Treasury Secretary Scott Bessent expects a substantial drop in inflation during the first six months of 2026, according to statements made Tuesday on Fox Business. Bessent indicated that an announcement regarding President Trump's Federal Reserve chair selection would likely come in early January, with "one or two more Fed interviews" possibly taking place this week. When discussing potential candidates, Bessent noted that both Kevin Warsh and Kevin Hassett are "very very qualified" for the position. He rejected suggestions that Hassett would lack agency at the Federal Reserve, while...
The US Gross Domestic Product (GDP) grew at an annualized rate of 3.3% in the second quarter, the US Bureau of Economic Analysis (BEA) announced on Thursday. This figure was better than the preliminary estimate and market expectations of 3% and 3.1%, respectively. "Real GDP was revised up 0.3 percentage point from the preliminary estimate, primarily reflecting upward revisions to investment and consumer spending, partially offset by downward revisions to government spending and upward revisions to imports," the BEA explained in a press release. (alg) Source: FXstreet
The French prime minister's decision to hold a confidence vote next month carries heavy risks for the economy, bringing back fears of recession, business leaders said on Wednesday. Opposition parties have said they will bring down the minority government in the September 8 vote which Prime Minister Francois Bayrou unexpectedly announced on Monday, throwing the euro zone's second economy back into crisis. Opinion polls carried out after Bayrou's announcement show most French people now want new national elections, pointing to deepening dissatisfaction with politics and a risk of lasting...
President Donald Trump's unprecedented and intensifying attacks on the Federal Reserve risk backfire by hitting financial markets and the economy with higher long-term borrowing costs. For weeks, he has been slamming Chairman Jerome Powell for not significantly cutting interest rates to stimulate the economy and as Trump sees it lower the government's debt bill. He has nominated the head of his Council of Economic Advisers to the central bank's board and is now seeking to oust Governor Lisa Cook, paving the way for a legal battle over the institution's political autonomy. Yet, despite all...
Russia launched a massive drone attack on energy and gas transportation infrastructure in six Ukrainian regions overnight, leaving more than 100,000 people without power, Ukrainian officials said on Wednesday (August 27). Russian forces significantly damaged gas transportation infrastructure in the Poltava Region and attacked equipment at a major substation in the Sumy Region, the Energy Ministry said via the Telegram messaging service. The attack left more than 100,000 people without power in the Poltava, Sumy, and Chernihiv regions, Ukrainian President Volodymyr Zelenskiy said. Ukraine's...
The Indian government estimates that the newly imposed 50% US tariff will affect exports worth USD 48.2 billion. Officials have warned that the additional duties could make shipments to the US commercially unviable, potentially leading to job losses and slower economic growth. To soften the impact, the government is working on a multi-pronged strategy, including Goods and Services Tax (GST) reforms aimed at boosting domestic demand. The 50% tariff, effective from Wednesday (August 27), is expected to hit exports of textiles, shrimp, leather, and gems and jewellery the hardest. The US...
Asian stock markets fell in unison on Thursday, following Wall Street's decline. A brief rally in tech stocks led by Nvidia quickly faded, prompting investors to turn away from riskier assets like...
Pasangan mata uang EUR/USD mengawali pekan ini dengan nada sedikit melemah di sesi Asia, diperdagangkan di sekitar 1,1730, turun kurang dari 0,10% dalam sehari. Meski terkoreksi, euro masih berada...
US President Donald Trump said Washington is willing to provide security assistance to Ukraine as part of a deal to end the war with Russia. He emphasized that security support is a crucial factor...