Investors cheered Federal Reserve Chair Jerome Powell's Jackson Hole address, which gave a green light to buy risky assets on the hope the central bank is ready to cut rates, but took his dovish message with a note of caution as they see a risk of stagflation ahead and worry markets are over-optimistic. In his final address as Fed chair at the Jackson Hole, Wyoming, economic symposium, Powell hinted at a September interest rate cut but stopped short of committing, striking a careful balance between mounting job-market risks and lingering inflation worries. The speech on Friday came amid...
President Donald Trump said that US tariffs on steel and aluminum imports will double from 25% to 50%, starting Wednesday. At a Pittsburgh rally Friday, he argued the move would strengthen the US steel industry, reduce reliance on China, and protect jobs. He also touted a $14 billion steel investment with Japan's Nippon Steel, though he later admitted he hadn't reviewed the final deal. "There will be no layoffs and no outsourcing whatsoever, and every US steelworker will soon receive a well-deserved $5,000 bonus," Trump told the crowd. Steelworkers raised concerns about how Japan would...
U.S. President Donald Trump on Friday accused China of breaking a recent trade agreement, only a few weeks after the two nations announced a temporary truce aimed at de-escalating tensions. In a post on Truth Social, Trump wrote: "China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US." He added: "So much for being Mr. NICE GUY!" Trump said the deal had been struck to prevent further economic deterioration in China after his administration's tariffs took effect. "We went, in effect, COLD TURKEY with China, and it was devastating for them," he said in...
The core PCE price index in the US, which excludes volatile and energy prices and is Federal Reserve's chosen gauge of underlying inflation in the US economy, went up 0.1% from the previous month in April of 2025. The result was in line with market expectations. From the previous year, the index rose by 2.5% to slow from the 2.7% jump from March, the softest increase since March of 2021. Source: Trading Economics
A federal judge needs more time to consider a motion filed by both sides of the U.S. Court of Appeals for the Federal Circuit to suspend President Donald Trump's far-reaching tariffs, according to the U.S. Court of Appeals for the Federal Circuit. The decision to lift the unlawful tariffs has been put on hold pending federal circuit review The U.S. appellate circuit has intervened following a ruling by the USCIT that the Trump administration misused the International Emergency Economic Powers Act (IEEPA) to impose global tariffs that exceeded legal limits. The IEEPA was intended to allow...
President Donald Trump's desire to impose new tariffs remains undeterred, even after the courts delivered the most devastating blow to his top job yet. White House officials quickly signaled Thursday that Trump would pursue many of the same levies through other legal authorities if the appeal fails. Meanwhile, the administration is aggressively pushing to overturn the decision, saying it would go to the U.S. Supreme Court as early as Friday if a federal appeals court does not stop the initial ruling from taking effect while the challenge continues. The ruling was "clearly wrong" and "we...
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...