U.S. Treasury Secretary Scott Bessent met with BlackRock Inc executive Rick Rieder in New York on Friday, as the Trump administration continued its search for a new chair for the Federal Reserve, a source familiar with the matter said. Bessent has now spoken with four of the 11 candidates on the administration's list of candidates to replace Fed chair Jerome Powell, whose term expires in May, the source said. Bloomberg first reported Bessent's meeting with Rieder, BlackRock's CIO of fixed income, and called him a rising contender for the post. The two met for two hours and discussed...
Russia's deputy U.N. Ambassador Dmitry Polyanskiy said on Thursday that Russian President Vladimir Putin may meet with U.S. President Donald Trump next week, but said he was not aware of any planned meeting between Putin and Ukrainian counterpart Volodymyr Zelenskiy. "As far as I heard, there are a number of locations, but they agreed to something that they don't want to disclose. The timeline is, I think, next week, but that's again judging from what presidents said themselves," Polyanskiy told reporters about the Putin-Trump meeting. "I haven't heard about any meeting planned with...
Raphael Bostic of the Federal Reserve Bank of Atlanta warned that rising price pressures over the next six to twelve months could intensify the Fed's challenges. A ton of economic scenarios that could play out, hard to assign probabilities.Outlook is for the economy to continue slowing, but also expect real uncertainty about what that means for jobs and inflation. Firms are still in a wait-and-see pattern around employment.Likely to be upward pressure on prices for six to 12 months; that puts pressure on the Fed. The most important question for the Fed is whether tariffs will shift prices...
Federal Reserve Governor Christopher Waller is emerging as a top candidate to be the central bank's next chair, Bloomberg News reported on Thursday, citing people familiar with the matter. Waller has met with members of President Donald Trump's team, who are impressed with him, though he has not met with the president, Bloomberg News reported. A Fed spokesperson had no comment. "President Trump will continue to nominate the most competent and experienced individuals to deliver on his pledge to Make America Wealthy Again," White House spokesperson Kush Desai said. "Unless it comes from...
Initial jobless claims in the US rose by 7,000 from the previous week to 226,000 in the last week of July, firmly above market expectations of a softer increase to 221,000. In turn, outstanding jobless claims soared by 38,000 to 1,974,000 on the previous week, well above market expectations of 1,950,000 to mark the highest level of unemployment since November 2021. The results consolidated the view of a sharp slowdown in hiring and a softening labor market. Source: Trading Economics
Switzerland's government will hold an emergency meeting on Thursday to decide its next move after its president returned home empty-handed from an 11th-hour trip to Washington aimed at averting a crippling 39% U.S. import tariff on Swiss goods. An urgent meeting of the seven-member Federal Council - Switzerland's governing cabinet - will take place in Bern in the early afternoon, the government said a post on X. Swiss President Karin Keller-Sutter left Washington on Wednesday without a new deal and did not meet with U.S. President Donald Trump or any of his top trade officials, two sources...
Asia-Pacific markets traded higher, tracking Wall Street gains overnight.
Japan's benchmark Nikkei 225 rose 0.41% after hitting a fresh record high on Thursday, while the Topix added 0.61%. South...
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...
Poland rejected on Friday a suggestion by Donald Trump that Russian drone incursions into its airspace could have been a mistake, a rare contradiction of the U.S. president from one of Washington's...