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Job openings data released on Wednesday showed the labor market continued to cool in July as investors search for clues on how aggressively the Federal Reserve will cut interest rates in 2024.

NEW YORK (Reuters) -The Federal Reserve Bank of Philadelphia said on Wednesday it is launching a search to replace its current leader, Patrick Harker, who will retire next summer. "We will run an open and inclusive nationwide search including broad input" from the Philadelphia Fed district, Anthony Ibarguen, CEO of Quench USA and chair of the Philadelphia Fed's board of directors, said in a press release. "Our goal is to find a new leader who will carry on President Harker's service to our communities and commitment to promoting a strong U.S. economy."

(Bloomberg) -- Federal Reserve Bank of Atlanta President Raphael Bostic said the central bank’s two mandates — stable prices and maximum employment — are now in balance for the first time since 2021, though he added he is “not quite prepared” to declare victory over inflation.Most Read from BloombergHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatThe Outsized Cost of Expanding US Roads“Though they have declined significantly, risks to me

Citi said that while a technical rebound was possible, the market could lose confidence in OPEC+ defending the $70/bbl level if the group doesn't commit to extending current output cuts indefinitely. If Brent prices fall into the $60s, financial flows could drive them down further, possibly to $50 per barrel before a potential rebound, the analysts at Citi said. Geopolitical tensions were initially expected to lift oil prices, but each rebound since October 2023 has weakened, Citi said.

"We must not maintain a restrictive policy stance for too long," Bostic said in an essay released on the regional bank's website. Waiting until inflation has actually fallen back to the Fed's 2% goal before reducing borrowing costs "would risk labor market disruptions that could inflict unnecessary pain and suffering," he said. Bostic added that recent price increase reports had bolstered his confidence that inflation is now on a sustainable path to return to the Fed's objective, with pricing pressures diminishing quickly and broadly.

(Bloomberg) -- Chile’s central bank lowered its interest rate by a quarter percentage-point, playing down the risks of sustained inflation while indicating borrowing costs could fall faster than previously expected in a dovish shift.Most Read from BloombergHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatThe Outsized Cost of Expanding US RoadsPolicymakers voted unanimously to cut borrowing costs to 5.5% on Tuesday, as expected by nearly a