US central bank leaves interest rates unchanged
The Fed's decision on Wednesday leaves its key short-term rate at about 4.3 per cent, where it has stood after the US central bank reduced it three times last year.
Chair Jerome Powell has said the Fed would likely have cut rates already if not for Trump's sweeping tariffs.
Powell and other Fed officials say they want to see how Trump's duties on imports will affect inflation and the broader economy.
So far the duties have lifted costs of some goods such as appliances, furniture and toys and overall inflation has risen slightly although less than many economists had expected.
There were some signs of splits in the Fed's ranks: governors Christopher Waller and Michelle Bowman voted to reduce borrowing costs while nine officials, including Powell, favoured standing pat.
It is the first time in more than three decades that two of the seven Washington DC-based governors have dissented.
One official, governor Adriana Kugler, was absent and did not vote.
The choice to hold off on a rate cut will almost certainly result in further conflict between the Fed and White House, as Trump has repeatedly urged the central bank to reduce borrowing costs.
The US Federal Reserve has left its key short-term interest rate unchanged for the fifth time this year, brushing off repeated calls from President Donald Trump for a cut.
The Fed's decision on Wednesday leaves its key short-term rate at about 4.3 per cent, where it has stood after the US central bank reduced it three times last year.
Chair Jerome Powell has said the Fed would likely have cut rates already if not for Trump's sweeping tariffs.
Powell and other Fed officials say they want to see how Trump's duties on imports will affect inflation and the broader economy.
So far the duties have lifted costs of some goods such as appliances, furniture and toys and overall inflation has risen slightly although less than many economists had expected.
There were some signs of splits in the Fed's ranks: governors Christopher Waller and Michelle Bowman voted to reduce borrowing costs while nine officials, including Powell, favoured standing pat.
It is the first time in more than three decades that two of the seven Washington DC-based governors have dissented.
One official, governor Adriana Kugler, was absent and did not vote.
The choice to hold off on a rate cut will almost certainly result in further conflict between the Fed and White House, as Trump has repeatedly urged the central bank to reduce borrowing costs.
The US Federal Reserve has left its key short-term interest rate unchanged for the fifth time this year, brushing off repeated calls from President Donald Trump for a cut.
The Fed's decision on Wednesday leaves its key short-term rate at about 4.3 per cent, where it has stood after the US central bank reduced it three times last year.
Chair Jerome Powell has said the Fed would likely have cut rates already if not for Trump's sweeping tariffs.
Powell and other Fed officials say they want to see how Trump's duties on imports will affect inflation and the broader economy.
So far the duties have lifted costs of some goods such as appliances, furniture and toys and overall inflation has risen slightly although less than many economists had expected.
There were some signs of splits in the Fed's ranks: governors Christopher Waller and Michelle Bowman voted to reduce borrowing costs while nine officials, including Powell, favoured standing pat.
It is the first time in more than three decades that two of the seven Washington DC-based governors have dissented.
One official, governor Adriana Kugler, was absent and did not vote.
The choice to hold off on a rate cut will almost certainly result in further conflict between the Fed and White House, as Trump has repeatedly urged the central bank to reduce borrowing costs.
The US Federal Reserve has left its key short-term interest rate unchanged for the fifth time this year, brushing off repeated calls from President Donald Trump for a cut.
The Fed's decision on Wednesday leaves its key short-term rate at about 4.3 per cent, where it has stood after the US central bank reduced it three times last year.
Chair Jerome Powell has said the Fed would likely have cut rates already if not for Trump's sweeping tariffs.
Powell and other Fed officials say they want to see how Trump's duties on imports will affect inflation and the broader economy.
So far the duties have lifted costs of some goods such as appliances, furniture and toys and overall inflation has risen slightly although less than many economists had expected.
There were some signs of splits in the Fed's ranks: governors Christopher Waller and Michelle Bowman voted to reduce borrowing costs while nine officials, including Powell, favoured standing pat.
It is the first time in more than three decades that two of the seven Washington DC-based governors have dissented.
One official, governor Adriana Kugler, was absent and did not vote.
