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Forbes
5 hours ago
- Business
- Forbes
Fed Governor Makes Case For Cutting Interest Rates Now
Christopher Waller, Member of the Federal Reserve Board of Governors of the United States, arrives ... More for the morning session at 2025 European Central Bank Forum on Central Banking in Penha Longa Resort on July 01, 2025 in Sintra, Portugal. The European Central Bank hosts its annual Forum on Central Banking from June 30 to July 02. This year the Forum deals with "Adapting to change: macroeconomic shifts and policy responses." (Photo by Horacio Villalobos#Corbis/Getty Images) In a July 17 speech Fed Governor Christopher Waller has made the case for lower interest rates based on emerging risks to the job market and a willingness to look through any tariff-related inflation. It is somewhat unusual for a voting member to take such an explicit public position with an interest rate decision approaching on July 30. A Dissent May Be Coming In July If this position is not embraced by the Federal Open Market Committee, then this gives a strong signal of a dissent from Waller. This means that Waller may vote to cut interest rates on July 30 even if the majority decision is to hold the Federal Funds rate steady at 4.25% to 4.5%. Fixed income markets currently project only a 5% chance that the FOMC does cut rates in July and the FOMC seldom surprises markets in the near term. This means Waller's view may prove an outlier, even though the FOMC's own projections imply cuts are coming in 2025, but probably at later meetings. A Direct Speech Waller's speech was direct because it is more common for FOMC policymakers to discuss other topics in speeches and reference monetary policy perspectives briefly at the opening or closing of their speeches. Expressed views are often more abstract or medium-term in nature rather than calling for a specific policy action in 2 weeks. Waller's July 17 speech was very directly titled, 'The Case for Cutting Now', with an unambiguous opening statement, 'My purpose this evening is to explain why I believe that the Federal Open Market Committee (FOMC) should reduce our policy rate by 25 basis points at our next meeting'. Risks To Jobs Waller made the case for lower rates in his speech. He argued, "private-sector payroll gains are near stall speed and flashing red.' His main observation that was in contrast to most recent statements from FOMC members, was that the labor market is softer than it may appear, based on weak private sector job gains and the potential for negative revisions to recent reports. Waller agreed that recent headline unemployment data for June was 'reassuring' but went on to say, "Looking a little deeper, I see reasons to be concerned. Half of the payroll gain came from state and local government, a sector of employment that is notoriously difficult to seasonally adjust this time of year. In contrast, private payroll employment grew just 74,000, a much smaller gain than in the previous two months.' Waller then continued, 'A pattern in data revisions in recent years tells us that the private payroll data are being overestimated and will be revised down significantly when the benchmark revision occurs in early 2026." In addition, Waller is willing to look through any inflationary impact of tariffs, saying, 'policy should look through tariff effects and focus on underlying inflation'. This, for now, is perhaps a different perspective to those recently expressed by other FOMC policymakers including Powell. Other FOMC policymakers have argued that there is relatively elevated economic uncertainty currently and that policymakers might be best positioned to wait for further data on inflation and jobs before adjusting rates given slightly elevated inflation and a robust jobs market. However, the consensus is that economic undertainty may be receding and that rates will likely move slightly lower later in 2025, just likely not at the July meeting. Trump's Calls For Lower Rates Of course, perhaps not coincidentally, this comes at a time when President Trump and others in his administration have been unrelenting and very public in criticizing Federal Reserve Chair Jerome Powell for not cutting interest rates. The Fed's Mandate However, Trump's criticism is largely at cross-purposes with the Fed's mandate. Trump wants to see lower interest rates on government debt, as a way to cut expenses. Although, the FOMC only controls a certain short-term interest rates, not the total cost of government borrowing, which is determined by a host of factors including market forces. In contrast, the Fed's stated mandate is to control inflation and promote employment. Generally, that's why many central banks are independent from politicians, politicians generally prefer lower interest rates for short-term benefits, regardless of whether it is appropriate for the economy over the longer term. Trump is expected to nominate a new Fed Chair for 2026 within months, and Waller is currently viewed as a clear candidate for that position, though not among the front runners on recent assessments. What To Expect If it doesn't sway the broader FOMC, as seems unlikely in the absence of further supporting economic data, then it appears likely that Waller, and maybe others, will dissent in calling for lower rates at the FOMC's July 30 decision as rates are held steady. However, this may provide further evidence that an interest rate cut is coming in September, something which the markets assess as probable currently.
