Trump attacks Goldman Sachs CEO over tariff inflation prediction

 

Goldman Sachs CEO David Solomon faced criticism from President Trump for the bank's prediction that tariffs would increase inflation. Trump suggested Solomon focus on his DJ career instead. Goldman defended its study, citing similar findings from UBS and JPMorgan Chase, which also predict tariff-driven inflation. While economists' predictions...

Fed Poised to Cut Interest Rates Amidst Economic Slowdown

 

Amidst President Trump's repeated calls for lower interest rates, economists predict the Federal Reserve will likely cut rates by a quarter-point next month. This prediction follows a weaker-than-expected jobs report and lower-than-anticipated inflation. While the Fed aims to balance inflation and employment, the recent economic data suggests a rate...

US National Debt Hits Record $37 Trillion

 

The U.S. national debt has surpassed $37 trillion, exceeding pre-pandemic projections. This record high is attributed to increased government spending during the COVID-19 pandemic and recent Republican tax cuts. Experts warn this accelerating debt will lead to higher interest rates, reduced private investment, and increased costs for consumers through...

Vietnam's Ambitious Economic Overhaul Faces Challenges

 

Vietnam is undergoing a major economic overhaul aiming to become a high-income country by 2045. This ambitious plan involves transitioning from a low-cost export-led economy to one driven by high-tech sectors, private enterprise, and significant infrastructure investment. The reforms face challenges including an aging population, climate change risks,...

US Budget Deficit Soars Despite Record Tariff Revenue

 

Despite record customs revenue from tariffs, the US July budget deficit rose 20% this fiscal year, reaching $21 billion. Increased spending on interest payments and social security, among other factors, outweighs tariff income. Economists disagree on the long-term impact of tariffs on the deficit, with some predicting modest reductions...

Market Volatility: Airline, Tech Stocks Surge and Plunge

 

Market volatility marked Tuesday's trading. United and Delta Air Lines surged on rising airfares and positive inflation data, while Spirit Airlines plummeted over 40% due to cash flow concerns. Paramount Global rallied after its UFC deal. Cardinal Health dropped after a disappointing earnings report, and Axon Enterprise...

Tariff Delay, Inflation Data to Sway Fed Rate Decision

 

Wall Street reacted calmly to the 90-day postponement of US-China tariff hikes, shifting focus to Tuesday's inflation data. This data will heavily influence the Federal Reserve's decision on interest rate cuts. The delay allows for continued trade negotiations. Meanwhile, Intel shares rose after Trump's meeting with its...

RBA Cuts Rates Amid Slowing Australian Economy

 

Australia's Reserve Bank (RBA) cut its benchmark interest rate by 0.25% to 3.6%, its lowest since April 2023, citing substantially decreased inflation (2.1% in Q2). While acknowledging the rate's impact on households, the RBA didn't rule out further cuts if needed. The RBA lowered its economic growth forecast...

US, China Agree to 90-Day Tariff Truce

 

The US and China have agreed to a 90-day pause on further tariff increases. This avoids a significant escalation in trade tensions, preventing tariffs on Chinese goods from rising to 54% and Chinese tariffs on US exports returning to 34%. The agreement follows recent negotiations and maintains existing...

Inflation Rises, Putting Fed in a Dilemma

 

July's Consumer Price Index (CPI) is projected to show a 2.8% annual increase, up from June's 2.7%, marking the highest inflation rate since February. This rise, partly attributed to tariffs increasing import costs passed onto consumers, puts the Federal Reserve in a difficult position. They must decide between lowering...