ECB's Lagarde 'really confident' inflation under control

Reuters
EU pork industry faces 'nightmare' if China restricts imports
Europe's pork industry faces a "nightmare scenario" of lower prices and falling profitability if China restricts imports from the region, industry executives and analysts said on Friday. China imported $6 billion worth of pork, including offal, in 2023 and more than half came from the EU, Chinese customs data showed. Ending those orders would result in a huge loss of business for Europe's meat industry.
Business Insider
Why the Fed's rate-cutting agenda could spark a recession, according to top economist Mohamed El Erian
The economy has a 35% chance of a hard-landing, according to top economist Mohamed El-Erian.
Reuters
C$ posts weekly gain, with BoC rate cuts seen priced in
The Canadian dollar steadied against its broadly stronger U.S. counterpart on Friday as domestic data showed an increase in factory sales and investors judged that expected Bank of Canada interest rate cuts have been built into the currency's outlook. The currency posted a modest weekly gain of 0.2% even after hitting on Tuesday its weakest intraday level in nearly two months at 1.3791. "I think USD-CAD is still vulnerable to some upside swings out there but it's not in a hurry," said Amo Sahota, director at Klarity FX in San Francisco.
CNN Business
Markets fear the French far right could trigger a financial crisis
Investors are worried France could be facing a financial crisis if the political center collapses in upcoming parliamentary elections, leaving far-right populists in charge of the European Union’s second-biggest economy.
Idaho Statesman
Think Boise’s growth problems are bad now? We ain’t seen nothin’ yet | Opinion
Here’s why Idaho needs a local option sales tax for fast-growing cities. | Opinion
Reuters
Analysis-Pakistan's tax-heavy budget likely to land IMF bailout, but stoke tensions
Pakistan's plan to raise taxes in its 2024-25 budget and boost state revenues will help it win approval from the International Monetary Fund for a loan to stave off another economic meltdown, but could fuel public anger, a former finance official, experts and industrialists said. The South Asian country has set a challenging tax revenue target of 13 trillion rupees ($47 billion) for the year starting July 1, a near-40% jump from the current year, and a sharp drop in its fiscal deficit to 5.9% of GDP from 7.4% for the current year. Pakistan had to reduce its fiscal deficit as part of negotiations with the IMF, with which it is discussing a loan of $6-8 billion, as it seeks to avert a debt default for an economy growing at the slowest pace in the region.
Bloomberg
The Market Is Blowing Off What the Fed Is Saying About Rates
(Bloomberg) -- The Wall Street axiom warns to “never fight the Fed.” But that’s exactly what traders are doing, and it could spark a rally in some of the forgotten corners of the stock market.Most Read from BloombergSouthwest Plane Plunged Within 400 Feet of Ocean Near HawaiiFlesh-Eating Bacteria That Can Kill in Two Days Spreads in JapanYes, Everyone Really Is Sick a Lot More Often After CovidDanes Asked to Keep Supplies, Iodine Pills to Prepare for CrisesMeloni Uses the G-7 to Put Focus on the
Fortune
U.S. debt could threaten the economic growth that’s needed to keep the burden sustainable, former IMF official says
"Even absent this dire scenario, meeting additional interest obligations as the debt ratio rises could require the federal government to cut discretionary spending, with negative implications for economic growth."
The Hill
Eyeing Trump presidency, conservatives want to delay funding fight
Bullish of former President Trump’s chances of winning back the White House in November, some conservatives are pitching a funding stopgap that would extend into next year rather than expire during a lame duck session when President Biden would still be in office. Congress’s 12 annual funding bills for fiscal 2025 come due Sept. 30,…
Oilprice.com
China’s Small Banks Face Scrutiny Over Russian War Support at G7
G7 leaders plan to discuss targeting small Chinese banks that help Russia evade sanctions and support its war economy, with new measures expected to be announced.
Barrons.com
More Solid Inflation Data Opens the Path to Rate Cuts, Fed President Goolsbee Says
The May Consumer Price Index was unchanged. Chicago Federal Reserve President Austan Goolsbee needs to see more months like that to lower interest rates.
Business Insider
New college graduates are stepping into a tougher job market. It could set their earnings back for years.
Recent college graduates are struggling to find work. Some could come to question the value of their college degree.
Bloomberg
Charting the Global Economy: Fed Holds; BOJ Leaves Yen at Risk
(Bloomberg) -- Federal Reserve officials penciled in just one interest-rate cut this year and forecast more reductions for 2025, reinforcing policymakers’ calls to keep borrowing costs high for longer to suppress inflation.Most Read from BloombergSouthwest Plane Plunged Within 400 Feet of Ocean Near HawaiiFlesh-Eating Bacteria That Can Kill in Two Days Spreads in JapanYes, Everyone Really Is Sick a Lot More Often After CovidDanes Asked to Keep Supplies, Iodine Pills to Prepare for CrisesMeloni U
Associated Press
Kansas governor and GOP leaders say they have a deal on tax cuts to end 2 years of stalemate
Kansas’ Democratic governor and top Republican lawmakers say they have an agreement on a package of broad tax cuts, potentially ending a two-year political standoff that has prevented their state from following others in making big reductions. The deal announced late Thursday by Gov. Laura Kelly and GOP leaders would save taxpayers a total of about $1.2 billion over the next three years and move Kansas from three personal income tax rates to two, something Kelly had resisted. Republican leaders had hoped for income and property tax cuts worth at least $230 million more over the next three years, rejecting Kelly's argument that larger cuts would lead to budget shortfalls within five years.
Bloomberg
Macron’s Election Gamble Gives Europe Brexit Nightmares Again
(Bloomberg) -- Emmanuel Macron’s decision to call a snap election in France is giving European officials flashbacks to Brexit.Most Read from BloombergSouthwest Plane Plunged Within 400 Feet of Ocean Near HawaiiFlesh-Eating Bacteria That Can Kill in Two Days Spreads in JapanYes, Everyone Really Is Sick a Lot More Often After CovidDanes Asked to Keep Supplies, Iodine Pills to Prepare for CrisesMeloni Uses the G-7 to Put Focus on the Global South — And HerselfAs soon as Macron announced his decisio
CNN Business
The good economic news this week was just that … good news
“Good news is bad news” has been a common refrain for a while now.
Reuters
How Macron's election gamble sowed panic in French markets
French stocks and the euro have tumbled this week as political uncertainty in France and the possibility of a far-right-dominated parliament spook investors, while the gap between French and German government borrowing costs has soared. Marine Le Pen's eurosceptic National Rally is leading in opinion polls following President Emmanuel Macron's surprise decision at the weekend to call a snap vote, while France's left-wing parties have formed a new alliance to fight the election. The worry for markets is that a far-right French prime minister could pursue high-spending "France first" economic policies, adding to the country's large debt pile.
Reuters
China new bank loans rise far less than expected in May as demand wobbles
New bank lending in China rebounded far less than expected in May and some key money gauges hit record lows, suggesting the world's second-largest economy is still struggling to regain its footing even as the central bank seeks to bolster confidence. Chinese banks issued 950 billion yuan ($130.93 billion) in new yuan loans last month, compared to 730 billion yuan in April, according to Reuters calculations based on the latest data from the People's Bank of China (PBOC) released on Friday. "China’s credit extension came in lower than expected in May, suggesting that the deleveraging in the households continues," said Zhou Hao, chief economist at Guotai Junan International.
Reuters
US imported inflation subdued; consumer sentiment slides to seven-month low
U.S. import prices fell for the first time in five months in May amid lower prices for energy products, providing another boost to the domestic inflation outlook. The unexpectedly benign report from the Labor Department on Friday combined with data this week showing tame inflation readings last month to keep a September interest rate cut from the Federal Reserve on the table. Signs that inflation is subsiding have, however, failed to lift spirits among Americans, with a survey on Friday showing consumer sentiment dropping to a seven-month low in June.
Bloomberg
Britons Expect Rate Rises Even as Inflation Falls, BOE Says
(Bloomberg) -- UK inflation expectations fell to the lowest in three years, but the public is yet to be convinced interest-rate cuts are under way.Most Read from BloombergSouthwest Plane Plunged Within 400 Feet of Ocean Near HawaiiFlesh-Eating Bacteria That Can Kill in Two Days Spreads in JapanWells Fargo Fires Over a Dozen for ‘Simulation of Keyboard Activity’Yes, Everyone Really Is Sick a Lot More Often After CovidBeaches on Singapore’s Sentosa Island Hit By Oil SpillA Bank of England survey r

