News

(Bloomberg) -- Tariffs imposed on China during President-elect Donald Trump’s first term had negative effects for the US economy, according to newly released research from the Federal Reserve Bank of New York. Most Read from BloombergAs Wars Rage, Cities Face a Dark New Era of Urban DestructionRiyadh Metro Partially Opens in Bid to Ease City’s Traffic JamsThe findings come as Trump has threatened to wield tariffs more aggressively against US trading partners when he takes office in January, inje

St. Louis Federal Reserve President Alberto Musalem said on Wednesday he expects the U.S. central bank will be able to continue to cut interest rates but isn't ready to say what he thinks should happen at its policy meeting later this month. With inflation likely to continue to ebb to the Fed's 2% target over time, "additional easing of moderately restrictive policy toward neutral will be appropriate over time," Musalem said at a Bloomberg monetary policy conference. Financial markets expect the Fed to cut its policy rate by a quarter of a percentage point from the current 4.50%-4.75% range at its Dec. 17-18 meeting, as it seeks to adjust the stance of policy to easing inflation and a better-balanced labor market.

(Bloomberg) -- Federal Reserve Bank of St. Louis President Alberto Musalem said it may be appropriate to pause interest-rate cuts as soon as this month, emphasizing incoming data will guide his decision. Most Read from BloombergAs Wars Rage, Cities Face a Dark New Era of Urban DestructionRiyadh Metro Partially Opens in Bid to Ease City’s Traffic JamsMusalem indicated Wednesday that he wants to keep all options open ahead of the Fed’s next meeting on Dec. 17-18. The St. Louis Fed chief said he’d

(Bloomberg) -- Poland extended its pause on interest rates to more than a year as policymakers look past a recent decline in inflation and weakening economic growth for a clear outlook to emerge.Most Read from BloombergAs Wars Rage, Cities Face a Dark New Era of Urban DestructionRiyadh Metro Partially Opens in Bid to Ease City’s Traffic JamsThe Monetary Policy Council kept its benchmark at 5.75% on Wednesday, in line with the forecasts of all 31 economists surveyed by Bloomberg. While headline i

(Bloomberg) -- Banks are gearing up for US oil prices to fall below $60 a barrel by the middle of President-elect Donald Trump’s new term in office, according to a survey from law firm Haynes Boone LLP.Most Read from BloombergAs Wars Rage, Cities Face a Dark New Era of Urban DestructionRiyadh Metro Partially Opens in Bid to Ease City’s Traffic JamsWest Texas Intermediate, the US benchmark, is expected to drop to $58.62 a barrel by 2027, the mean estimate of 26 banks participating in the survey t

Abu Dhabi, the capital of the United Arab Emirates (UAE), set out measures on Wednesday to simplify processes for businesses as it strives to diversify its economy away from oil. The oil-rich city emirate, which holds more than 90% of the UAE's oil reserves, announced a centralised business registry authority - the Abu Dhabi Registration Authority (ADRA) - that will be the single point for business registration, a statement said. In common with other oil exporters in the region, Abu Dhabi has accelerated efforts to diversify into sectors including tourism, logistics, manufacturing and industry, to seek future economic growth as the world pursues efforts to wean itself off fossil fuels.

(Bloomberg) -- Australia’s economic growth remained sluggish last quarter as a surge in government spending underpinned the expansion, highlighting the Reserve Bank’s policy challenge as inflation is still stubbornly sticky.Most Read from BloombergAs Wars Rage, Cities Face a Dark New Era of Urban DestructionRiyadh Metro Partially Opens in Bid to Ease City’s Traffic JamsGross domestic product rose 0.8% from a year earlier, the weakest reading — excluding the pandemic — since December 1991, when t