Fed's Daly Says Muted Tariff Impact May Open Door to Cut in Fall
By Catarina Saraiva and
Updated on
Save
Federal Reserve Bank of San Francisco President Mary Daly said she's seeing increasing evidence that tariffs may not lead to a large or sustained inflation surge, helping bolster the case for a rate cut in the fall.
'My modal outlook has been for some time that we would begin to be able to adjust the rates in the fall, and I haven't really changed that view,' Daly said Thursday in an interview on Bloomberg Television.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNBC
31 minutes ago
- CNBC
Tesla head of manufacturing Omead Afshar fired by Elon Musk
Tesla CEO Elon Musk has fired Omead Afshar, the automaker's vice president of manufacturing and operations, CNBC has confirmed, following declines in car sales in key markets this year. Afshar, who reported directly to Musk, led a team of more than a half-dozen high level employees, according to internal organizational charts viewed by CNBC. Forbes first reported that Afshar was dismissed by Musk. Bloomberg reported earlier that Afshar had left the company. Executives on Afshar's team included Troy Jones, who is Tesla's vice president of North American sales, and Joe Ward, vice president of the Europe, Middle East and Africa region. Also on his team was Karen Steakley, who now leads business development and policy for Tesla, and previously held the role of deputy director for legislative affairs for Texas Republican Governor Greg Abbott. CNBC reached out to Afshar and to other Tesla executives as well as board members. They didn't immediately respond to requests for comment. Afshar was the subject of an internal investigation at Tesla in 2022, Bloomberg reported, which had focused on his orders of hard-to-get construction materials, including a special kind of glass for a secretive project for Musk. Following that probe, Afshar also worked for SpaceX, Musk's aerospace and defense contractor, but had returned to Tesla and was promoted to the vice president role. Afshar's termination follows the resignation of Milan Kovac, previously head of Tesla's Optimus humanoid robotics program, earlier this month. Kovac said in a post on X that he was leaving in order to spend more time with his family. Musk has thanked Kovac publicly for his work. Tesla's stock price is down 19% this year, badly underperforming the Nasdaq and most of its megacap tech peers. Tesla new car sales in Europe fell for a fifth straight month in May, according to data published on Wednesday from the European Automobile Manufacturers Association, or ACEA, as customers pivot to cheaper Chinese electric vehicles. The company has faced brand and reputational damage in the past year, largely due to Musk's incendiary rhetoric and political activity. Musk spent nearly $300 million to help elect U.S. President Donald Trump to a second term and then led an initiative to slash federal agencies and their resources. Musk also formally endorsed and promoted Germany's far-right, anti-immigrant AfD party.
Bloomberg
an hour ago
- Bloomberg
Trump Mobile Drops ‘Made in USA' Smartphone Claims From Website
Trump Mobile, the new cellular service venture introduced by the Trump Organization last week, has scrubbed online references that originally promised its first mobile handset, the T1 Phone, would be produced in the US. As reported by the Verge on Wednesday, the Trump Mobile website quietly removed language stating that the smartphone — due later this year — is 'made in the USA.' Instead, the page now includes less specific wording that says the T1 Phone has been 'designed with American values in mind.'
Fast Company
an hour ago
- Fast Company
Big Lots new store openings come with a warning for online shoppers: Don't fall for scam websites
Big Lots has been through a wild ride since the home discount retail chain filed for Chapter 11 bankruptcy protection last September. In December 2024, the company announced that it would hold going-out-of-business sales at its remaining store locations. The following month, however, Big Lots announced that Variety Wholesalers—a retail company based in North Carolina—would acquire and operate hundreds of existing Big Lots stores. After a period of remodeling and restocking, Variety Wholesalers has since reopened 219 Big Lots stores in a handful of states. The openings took place in four waves, starting in April and ending in June. The final reopening phase concluded with the reopening of 78 Big Lots stores on June 5. While return of Big Lots is good news for fans of the brand, it may be exposing some unsuspecting bargain hunters to scams—particularly, for shoppers who prefer to buy things online. Big Lots warns of online scams Earlier this month, Big Lots took to social media to alert customers about the presence of online scams, explaining that its current website has no e-commerce component. 'BIG LOTS! no longer operates any ecommerce website,' the retailer wrote on its Facebook page. 'These are scam websites using our name and logo. Any purchases made through these websites should be IMMEDIATELY reported to your bank or credit card company. Our official website is The post attracted hundreds of comments, with some commenters saying they'd fallen victim to the bogus offers. Scammers have been targeting consumers with online ads impersonating Big Lots. Links within these ads direct hopeful shoppers to fake websites that are not affiliated with the official retailer. Be aware that any advertisements promoting online Big Lots deals are not legitimate. Some products are still listed on the official Big Lots website A section of the retailer's official website highlights products that Big Lots stores actually sell. Although there are no capabilities to make a purchase through the official Big Lots website, product listings include photos, descriptions, and prices. Jeff King, vice president of sales and marketing for Variety Wholesalers, told Fast Company that the products listed on the Big Lots website are meant to illustrate the deals available in-store. 'We do have products listed on our website to show the great values on the large variety of products we carry in our stores,' he said. 'We do this to encourage customers to visit our stores and see what deals they can find.' Bottom line: It's essential to be vigilant against online shopping scams. If you're hoping to shop at Big Lots, you'll need to visit a physical store.
