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Yahoo
27 minutes ago
- Yahoo
Fed's Schmid Says Policy Stance Still Appropriate for Time Being
(Bloomberg) -- Federal Reserve Bank of Kansas City President Jeff Schmid said he favors keeping interest rates on hold for the time being to prevent robust economic activity from adding to inflation pressures. Sunseeking Germans Face Swiss Backlash Over Alpine Holiday Congestion New York Warns of $34 Billion Budget Hole, Biggest Since 2009 Crisis To Head Off Severe Storm Surges, Nova Scotia Invests in 'Living Shorelines' Five Years After Black Lives Matter, Brussels' Colonial Statues Remain A New Stage for the Theater That Gave America Shakespeare in the Park 'With the economy still showing momentum, growing business optimism, and inflation still stuck above our objective, retaining a modestly restrictive monetary policy stance remains appropriate for the time being,' Schmid said Tuesday in remarks prepared for an event in Oklahoma City. He added that he's ready to change his views if demand growth starts 'weakening significantly.' Fed officials have left interest rates on hold at each of their five meetings this year as they waited to see how tariffs and other policies would impact the economy. With the latest data showing a sharp slowdown in hiring and relatively muted inflation, investors are pricing in a quarter-point rate cut at the next policy meeting in September. Schmid, who votes on monetary policy decisions this year, said the current environment of moderate demand growth and a cooling labor market is helping temper the pass—through of tariffs to inflation, and that the Fed has a key role to play in that. 'The Fed cannot offset the effect of higher tariffs on prices, but what the Fed can do is monitor demand growth, provide space for the economy to adjust and keep inflation on a path to 2%,' Schmid said. 'Overall, I am anticipating a relatively muted effect of tariffs on inflation, but I view that as a sign that policy is appropriately calibrated rather than a sign that the policy rate should be cut.' A report released earlier Tuesday showed the consumer price index, excluding volatile food and energy prices, increased 0.3% in July from a month earlier. While that marked an acceleration, the data suggested the impact of tariffs on goods prices was more modest than in June. Why It's Actually a Good Time to Buy a House, According to a Zillow Economist Bessent on Tariffs, Deficits and Embracing Trump's Economic Plan The Social Media Trend Machine Is Spitting Out Weirder and Weirder Results Klarna Cashed In on 'Buy Now, Pay Later.' Now It Wants to Be a Bank The Game Starts at 8. The Robbery Starts at 8:01 ©2025 Bloomberg L.P. Sign in to access your portfolio
Bloomberg
an hour ago
- Bloomberg
China's Industrial Output Seen Slowing on Rain, Capacity Curbs
The expansion in China's industrial output likely slowed sharply last month as downpours disrupted factory and mine operations while the government intensified efforts to rein in excess capacity. Official data due Friday will show industrial production increased 6% in July from a year earlier, down from a 6.8% gain in the previous month, according to the median forecast by 33 economists in a Bloomberg survey. Retail sales growth is expected to soften to 4.6%, which would be the lowest in five months.
Epoch Times
an hour ago
- Epoch Times
Treasury Secretary Urges Europe to Back US Tariffs on Russian Trade Partners
Europe must be ready to join the United States in imposing higher tariffs on China and other countries that buy Russian energy, U.S. Treasury Secretary Scott Bessent said on Aug. 13. In an interview with Bloomberg, Bessent said sanctions on Russia—and nations doing business with it—'can go up' or 'can be loosened' depending on the outcome of President Donald Trump's meeting with Russian President Vladimir Putin, scheduled for Aug. 15.
