The Federal Reserve is prepared to keep its key interest rate unchanged for now as inflation remains elevated and the job market is solid, Chair Jerome Powell said Tuesday on the first day of a two-day appearance before Congress. After cutting its key rate a full percentage point in the final three months of last year, with the economy remaining strong, we do not need to be in a hurry to adjust our policy stance, Powell said in written remarks to the Senate Banking Committee. Powell's appearance comes as inflation is still above the Fed's 2 per cent target and the Trump administration is upending many long-time US policies by imposing tariffs on steel and aluminum and seeking to sharply cut government spending. President Donald Trump has also frequently attacked the Fed in the past, raising concerns about the Fed's historic independence from politics. Powell did not mention those policy changes in his statement, but said that the Fed's interest rate is well positioned to deal with
Trump embarks on a massive makeover of the US government, firing and sidelining hundreds of civil servants
A federal appeals court on Friday ruled against an Obama-era policy to shield immigrants who came to the country illegally as young children, only three days before Donald Trump takes office with pledges of mass deportations. The unanimous decision by a panel of the 5th US Circuit Court of Appeals in New Orleans two judges appointed by Republican presidents, Ronald Reagan and George W. Bush, and one by Democrat Barack Obama is the latest blow for the Deferred Action for Childhood Arrivals programme, whose beneficiaries have lived in legal limbo for more than a decade. It signals no immediate change for its more than 500,000 beneficiaries, who can renew temporary permits to live and work in the United States. But the federal government cannot take new applications, leaving an aging and thinning pool of recipients. The decision may tee up the policy for a third visit to the Supreme Court. Trump sought to end DACA during his first term, but he also occasionally expressed wishes that
The Supreme Court on Friday seemed likely to uphold a law that would ban TikTok in the United States beginning January 19 unless the popular social media programme is sold by its China-based parent company. Hearing arguments in a momentous clash of free speech and national security concerns, the justices seemed persuaded by arguments that the national security threat posed by the company's connections to China override concerns about restricting the speech, either of TikTok or its 170 million users in the United States. Early in arguments that lasted more than two and a half hours, Chief Justice John Roberts identified as the main concern in the case TikTok's ownership by China-based ByteDance and the parent company's requirement to cooperate with the Chinese government's intelligence operations. If left in place, the law passed by bipartisan majorities in Congress and signed by President Joe Biden in April will require TikTok to go dark on January 19, lawyer Noel Francisco told the
These tests determine the capital banks must set aside to meet their obligations and also dictate the scope of dividend payouts and stock buybacks
Government agencies responsible for health, safety and protection of property can continue
Congress has until midnight Friday to come up with a way to fund the government or federal agencies will shut down, meaning hundreds of thousands of federal employees could be sent home or stay on the job without pay just ahead of the holidays. Republicans abandoned a bipartisan plan Wednesday to prevent a shutdown after President-elect Donald Trump and billionaire Elon Musk came out against it. Trump told House Speaker Mike Johnson to essentially renegotiate the deal days before a deadline when federal funding runs out. Here's what to know about a possible government shutdown, what agencies would be affected and how long it could last: What does it mean if the government shuts down? A government shutdown happens when Congress doesn't pass legislation either temporarily or more permanently funding the government, and such a measure isn't signed by the president. When would a government shutdown start? If Congress doesn't approve a continuing resolution or more permanent spendin
Elon Musk is required to disclose details about his private life, foreign travel, and other personal activities under the continuous vetting process required for security clearance at SpaceX
It may not be all that surprising that a growth upgrade for next year may be back in the cards again this week when Fed policymakers gather to deliver what is expected to be a third interest rate cut
Case involves the non-delegation doctrine, a legal concept that embraces the view that Congress cannot delegate the legislative powers given to it under the Constitution to other entities
The SEC did not immediately respond to a request for comment after business hours. Lawyers for Musk did not immediately respond to similar requests
A rally in the dollar and the rise in US bond yields following Donald Trump's victory in the US election has weighed on Asian currencies over the last two weeks, including the rupee
Clayton is likely to be seen as a somewhat unconventional pick for the office known for high-profile financial crime and public corruption prosecutions
Federal prosecutors said on Wednesday they are pursuing "several related investigations" that could lead to additional corruption charges against New York City Mayor Eric Adams and indictments for people in his orbit. Prosecutors made the disclosure as the first-term Democrat appeared in court for the first time since his arraignment last week on charges that he accepted about USD 1,00,000 worth of free or deeply discounted international flights, hotel stays, meals and entertainment, and sought illegal campaign contributions from foreign interests. The allegations span nearly a decade, dating to when Adams was Brooklyn's borough president. US District Judge Dale Ho didn't immediately set a trial date. Adams' lawyer, Alex Spiro, asked that it be held in March, before an important mayoral election deadline. Prosecutors say Adams' travel perks were arranged by a senior Turkish diplomatic official in New York and Turkish businesspeople who wanted to gain influence with Adams. The ...
Citigroup was told to address its data management issues in the US after being fined $136 million in July which has added complications in meeting China's licensing requirements
The US Federal Reserve's core inflation data slated to be released on Friday will be eyed closely for further cues on rate cuts
Analysts say banks, auto, real estate, IT, pharma, and metal sectors look attractive after the US Federal Reserve's rate cut
US Fed rate cuts: The last time the Federal Open Market Committee (FOMC) cut by half percentage was in 2008 during the global financial crisis
Share market today: The US Fed's policy decision later today will be a major trigger for markets globally. Apart from that, release of economic data in some Asian markets will also be investors' radar
The FOMC meeting is widely expected to see policy rates reduced by 25 or 50 bps, but investors will also be looking at the Fed's commentary to determine the frequency and quantum of future rate cuts