Fed Chairman Powell Says 'Time Has Come' For Rate Cuts
He delivered the news during an economic summit in Jackson Hole, Wyoming
Stocks Rise As Powell Says Fed Ready For Rate Cut
Stock markets jumped on Friday as US Federal Reserve chief Jerome Powell made clear that the central bank was ready to cut interest rates, a message investors had been longing to hear.
Canada Government Steps In To End Crippling Freight Rail Shutdown
Freight rail operations were set to resume across Canada following federal intervention to end a crippling disruption triggered by labor disputes at the country's two main operators.
Existing Home Sales Rose In July, Breaking Streak Of Monthly Declines
Prices continue to rise as the median existing-home price was $422,600 in July.
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Trump Backs Off Push For Direct Control Over Fed Rate Decisions
Trump stated that while he believes the president should be able to voice opinions on interest rates, he does not expect to dictate monetary policy. "It doesn't mean they have to listen, but I think it's fine for a president to talk," Trump said.
EU Plans 36% Tariff On Chinese EVs, Lower For Tesla
The European Commission said Tuesday it plans to slap five-year import duties of up to 36 percent on Chinese electric cars, unless Beijing can offer an alternative solution to the damaging trade row over state subsidies.
Canadian Rail Dispute Poised To Disrupt US Supply Chains Amid Lockout Threats
Railroads collectively handle approximately 40,000 carloads of freight daily, valued at around $1 billion. If negotiations drag on, sectors such as automotive, chemicals, forestry, and agriculture could be particularly hard-hit.
Goldman Sachs Lowers US Recession Probability To 20% On Strong Economic Data
The adjustment comes after the investment bank had previously raised the odds from 15% earlier this month.
Chicago Fed President Cautions Against Trump, Harris Inflation Arguments
As part of their economic platforms, Vice President Kamala Harris and former President Donald Trump have both pledged to reduce costs for Americans.
Kenya Govt Plans To Reinstate Some Taxes To Raise $1.2 Bn
The Kenyan government plans to raise about $1.2 billion by reinstating some unpopular taxes contained in a finance bill that was scrapped in the face of deadly street protests, a government minister said.
US Dollar Drops Amid Expectations Of Dovish Fed Release
The release of the Fed minutes on Wednesday and Chair Jerome Powell's speech on Friday are expected to be key in influencing markets throughout the week.
US Jobless Claims Drop Again, Easing Recession Concerns Amid Steady Hiring
This dip marks the second consecutive week of declining claims, reversing the upward trend seen earlier in the summer.
Record Low In Three-Year Inflation Outlook Amid Economic Uncertainty
Short-term inflation expectations remain steady, with the one-year outlook holding at 3.0% and the five-year forecast unchanged at 2.8%.
Bank Of America CEO Warns Of Consumer Discontent If Fed Delays Rate Cuts
Moynihan said a reduction could be necessary as early as September if inflation continues to ease.
Fed's Jeff Schmid Signals Possible Rate Cut If Inflation Continues To Fall
If inflation continues to decline, Schmid said, he would grow more confident that the Fed is on track to achieve its price stability mandate.
Wall Street Today: Stocks React Favorably To Revised Unemployment Data
The U.S. economy got some relief from a favorable unemployment report on Thursday, and the stock markets responded in kind with strong gains from the opening bell.
JPMorgan Raises Recession Probability To 35% Amid Weakening Labor Market, Signs Of Job Cuts
The economists maintained their prediction of a 45% chance of a recession occurring by the second half of 2025.
Market Turmoil: Dow Falls 234 Points Amid Treasury Auction Woes, Sluggish Recovery
The Cboe Volatility Index (VIX), often referred to as Wall Street's fear gauge, climbed to 27.96, indicating increased expectations of market volatility.
Markets Bounce Back As Global Indices Recover From Sharp Decline
The earlier sell-off was influenced by data indicating fewer U.S. jobs were created and a weak manufacturing sector.
Nvidia CEO Jensen Huang Sold $323M In Shares Before Global Stock Rout
The transactions were part of a pre-determined trading plan that Huang filed in March, which proved to be well-timed.
US Stock Markets Sink To Multi-Month Lows As Global Fears Escalate
The S&P 500 and Nasdaq Composite ended the day at their lowest points since early May, while the Dow Jones Industrial Average closed at its weakest level since mid-June.
Stocks Plunge As Investors Worry About Fed Delays, Global Economic Slowdown
The Dow Jones Industrial Average fell nearly 1,000 points as investors reacted to fears that the Federal Reserve might be slow to implement significant interest rate cuts.
Global Stock Selloff Continues As Markets Enter Correction Phase
After European markets tanked and all three major U.S. indices saw significant drops during pre-market trading, the selloff ramped up after markets opened on Wall Street.
Stocks Hammered After US Data Fans Recession Fears
Trading boards showed a sea of red following another hefty day of losses on Wall Street, where heavyweight tech firms including Amazon and Microsoft took the brunt over worries an AI-fueled rally this year may have been overdone.
Indonesian Growth Slows In Second Quarter
Growth in Southeast Asia's largest economy was 5.05 percent in the second quarter, slightly lower than the previous quarter's 5.11 percent, Statistics Indonesia said.
Wall Street Tumbles As Dow Drops Over 600 Points Amid Economic Uncertainty
Wall Street reacted to a negative jobs report and tumbling tech shares on Friday, ending the week with a major selloff questions about a continuing and worsening correction.
US Sees No Need For Global Deal To Tax Super-rich: Yellen
The United States sees no need to negotiate an international agreement on taxing the super-wealthy, Treasury Secretary Janet Yellen said Thursday on the sideline of a G20 finance ministers' meeting.
US New Home Sales Dip In June, Missing Estimates
The sales rate of new family homes in the United States dipped in June, missing analyst estimates amid still elevated interest rates, according to government data released Wednesday.
ECB Leaves September Options 'Wide Open' After Rate Pause
The European Central Bank is keeping options "wide open" for September, president Christine Lagarde said, after holding interest rates steady Thursday in the wait for more evidence that inflation was on the right track.
Cautious ECB Opts For Summer Rate Pause
The European Central Bank held borrowing costs steady Thursday, giving policymakers more time to assess progress on inflation after last month's first interest rate cut in five years.
China Posts Disappointing Growth As Officials Hold Key Meeting
China posted lower than expected growth in the second quarter on Monday, with all eyes on how top officials gathering for a key meeting in Beijing might seek to tackle the country's deepening economic malaise.
Wholesale Prices Rose In June, Breaking Run Of Good News On Inflation
The increase in PPI in June was attributed to a sudden rise in final demand services, particularly in trade service margins, which soared 1.9% from May.
Inflation Continues To Fall As Interest Rate Cuts Look More Promising
The latest economic data could result in long-awaited interest rate cuts after the Consumer Price Index (CPI) -- a key factor in the Federal Reserve's bid to lower inflation -- came in below projections on Thursday.
Oil Demand Growth Slowing, China Consumption Dips: IEA
The Paris-based body that advises industrial nations on energy policy said oil demand increased by just 710,000 barrels per day in the second quarter, the slowest rate in over a year.
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