Trump is Serious On New Russia Sanctions: Kurt Volker
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Yahoo
14 minutes ago
- Yahoo
Why the market is shrugging off Trump's firing of the BLS chief
Trump fired the head of the BLS on Friday, but so far, markets have looked past the shock decision. Sources say there are a variety of other sources investors can use to assess the employment picture. Strong earnings and higher rate-cut odds are powering stocks higher on Monday. August kicked off with a shocker, with Donald Trump firing the head of the Bureau of Labor Statistics after a less-than-rosy July employment report. The move sparked prognostications about untrustworthy government data going forward and comparisons to China, which some believe is uninvestable due to issues with data quality. Then why is the market unfazed as trading kicks off on Monday? Stocks rallied to start the week, with the Dow up almost 500 points at midday and the Nasdaq Composite jumping as much as 2%. For now, markets are focused on other things, like the higher odds of a September rate cut after the employment picture suddenly soured. "Obviously, the firing was unconventional. That's pretty much everything with this administration compared to previous administrations, but at this point, there is so much private data that the market can look at other sources," Paul Hickey, cofounder of Bespoke Investment Group, told Business Insider. Apart from the BLS statistics that investors already parse, there's a patchwork of private and public data, including ADP data, hiring and firing data from a range of consulting firms, and labor market sentiment indicators from sources like the Conference Board. "There are private sources of data, and if they are moving in the opposite direction from the government data, then it becomes an indicator that something is off with the statistics,"Aleksandar Tomic, Associate Dean, Strategy, Innovation, & Technology at Boston College, told Business Insider. Trump said Erika McEntarfer's firing was justified and that the July data had been manipulated to make the administration look bad. He did not offer evidence for this claim, though White House economic advisor Kevin Hassett said the revisions in the data are "hard evidence." The July revisions were substantial, showing that the US added nearly 260,000 fewer jobs in May and June than had been initially reported. Trump and Republicans have also criticized earlier revisions, including last year's that showed over 800,000 fewer jobs added in the 12 months leading up to March 2024. The irony of Trump's anger over the July jobs numbers is that the weak report has pushed up the odds of the September rate cut to nearly 90%, getting the president closer to seeing the Fed loosen monetary policy as he's been demanding all year. But for investors, things like the robust GDP report for the second quarter and solid corporate earnings, particularly among mega-cap tech giants, are boosting the outlook for the market even as Trump's move stirs some uncertainty. For Sergio Altomare, a former senior enterprise architect at the Fed, the next big question is who will replace McEntarfer at the helm of the BLS. "I think the ultimate impact is going to take time to sort itself out, but I think really the immediate thing is, who gets appointed? What is their background? What does the data show? Is it dramatically different from what we're seeing?" Altomare said that it will be difficult to properly assess the impact of Trump's decision on financial markets until these questions have clear answers. Luckily for markets, some answers could come soon. Trump has said that in the coming days, he'll nominate a new BLS chief, as well as a replacement for Fed Gov. Adriana Kugler, who resigned on Friday. Both positions require confirmation by the Senate. It is also worth noting that some agree with the president's decision. For his part, investing legend Ray Dalio said on Monday that he, too, would probably fire the BLS chief. In a post on X, he described the agency's process for making key economic estimates as "obsolete and error-prone," with no plan to fix it. "The revisions brought the numbers toward private estimates that were in fact much better," Dalio said. Read the original article on Business Insider
Yahoo
14 minutes ago
- Yahoo
Singapore tackles tariffs with bold economic strategy review; Pritam reflects on WP's GE2025 near misses: Singapore live news
