Fed races down the home stretch toward another big rate hike
Federal Reserve officials on Friday ended their public comment period ahead of the US central bank’s September 20-21 policy meeting with strong calls for another oversized interest rate increase to battle high inflation.
US forges Asia trade framework
The United States and a group of Asian allies on Friday agreed on a set of negotiating targets, notably on trade and supply chains, as Washington looks to offer an alternative to the economic might of China in the region.
Oil climbs ahead of Opec+ meeting
Oil prices rose on Friday on expectations that Opec+ will discuss output cuts at a meeting on September 5, though concern over China’s Covid-19 curbs and weakness in the global economy loomed over the market.
US hiring slows sharply in August
American employers slowed the pace of hiring in August after the surprising surge in the prior month and the jobless rate edged up, according to government data released Friday, which could offer the central bank some relief that its inflation-fighting efforts are working.
US export ban on some advanced AI chips to hit China tech majors
A US order to ban exports of some advanced chips to China is likely to hit almost any major tech company running public clouds or advanced artificial intelligence training modules in the country, experts said.
US new home sales fall to six-year low
US new home sales fell sharply in July to their lowest rate since early 2016, the government reported Tuesday, as rising lending rates cool demand.
S&P lifts Ukraine rating
S&P joined Fitch in upgrading Ukraine’s credit rating on Friday after the war-torn nation last week secured a two-year reprieve on its foreign debt from creditors.
Biden touts $1tr bill for infrastructure
The White House is ramping up efforts to tout the $1 trillion bipartisan infrastructure bill and the effort to refurbish roads, bridges and airports and reduce emissions.
Fed says more rate hikes coming but pace will slow
US central bankers remain committed to raising interest rates further to quell rising prices, but agreed it would be appropriate to slow the pace of the hikes “at some point,” the Federal Reserve said Wednesday.
US housing starts tumble in July
US homebuilding fell sharply in July, weighed down by higher mortgage rates and prices for materials, suggesting that the housing market could contract further in the third quarter.