Finance
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A former Fed colleague of Kevin Warsh on what to expect: ‘Plan for higher rates’
It’s been a constant question: will new Fed Chair Kevin Warsh act more like his true, hawkish self, or will he cater to President Donald Trump’s views that a rate cut is what the country needs right now? He’s been hawkish in the past—quitting in 2011 as a Fed governor over the its bond buying—just…
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Markets feel relief as the U.S. and Iran agree to a ceasefire on their earlier ‘ceasefire’ that was looking at lot like a war over Hormuz
Stock futures rallied on Sunday evening after the U.S. and Iran appeared to step back from a weekend of escalating violence in the Persian Gulf. Futures tied to the Dow Jones industrial average rose 101 points, or 0.19%. S&P 500 futures were up 0.45%, and Nasdaq futures jumped 0.64%. But energy markets were still spooked…
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Fed’s Barkin warns of high inflation, but sees signs of relief
Federal Reserve Bank of Richmond President Tom Barkin warned that inflation is too high, though he sees tentative signs that price pressures may moderate soon. “Those numbers are too high,” Barkin said Sunday in an interview with Bloomberg on the sidelines of the Aspen Ideas Festival in Aspen, Colorado. A report released Thursday showed the…
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Social Security is headed for a day of reckoning, and Congress is running out of time to save boomers. Lawmakers are proposing some hard choices
Congress has long dodged any Social Security reforms that would cut benefits, hike taxes, or do both. But those days of procrastination are coming to an end, and some lawmakers are facing up to that reality. The clock is ticking and getting louder. New projections this month showed that the Social Security trust fund will…
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Putin admits Russia is ‘going through a difficult period’ as relentless Ukrainian drone attacks cut off fuel supplies
Ukraine kept up its heavy drone assault on Russia, setting fire to a major oil refinery in the south and killing at least two people, Russian authorities said Sunday, as President Vladimir Putin acknowledged his country is going through a “difficult period.” Ukraine has markedly stepped up its long-range attacks on Russian military industries and…
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Trump’s U-turn on Iran sanctions would unravel decades of curbs
The Trump administration’s effort to unwind decades of sanctions as part of a deal to end the war with Iran has created a head-spinning situation for governments, banks and other companies as they contemplate a shifting patchwork of new permissions and old restrictions. Following the revolution in 1979, Iran became one of the most sanctioned…
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Ukraine’s drone attacks hit more Russian refineries and create fuel shortages in Siberia—thousands of miles from the war
Ukraine kept up its heavy drone assault on Russia, setting fire to a major oil refinery in the south and killing at least two people, Russian authorities said Sunday. Ukraine has markedly stepped up its long-range attacks on Russian military industries and energy facilities in recent months, aiming to cut Moscow’s revenue for its invasion…
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The contrarian view for Fed rate cuts: Payrolls will weaken, inflation will plunge, and Kevin Warsh was ‘largely performative’ in his hawkishness
Wall Street overwhelmingly expects the Federal Reserve to hike rates later this year, but a few contrarians still insist the opposite will happen. According to CME’s FedWatch tool, investors have priced in 77% odds that the central bank will lift the benchmark rate by a quarter-point or more by the end of the year. That’s…
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Atlanta Fed chief selection delay gives Warsh a say
The Federal Reserve Bank of Atlanta has resumed its search for a new president following the arrival of Kevin Warsh, allowing the new Fed chairman to have a say in the selection of a key official who will vote on interest rates in 2027. The search to replace former Atlanta Fed President Raphael Bostic, who…
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S&P keeps U.S. sovereign rating at AA+ with stable outlook
S&P Global Ratings affirmed the US’s credit rating at AA+, one level below the top rank, citing a resilient economy and high but stable fiscal deficits. “The US economy’s resilience should support solid fiscal revenue collection, including from continued tariffs, and stabilize fiscal deficits over the next several years,” analysts at S&P led by Lisa…