Fed Officials Argue for Gradual Pace of Cuts Starting Soon
(Bloomberg) -- Two Federal Reserve officials said they believe it’s appropriate for the US central bank to begin lowering interest rates soon, and that the pace of subsequent cutting should be “gradual” and “methodical.”Most Read from BloombergChicago's Migrant Surge Is Stirring Trouble for Democrats in DNC Host CityUK Transport Minister Clears Path for More 20mph Speed ZonesWith Self-Driving Vans, Hamburg Tries to Make Microtransit WorkThe Serious Work That Free Play Can DoBoston Fed President
Labor market weakness shows signs of 'leveling off,' keeps Fed on track to cut rates in September
Debate on how quickly the labor market is cooling remains at the center of the discussion surrounding Federal Reserve interest rate cuts.
Turkey Has Decision to Make Soon to Show If Inflation Fight Real
(Bloomberg) -- Turkey’s minimum wage outlook is already being gamed out for clues that President Recep Tayyip Erdogan will dial back populist economic policies and deliver on a commitment to curb one of the world’s highest rates of inflation.Most Read from BloombergChicago's Migrant Surge Is Stirring Trouble for Democrats in DNC Host CityUK Transport Minister Clears Path for More 20mph Speed ZonesWith Self-Driving Vans, Hamburg Tries to Make Microtransit WorkThe Serious Work That Free Play Can D
US Mortgage Rates Drop to a 2024 Low as Buyers Await Fed Cuts
(Bloomberg) -- Mortgage rates in the US resumed their downward path, dropping to a new low for the year. Most Read from BloombergChicago's Migrant Surge Is Stirring Trouble for Democrats in DNC Host CityUK Transport Minister Clears Path for More 20mph Speed ZonesWith Self-Driving Vans, Hamburg Tries to Make Microtransit WorkThe Serious Work That Free Play Can DoThe average for a 30-year, fixed loan was 6.46%, down from 6.49% last week, Freddie Mac said in a statement Thursday.Borrowing costs are
Fed policymakers flag rate cuts as job market cools
JACKSON HOLE, Wyoming (Reuters) -Federal Reserve policymakers on Thursday lined up in support of U.S. interest-rate cuts starting next month now that inflation is well down from its highs and the U.S. labor market is cooling, though one signaled he is in no rush to ease policy. "For me, barring any surprise in the data we'll get between now and then, I think we need to start this process” of lowering rates, Philadephia Fed Bank President Patrick Harker said in an interview with Reuters. “I think a slow, methodical approach down is the right way to go.”
OmegaPro Co-Founder Arrested in Turkey on Suspicion of $4B Ponzi Scheme: Reports
The firm said it invested in cryptocurrency and forex, and reportedly collapsed in 2022.
U.S. applications for unemployment benefits inch up, but remain at historically healthy levels
Jobless claims rose by 4,000 to 232,000 for the week of Aug. 17, the Labor Department reported Thursday. Weekly filings for unemployment benefits, which are a proxy for layoffs, remain low by historic standards. The Federal Reserve, fighting inflation that hit a four-decade just over two years ago, raised its benchmark interest rate 11 times in 2022 and 2023, taking it to a 23-year high.