News

Federal Reserve Bank of Cleveland President Beth Hammack said on Wednesday that high levels of uncertainty in the U.S. economy right now argue for the central bank to hold steady on interest rate policy and take in more information before deciding what needs to happen next. “Given the economy’s starting point, and with both sides of our mandate expected to be under pressure, there is a strong case to hold monetary policy steady in order to balance the risks coming from further elevated inflation and a slowing labor market,” Hammack said in the text of a speech prepared for delivery before a gathering in Columbus, Ohio. Hammack, who does not hold a vote on the monetary policy- setting Federal Open Market Committee this year, said the big changes in the United States trade regime, which prominently features tariff increases, have played a role in boosting uncertainty and making it harder to know what needs to happen with central bank monetary policy.

Federal Reserve Chair Jerome Powell highlighted how planned and enacted policy shifts by the Trump administration have created unusual economic uncertainty.

President Donald Trump’s global trade war will hurt economies around the world this year, including the US, according to a new report by the World Trade Organization.

(Bloomberg) -- Harvard University’s decision to stand up to President Donald Trump sparked cheers from politicians across Massachusetts, but the resulting federal funding cuts risk imperiling the region’s primary economic engine.Most Read from BloombergHow Did This Suburb Figure Out Mass Transit?Trump Signs Executive Orders on Federal Purchasing, Office SpaceWhy the Best Bike Lanes Always Get BlamedLA County Floats Leaner Budget Burdened by Fire and Legal CostsHarvard on Monday refused to strike

(Bloomberg) -- Energy Secretary Chris Wright says Donald Trump’s administration is giving the “green light” to more US oil production, but the signal from the fracking company he used to run is flashing bright red.Most Read from BloombergHow Did This Suburb Figure Out Mass Transit?Trump Signs Executive Orders on Federal Purchasing, Office SpaceLA County Floats Leaner Budget Burdened by Fire and Legal CostsLiberty Energy Inc., which Wright led until his appointment to Trump’s cabinet, has tumbled

GENEVA (Reuters) -Global economic growth could slow to 2.3% as trade tensions and uncertainty drive a recessionary trend, the UN Trade and Development (UNCTAD) agency said on Wednesday. "Global growth is projected to slow to 2.3% in 2025, placing the world economy on a recessionary path," UNCTAD said, citing a report it published on the trade and development outlook for this year. The global economy grew 2.8% in 2024, it said.

U.S. Federal Reserve officials, in agreement that President Donald Trump's tariffs have unmoored their sense of the economy's direction, may face an intense internal debate about the right monetary policy response, including balancing any conflicts between their inflation and employment goals. In the weeks since Trump announced then paused a stiff set of global import taxes, Fed officials including Chair Jerome Powell have acknowledged they may be forced to choose between ensuring inflation stays controlled as tariffs potentially drive prices higher or focus on supporting jobs with growth seen weakening in the face of widespread household and business uncertainty and softening demand. That fork in the road may be weeks or months in arriving, allowing the Fed for now to continue with interest rates where they are until it is clear what Trump finally decides and what impact it will have on jobs, prices and the outlook.