The choice to hold off on a rate cut will almost certainly result in further conflict between the Fed and White House, as Trump has repeatedly urged the central bank to reduce borrowing costs.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Perth Now
30 minutes ago
- Perth Now
Trump aide accuses India of financing Russia's war
A top aide to President Donald Trump has accused India of effectively financing Russia's war in Ukraine by purchasing oil from Moscow, after the US leader escalated pressure on New Delhi to stop buying Russian oil. "What he (Trump) said very clearly is that it is not acceptable for India to continue financing this war by purchasing the oil from Russia," said Stephen Miller, deputy chief of staff at the White House and one of Trump's most influential aides. Miller's criticism was some of the strongest yet by the Trump administration about one of the United States' major partners in the Indo-Pacific. "People will be shocked to learn that India is basically tied with China in purchasing Russian oil. That's an astonishing fact," Miller told Fox News. The Indian Embassy in Washington did not immediately respond to a request for comment. Indian government sources told Reuters on Saturday that New Delhi will keep purchasing oil from Moscow despite US threats. A 25 per cent tariff on Indian products went into effect on Friday as a result of its purchase of military equipment and energy from Russia. Trump has also threatened 100 per cent tariffs on US imports from countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine. Miller tempered his criticism by noting Trump's relationship with Indian Prime Minister Narendra Modi, which he described as "tremendous". Meanwhile, a Ukrainian drone attack caused two oil tanks to catch fire at an oil depot in Sochi in southern Russia but the blazes were later extinguished, local authorities said on Sunday. Veniamin Kondratyev, the governor of the surrounding Krasnodar region, said more than 120 firefighters were deployed. The Russian defence ministry said its air defence units destroyed 93 Ukrainian drones overnight, including one over the Krasnodar region and 60 over the waters of the Black Sea. The ministry reports only how many drones its units destroy, not how many Ukraine launched. Rosaviatsia, Russia's civil aviation authority, briefly halted flights at Sochi's airport before resuming them. There was no immediate comment from Ukraine, which has staged frequent attacks on infrastructure inside Russia that Kyiv deems key to Moscow's war efforts. A woman was killed in the Adler district of Sochi in a Ukrainian drone attack late last month, but attacks on the city, which hosted the 2014 Winter Olympic Games, have been infrequent in the war that Russia launched in February 2022. The Krasnodar region is home to the Ilsky refinery near the city of Krasnodar, among the largest in southern Russia and a frequent target of Ukraine's drone attacks. Also on Sunday, the governor of Voronezh region in southern Russia said four people were injured in a Ukrainian drone strike that caused several fires, while Russia launched a missile attack on Kyiv, according to the military administration of the Ukrainian capital. The Russian defence ministry said that its units destroyed 18 Ukrainian drones over the Voronezh region that borders Ukraine.
The Advertiser
2 hours ago
- The Advertiser
Electric expectations as mining conference goes nuclear
The Diggers and Dealers mining forum will take on a radioactive yellow hue as uranium miners take centre stage on opening day. While goldminers dominate the speaking program of the three-day mining industry networking fest, uranium will be the focus of the curtain-raiser keynote on Monday morning. For the first time in the conference's 34-year history, the keynote will take the form of a panel discussion. Canadian physician turned nuclear evangelist Chris Keefer has been flown into the Western Australian gold-mining town of Kalgoorlie, alongside Centre for Independent Studies energy analyst Aidan Morrison and the free market think tank's executive director Tom Switzer. The panel was scheduled before the coalition's catastrophic federal election meltdown in May, when their nuclear power ambitions went up in flames. But Diggers chairman Jim Walker says the setback doesn't dim the importance of the topic. As Australia grapples with the question of how to power its energy transition, it's worth listening to an international perspective, he says. "Look, we've seen a change going from diesel-powered submarines to nuclear-powered submarines," he told AAP. "We are non-political, all right. We are definitely non-political. We just thought, from the interest we've had from miners around the place asking the question about where we're going to get our power from, let's grab hold of these people and let them give their presentation." Paul Hemburrow, chief operating officer of the ASX's largest dedicated uranium miner, Paladin Energy, will try to drum up investor interest as he follows up the keynote with the first presentation of the forum. Even without the evaporated prospect of a domestic nuclear market, it's been a tricky time for the uranium sector. Prices have slumped in 2025 after the emergence of Chinese AI disruptor DeepSeek challenged assumptions that the technology would fuel a massive increase in energy demand globally. Uranium has rebounded slightly since but Paladin faced a further setback in late July when its Langer Heinrich mine in Namibia missed its output guidance. Traders dumped shares in the Perth-based miner, which is down nearly 21 per cent since the start of 2025. Paladin has taken the title of the most shorted stock on the ASX, while second-placed Boss Energy suffered an even more brutal 40 per cent sell-off after it warned traders it would miss its projected output at its Honeymoon uranium mine in South Australia. Boss Energy chief executive Duncan Craib will be second cab off the rank to deliver a presentation at Diggers. The previous