Federal Reserve Chairman Jerome Powell, in a letter on Thursday, rebutted criticism leveled at the central bank by a top White House official regarding the $2.5 billion renovation project. "We take seriously our responsibility to be good stewards of public resources as we fulfill the duties assigned by Congress on behalf of the American people," Powell wrote in the letter addressed to Russ Vought, director of the White House Office of Management and Budget. Powell's letter, which largely repeats information available on the Fed's new "Frequently Asked Questions" page about the construction...
President Donald Trump urged the Federal Reserve to slash interest rates to 1%, arguing it would reduce federal borrowing costs and boost economic growth. "We need a 1% rate. The Fed is killing growth," he said on Monday. The federal funds rate currently stands at 5.25–5.50%, where the Fed has held it to control inflation and prevent economic overheating. Dropping rates to 1% would represent the most aggressive monetary easing since the COVID-19 pandemic. Trump's call comes as federal debt servicing costs climb toward historic highs. While a lower rate could ease short-term interest...
President Donald Trump on Monday threatened to impose "secondary tariffs" on Russia's trade partners "at about 100%" if President Vladimir Putin does not agree to a deal to end his invasion of Ukraine in 50 days. "We're very, very unhappy with them, and we're going to be doing very severe tariffs, if you don't have a deal in 50 days, tariffs at about 100%, they call them secondary tariffs," Trump said from the White House while meeting with NATO's secretary general, Mark Rutte. The president said that he is "disappointed" with Putin, because he thought they would have had a deal months...
U.S. stocks edged lower Monday amid fears of an intensifying trade war after President Donald Trump slapped 30% tariffs on imports from Mexico and the European Union, continuing the volatile negotiations with his trading partners. At 09:35 ET (13:35 GMT), the Dow Jones Industrial Average dropped 80 points, or 0.2%, the S&P 500 index fell 10 points, or 0.1%, while the NASDAQ Composite slipped 12 points, or 0.1%. Trump imposes 30% tariffs on Mexico, EU Trump over the weekend released more letters outlining trade tariffs on major U.S. trading partners, this time imposing a 30% levy on...
President Donald Trump said the US would send more Patriot air defense batteries to Ukraine, apparently in a shift in stance toward Russia after its efforts to negotiate a ceasefire failed. "I haven't agreed on the numbers yet, but they'll be getting some," the president told reporters on Sunday on his way back to the White House. "We'll be sending Patriots, which they desperately need." The announcement served as the backdrop for what Trump described as his "major statement" against Russia on Monday, as Moscow escalated its airstrikes against Ukraine. The US president has grown...
US President Donald Trump has the authority to fire Federal Reserve Chairman Jerome Powell for good reason if there is evidence to support it, White House economic adviser Kevin Hassett said Sunday, and that the Fed "should be held fully accountable" for the cost overruns at its Washington headquarters. Hassett told ABC's "This Week" that Trump's decision to try to fire Powell over what the Trump administration calls a $700 million cost overrun "will depend largely on the answers we get to the questions Russ Vought has asked the Fed." Vought, the White House budget director, last week...
China's official NBS Manufacturing PMI increased to 49.7 in June 2025 from May's 49.5, matching market expectations while marking the third consecutive month of contraction in factory activity.
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Both the STOXX 50 and STOXX 600 hovered around the flatline on Friday, as investors adopted a cautious stance ahead of further developments in trade talks between US President Trump and Chinese...
President Donald Trump said Wednesday he plans to send a single letter to over 150 countries outlining the tariff rate they will face, saying, "It's all going to be the same for everyone, for that...