During a recent press conference in Phoenix, Arizona, U.S. Vice President Kamala Harris made it clear that she values the independence of the Federal Reserve and would never seek to interfere with its decision-making process, even if she were to win the upcoming presidential election. This stance sets her apart from former President Donald Trump,
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During a recent stop in Nevada, U.S. Vice President Kamala Harris expressed her support for eliminating taxes on tips, a move that would benefit service and hospitality workers. This position mirrors that of her rival, former President Donald Trump, who made a similar proposal earlier. The battle for the support of service workers is seen
Recently, a federal appeals court extended an order that blocked President Joe Biden’s administration from further implementing a student debt relief plan. This plan was designed to lower monthly payments for millions of borrowers and speed up loan forgiveness for some. The 8th U.S. Circuit Court of Appeals granted an injunction requested by seven Republican-led
In a recent development, Indian automaker Mahindra & Mahindra has reportedly entered into a joint venture agreement with China’s Shaanxi Automobile Group to establish a $3 billion manufacturing plant in India. The joint venture, which is awaiting approval from the Indian government, is said to involve the construction of a car manufacturing facility in Prime
Federal Reserve Governor Michelle Bowman recently discussed the state of inflation in the United States. While she acknowledged some progress in inflation over the past few months, she emphasized that inflation remains “uncomfortably above” the Federal Reserve’s 2% target. This cautious perspective on inflation is essential for ensuring economic stability and preventing overheating. Bowman highlighted
The summer season has brought a rush of imports to the United States this year as retailers prepare for potential strikes by port workers and shipping disruptions caused by attacks in the Red Sea. Container imports and freight rates have seen a surge in July, indicating an earlier peak season for the ocean shipping industry
Donald Trump, the former president of the United States, has recently expressed a desire to have more influence over the decisions made by the Federal Reserve. Specifically, he believes that the president should be consulted on interest rate decisions and that proposals for Fed banking regulations should be subject to White House review. This marks
China’s latest CPI report for July revealed some interesting trends in inflation. While headline inflation saw a modest increase of 0.3 points to 0.5%, the core measure of inflation actually fell to 0.4% in July from 0.6% in the previous months. Additionally, the release of the latest PPI report indicated that producer price deflation continued
In light of renewed concerns about a potential U.S. recession, experts are shining a light on the vulnerabilities of the current unemployment system. The system, which is crucial for providing temporary income support to laid-off workers, proved to be inadequate during the Covid-19 pandemic. The system’s shortcomings, including massive technology failures and administrative inefficiencies, were
The past seven days have seen significant volatility in the price of gold, with a 4.4% decline from Friday’s peak to Monday’s low, followed by a 2.5% rebound from the lows. This rollercoaster ride in gold prices has been largely influenced by external market factors, with a notable recovery on Thursday aligning with a strong
The dollar experienced a retreat from a one-week high against other major currencies on Friday, following a period of economic turbulence and uncertainty. Traders were faced with a drop in U.S. jobless claims and the prospect of a looming economic downturn, which led to a series of fluctuations in the currency market. The U.S. currency
In a recent turn of events, a hazardous goods container exploded on a cargo ship in China’s bustling Ningbo port. The vessel, YM Mobility, owned by Taiwanese company Yang Ming Marine Transport Corp., was the unfortunate site of this incident. Fortunately, no casualties or injuries have been reported so far. Despite the explosion causing a
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