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August 22, 2024

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

August 22, 2024

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

August 22, 2024

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.”

August 22, 2024

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.

August 22, 2024

US jobless claims, business activity keep economy on gradual cooling path

(Reuters) -The number of Americans filing new applications for unemployment benefits ticked up in the latest week, but appeared to be steadying near a level consistent with a gradual cooling of the labor market that should set the stage for the Federal Reserve to kick off interest rate cuts next month. A slowdown in overall U.S. business activity this month as firms faced diminished ability to push through price increases added to the evidence that the economy is slowing and inflation is downshifting to a degree that should allow Fed officials to focus more attention on the job market. With a rate cut now broadly expected next month, interest rates on home loans have already begun dropping, and that helped fuel a larger-than-expected rebound in existing home sales last month.

August 22, 2024

El-Erian Says Market Is Pricing In Too Many Fed Rate Cuts

(Bloomberg) -- Traders are overplaying the prospects of an aggressive series of Federal Reserve interest-rate cuts before the end of the year, according to Mohamed El-Erian. 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 Do“It is problematic in my mind that the market is pricing in so many

August 22, 2024

Fed’s Harker Says Need More Data Before Deciding Rate-Cut Size

(Bloomberg) -- Federal Reserve Bank of Philadelphia President Patrick Harker said economic data in the coming weeks will help inform the appropriate magnitude of the US central bank’s first interest-rate cut.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 Do“In September we need to start a

August 22, 2024

Fed's Collins: will soon be appropriate to cut interest rates

It will soon be appropriate for the Federal Reserve to begin a rate-cutting cycle, Boston Fed President Susan Collins said on Thursday, signaling her likely support for a rate cut at the U.S. central bank's policy meeting next month. "We've seen quite a lot of reduction in inflation. The reduction to me is consistent with more confidence that we are on that trajectory and with labor markets healthy overall, I do think that soon it is appropriate to begin easing," Collins said in an interview with Fox Business.

August 22, 2024

Crew Evacuated From Houthi-Stricken Oil Tanker in Red Sea

(Bloomberg) -- The crew of a ship that suffered several attacks in the Red Sea has been evacuated with naval support. 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 DoDelta Tankers, which operates the Sounion, said Thursday that plans are now in place to move the vessel to a safer destinat

August 22, 2024

Fed’s Schmid says he wants to see more data before rate cut

(Bloomberg) -- Federal Reserve Bank of Kansas City President Jeffrey Schmid said he wants to see more economic data before supporting any decision to begin reducing interest rates. 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 DoSchmid, speaking with Michael McKee in a Bloomberg TV interv

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