Federal Reserve keeps key rate unchanged and still foresees 3 rate cuts this year
WASHINGTON (AP) — Federal Reserve keeps key rate unchanged and still foresees 3 rate cuts this year.
WASHINGTON (AP) — Federal Reserve keeps key rate unchanged and still foresees 3 rate cuts this year.
Singapore’s central bank will likely maintain tight monetary policy settings, while signalling an extended pause to help blunt imported inflation amid lingering risks from geopolitical shocks.
The Federal Reserve’s battle to get inflation under control likely faces fresh challenges should Donald Trump regain the White House, a dynamic that could put the U.S. central bank back in the former Republican president's crosshairs. A wide range of economists see Trump's tariff agenda, coupled with aims to deport millions of undocumented workers and the likelihood of expanded deficits, reigniting price pressures that are now easing and likely driving the Fed to react with more restrictive monetary policy than is now penciled in. Forecasters predict Trump's plan to impose 10%-across-the-board tariffs on imported goods - and even higher rates on Chinese products - would generate a one-time surge in inflation, while deportations would drive up wages for remaining workers, adding to the pressure.
Singapore's central bank on Friday left its monetary policy settings unchanged for the fifth consecutive time, as expected, as growth picks up and ahead of an expected year-end moderation in inflation. The Monetary Authority of Singapore (MAS) said it expects the economy to strengthen over the rest of 2024, with growth coming in closer to its potential rate of 2–3%. "Barring renewed shocks to costs, core inflation should step down more discernibly in Q4, and fall further to around 2% in 2025," MAS said.
The Fed’s preferred inflation gauge had its slowest annual increase in more than three years, likely getting policy makers closer to the conviction needed to ease monetary policy.
The Bank of England's first interest rate cut since 2020 hangs in the balance next week, with greater uncertainty than usual as key policymakers have not spoken publicly for more than two months due to rules in the run-up to July 4's election. Investors are left guessing whether recent higher-than-expected services prices are enough to prevent the central bank cutting rates from their 16-year high of 5.25%. Interest rate futures show a 50% chance of a quarter-point rate cut on Aug. 1.
That didn’t take long.
Republican presidential candidate Donald Trump called in to Fox News Thursday, where he told supporters that presumptive Democratic nominee Kamala Harris is a “radical left, not very smart person” who’s part of a massive conspiracy to weaponize the nation’s legal system against him. Harris’ campaign fired back mere minutes later with an email blasting the “78-year-old convicted criminal’s Fox ...
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A police investigation is underway following a violent incident during a youth basketball game where a 13-year-old player stomped on an opponent's head, leading to a concussion. The game, held at the College of Alameda on Sunday, involved the Filipino American Tumakbo United team and Payton's Place team, both from the Bay Area. What happened: The now-viral video of the incident shows a scuffle over the ball, during which the Filipino boy falls to the ground before his 13-year-old opponent stomps on his head.
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