Business Times - Business & Financial News, China & International ...
WEBThe U.S. Department of the Treasury revealed that, as of last Friday, the federal debt has surpassed $34 trillion, setting a new record. This amount equals 1.2 times the U.S. GDP. Moreover, this milestone was reached faster than expected. The Congressional Budget Office had forecasted this debt level wouldn't be hit until the fiscal year 2029.
China Responds to U.S.-Led Naval Exercises with New Military …
WEB1 day ago — China has consistently pressed its claims over the South China Sea and the Taiwan Strait, leading to frequent confrontations with U.S. and allied forces. Australian Foreign Minister Penny Wong, speaking at the United Nations General Assembly, reiterated Australia's position that peace and stability in the South China Sea are crucial.
Boeing Strike Enters Third Week, No Contract in Sight as Workers …
WEB2 days ago — The machinists' union members will start receiving strike pay in the third week of the strike, with union members receiving $250 per week until a new contract is reached. Much of that strike pay comes from the IAM Grand Lodge, with an additional $50 provided by District 751. As federal mediation continues, Boeing workers have garnered support ...
Fed’s Preferred Inflation Measure Signals Cooling Price Pressures ...
WEB2 days ago — According to the Commerce Department's report released on Friday, the personal consumption expenditures (PCE) price index, a key inflation gauge preferred by the Fed, increased by just 0.1% in August. On an annual basis, the inflation rate now stands at 2.2%, down from 2.5% in July, marking the lowest inflation reading since February 2021.
China to Unveil $284 Billion Bond Issuance in Major Push to Revive ...
WEB3 days ago — China is set to issue $284 billion in special sovereign bonds this year, marking a significant move aimed at reviving its sluggish economy and countering deflationary pressures. According to Reuters, the Ministry of Finance (MOF) plans to issue two separate tranches of sovereign bonds: one for 1 trillion yuan ($142 billion) to stimulate ...
U.S. Economy Surges at 3% Growth in Second Quarter Amid …
WEB3 days ago — The U.S. economy grew at an annualized rate of 3% in the second quarter of 2024, continuing its steady expansion in the face of high interest rates, according to the latest figures from the Bureau of Economic Analysis. The third estimate of second-quarter gross domestic product (GDP), released on Thursday, confirmed the earlier reading, showing a stronger-than-expected performance despite ...
Fed Cuts Interest Rates by Half Point Amid Growing Concerns …
WEBSep 18, 2024 — On Wednesday, the central bank slashed the federal funds rate by 50 basis points, bringing it to a range of 4.75% to 5%. This aggressive move marks the beginning of what could be a series of rate cuts aimed at stabilizing the economy amid growing concerns about slowing job growth and softening inflation. The rate cut, which impacts short-term ...
Fed Rate Cut Could Mark the End of an Economic Era as U.S. Faces ...
WEBSep 16, 2024 — A 25 basis point cut would bring the Fed's target rate to a range of 5.0% to 5.25%, while a more substantial 50 basis point reduction would lower it to 4.75% to 5.0%. The uncertainty surrounding this decision has created a tense atmosphere in financial markets, with investors keenly focused on how the …
U.S. GDP Revised to 3% Growth, Boosting Dollar and Market …
WEBAug 30, 2024 — In a boost to market confidence and the strength of the U.S. dollar, the latest data from the Commerce Department revealed that the U.S. economy grew at a robust 3% annual rate in the second quarter of 2024. This upward revision from the initial 2.8% estimate signifies a significant acceleration from the first quarter's modest 1.4% growth and underscores the resilience of the American economy ...
Supreme Court Denies Request to Lift Block on Biden’s Student …
WEBAug 29, 2024 — To date, the Department of Education has approved $168 billion in debt forgiveness for over 4.7 million individuals, marking a substantial but contested effort to address the student loan crisis. The Supreme Court on Wednesday refused to lift the block on President Joe Biden's student loan repayment plan, leaving millions of borrowers in a ...