Latest news with #Rates
Daily Mail
2 days ago
- Business
- Daily Mail
SYLVIA MORRIS: Saving rates will plunge within days - these are the accounts you must switch to NOW... before it's too late
Rates on popular easy-access accounts are falling – but there is one simple step that you can take now to protect yourself. Fixed-rate cash Isas look comparatively attractive now and I urge you to make use of them if you are happy to tie your money up. The best rates are unlikely to last long.
Canberra Times
21-06-2025
- Politics
- Canberra Times
Trump 'may change mind' about firing Fed Chair
Trump added: "I fully understand that my strong criticism of him makes it more difficult for him to do what he should be doing, lowering Rates, but I've tried it all different ways."
Yahoo
19-06-2025
- Business
- Yahoo
Federal Reserve issues rare statement asserting independence amid Trump pressure
The Federal Reserve issued a rare, strongly worded statement on Thursday after chair Jerome Powell spoke with Donald Trump at the White House on Thursday morning, holding firm on the central bank's independence amid pressure from Trump to lower interest rates. The three-paragraph statement emphasized the Fed's independent, non-partisan role in setting monetary policy based on economic data. 'Chair Powell did not discuss his expectations for monetary policy, except to stress that the path of policy will depend entirely on incoming economic information and what that means for the outlook,' the statement read. Powell told Trump that he and other Fed officials 'will set monetary policy, as required by law, to support maximum employment and stable prices and will make those decisions based solely on careful, objective, and non-political analysis', according to the statement. That the Fed, which tends to be extremely reserved with public statements, issued the brief memo shows that officials are aware of Trump's pressure campaign and are standing firm on the Fed's independence. At Thursday's White House press briefing, press secretary Karoline Leavitt said that the Fed's statement is 'correct' but that Trump 'did say that the Fed chair is making a mistake by not lowering rates'. Related: 'Fiscally irresponsible': Trump's 'big, beautiful bill' benefits the rich at the expense of the poor Historically, presidents show deference to the Fed, respecting the central bank's independence. But over the last few months, Trump has tried to publicly pressure Powell to lower interest rates, as the Fed did last year, though officials say that the economy – thrown into a tailspin from Trump's trade war – has become too unstable to continue lowering rates. After Trump's 'liberation day' in early April, when he announced a slate of tariffs that ended up crashing US stock markets, Trump wrote on social media: 'This would be a PERFECT time for Fed Chairman Jerome Powell to cut Interest Rates. He is always 'late,' but he could now change his image, and quickly.' Powell, who was appointed during Trump's first term in 2018, has resisted the pressure from Trump and has warned that high tariffs could lead to inflation and, earlier in May, said that officials are 'in no hurry' to cut interest rates – all statements that seem to have put Trump on edge. ''Too Late' Jerome Powell is a FOOL, who doesn't have a clue,' Trump wrote after the Fed's meeting. Trump had previously threatened to fire Powell, though it's unclear whether the president has the power to do so. Last week, the supreme court allowed Trump to follow through on his dismissal of officials on the National Labor Relations Board, the panel that oversees labor disputes, but judges noted that the Federal Reserve is a 'uniquely structured, quasi-private entity' – implying that it likely won't be so easy for Trump to get rid of Powell.
Al Etihad
04-04-2025
- Business
- Al Etihad
US Fed Chair warns tariffs likely to push up inflation, cool growth
4 Apr 2025 19:45 ARLINGTON, United States (AFP) The recent tariffs introduced by President Donald Trump have increased the risk of higher unemployment and will likely cause inflation to rise and growth to slow, Federal Reserve Chair Jerome Powell said Friday."It is now becoming clear that the tariff increases will be significantly larger than expected," Powell told an event in Virginia in prepared remarks."The same is likely to be true of the economic effects, which will include higher inflation and slower growth," he said, adding that it was "too soon" to consider making changes to US monetary comments suggest the Fed is in no rush to cut its benchmark lending rate from its current elevated level of between 4.25 and 4.50 per cent, as it continues its struggle to bring inflation down to its long-term two- percent announcement earlier this week of heavy levies against top trading partners has rocked global markets as investors have grappled with the prospect of significantly higher import costs on everything from shoes to ahead of Powell's speech on Friday, Donald Trump took to his Truth Social account to insist that his policy would not change despite the market reaction, and called on Powell to act."This would be a PERFECT time for Fed Chairman Jerome Powell to cut Interest Rates," he wrote. "He is always 'late,' but he could now change his image, and quickly." "Cut interest rates, Jerome, and stop playing politics!" added Trump, who first nominated Powell to run the Fed, before turning against him during his first term.
