The US economy is slowing, according to a monthly index released Monday, increasing the likelihood that policymakers will cut interest rates next month. The Chicago Fed's National Activity Index fell slightly to minus 0.19 in July from a downwardly revised minus 0.18 in June. A reading below zero indicates slower growth than the long-term average. Employment indicators remained negative on the index, a fresh sign of fragility in the US labor market. This weakness is one of the main reasons for a rate cut at the Fed's policy meeting next month. Central bank Chairman Jerome Powell last week...
U.S. Treasury Secretary Scott Bessent on Wednesday said the Trump administration is prepared to "roll the date forward" with trading partners negotiating in good faith if the deadline marking the end of the 90-day pause on President Donald Trump's reciprocal tariffs is reached with no deal. "It is highly likely that those countries - or trading blocs as is the case with the EU - who are negotiating in good faith, we will roll the date forward to continue the good-faith negotiations," Bessent told the House Ways and Means Committee. "If someone is not negotiating, then we will...
In a post published on Truth Social on Wednesday (11/6), US President Donald Trump said that a trade deal with China is done and added that the deal is now waiting for final approval from himself and Chinese President Xi Jinping. "The complete magnets, and the rare earths that are needed, will be supplied, up front, by China. Likewise, we will provide what has been agreed to to China, including Chinese students who use our colleges and universities (which is always nice of me!)," Trump said, adding: "We get a total tariff of 55%, China gets 10%. Very good relationship! Thank you for your...
U.S. core inflation rose less than forecast in May for a fourth straight month, suggesting businesses are looking for ways to limit how much of their higher rates cost customers. The consumer price index, which excludes the often volatile food and energy categories, rose 0.1% from April, according to Bureau of Labor Statistics data released Wednesday. It was up 2.8% from a year ago. (alg) Source: Bloomberg
The US and China ended two days of high-stakes trade talks with a plan to revive the flow of sensitive goods — a framework that now awaits the blessing of Donald Trump and Xi Jinping. After about 20 hours of negotiations in London, US Commerce Secretary Howard Lutnick said the two sides had laid out a framework for implementing the Geneva consensus that lowered tariffs last month. "First of all, we have to get rid of the negatives," he said. "Now, we can move forward to try to have positive trade, to increase trade." While the more upbeat tone should reassure investors worried about the...
For months, Donald Trump has imposed unprecedented levels of tariffs and trade restrictions on China, part of a strategy to force Xi Jinping into talks that the U.S. president hopes will help cut the trade deficit and boost American manufacturing. With U.S. tariffs soaring to 145% and the Trump administration boasting that it has the upper hand over China, Beijing has turned the tables, essentially halting exports of the one thing the modern world can't live without: rare-earth magnets. As slowing shipments of products containing obscure elements like dysprosium and terbium begin to pinch...
President Donald Trump said he would fire Lisa Cook from the Federal Reserve's Board of Governors if she does not resign her post over mortgage-fraud accusations from a top...
The Reserve Bank of Australia (RBA) maintained its cash rate at 4.1% during its April meeting, holding borrowing costs unchanged after slashing 25 bps in the February meeting, aligning with market...