Federal Reserve Chair Jerome Powell met with President Biden at the White House to discuss the economy. Powell emphasized that future monetary policy decisions will be data-driven, focusing on maximum employment and stable prices, independent of political considerations. He did not offer specific expectations for future policy adjustments.
President Trump met with Federal Reserve Chair Jerome Powell at the White House. The Fed confirmed the meeting but stated monetary policy wasn't discussed, emphasizing their commitment to objective analysis. Trump has publicly urged rate cuts, while Powell affirmed his independence and the Fed's data-driven approach. The...
The U.S. economy contracted by 0.2 percent in the first quarter of 2025, according to a second estimate from the Bureau of Economic Analysis. This is a slight upward revision from the initial estimate. The decrease was primarily due to increased imports and decreased government spending, partially offset by growth...
Federal Reserve meeting minutes reveal a cautious approach to interest rate cuts. Officials cited uncertainty surrounding President Trump's policies and their economic impact as the reason for holding rates steady. Despite a strong economy and labor market, the Fed prioritized gaining clarity on inflation and economic activity before...
Developing countries face record $22 billion in debt repayments to China in 2025, primarily stemming from loans associated with the Belt and Road Initiative (BRI). This significant amount threatens crucial public spending on health and education. While new Chinese lending is slowing, some nations, particularly those switching diplomatic recognition...
China, once a major lender under its Belt and Road Initiative, is now the world's largest debt collector for developing nations. A Lowy Institute report reveals that over a quarter of developing countries' external debt is owed to China, with at least $35 billion in repayments expected this year....
Sluggish home sales and construction mark the slowest April for existing home sales in 16 years. High home prices (up nearly 50% since the pandemic) and mortgage interest rates (6.86%) are deterring buyers. Builder confidence is down, impacted by lumber tariffs and uncertainty about future costs. New...
US consumer confidence rose significantly in May to 98 from April's low of 85.7, its lowest since May 2020. This rebound, driven by a decrease in anxiety over President Trump's tariffs following rollbacks and trade deals with China and the UK, is seen across age and income groups. While...
Consumer confidence surged in May, reaching 98.0 on the Conference Board's index, a 12.3-point jump from April. This significant increase surpasses expectations and is largely attributed to easing US-China trade tensions following President Trump's decision to halt severe tariffs. Positive sentiment improved across various demographics, with Republicans showing...
Japan lost its top global creditor status for the first time in 34 years, overtaken by Germany. While Japan's gross external assets reached a record high of 533.05 trillion yen ($3.7 trillion) due to a weaker yen, it fell short of Germany's 569.65 trillion yen. Despite this, Japan's...
