Philippines' Marcos Pushes More Social Programs, Jobs After Election Setback
'If only data will be the basis, the economy is doing well. Inflation has slowed down and employment has increased,' Marcos said in his annual State of the Nation address to Congress on Monday. 'But this is irrelevant if Filipinos are suffering.'
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Yahoo
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- Yahoo
Dissent rises at the Federal Reserve among Trump appointees, but interest rate cut is unlikely
WASHINGTON (AP) — Two top Federal Reserve officials could dissent from the central bank's likely decision Wednesday to hold its key interest rate steady, a sign of division at the Fed that reflects the economy's muddy outlook and possibly the jockeying to replace Chair Jerome Powell when his term ends in May 2026. Based on their public comments in the past two months, it's possible that governors Christopher Waller and Michelle Bowman could vote against leaving the short-term rate at about 4.3%. If so, it would be the first time two of the seven governors at the Fed have dissented in over three decades. The division could be a preview of what might happen after Powell steps down, if President Donald Trump appoints a replacement who pushes for the much lower interest rates the White House desires. Other Fed officials could push back if a future chair sought to cut rates by more than economic conditions would otherwise support. On Wednesday, Trump seized on a report showing the economy expanded at a 3% annual rate in the second quarter as evidence that growth is accelerating and called on Powell to cut rates. Yet the Fed typically reduces borrowing costs when the economy is faltering and threatening to send unemployment higher. The economy isn't necessarily doing as well as the 3% figure suggests. It follows a negative reading in the first three months of the year, when the economy shrank at a 0.5% annual rate. Most economists are averaging the two figures to get a growth rate of about 1.25% for the first half of the year. If that sluggishness continues, the Fed could cut rates as early as September. For now, any dissent also would likely reflect that there are at least two different ways to see the U.S. economy, which is clearly in flux. The first is the way that most Fed officials have described it: Unemployment is at a low 4.1%, while the economy is growing, albeit modestly, and inflation did tick up in June, largely because of tariffs. So, the thinking goes, why not stand pat on rates and see what happens next? If inflation continues to heat up, a rate cut could make things worse — the Fed typically raises borrowing costs to combat inflation. And as long as the economy is doing well, there is no need to cut to support growth. The other view is more worrisome: There are signs the economy is weakening, such as sluggish hiring, slower consumer spending, and pretty modest overall growth. The economy, in the first six months of the year, probably expanded at an annual rate of about 1.5%. At the same time, tariffs have lifted inflation by less than many economists had feared, so far. This is the view of the economy that Waller sketched out in a speech earlier this month. 'Private-sector payroll growth is near stall speed,' Waller said. 'We should not wait until the labor market deteriorates before we cut the policy rate.' When the Fed cuts its rate, it often — but not always — results in lower borrowing costs for mortgages, auto loans and credit cards. Some economists agree with Waller's concerns about the job market. Excluding government hiring, the economy added just 74,000 jobs in June, with most of those gains occurring in health care. 'We are in a much slower job hiring backdrop than most people appreciate,' said Tom Porcelli, chief U.S. economist at PGIM Fixed Income. Waller was appointed to the Fed's seven-member governing board by Trump during the president's first term. He has often been mentioned as a potential replacement for Powell. Waller has underscored in several speeches that he does not think Trump's tariffs will lead to persistently higher inflation. Bowman, the vice chair for regulation, was also appointed during Trump's first term. She suggested in June that the Fed should soon reduce borrowing costs. Bowman is also a possible Powell replacement, though more of a long shot. Michael Feroli, an economist at JPMorgan Chase, said in a note to clients this week if the pair were to dissent, 'it would say more about auditioning for the Fed chair appointment than about economic conditions.' The Fed's two-day meeting comes after a week of extraordinary interactions with the Trump White House, which has accused Powell of mismanaging an extensive, $2.5 billion renovation of two office buildings. Trump suggested two weeks ago that the rising cost for the project could be a 'firing offense' but has since backed off that characterization. Notably, Trump argues that the Fed should cut because the economy is doing very well, which is a different viewpoint than nearly all economists, who say that a healthy, growing economy doesn't need rate cuts. 'If your economy is hot, you're supposed to have higher short-term rates,' Porcelli said. Christopher Rugaber, The Associated Press Sign in to access your portfolio
Yahoo
24 minutes ago
- Yahoo
Top Bank of Canada officials speak after central bank holds policy rate steady
TORONTO (Reuters) -Below are some key quotes from a news conference by Bank of Canada Governor Tiff Macklem and Senior Deputy Governor Carolyn Rogers on Wednesday after the central bank held its key policy rate steady at 2.75%. MACKLEM ON CORE MEASURES "One of the reasons why we held the policy rate unchanged is because, yes, we have seen some additional pressures in underlying inflation. Core measures, the trim mean, trim median, have been running around 3. If you look at a broader range of core measures, they've all moved up. ... So, yes, that has got our attention. And, going forward, we are going to be watching closely what happens with those pressures and underlying inflation. MACKLEM ON CORE INFLATION UNWINDING "Some of the factors that may be causing that increase should unwind. The Canadian dollar appreciated after depreciating. That should pull in part. ... Wage growth has decelerated, and the economy is in excess supply. We think the economy contracted in the second quarter. So those things are all going to put downward pressure." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
