| | When Federal Reserve Chair Jerome Powell speaks in Jackson Hole, Wyoming, traders will comb through his remarks for clues on whether the U.S. central bank will deliver more rate cuts this year. They may be disappointed. For all his reputation as the most plain-spoken person to run the U.S. central bank in decades, if not ever, Powell may be reluctant in his remarks to fellow central bankers at this year’s Kansas City Fed economic symposium to say much about where rates will go. The reason: he may not actually know, and does not want to get locked in. | | | |
Underscoring divisions within the Federal Reserve over how to respond to signs of a global economic slowdown, two officials said they see no need to lower borrowing costs next month, while another said he was “open-minded.” The Fed wanted to do two things when it cut rates for the first time in a decade last month: Support the economy and spark inflation expectations. From the market’s point of view, neither prospect is looking great. Market conditions have grown harsher and data is pointing to lower inflation. | |
Hong Kong braced for an anti-government protest “stress test” of the airport this weekend, as weeks of sometimes violent demonstrations in the Chinese-ruled city showed no signs of let-up amid rising tension between China and some Western nations. The Canadian Consulate in Hong Kong said it has suspended travel to mainland China for local staff, just days after an employee of the city’s British Consulate was confirmed to have been detained in China. The Canadian Consulate, in an email to Reuters, did not provide a reason for the travel restrictions. | | | |
Cathay Pacific Airways, which is caught in the crosswinds between authorities in Beijing and anti-government protesters in Hong Kong, must put an end to “all forms of white terror”, trade unions in the Chinese-ruled city said. The carrier has become the biggest corporate casualty of the protests after China demanded it suspend staff involved in, or who support, the demonstrations that have plunged the former British colony into a political crisis. Walking a tightrope between anti-government protests and political masters in Beijing, many Hong Kong firms are opting to toe the Communist Party line to avoid potential repercussions having seen what happened at Cathay Pacific Airways. | |
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| Two U.S. lawmakers have called on a top financial regulatory panel to consider direct oversight of the cloud services big tech companies provide to banks, saying they have become a critical component of the global financial system. Amazon Web Services, Microsoft Azure and Google Cloud account for 57% of the cloud market, the lawmakers said in the letter, citing analysis from Synergy Research Group. 3 min read | |
President Donald Trump is expected to ask a federal judge to block Deutsche Bank AG and Capital One Financial from handing the financial records of the Trump family and Trump Organization to Democratic lawmakers. In subpoenas issued in April, Democratic lawmakers asked the banks for records related to Trump, three of his children and the Trump Organization. 3 Min Read | |
Trump’s re-election campaign hosted events in 2020 battleground states to mobilize and train suburban women, an important voting bloc that defected from Republicans during last year’s congressional contests. 4 min read | |
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