XTransfer Attends 2024 Dalian Summer Davos

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
Jobless claims data show 'warning sign' for the US labor market
The number of continuing applications for unemployment benefits just hit its highest level in more than two years, concerning economists that the labor market's softening may accelerate.
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
Euro on track for biggest monthly fall since January, dollar breaks 161 yen
(Reuters) -The euro was on track for its biggest monthly fall since January as political uncertainty weighed in the run-up to France's general elections, while the dollar jumped to a near four-decade high against the battered yen ahead of key inflation data. Investors fear that a new French government could increase fiscal spending, threatening the sustainability of the country's public debt and the financial stability of the bloc. At the same time, traders are cautiously testing Japan's determination to protect its currency while keeping a keen eye on crucial U.S. inflation data.
The Telegraph
France’s hard-Right wants to cut the EU’s budget – Brussels should be worried
Jordan Bardella, the fresh-faced 28-year-old who could be the first French prime minister for Marine Le Pen’s hard-Right National Rally party, has designs on EU cash.
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
This is the EU ancien regime’s last, contemptible hurrah
Growth has ground to a halt. The economy is falling further behind North America and Asia, and populist parties campaigning to overthrow the system are gathering strength all the time.
INSIDER
A Nobel Prize-winning economist breaks down exactly how Trump's proposed policies could make inflation worse
Inflation has slowed but is above its ideal rate. Nobel Prize-winning economist Joseph Stiglitz broke down why Trump's policies could make it worse.
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.
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.
Reuters
US dollar eases after soft economic data; yen inches higher
NEW YORK (Reuters) -The U.S. dollar drifted lower against most currencies on Thursday, pressured by softening data in the world's largest economy that backs expectations the Federal Reserve will start cutting interest rates this year. The yen edged up from a 38-year low against the greenback following the U.S. numbers, even as traders remained on high alert for any signs of Japanese intervention to prop up the currency. At the same time, new orders for key U.S.-manufactured capital goods unexpectedly fell in May, suggesting business spending on equipment weakened in the second quarter.
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
Evening Standard
Race out of recession picks up speed but house prices fall as mortgage time bomb ticks
Growth revised higher for the first quarter but millions face end of fixed-rate deals
The Telegraph
What to do now to shield your money from Labour taxes
With the countdown to the general election now in its final week, Labour has continued to do little to answer questions or quell concerns about its tax plans should it win power.
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.
The Telegraph
How Netherlands’ wealth tax went wrong – and cost the nation billions
The Netherlands is expected to pay billions of pounds in compensation to taxpayers after a divisive levy on investments and second homes was shot down by the Dutch Supreme Court.
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.
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.
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.

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XTransfer Attends 2024 Dalian Summer Davos

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Latest stories

Fed Officials See 3 Possible Paths for Rates

Jobless claims data show 'warning sign' for the US labor market

Stock market today: Stocks inch higher with key inflation print looming

Fed's Bostic says inflation moving in 'right direction,' sees one Q4 rate cut

Euro on track for biggest monthly fall since January, dollar breaks 161 yen

France’s hard-Right wants to cut the EU’s budget – Brussels should be worried

US weekly jobless claims, equipment spending data point to slowing economy

This is the EU ancien regime’s last, contemptible hurrah

A Nobel Prize-winning economist breaks down exactly how Trump's proposed policies could make inflation worse

How the Tories’ 14-year tax raid is finally being laid bare

US weekly jobless claims fall, but the total number collecting benefits is the most since 2021

US dollar eases after soft economic data; yen inches higher

IMF Warns of ‘Pressing Need’ to Address U.S. Debt

Race out of recession picks up speed but house prices fall as mortgage time bomb ticks

What to do now to shield your money from Labour taxes

The North Sea could be finished under Labour

How Netherlands’ wealth tax went wrong – and cost the nation billions

California Legislature approves budget that slashes spending to address $46.8 billion deficit

US economic growth for last quarter is revised up slightly to a 1.4% annual rate

Trump tells wealthy donors he wants to extend his 2017 tax cuts. Here’s why they’d benefit the most