Yahoo
13-07-2025
- Entertainment
- Yahoo
Nuno Mendes' Life Off the Field: Parents, Girlfriend/Wife, Ethnicity & More
Nuno Mendes' Life Off the Field: Parents, Girlfriend/Wife, Ethnicity & More originally appeared on Athlon Sports. One of the players who was seen as the future of PSG and has been one of the best players on the team is Nuno Mendes. The Portuguese left-back is currently 23 years old, but arrived at PSG when he was 19 years old. Advertisement He has become one of the best left-backs in the world, and after an incredible 2024-25 season, he became fundamental for Luis Enrique's side. He has now become a crucial player for the Portuguese national team as well. Nuno Mendes' Personal Life Nuno Mendes was born on June 22, 2002, in Sintra, Portugal. Both of his parents are from Angola. His family supported Mendes to play football professionally as he joined Sporting CP's academy when he was 10. His father sadly passed away in 2020. Nuno Mendes is currently dating Thalyta Silva, a Brazilian model. The pair sparked a romance in early 2025 and have been seen together after PSG lifted the Champions League trophy. Advertisement Thalyta Silva has also been seen at the Parc des Princes to watch Mendes play. Mendes started his football journey when he was nine years old, as his school teacher, Bruno Botelho, brought him to local club Despertar. Nuno Mendes' journey in Football Nuno Mendes has been at Sporting CP since he was 10 years old and was wanted by FC Porto and Benfica when he was younger as well. When he was younger, Mendes played as an attacking midfielder and then transitioned into a left-back. From a young age, Mendes practiced his dribbling abilities, which have become a strength in his game for PSG and the Portuguese national team. He mimicked players like Cristiano Ronaldo, Lionel Messi, and Marcelo when he practiced. Advertisement Mendes attracted multiple top clubs in Europe after one year playing for Sporting's first team due to his pace and dribbling ability, along his defensive abilities. He made his professional debut in June 2020. In the summer of 2021, PSG decided to sign Mendes on loan with an option to buy. He arrived alongside top names that summer, like Lionel Messi, Sergio Ramos, Achraf Hakimi, and Gianluigi Donnarumma. He impressed in his loan year at PSG and signed with the French club permanently on May 31, 2022. He currently has a contract until June 2029 after signing a contract extension in February this year. He had his best season yet at PSG as he scored five goals and provided five assists in 52 appearances. Advertisement This story was originally reported by Athlon Sports on Jul 13, 2025, where it first appeared.
Fox News
07-07-2025
- Sport
- Fox News
ESPN draws backlash for social media post on World Series champ Bobby Jenks' death
The death of Bobby Jenks shocked the baseball world last week and emotions ran high on social media as ESPN caught some flak for its wording on a social media post about the late former closer. Jenks, 44, died after a battle with stomach cancer. He was a two-time All-Star with the Chicago White Sox and was the anchor for the bullpen in 2005 during their magical postseason run, defeating the Houston Astros in the World Series. He had four saves in that postseason. A social media post about Jenks described him as "being on the roster." "Bobby Jenks, a two-time All-Star pitcher for the Chicago White Sox, who was on the roster when the franchise won the 2005 World Series, died on Friday in Sintra, Portugal, the team announced," the post on X read. Former players like A.J. Pierzynski and Doug Mientkiewicz took issue with the post. Fox News Digital reached out to ESPN for comment. Jenks was a fifth-round pick in 2000 out of high school, made his MLB debut in 2005 and immediately burst onto the scene. In 32 games, he pitched to a 2.75 ERA and struck out 11.4 batters per nine. Because of his rapid success, he earned the closer's role ahead of the postseason. He appeared in all four games of that Fall Classic and got the final out that snapped the Sox's 88-year championship drought. He retired after the 2011 season, spending six of his seven seasons in Chicago and the other with the Boston Red Sox. Jenks finished his career with a 3.53 ERA and 351 strikeouts. Follow Fox News Digital's sports coverage on X and subscribe to the Fox News Sports Huddle newsletter.
