Trump is continuing to not hire the best people. The administration is tapping a MAGA loyalist for the top job at the Bureau of Labor Statistics. You see him there, EJ Antony, Project 2025 contributor, an economist at the ProTrump Heritage Foundation, who Steve Bannon urged Trump to nominate after Trump fired the previous jobs data chief because he didn't like the data, accusing her of manipulating stats without offering any evidence.Anton Tony has been a vocal critic of the agency and said this right befor ...

Monetary Policy - Treasury Secretary suggests the Fed should consider a larger, 50 basis-point (0.5%) cut in the benchmark interest rate next month [1]

I did talk to the Treasury Secretary uh last week and uh he said uh he was going to be out of the country, but uh the Wall Street Journal broke the story up. I I guess uh I don't know where they got their info, but I did talk to him. Uh we had a brief conversation and uh I told them uh it didn't sound like they had a process locked down yet, but I I told him I'd be happy to uh you know proceed however they wanted to proceed.in terms of it it would be more um I guess vetting is that is that what is that what ...

We do have some breaking news. That is President Trump saying that he is considering suing Fed Chair Jerome Powell over his handling of reconstruction of the Federal Reserve's buildings. Michael McKee.He is Bloomberg's international economics and policy correspondent. He joins us now. Specifically, Mike, he says that he is considering allowing a major lawsuit against Powell to proceed because of the horrible and grossly incompetent job he has done in managing the construction of those buildings.What do we k ...

Policy & Regulation - The President is considering allowing a lawsuit against Federal Reserve Chair Jerome Powell regarding the renovation of the central bank's headquarters [1] - The lawsuit concerns cost overruns associated with the renovation project [1]

Summary of Key Points from the Conference Call Industry Overview - **Global Economy**: The conference focused on the global economic outlook, emphasizing the importance of macroeconomic indicators in understanding economic trends [1][4]. Core Economic Insights - **GDP Growth Projections**: - The US and China are experiencing the sharpest growth slowdowns among the regions covered, with the US projected to grow at 1.0% in 2025 and China at 4.2% [5][8]. - Euro Area growth is expected to be 0.9% in 2025, while Japan is forecasted at 0.5% [8]. - Selected emerging markets like India are projected to grow at 6.5% [8]. - **Inflation Trends**: - A divergence in global disinflation is noted, with the US experiencing a short-term tariff boost to inflation, but a downward trend is expected to continue thereafter [9][11]. - The Federal Reserve is anticipated to maintain a pause in interest rate changes through 2025, while other developed market central banks are expected to ease [11][14]. - **Tariff Impacts**: - A 30% tariff rate on imports from China is currently in effect, which is expected to boost inflation over the summer [20][25]. - The effective tax rate has decreased to 13% since "Liberation Day" [22]. Employment and Labor Market - **Job Market Pressures**: - The job market remains under pressure, with payroll breakevens expected to drop to 70,000 per month in 2025 and 2026 due to rising deportations [29][66]. - Manufacturing production declines have been accompanied by falling payrolls [50]. Regional Economic Insights - **China's Economic Conditions**: - Persistent deflation is expected, with entrenched PPI deflation and low CPI inflation continuing [60][64]. - Consumption improvements are likely to be driven by policy measures, and the housing supply-demand balance has improved significantly in tier-1 cities [69][64]. - **Japan's Economic Outlook**: - Japan's nominal GDP is on a gradual growth trajectory, with base wage payments trending around 3% [85][87]. - The economy is not expected to experience runaway inflation or a return to deflation [88]. - **Euro Area Challenges**: - The Euro Area is projected to see GDP slowing year-on-year until Q1 2026, influenced by various shocks [52]. - The ECB is expected to cut rates to 1.5% by the end of the year [44]. Additional Insights - **Global Supply Chain Dynamics**: - China remains central in the global supply chain, with a stable global export share despite a declining share in the US market [72][74]. - The diversification of China's supply chain with new export destinations is noted, particularly in green products [77]. - **Political Uncertainty**: - Political uncertainty in Japan is highlighted, particularly regarding the outcomes of the 2024 Lower House elections [88]. This summary encapsulates the key points discussed in the conference call, providing insights into the global economic outlook, regional economic conditions, and the implications of tariffs and inflation on various markets.

🇺🇸 NEW: JPMorgan expects the Federal Reserve to lower interest rates in September. https://t.co/m1MWf3WMRC ...

JUST IN: $4 trillion JPMorgan expects the Federal Reserve to lower interest rates in September. https://t.co/jAh1Js9UGr ...

Federal Reserve Bank of St. Louis President Alberto Musalem said he supported last week’s decision by policymakers to leave interest rates steady, adding the US central bank is still missing more on the inflation side of its mandate https://t.co/7ISyXU80BF ...

Bank of England Monetary Policy Decision - The Bank of England's decision involved a split vote, indicating uncertainty in monetary policy [1][2] - The Monetary Policy Committee voted for a 25 basis point cut, aligning with economists' expectations, but the split vote and concerns about inflation were unexpected [2] - Concerns about food inflation were highlighted, as it significantly impacts consumer sentiment and future inflation expectations [3] - A more hawkish tilt from the Bank of England led markets to reduce bets on future rate cuts, despite the guidance of gradual and careful monetary easing [4] Market Impact - Reduced bets on future rate cuts benefited the pound, sending it higher, and gilt yields also increased [5] - The pound's performance is influenced by the dollar's movements, with expectations of a more dovish tilt from the Federal Reserve potentially impacting Sterling [7] - A weaker dollar combined with a slowing Bank of England could further strengthen the pound [8] Impact on UK Stocks - The FTSE 100 is outperforming US and European stocks due to its international focus, making it sensitive to a strong pound [9] - A higher sterling isn't necessarily beneficial for the FTSE 100, especially considering that many companies earn revenue in dollars [9]