Singapore has launched a forward-looking Economic Strategy Review (ESR) to navigate rising global uncertainties, including US-imposed tariffs and technological disruption. Spearheaded by Deputy Prime Minister Gan Kim Yong, the ESR will be driven by five new committees focused on global competitiveness, technology and innovation, entrepreneurship, human capital and economic restructuring. Each committee is co-chaired by political leaders and includes stakeholders from the private sector and unions. The review aims to build on existing strategies while embracing new approaches, especially in areas like AI and workforce transformation. Singapore's baseline tariff with the US now stands at 10 per cent, with further levies expected. The committees will engage widely and publish a final report by mid-2026. The ESR signals Singapore's commitment to staying agile, competitive and resilient. Workers' Party (WP) leader Pritam Singh opened up about the 2025 General Election (GE2025) in a candid radio interview, revealing that the party had hoped to win one or two new constituencies. Despite retaining its strongholds, WP fell short in areas like Punggol and Tampines. Pritam blamed boundary changes for forcing a strategic pivot, including the decision not to contest Marine Parade GRC. That move led to a walkover win for the PAP and criticism from other opposition parties. Pritam praised WP's candidates for their courage and commitment, especially the 14 newcomers. He emphasised the importance of long-term planning over short-term gains. Pritam says WP may not have tipped new seats this time, but the fight for broader representation continues. More on Pritam's GE2025 candid interview here. Read more in our live blog below, including the latest local and international news and updates. Government launches Economic Strategy Review to tackle global shifts Singapore has kicked off a major Economic Strategy Review (ESR) to safeguard its future amid rising US tariffs, geopolitical tensions and rapid technological change. Led by Deputy Prime Minister Gan Kim Yong, the review will culminate in a comprehensive report by mid-2026. Five new committees will focus on global competitiveness, technology and innovation, entrepreneurship, human capital, and economic restructuring. Each is co-chaired by political office holders and includes private sector and union representatives. The Global Competitiveness committee aims to reinforce Singapore's status as a trusted investment hub. The Technology and Innovation group will explore AI adoption and digital transformation. Meanwhile, the Entrepreneurship committee will strengthen the startup ecosystem, and the Human Capital team will equip workers for career mobility and resilience. The final committee will address the social and economic fallout of restructuring. Pritam Singh shares WP's GE2025 lessons learned Workers' Party (WP) chief Pritam Singh hoped to 'tip one or two more constituencies' in Singapore's May 2025 General Election (GE2025). Despite strong efforts, the party retained its seats in Aljunied GRC, Sengkang GRC and Hougang, but couldn't break into new ground like Punggol and Tampines. Pritam cited boundary changes as a major factor, saying the Electoral Boundaries Review Committee's adjustments forced WP to pivot its strategy. The party had previously contested Marine Parade GRC but chose not to this time, drawing criticism from other opposition groups. Pritam praised WP's 26 candidates, including 14 newcomers, for their grit and character. He emphasised the uphill battle smaller parties face due to limited resources. For Pritam and WP, the fight continues. 'We came close, not close enough. But that just tells you there's still work to do,' he said. Read on Pritam's GE2025 reflections here. Government launches Economic Strategy Review to tackle global shifts Singapore has kicked off a major Economic Strategy Review (ESR) to safeguard its future amid rising US tariffs, geopolitical tensions and rapid technological change. Led by Deputy Prime Minister Gan Kim Yong, the review will culminate in a comprehensive report by mid-2026. Five new committees will focus on global competitiveness, technology and innovation, entrepreneurship, human capital, and economic restructuring. Each is co-chaired by political office holders and includes private sector and union representatives. The Global Competitiveness committee aims to reinforce Singapore's status as a trusted investment hub. The Technology and Innovation group will explore AI adoption and digital transformation. Meanwhile, the Entrepreneurship committee will strengthen the startup ecosystem, and the Human Capital team will equip workers for career mobility and resilience. The final committee will address the social and economic fallout of restructuring. Singapore has kicked off a major Economic Strategy Review (ESR) to safeguard its future amid rising US tariffs, geopolitical tensions and rapid technological change. Led by Deputy Prime Minister Gan Kim Yong, the review will culminate in a comprehensive report by mid-2026. Five new committees will focus on global competitiveness, technology and innovation, entrepreneurship, human capital, and