prime target for short sellers - lithium miners - will be feeling slightly more bullish as they look to revive interest in the industry at the forum. There is increasing optimism that prices for the battery ingredient may have bottomed out following a dire three-year bear market, as China looks to stamp out oversupply. The Diggers and Dealers mining forum will take on a radioactive yellow hue as uranium miners take centre stage on opening day. While goldminers dominate the speaking program of the three-day mining industry networking fest, uranium will be the focus of the curtain-raiser keynote on Monday morning. For the first time in the conference's 34-year history, the keynote will take the form of a panel discussion. Canadian physician turned nuclear evangelist Chris Keefer has been flown into the Western Australian gold-mining town of Kalgoorlie, alongside Centre for Independent Studies energy analyst Aidan Morrison and the free market think tank's executive director Tom Switzer. The panel was scheduled before the coalition's catastrophic federal election meltdown in May, when their nuclear power ambitions went up in flames. But Diggers chairman Jim Walker says the setback doesn't dim the importance of the topic. As Australia grapples with the question of how to power its energy transition, it's worth listening to an international perspective, he says. "Look, we've seen a change going from diesel-powered submarines to nuclear-powered submarines," he told AAP. "We are non-political, all right. We are definitely non-political. We just thought, from the interest we've had from miners around the place asking the question about where we're going to get our power from, let's grab hold of these people and let them give their presentation." Paul Hemburrow, chief operating officer of the ASX's largest dedicated uranium miner, Paladin Energy, will try to drum up investor interest as he follows up the keynote with the first presentation of the forum. Even without the evaporated prospect of a domestic nuclear market, it's been a tricky time for the uranium sector. Prices have slumped in 2025 after the emergence of Chinese AI disruptor DeepSeek challenged assumptions that the technology would fuel a massive increase in energy demand globally. Uranium has rebounded slightly since but Paladin faced a further setback in late July when its Langer Heinrich mine in Namibia missed its output guidance. Traders dumped shares in the Perth-based miner, which is down nearly 21 per cent since the start of 2025. Paladin has taken the title of the most shorted stock on the ASX, while second-placed Boss Energy suffered an even more brutal 40 per cent sell-off after it warned traders it would miss its projected output at its Honeymoon uranium mine in South Australia. Boss Energy chief executive Duncan Craib will be second cab off the rank to deliver a presentation at Diggers. The previous prime target for short sellers - lithium miners - will be feeling slightly more bullish as they look to revive interest in the industry at the forum. There is increasing optimism that prices for the battery ingredient may have bottomed out following a dire three-year bear market, as China looks to stamp out oversupply. The Diggers and Dealers mining forum will take on a radioactive yellow hue as uranium miners take centre stage on opening day. While goldminers dominate the speaking program of the three-day mining industry networking fest, uranium will be the focus of the curtain-raiser keynote on Monday morning. For the first time in the conference's 34-year history, the keynote will take the form of a panel discussion. Canadian physician turned nuclear evangelist Chris Keefer has been flown into the Western Australian gold-mining town of Kalgoorlie, alongside Centre for Independent Studies energy analyst Aidan Morrison and the free market think tank's executive director Tom Switzer. The panel was scheduled before the coalition's catastrophic federal election meltdown in May, when their nuclear power ambitions went up in flames. But Diggers chairman Jim Walker says the setback doesn't dim the importance of the topic. As Australia grapples with the question of how to power its energy transition, it's worth listening to an international perspective, he says. "Look, we've seen a change going from diesel-powered submarines to nuclear-powered submarines," he told AAP. "We are non-political, all right. We are definitely non-political. We just thought, from the interest we've had from miners around the place asking the question about where we're going to get our power from, let's grab hold of these people and let them give their presentation." Paul Hemburrow, chief operating officer of the ASX's largest dedicated uranium miner, Paladin Energy, will try to drum up investor interest as he follows up the keynote with the first presentation of the forum. Even without the evaporated prospect of a domestic nuclear market, it's been a tricky time for the uranium sector. Prices have slumped in 2025 after the emergence of Chinese AI disruptor DeepSeek challenged assumptions that the technology would fuel a massive increase in energy demand globally. Uranium has rebounded slightly since but Paladin faced a further setback in late July when its Langer Heinrich mine in Namibia missed its output guidance. Traders dumped shares in the Perth-based miner, which is down nearly 21 per cent since the start of 2025. Paladin has taken the title of the most shorted stock on the ASX, while second-placed Boss Energy suffered an even more brutal 40 per cent sell-off after it warned traders it would miss its projected output at its Honeymoon uranium mine in South Australia. Boss Energy chief executive Duncan Craib will be second cab off the rank to deliver a presentation at Diggers. The previous prime target for short sellers - lithium miners - will be feeling slightly more bullish as they look to revive interest in the industry at the forum. There is increasing optimism that prices for the battery