critical role in the Panthers’ late-game rally to take a 3-1 series lead, tying the game with 3:47 left in regulation before Florida defenseman Seth Jones scored the winner 11 seconds later.
Hagel returned to the Lightning lineup in Game 4 after serving a one-game suspension for interference on Florida captain Aleksander Barkov in Game 2. The NHL ruled that Barkov wasn’t eligible to be hit and that Hagel made head contact with him, which forced Barkov out of the game. Barkov returned to the Florida lineup for Game 3, which the Lightning won in Hagel’s absence.
“It’s getting tiresome answering questions about a hit every single game,” Lightning coach Jon Cooper said after the game before asking media members whether they had anything to say about Ekblad’s check, with no takers. “All right, let’s move on,” he said.
Ekblad missed the first two games of the playoffs after he was suspended 20 games without pay in March for violating the NHL and NHL Players’ Association’s policy on performance-enhancing drugs.
The Department of Player Safety did make a ruling on Florida defenseman Niko Mikkola, who received a five-minute major penalty and a game misconduct for boarding Tampa Bay’s Zemgus Girgensons in Game 4. Mikkola was fined $5,000, the maximum allowable under the NHL CBA, but escaped suspension.
Cooper said the physicality of “The Battle of Florida” shouldn’t come as a surprise
“Players are missing games because of it, whether it’s physically or by the league. So it’s going to be talked about. But if anybody’s followed Tampa and Florida over the last five or six years, this is kind of how these series are. This one is a little different because of the major things that have happened, but these are hard-fought series,” he said.