US-EU Trade Deal Finalized: 15% Tariffs, Pharma Focus

 

The US and EU finalized a trade deal, revealing details on tariffs for pharmaceuticals and semiconductors. A 15% blanket tariff on EU exports to the US was agreed upon, alongside a €750 billion EU commitment to purchase US energy and €600 billion in US investment. While the EU...

Treasury Yields Rise Ahead of Powell's Jackson Hole Speech

 

US Treasury yields climbed slightly, with the 10-year yield reaching 4.308% and the 2-year yield at 3.758%, as investors anticipate Federal Reserve Chairman Jerome Powell's speech at Jackson Hole's economic symposium on Friday. Markets are anticipating a potential interest rate cut in September, though recent Fed minutes expressed concerns...

Fed Holds Rates Steady Amid Inflation, Tariff Concerns

 

The Federal Reserve held its key interest rate steady last month, prioritizing inflation concerns over potential job losses, according to meeting minutes. Most policymakers remained hesitant to cut rates until the impact of President Trump's tariffs on inflation becomes clearer. While inflation has slightly increased, it hasn't reached levels...

Trump Tariffs Devastate Indian Foundries

 

US President Trump's 50% tariff on steel imports has severely impacted India's small foundries, mainly in eastern India, which rely heavily on US exports. Facing mass layoffs and shutdowns, these foundries, employing over 200,000 workers, urge the Indian government for urgent intervention. While the Commerce Minister downplays the...

Trump Policies Fuel 10% Electricity Bill Hike

 

A new report reveals a 10% surge in US household electricity bills since Donald Trump's re-election, attributed to his support for data centers and cuts to clean energy. Energy Secretary Chris Wright blames Obama-Biden policies, while the report highlights Trump's pro-fossil fuel stance and new tariffs as contributing factors....

Las Vegas Food Banks Struggle Amid Rising Hunger

 

Rising food prices and changes to the Supplemental Nutrition Assistance Program (SNAP) are straining food banks in Las Vegas. Army veteran Earvin James Sr., facing increased costs, relies on the Helping Hands of Vegas Valley food pantry, supplied by Three Square food bank. Three Square reports a surge...

Trump's BLS Firing Sparks Data Manipulation Fears

 

Concerns arose after President Trump fired the head of the US Bureau of Labor Statistics following disappointing jobs data. While no evidence suggests data manipulation, the appointment of a partisan successor worries global financial circles. Historical precedents in Greece and Argentina, where manipulated data harmed their economies, fuel these...

Powell's Speech Could Trigger Interest Rate Cuts

 

Bond traders anticipate Federal Reserve interest rate cuts, viewing a quarter-point reduction next month as highly likely, with another before year's end. This week's Jackson Hole economic symposium, featuring Chair Jerome Powell's speech, is crucial for the Treasury market. Powell's pronouncements at this event have historically influenced market...

Wholesale Vegetable Prices Soar 38%, Impact on Consumers Uncertain

 

Wholesale vegetable prices surged 38% in July, the largest increase for any product category. Experts are unsure if tariffs are the sole cause, citing other factors like adverse weather and supply chain issues. While consumer prices remained unchanged in July, a continued wholesale price increase could lead to...

Inflation Anxiety: Feelings vs. Official Data

 

Americans experienced record-high inflation recently, impacting grocery costs significantly. While inflation rates have decreased, consumer anxieties remain high, creating a disconnect between official statistics and personal perceptions. A new Planet Money podcast episode explores this disparity, interviewing economists to understand why individual inflation experiences differ from official measures....