U.S. President Donald Trump has urged European Union officials to levy tariffs of up to 100% on China and India as part of a strategy to pressure Russian President Vladimir Putin, Reuters reported on Tuesday, citing a U.S. official and an EU diplomat. Trump made the request during a conference call with EU sanctions envoy David O'Sullivan and other officials, according to the report. Washington signaled it would impose similar duties if Brussels joined the effort, the report said. Both China and India are major buyers of Russian crude and remain key to keeping Moscow's economy afloat as...
President Donald trump ramped up his attacks on Federal Reserve Chair Jerome Powell on Thursday, calling him a "numbskull" and demanding steep rate cuts to ease the $600 billion annual interest bill on U.S. debt. Now, with inflation cooling faster than expected, rate cuts could be on the Fed's monetary policy table as soon as September, according to Citi economists. "We continue to pencil in 125bp of consecutive rate cuts from the Fed starting in September," Citi economists wrote, pointing to a rapid slowdown in core inflation as the key catalyst for policy easing. Trump's latest broadside...
U.S. President Donald Trump continues to press Jerome Powell and the Federal Reserve to cut interest rates, as inflation data remains subdued despite his aggressive tariff policy. While Trump continues to press for lower rates, he said he won't fire Powell. "We're going to spend $600 billion a year because of one numbskull that sits here," Trump said. "Cut your rates now, there's no inflation." Trump suggested the Fed cut interest rates by two full percentage points, which could save the U.S. up to $900 billion. This is larger than his past ask for a one percentage point cut from the Fed....
The Federal Reserve's path to interest rate cuts starting in September appeared to widen on Thursday, after a pair of government reports pointed to cooler inflation and signs of potential weakening in the labor market. U.S. producer prices advanced 2.6% in May from a year earlier, after rising 2.5% in April, the Labor Department reported. Taken together with tamer-than-expected increases in the Consumer Price Index in May, economists estimated that inflation by the Fed's preferred gauge of underlying price pressures, the core Personal Consumption Expenditures Price Index, likely rose in...
A tentative agreement between the United States and China may be a step back from the worst-case scenario of a complete collapse of trade between the world's two largest economies, but it creates more problems than it solves. President Donald Trump has hailed the deal, which is still awaiting final approval from both sides, as a "great deal" that will benefit both countries. While not all the details are known, what has been revealed suggests a deal that will likely hurt both economies and fail to address some pressing issues, such as China's dominance of the rare earths supply chain. The...
US citizens filing new applications for unemployment insurance rose to 248K for the week ending May 31, the US Department of Labor (DOL) reported on Thursday. This was higher than the initial estimate and in line with the previous week's revised count. The report also highlighted the seasonally adjusted insured unemployment rate at 1.3%, while the four-week moving average rose by 5K to 240.250K from the previous week's revised average. Additionally, Continuing Jobless Claims increased by 54K to 1.956M for the week ending May 24. (alg) Source: FXstreet
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...
U.S. President Donald Trump has urged European Union officials to levy tariffs of up to 100% on China and India as part of a strategy to pressure Russian President Vladimir Putin, Reuters reported...