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Barrons.com
Fed Officials See 3 Possible Paths for Rates
Faced with uncertainty, Fed officials are offering various scenarios for the economy and interest rates.
Yahoo Finance
Stock market today: Stocks inch higher with key inflation print looming
A sell-off in Micron put a dent in the AI bullishness that has fueled the tech-driven rally, as investors eye fresh economic data.
Reuters
Fed's Bostic says inflation moving in 'right direction,' sees one Q4 rate cut
Inflation in the U.S. "appears to be narrowing" and that should allow the Federal Reserve to cut interest rates later this year, Atlanta Fed President Raphael Bostic said in a policy essay released on Thursday. After concern that inflation might stall at an elevated level, Bostic said recent data point to renewed progress, including the fact that the share of goods and services increasing at a greater than 5% annual rate had dipped below 20% - more akin to where it was before the COVID-19 pandemic and similar to the share seen when inflation was slowing fast last year. "It's moving in the right direction," Bostic said of a metric he has singled out as one of his touchstones for the U.S. central bank's battle against inflation that spiked to a 40-year high in 2022.
Reuters
Sharp Japan GDP downgrade possible, affecting monetary policy, analysts say
A rare unscheduled revision to Japan's first-quarter gross domestic product (GDP) may lead to a sharp downgrade, possibly affecting the central bank's growth forecasts and the timing of its next interest rate hike, some analysts say. The government said on Tuesday it will revise GDP figures for January-March to reflect corrections made in construction orders data, and announce the findings on July 1. Given the big downward revision to the construction orders data, the revised January-March GDP figures are likely to show the economy contracted more than expected, some analysts say.
Reuters
US weekly jobless claims, equipment spending data point to slowing economy
First-time applications for U.S. unemployment benefits drifted lower last week, but the number of people on jobless rolls jumped to a 2-1/2 year high in mid-June, suggesting that labor market conditions were easing amid slowing economic growth. The stream of softer data on the heels of a sharp slowdown in economic growth in the first quarter increases the probability of the Federal Reserve cutting interest rates in September. Economists do not see the data as suggesting that a recession was imminent.
The Telegraph
How the Tories’ 14-year tax raid is finally being laid bare
The number of pensioners paying income tax has risen by 42pc since the Tories came to power, as the true cost of the Government’s stealth tax raid is laid bare.
Reuters
Dollar breaks 161 yen in countdown to US inflation release
SINGAPORE (Reuters) -The dollar was headed for a second straight quarterly gain and jumped to a near four-decade high on the battered yen on Friday as traders tentatively tested Japan's resolve to defend its currency, while waiting on crucial U.S. inflation data. Republican U.S. presidential candidate Donald Trump unleashed a barrage of at-times false attacks on President Joe Biden in their first campaign debate in Atlanta, with the dollar rising as Biden stumbled over his words a few times in early exchanges. The yen hit 161.27 per dollar, its weakest since 1986 and the euro dipped 0.1% and was last at $1.0693.
Associated Press Finance
US weekly jobless claims fall, but the total number collecting benefits is the most since 2021
Fewer people applied for unemployment benefits last week but the total number of Americans collecting jobless benefits rose to the highest level in more than two years. The Labor Department reported Thursday that jobless claims for the week ending June 22 fell by 6,000 to 233,000 from 239,000 the previous week. The Federal Reserve raised its benchmark borrowing rate 11 times beginning in March of 2022 in an attempt to extinguish the four-decade high inflation that shook the economy after it rebounded from the COVID-19 recession of 2020.
The Fiscal Times
IMF Warns of ‘Pressing Need’ to Address U.S. Debt
The International Monetary Fund said in a report Thursday that the U.S. economy “has turned in a remarkable performance over the past few years,” but added that there is now “a pressing need to reverse the ongoing increase in public debt-GDP ratio.” “The U.S. is only the G-20 economy whose GDP level now exceeds the pre-pandemic level. This is good for the U.S. and it is good for the global economy,” IMF Managing Director Kristalina Georgieva told reporters at a news conference Thursday. She also
The Telegraph
The North Sea could be finished under Labour
David Latin is losing his patience. The chairman of Serica Energy has worked in the oil and gas industry for more than 30 years. He once ran a company that drilled in a war zone.
