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...
US President Donald Trump said he would be speaking to European leaders shortly as he prepares for his summit later this week with Russian counterpart Vladimir Putin. "Will be speaking to European Leaders in a short while. They are great people who want to see a deal done," Trump wrote on social media Wednesday. The call comes as Trump ramps up diplomatic efforts to end Russia's war in Ukraine — now well into its fourth year — with a face—to-face meeting with Putin on American soil. The sitdown slated for Friday in Alaska has raised worries among Kyiv's allies that...
US Treasury Secretary Scott Bessent said interest rates are "too constrictive" and should likely be 150-175 basis points lower. Bessent, speaking in an interview on Bloomberg Television, said the Federal Reserve could be heading into a series of rate cuts in the coming months — starting with a half-point reduction in September. "There's a very good chance of a 50 basis point rate cut," Bessent said Wednesday. "We could go into a series of rate cuts here, starting with a 50 basis point rate cut in September." Bessent added, that by any model, rates "should probably be 150,...
President Donald Trump said he is considering a lawsuit against Federal Reserve Chairman Jerome Powell over the renovation of the central bank's headquarters, a project whose cost overruns have been investigated. In a social media post on Tuesday, Trump again criticized the Fed Chairman for the central bank's decision to keep interest rates steady and repeated his criticism of Powell over the renovation work. "The damage he's done by being late is incalculable. Fortunately, the economy is doing so well that we've moved past Powell and the complacent Board," Trump said. "However, I am...
US Treasury Secretary Scott Bessent gave an interview with Fox Business late Tuesday, touching on various policy topics both at home and abroad. According to Bessent, the US Supreme Court will be swayed on tariff rulings based on how much estimated government revenue they generate, that US President Donald Trump and Chinese President Xi Xinping share a "good relationship", and that the Federal Reserve (Fed) should think about delivering a double interest rate cut on September 17. The Fed should think about a 50 basis point cut in interest rates in September.Fed could have cut in June if...
Increasing revenues flowing into U.S. government coffers from tariffs would make it difficult for the Supreme Court to rule against the Trump administration on the issue if a lower court case makes its way to country's top court, U.S. Treasury Secretary Scott Bessent said on Tuesday. The more money coming in, it gets harder and harder for SCOTUS to rule against us," Bessent said in an interview on Fox Business Network's "Kudlow." Bessent was responding to a question about a case currently in front of the U.S. Court of Appeals for the Federal Circuit in Washington, D.C., which challenges...
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...