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Ready to keep key rates unchanged for now on high inflation: Fed's Powell

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

Ready to keep key rates unchanged for now on high inflation: Fed's Powell
Updated On : 11 Feb 2025 | 9:28 PM IST

Trump moves to cancel recent union agreements with federal workers

Trump embarks on a massive makeover of the US government, firing and sidelining hundreds of civil servants

Trump moves to cancel recent union agreements with federal workers
Updated On : 01 Feb 2025 | 9:56 AM IST

Court rules against policy to shield immigrants who came to US as children

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

Court rules against policy to shield immigrants who came to US as children
Updated On : 18 Jan 2025 | 8:59 AM IST

US SC seems likely to uphold federal law to shut down TikTok on Jan 19

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

US SC seems likely to uphold federal law to shut down TikTok on Jan 19
Updated On : 11 Jan 2025 | 8:43 AM IST

Big banks, business groups sue US Federal Reserve over annual stress tests

These tests determine the capital banks must set aside to meet their obligations and also dictate the scope of dividend payouts and stock buybacks

Big banks, business groups sue US Federal Reserve over annual stress tests
Updated On : 24 Dec 2024 | 9:25 PM IST

What gets shut down when US govt stops spending: All you need to know

Government agencies responsible for health, safety and protection of property can continue

What gets shut down when US govt stops spending: All you need to know
Updated On : 20 Dec 2024 | 8:37 AM IST

Friday midnight deadline looms for US Congress to prevent govt shutdown

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

Friday midnight deadline looms for US Congress to prevent govt shutdown
Updated On : 20 Dec 2024 | 7:29 AM IST

Elon Musk, SpaceX face federal scrutiny for lax national security reporting

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

Elon Musk, SpaceX face federal scrutiny for lax national security reporting
Updated On : 18 Dec 2024 | 10:54 AM IST

Fed policymakers likely to project fewer rate cuts next year, and why

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

Fed policymakers likely to project fewer rate cuts next year, and why
Updated On : 17 Dec 2024 | 4:55 PM IST

US Supreme Court to decide legality of FCC fund for telecom services

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

US Supreme Court to decide legality of FCC fund for telecom services
Updated On : 23 Nov 2024 | 10:47 AM IST

US judge rejects SEC's attempt to sanction Elon Musk over testimony

The SEC did not immediately respond to a request for comment after business hours. Lawyers for Musk did not immediately respond to similar requests

US judge rejects SEC's attempt to sanction Elon Musk over testimony
Updated On : 23 Nov 2024 | 10:17 AM IST

Relief for Asian peers may slightly aid rupee but portfolio outflows weigh

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

Relief for Asian peers may slightly aid rupee but portfolio outflows weigh
Updated On : 18 Nov 2024 | 9:41 AM IST

Donald Trump picks Jay Clayton as Manhattan's top federal prosecutor

Clayton is likely to be seen as a somewhat unconventional pick for the office known for high-profile financial crime and public corruption prosecutions

Donald Trump picks Jay Clayton as Manhattan's top federal prosecutor
Updated On : 15 Nov 2024 | 9:52 AM IST

Prosecutors say they may bring additional charges against NY City mayor

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 ...

Prosecutors say they may bring additional charges against NY City mayor
Updated On : 03 Oct 2024 | 8:51 AM IST

Citigroup's China expansion plans face delays over pending US Fed clearance

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

Citigroup's China expansion plans face delays over pending US Fed clearance
Updated On : 23 Sep 2024 | 11:30 AM IST

Market today: GIFT Nifty up 150 pts; here's your trading guide for Sept 23

The US Federal Reserve's core inflation data slated to be released on Friday will be eyed closely for further cues on rate cuts

Market today: GIFT Nifty up 150 pts; here's your trading guide for Sept 23
Updated On : 23 Sep 2024 | 7:43 AM IST

From auto to banks to IT: Analysts pick top sectors after US Fed rate cut

Analysts say banks, auto, real estate, IT, pharma, and metal sectors look attractive after the US Federal Reserve's rate cut

From auto to banks to IT: Analysts pick top sectors after US Fed rate cut
Updated On : 20 Sep 2024 | 8:02 PM IST

US Fed cuts 50 bps rate: Here're key takeaways from Jerome Powell statement

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

US Fed cuts 50 bps rate: Here're key takeaways from Jerome Powell statement
Updated On : 19 Sep 2024 | 8:31 AM IST

Market today: All eyes on Federal Reserve's policy decision

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

Market today: All eyes on Federal Reserve's policy decision
Updated On : 18 Sep 2024 | 7:30 AM IST

25 or 50: How much will the Fed cut rates to begin its policy easing cycle?

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

25 or 50: How much will the Fed cut rates to begin its policy easing cycle?
Updated On : 17 Sep 2024 | 6:49 AM IST