Federal Reserve Chairman Kevin Warsh reaffirmed the central bank’s independence while facing lawmakers’ questions on resisting political pressure from the Trump administration over interest-rate policies.
Asian shares climbed as softer US inflation data reduced expectations for a Federal Reserve rate hike, boosting investor confidence and driving significant gains, particularly in South Korea’s technology sector.
Homebuyers in Phoenix face longer wait times with a median of 66 days on market, reflecting slower sales amid modest price declines and less buyer competition.
China’s economy expanded by 4.3% in the second quarter, marking its slowest growth pace since late 2022 as weak consumer demand and external pressures dampen momentum.
Inflation eased to 3.5% in June, driven by a significant fall in energy costs, lifting U.S. stock markets and pushing Treasury yields lower despite persistent price pressures in other sectors.
Despite a notable drop in overall inflation driven by falling energy prices, rising food and shelter costs continue to burden households, limiting consumer spending growth.
The latest inflation data reveals a rare broad-based flattening in consumer prices as core inflation held steady, marking a significant shift beyond energy-driven drops.
Chinese regulators have instructed banks to stop re-discounting bills at ultra-low rates to prevent market distortions caused by weak loan demand and plunging credit costs.
In his first testimony before Congress, Fed Chair Kevin Warsh emphasized the Federal Reserve’s firm commitment to tackling inflation, signaling a continued focus on monetary tightening.
President Trump expects inflation to remain steady following renewed military actions against Iran, highlighting recent data showing a notable drop in consumer price growth.
The Consumer Price Index fell unexpectedly last month, with every economist in a major survey failing to predict the decline, signaling a shift in inflation trends.
In his first congressional hearing, Federal Reserve Chair Kevin Warsh pledged to uphold the Fed’s independence despite President Trump’s attempts to influence monetary policy and leadership.