The economic activity in the United States' (US) manufacturing sector continued to contract in October, with the Institute for Supply Management's (ISM) Manufacturing Purchasing Managers' Index (PMI) dropping to 48.7 from 49.1 in September. This reading came in weaker than the market expectation of 49.5. Other details of the PMI report showed that the Employment Index edged higher to 46 from 45.3 in this period, while the New Orders Index improved to 49.4 from 48.9. Finally, the Prices Pair Index, the input inflation component of the survey, declined to 58 from 61.9. Source: FXstreet
US President Donald Trump said Thursday he will nominate Council of Economic Advisers Chairman Stephen Miran to fill the final months of a vacant seat on the Federal Reserve, as the White House seeks a permanent member for the central bank's board of governors and continues its search for a new Fed chairman. Miran has called for a complete overhaul of Fed governance and will take over from Fed Governor Adriana Kugler following her surprise resignation last week, as she returns to her tenured professorship at Georgetown University. The term expires January 31, 2026, and must be confirmed by...
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
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...
As the U.S. government shutdown disrupts federal employee paychecks across the country, it also exacerbates the financial hardship of attorneys who represent the poorest members of society when they...