Associated Press
US economic growth for last quarter is revised up slightly to a 1.4% annual rate
Consumer spending grew at just a 1.5% rate, down from an initial estimate of 2%, in a sign that high interest rates may be taking a toll on the economy. The Commerce Department had previously estimated that the gross domestic product — the economy's total output of goods and services — advanced at a 1.3% rate last quarter. The first quarter's GDP growth marked a sharp pullback from a strong 3.4% pace during the final three months of 2023.
Associated Press
California Legislature approves budget that slashes spending to address $46.8 billion deficit
California lawmakers approved a budget on Wednesday that slashes spending and temporarily raises taxes on some businesses to close an estimated $46.8 billion budget deficit. It's the second year in a row the nation's most populous state has been forced to pare back or delay some of its progressive policies that had been fueled by record-breaking surpluses during the COVID-19 pandemic. It was just two years ago that Gov. Gavin Newsom and his fellow Democrats in the state Legislature were boasting about surpluses that totaled more than $100 billion, the product of hundreds of billions of dollars of federal COVID-19 aid and a progressive tax code that produced a windfall of revenue from the state's wealthiest residents.
CNN
Trump tells wealthy donors he wants to extend his 2017 tax cuts. Here’s why they’d benefit the most
Wealthy donors forked over a record $50.5 million at a recent fundraising dinner for former President Donald Trump, but they could also reap big benefits if he returns to the White House.
Reuters
Inflation in Japan's capital accelerates, keeps BOJ rate hike prospects alive
TOKYO (Reuters) -Core inflation in Japan's capital accelerated in June on rising fuel bills and the boost to import costs from a weak yen, data showed on Friday, keeping alive expectations for a near-term interest rate hike by the central bank. Separate data showed factory output rebounded nationally in May as automakers recovered from shipment disruptions, offering policymakers hope the economy was on track for a moderate recovery. The data may help the Bank of Japan (BOJ) make the case to raise interest rates as early as this month, as cost pressures from the weak yen heighten the chance of inflation staying well above its 2% target in coming months, analysts say.
The Telegraph
How the Bank of England could hand Starmer an £11bn windfall
Changes to the Bank of England’s bond-selling process could hand Sir Keir Starmer up to £11.6bn a year, economists have predicted.
Associated Press Finance
Stock market today: Asian shares are mostly lower ahead of key US inflation report
Shares fell Thursday in most Asian markets ahead of a key U.S. inflation report due Friday that might point the way ahead for interest rates. Benchmarks fell more than 1% in Tokyo, Hong Kong and Sydney. The markets' big focus this week is on a U.S. government inflation report due Friday.
Reuters
Morning Bid: US TV faceoff eyed, ailing yen steadies
With a frenetic week of politicking ahead in the United States, France and Britain, world stock markets held the line on Thursday, sovereign bonds were edgier and the dollar was buoyant. France holds the first round of its snap parliamentary election on Sunday and Britain heads to the polls next Thursday. The VIX volatility gauge remains subdued below 13 and, although November VIX futures are higher at 17.4, they too have slipped back this week.
Insider Monkey
The Biggest Economy in the World by the End of 2024
We recently compiled a list of the 50 Biggest Economies in the World by the End of 2024 and in this article we will look at the country that topped our rankings. A Brief Analysis of the World Economic Outlook According to the United Nations, the global economic outlook has improved since January. The global […]
The Telegraph
‘This wasn’t a debate, it was a medical emergency’: Our writers give their verdicts
Follow the latest reaction in our live blog
Associated Press
Indonesia detains 103 Taiwanese in a raid in Bali involving suspected cybercrime
Indonesian immigration authorities have detained 103 Taiwanese people after a raid at a villa on the resort island of Bali, officials said Friday. Godam said Indonesian authorities cannot charged them with conducting cybercrime.

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