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ECB's Lagarde 'really confident' inflation under control

Latest Stories

EU pork industry faces 'nightmare' if China restricts imports

Why the Fed's rate-cutting agenda could spark a recession, according to top economist Mohamed El Erian

C$ posts weekly gain, with BoC rate cuts seen priced in

Markets fear the French far right could trigger a financial crisis

Think Boise’s growth problems are bad now? We ain’t seen nothin’ yet | Opinion

Analysis-Pakistan's tax-heavy budget likely to land IMF bailout, but stoke tensions

The Market Is Blowing Off What the Fed Is Saying About Rates

U.S. debt could threaten the economic growth that’s needed to keep the burden sustainable, former IMF official says

Eyeing Trump presidency, conservatives want to delay funding fight

China’s Small Banks Face Scrutiny Over Russian War Support at G7

More Solid Inflation Data Opens the Path to Rate Cuts, Fed President Goolsbee Says

New college graduates are stepping into a tougher job market. It could set their earnings back for years.

Charting the Global Economy: Fed Holds; BOJ Leaves Yen at Risk

Kansas governor and GOP leaders say they have a deal on tax cuts to end 2 years of stalemate

Macron’s Election Gamble Gives Europe Brexit Nightmares Again

The good economic news this week was just that … good news

How Macron's election gamble sowed panic in French markets

China new bank loans rise far less than expected in May as demand wobbles

US imported inflation subdued; consumer sentiment slides to seven-month low

Britons Expect Rate Rises Even as Inflation Falls, BOE Says