USA Today
25 minutes ago
- USA Today
Texas redistricting: Republicans propose new map, Democrats try to counter
WASHINGTON − An ongoing effort by Republicans to redraw Texas' congressional map ahead of the 2026 midterm elections continues to agitate Democrats across the country, as they search for ways to block or counter an initiative sought by President Donald Trump. The White House has urged Texas Gov. Greg Abbott and state Republicans to advance on a rare mid-decade redistricting, with the hope that shifting boundaries could help the party pick up as many as five seats in next year's race for control of the U.S. House. House Speaker Mike Johnson, R-Louisiana, and the GOP are hoping the boost can help them hang onto their razor-thin lower chamber majority during the final two years of Trump's second term and amid the 2028 race for the White House. Texas Democrats balked when Abbott agreed to add redistricting to their to-do list for a 30-day special session that began July 21 in Austin. Now, liberal lawmakers are crying foul with blue state governors threatening tit-for-tat responses and Texas Democrats weighing their own limited protest options as the GOP seeks to make major changes to the critical voter boundary lines that make up the nation's second largest congressional delegation. Here's the latest to know on the controversial redistricting effort happening in the Lone Star State. What could a new map look like? Texas Republicans released their proposed new map on July 30. Ahead of the official release, Punchbowl News first reported that the anticipated redraw would shift district boundaries around Dallas, Houston, Austin and the Rio Grande Valley. There would still be 38 total seats in the Texas delegation under the new maps - leaving it second only to California's 52 seats. But five Texas seats would be redrawn in a bid that Republican envision giving their candidates a leg up with more GOP voters. Democrats who at risk of losing their spot in Congress include Reps. Henry Cuellar, Vicente Gonzalez and Marc Veasey, according to Punchbowl. Democrats charge partisan law violation The rare push to redraw the boundary lines has led Democratic senators to accuse Trump administration officials of breaking a decades-old law limiting executive branch employees from engaging in partisan activities − such as advocating for a state's redistricting in order to benefit their political party. In a letter to the Office of Special Counsel, California Sens. Alex Padilla and Adam Schiff, along with Rhode Island's Sheldon Whitehouse and Illinois' Dick Durbin, called for an investigation into members of Trump's White House and Justice Department, accusing them of breaking the Hatch Act. "The purpose of this redistricting push is to defeat Democratic Members of Congress and elect Republicans to affect the balance of political party power in the 120th Congress," the senators wrote. "While such goals are appropriate for a political party organization, they are not appropriate for executive branch officials," they added, "especially at the Department of Justice which must take greater steps to ensure it acts with impartiality." The Hatch Act does not apply to the president or vice president. Hakeem Jeffries took a trip to Texas House Minority Leader Hakeem Jeffries, D-New York, made a trip to Texas July 30, the same day Republicans released their proposed map. While there, Politico reported that Jeffries planned to meet with Rep. Al Green, a Houston lawmaker whose district could be caught in the crosshairs of a major map shake up. "We understand that this is all hands on deck for us in the Democratic Party," Green told Politico. Jeffries has been vocal in his opposition to the redistricting plans, saying in a July 15 press conference, "Texas Republicans are likely going to continue to act like political punks and bend the knee to Donald Trump's extreme agenda." Later, he told CNN, regarding Democrats' response: "Let me just simply say the maps in New York are not as fair as they could be." Redistricting arms race could ensue Jeffries is not the only blue state lawmaker proposing an equal and opposite reaction to Texas. Democrats coast-to-coast have promised a full-scale counterattack, should the Lone Star State move forward with redistricting. "We're not going to be sitting back with one hand tied behind our back while Republicans try to undermine the voices of the American people," Rep. Suzan DelBene, a Democrat from Washington and Democratic Congressional Campaign Committee, told reporters at a meeting July 23. California Gov. Gavin Newsom has suggested a redistricting in his state to offset Republican actions. (But unlike in Texas where legislators decide district lines, Newsom does face a major obstacle in the form of a bipartisan redistricting commission, which oversees California's maps.) The response from Democrats has enticed other Republican-controlled states to potentially jump in too. Missouri Republicans are pondering a plan to give their party a geographical leg up, and legislatures in other states such as Florida and New Hampshire have the ability to reevaluate maps like Texas. Texas Democrats eye leaving the state Back in Texas, Democrats have a limited number of options to counter a GOP-controlled state House and Senate. Their primary tool is a controversial and seldom used move to flee the state and break the quorum necessary to proceed in the legislative session. State Democrats last used the measure in 2021 to protest new voting restrictions. After that episode, in which representatives halted operations for 38 days, Republicans approved a $500 a day fine for breaking quorum. The monetary punishment could be enough to give Democrats pause about leaving the state this time. However, the Texas Tribune reported deep-pocked Democratic donors are ready to assist and enable a potential walkout.