Yahoo
04-04-2025
- Business
- Yahoo
Trump says it's the 'perfect time' for Powell to cut rates as markets plummet after his shocking tariff announcements
President Trump fired off a flurry of social media posts early Friday as he defended his controversial tariff policies, shrugged off market volatility, and pushed for more rate cuts. 'This would be a PERFECT time for Fed Chairman Jerome Powell to cut Interest Rates," Trump said in a post on his social media app Truth Social. "He is always 'late,' but he could now change his image, and quickly." "Energy prices are down, Interest Rates are down, Inflation is down, even Eggs are down 69%, and Jobs are UP, all within two months - A BIG WIN for America. CUT INTEREST RATES, JEROME, AND STOP PLAYING POLITICS!' On Friday, the March jobs report showed the labor market added 228,000 jobs in March, more than the 140,000 expected by economists. Shortly after the release, Trump praised the jobs numbers as 'far better than expected" in a separate Truth Social post, writing his policies are "already working. The president initially made headlines earlier in the day by doubling down on his aggressive tariff stance: "TO THE MANY INVESTORS COMING INTO THE UNITED STATES AND INVESTING MASSIVE AMOUNTS OF MONEY, MY POLICIES WILL NEVER CHANGE. THIS IS A GREAT TIME TO GET RICH, RICHER THAN EVER BEFORE!!!" Heading into Wednesday's "Liberation Day," the massive scope and intensity of Trump 2.0 tariffs had been underestimated by investors, despite the consistent promises from Trump on the campaign trail. In 2024, then-candidate Trump pledged to impose blanket tariffs of at least 10% on all trading partners, including a 60% tariff on Chinese imports. That promise materialized Wednesday (and then some) with the president slapping reciprocal tariffs on countries around the world, with the new levies ranging from a 10% "baseline" tariff to additional duties for nations the administration considers to be the "worst offenders." All told, Trump announced tariffs that will impact some 185 countries, including the United States's largest trading partners. Learn more: What Trump's tariffs mean for the economy and your wallet Additional reciprocal tariffs, for instance, will include 34% tariffs on Chinese imports, a 20% tariff on European Union imports, a 46% tariff on imports from Vietnam, 32% on Taiwan imports, and 26% on India — all set to take effect on April 9. Notably, the additional 34% tax on China will be added to the country's existing 20% tariff, meaning its total tariff rate will rise to 54%. Beijing retaliated early Friday with a slew of countermeasures that included additional tariffs of 34% on all US goods, on top of the 10% to 15% tariffs China levied on roughly $21 billion worth of US agricultural trade last month. In response to the retaliation, Trump said on Truth Social, "CHINA PLAYED IT WRONG, THEY PANICKED - THE ONE THING THEY CANNOT AFFORD TO DO!" Soon after, the president said Vietnam wants to cut tariffs "down to zero" if they can strike a deal with the US. Stocks cratered further on Friday in the face of China's retaliation, along with fresh comments from Fed Chair Powell that inflation from Trump's "larger than expected" tariffs could be more persistent. In early afternoon trade, the Dow Jones Industrial Average (^DJI) plummeted another 1,300 points after falling 1,700 points the day prior. Similarly, the S&P 500 (^GSPC) and Nasdaq (^IXIC) each sank over 3%. Alexandra Canal is a Senior Reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at