Daily Mail
06-07-2025
- Sport
- Daily Mail
World Series champion tears into ESPN over tragic death of former teammate Bobby Jenks at 44
Doug Mientkiewicz pulled no punches as he ripped into ESPN over a social media post about former teammate and White Sox legend Bobby Jenks. It was revealed on Saturday that former World Series champion pitcher Jenks passed away at age 44 from a form of stomach cancer in Sintra, Portugal. Jenks is best known for his six years with the Chicago White Sox, winning the World Series in his rookie season of 2005. However, in a post on X by ESPN, many fans - including Mientkiewicz - felt as though they understated his importance to the White Sox. The network described Jenks as 'a two-time All-Star pitcher for the Chicago White Sox, who was on the roster when the franchise won the 2005 World Series'. In response, Mientkiewicz wrote: 'ESPN should be ashamed and embarrassed for writing something like this! 'Was on the roster'? He was THE CLOSER on a championship winning team. Mientkiewicz claimed ESPN should be 'ashamed' for their description of Jenks 'Do some research before you release something. Have some respect! RIP Bobby Jenks condolences to his family and teammates'. Similarly to Mientkiewicz - who won the 2004 World Series with the Boston Red Sox - a number of fans responded to ESPN's post in frustration. 'On the roster? He was the closer,' one disgruntled user wrote. Another said: '"On the roster" pathetic! He was elite for them! 'HE WAS ON THE MOUND PITCHING FOR THE LAST OUT of that World Series!! What is this "who was on the roster" stuff??', another said. Jenks delivered the final pitch of the 2005 World Series that secured the Chicago White Sox their first championship in 88 years over the Houston Astros, who were in the National League at the time. Jenks was a two-time All-Star selection, making the extravaganza in both 2006 and 2007. He signed with the Red Sox for his final MLB season in 2011 and spent plenty of time in Boston on the disabled list, with his back injury and subsequent surgeries ending his career. Jenks is best known for his six years with the White Sox, winning the World Series in 2005 Jenks' exact type of cancer was Adenocarcinoma, which 'starts in the glands that line your organs,' per the Cleveland Clinic. 'We have lost an iconic member of the White Sox family today,' said White Sox chairman Jerry Reinsdorf via news release. 'None of us will ever forget that ninth inning of Game 4 in Houston, all that Bobby did for the 2005 World Series champions and for the entire Sox organization during his time in Chicago. 'He and his family knew cancer would be his toughest battle, and he will be missed as a husband, father, friend and teammate. He will forever hold a special place in all our hearts.' The White Sox also released a video about his career shortly after they announced his passing. The 106-second video featured comments from Jenks before his passing, as well as former White Sox manager Ozzie Guillen, and former teammates Paul Konerko and Aaron Rowand. Jenks still ranks second in White Sox history in saves (173), only behind Bobby Thigpen, who has 201.
Japan Times
06-07-2025
- Sport
- Japan Times
Former White Sox closer Bobby Jenks dies at 44
Bobby Jenks, a member of the 2005 Chicago White Sox World Series championship team, died after a battle with Stage 4 adenocarcinoma, a form of stomach cancer, on Friday in Sintra, Portugal. Jenks, a flame-throwing reliever who appeared in the 2006 and 2007 All-Star Games, was 44 years old. "We have lost an iconic member of the White Sox family today," said White Sox Chairman Jerry Reinsdorf. "None of us will ever forget that ninth inning of Game 4 in Houston, all that Bobby did for the 2005 World Series champions and for the entire Sox organization during his time in Chicago. He and his family knew cancer would be his toughest battle, and he will be missed as a husband, father, friend and teammate. He will forever hold a special place in all our hearts."