ingredient may have bottomed out following a dire three-year bear market, as China looks to stamp out oversupply. The Diggers and Dealers mining forum will take on a radioactive yellow hue as uranium miners take centre stage on opening day. While goldminers dominate the speaking program of the three-day mining industry networking fest, uranium will be the focus of the curtain-raiser keynote on Monday morning. For the first time in the conference's 34-year history, the keynote will take the form of a panel discussion. Canadian physician turned nuclear evangelist Chris Keefer has been flown into the Western Australian gold-mining town of Kalgoorlie, alongside Centre for Independent Studies energy analyst Aidan Morrison and the free market think tank's executive director Tom Switzer. The panel was scheduled before the coalition's catastrophic federal election meltdown in May, when their nuclear power ambitions went up in flames. But Diggers chairman Jim Walker says the setback doesn't dim the importance of the topic. As Australia grapples with the question of how to power its energy transition, it's worth listening to an international perspective, he says. "Look, we've seen a change going from diesel-powered submarines to nuclear-powered submarines," he told AAP. "We are non-political, all right. We are definitely non-political. We just thought, from the interest we've had from miners around the place asking the question about where we're going to get our power from, let's grab hold of these people and let them give their presentation." Paul Hemburrow, chief operating officer of the ASX's largest dedicated uranium miner, Paladin Energy, will try to drum up investor interest as he follows up the keynote with the first presentation of the forum. Even without the evaporated prospect of a domestic nuclear market, it's been a tricky time for the uranium sector. Prices have slumped in 2025 after the emergence of Chinese AI disruptor DeepSeek challenged assumptions that the technology would fuel a massive increase in energy demand globally. Uranium has rebounded slightly since but Paladin faced a further setback in late July when its Langer Heinrich mine in Namibia missed its output guidance. Traders dumped shares in the Perth-based miner, which is down nearly 21 per cent since the start of 2025. Paladin has taken the title of the most shorted stock on the ASX, while second-placed Boss Energy suffered an even more brutal 40 per cent sell-off after it warned traders it would miss its projected output at its Honeymoon uranium mine in South Australia. Boss Energy chief executive Duncan Craib will be second cab off the rank to deliver a presentation at Diggers. The previous prime target for short sellers - lithium miners - will be feeling slightly more bullish as they look to revive interest in the industry at the forum. There is increasing optimism that prices for the battery ingredient may have bottomed out following a dire three-year bear market, as China looks to stamp out oversupply.
Perth Now
3 hours ago
- Perth Now
Electric expectations as mining conference goes nuclear
The Diggers and Dealers mining forum will take on a radioactive yellow hue as uranium miners take centre stage on opening day. While goldminers dominate the speaking program of the three-day mining industry networking fest, uranium will be the focus of the curtain-raiser keynote on Monday morning. For the first time in the conference's 34-year history, the keynote will take the form of a panel discussion. Canadian physician turned nuclear evangelist Chris Keefer has been flown into the Western Australian gold-mining town of Kalgoorlie, alongside Centre for Independent Studies energy analyst Aidan Morrison and the free market think tank's executive director Tom Switzer. The panel was scheduled before the coalition's catastrophic federal election meltdown in May, when their nuclear power ambitions went up in flames. But Diggers chairman Jim Walker says the setback doesn't dim the importance of the topic. As Australia grapples with the question of how to power its energy transition, it's worth listening to an international perspective, he says. "Look, we've seen a change going from diesel-powered submarines to nuclear-powered submarines," he told AAP. "We are non-political, all right. We are definitely non-political. We just thought, from the interest we've had from miners around the place asking the question about where we're going to get our power from, let's grab hold of these people and let them give their presentation." Paul Hemburrow, chief operating officer of the ASX's largest dedicated uranium miner, Paladin Energy, will try to drum up investor interest as he follows up the keynote with the first presentation of the forum. Even without the evaporated prospect of a domestic nuclear market, it's been a tricky time for the uranium sector. Prices have slumped in 2025 after the emergence of Chinese AI disruptor DeepSeek challenged assumptions that the technology would fuel a massive increase in energy demand globally. Uranium has rebounded slightly since but Paladin faced a further setback in late July when its Langer Heinrich mine in Namibia missed its output guidance. Traders dumped shares in the Perth-based miner, which is down nearly 21 per cent since the start of 2025. Paladin has taken the title of the most shorted stock on the ASX, while second-placed Boss Energy suffered an even more brutal 40 per cent sell-off after it warned traders it would miss its projected output at its Honeymoon uranium mine in South Australia. Boss Energy chief executive Duncan Craib will be second cab off the rank to deliver a presentation at Diggers. The previous prime target for short sellers - lithium miners - will be feeling slightly more bullish as they look to revive interest in the industry at the forum. There is increasing optimism that prices for the battery ingredient may have bottomed out following a dire three-year bear market, as China looks to stamp out oversupply.