economic restructuring. Each is co-chaired by political office holders and includes private sector and union representatives. The Global Competitiveness committee aims to reinforce Singapore's status as a trusted investment hub. The Technology and Innovation group will explore AI adoption and digital transformation. Meanwhile, the Entrepreneurship committee will strengthen the startup ecosystem, and the Human Capital team will equip workers for career mobility and resilience. The final committee will address the social and economic fallout of restructuring. Pritam Singh shares WP's GE2025 lessons learned Workers' Party (WP) chief Pritam Singh hoped to 'tip one or two more constituencies' in Singapore's May 2025 General Election (GE2025). Despite strong efforts, the party retained its seats in Aljunied GRC, Sengkang GRC and Hougang, but couldn't break into new ground like Punggol and Tampines. Pritam cited boundary changes as a major factor, saying the Electoral Boundaries Review Committee's adjustments forced WP to pivot its strategy. The party had previously contested Marine Parade GRC but chose not to this time, drawing criticism from other opposition groups. Pritam praised WP's 26 candidates, including 14 newcomers, for their grit and character. He emphasised the uphill battle smaller parties face due to limited resources. For Pritam and WP, the fight continues. 'We came close, not close enough. But that just tells you there's still work to do,' he said. Read on Pritam's GE2025 reflections here. Workers' Party (WP) chief Pritam Singh hoped to 'tip one or two more constituencies' in Singapore's May 2025 General Election (GE2025). Despite strong efforts, the party retained its seats in Aljunied GRC, Sengkang GRC and Hougang, but couldn't break into new ground like Punggol and Tampines. Pritam cited boundary changes as a major factor, saying the Electoral Boundaries Review Committee's adjustments forced WP to pivot its strategy. The party had previously contested Marine Parade GRC but chose not to this time, drawing criticism from other opposition groups. Pritam praised WP's 26 candidates, including 14 newcomers, for their grit and character. He emphasised the uphill battle smaller parties face due to limited resources. For Pritam and WP, the fight continues. 'We came close, not close enough. But that just tells you there's still work to do,' he said. Read on Pritam's GE2025 reflections here.
New York Post
15 minutes ago
- New York Post
Far-left Rep. Jasmine Crockett calls Trump a ‘piece of s–t' in latest rant against the president
Rep. Jasmine Crockett (D-Texas), an outspoken critic of President Trump, called the commander in chief a 'piece of s–t' Sunday during a progressive rally in Arizona. The foul-mouthed congresswoman's latest jab adds to her running tally of crude insults aimed at Trump and other Republican pols. 'Listen, Donald Trump is a piece of s–t. OK, we know that,' Crockett said at the 'Won't Back Down Tour' in Phoenix, an event organized by progressive activist group MoveOn. Crockett has previously argued that Trump is a 'wannabe Hitler.' Getty Images 'He is, he is,' the Texas Democrat continued as the crowd cheered her on, 'but in a functioning democracy, he still would not be able to get away with this.' Crockett accused House and Senate Republicans and the entire judiciary – 'especially the Supreme Court' – of being 'complicit.' 'They refuse to put guardrails on themselves,' Crockett said of Supreme Court justices. 'So it's time for us to do it for them.' The 44-year-old congresswoman's appearance at the rally comes weeks after she criticized 'Squad' Rep. Alexandria Ocasio-Cortez's (D-NY) and Sen. Bernie Sanders' (I-Vt.) 'Fighting Oligarchy' tour for being self-promotional rather than about 'the team.' The nationwide rallies headlined by the lefty pair 'kind of makes people be like, Oh, it's about them, right? Instead of the team,' Crockett argued during a May meeting with Rep. Maxine Dexter (D-Ore.), as detailed in an Atlantic magazine profile of the Texas Democrat published last month. Trump has mocked Crockett as a 'low-IQ person.' via REUTERS Crockett referred to Trump, 79, as a 'wannabe Hitler' in an interview with MSNBC last month, where she also acknowledged that she's running out of insulting epithets to direct at the president. 'I don't even know what to call him. I've called him so many things,' she said. Crockett has previously referred to Trump as a 'dictator,' an 'enemy to the United States,' a 'buffoon,' and a 'mofo.' Crockett also raised eyebrows for referring to Texas Republican Gov. Greg Abbott, who uses a wheelchair, as 'Governor Hot Wheels.' Last month, Trump told The's Post's Miranda Devine, on her 'Pod Force One podcast, that Crockett is the 'new star' of the Democratic Party, while ripping her as 'a low-IQ person.'
