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...
Russia's deputy U.N. Ambassador Dmitry Polyanskiy said on Thursday that Russian President Vladimir Putin may meet with U.S. President Donald Trump next week, but said he was not aware of any planned meeting between Putin and Ukrainian counterpart Volodymyr Zelenskiy. "As far as I heard, there are a number of locations, but they agreed to something that they don't want to disclose. The timeline is, I think, next week, but that's again judging from what presidents said themselves," Polyanskiy told reporters about the Putin-Trump meeting. "I haven't heard about any meeting planned with...
Raphael Bostic of the Federal Reserve Bank of Atlanta warned that rising price pressures over the next six to twelve months could intensify the Fed's challenges. A ton of economic scenarios that could play out, hard to assign probabilities.Outlook is for the economy to continue slowing, but also expect real uncertainty about what that means for jobs and inflation. Firms are still in a wait-and-see pattern around employment.Likely to be upward pressure on prices for six to 12 months; that puts pressure on the Fed. The most important question for the Fed is whether tariffs will shift prices...
Federal Reserve Governor Christopher Waller is emerging as a top candidate to be the central bank's next chair, Bloomberg News reported on Thursday, citing people familiar with the matter. Waller has met with members of President Donald Trump's team, who are impressed with him, though he has not met with the president, Bloomberg News reported. A Fed spokesperson had no comment. "President Trump will continue to nominate the most competent and experienced individuals to deliver on his pledge to Make America Wealthy Again," White House spokesperson Kush Desai said. "Unless it comes from...
Initial jobless claims in the US rose by 7,000 from the previous week to 226,000 in the last week of July, firmly above market expectations of a softer increase to 221,000. In turn, outstanding jobless claims soared by 38,000 to 1,974,000 on the previous week, well above market expectations of 1,950,000 to mark the highest level of unemployment since November 2021. The results consolidated the view of a sharp slowdown in hiring and a softening labor market. Source: Trading Economics
Switzerland's government will hold an emergency meeting on Thursday to decide its next move after its president returned home empty-handed from an 11th-hour trip to Washington aimed at averting a crippling 39% U.S. import tariff on Swiss goods. An urgent meeting of the seven-member Federal Council - Switzerland's governing cabinet - will take place in Bern in the early afternoon, the government said a post on X. Swiss President Karin Keller-Sutter left Washington on Wednesday without a new deal and did not meet with U.S. President Donald Trump or any of his top trade officials, two sources...
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...