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Scott Bessent and Kevin Warsh diverge on who should set the price of money

Warsh has advocated retreating from some of the central bank's longstanding communication policies in favor of letting markets do the heavy lifting, while Bessent has deployed a number of tools

US economy growth sluggish at 1.5% in Q2, consumer spending rises 3.4%

The US economy grew at a sluggish 1.5 per cent pace from April through June. But consumer spending stayed strong. The Commerce Department reported Wednesday that growth in gross domestic product - the nation's output of a goods and services - decelerated from a 2.1 per cent pace from January through March. The second-quarter growth number was unchanged from the department's first estimate. Still, consumer spending - which accounts for about 70 per cent of US economic activity - increased at a healthy 3.4 per cent annual clip, up from 0.5 per cent in the January-March period. The reason for the lackluster growth number was imports. They are subtracted from growth because GDP is only supposed to count domestic US production. Imports rose at a 12.5 per cent annual pace from April through June, partly due to a surge in shipments of computer chips and other products that support artificial intelligence investment, and sliced 1.64 percentage points off second-quarter growth. But business

US Supreme Court sides with Donald Trump for now on mail ballot curbs

Over dissents from the court's three liberals, the justices on Monday put on hold a Boston federal court ruling that blocked key parts of Trump's executive order from being fully implemented.

Canada slaps retaliatory tariffs on US goods worth $20 bn amid trade war

US President Donald Trump's new 50% tariffs on $20 billion of Canadian imports took effect on Saturday after talks between the two countries ​collapsed.

Trump threatens 50% tariffs on all cars, trucks from Canada amid trade spat

"On Trade, and in other ways, also, they are among the worst Nations in the World to deal with. They feel entitled, and yet, WE DON'T NEED CANADA, THEY NEED US!" Trump said.

How the AI borrowing binge helps drive US government bond yields

Analysts said the recent rise in Treasury yields partly reflected expectations that AI-driven growth could push the Fed to keep rates elevated.

Pakistan seeks $10 billion facility from US to bolster forex stability

The proposed USD 10 billion Exchange Stabilisation Support Facility from the US comes as Pakistan seeks to move away from a financing model that has relied heavily on loans, deposits

US boosts long-term debt buybacks after yields hit highest levels in years

Treasury Secretary Scott Bessent invoked the buyback program last year as part of the department's "big toolkit we can roll out" if needed to address dislocation in the Treasuries market.

Hormuz Strait to remain shut until US meets interim deal conditions: Iran

The memorandum of understanding, clinched on June 17, ​quickly unravelled over a dispute about control of ‌the Strait of Hormuz, the narrow waterway through which ​a fifth of global oil and liquefied

US consumer sentiment drops by 4.2% in Aug as West Asia conflict drags on

US consumers' one-year inflation expectations rose to 4.3% in August from 4.2% in July as the Middle East conflict raised concerns over living costs.

Trump allows Navy to build ships abroad, orders return to steam catapults

Trump's directive would allow foreign shipbuilders to construct up to two vessels overseas while ordering the Navy to replace EMALS with steam catapults.

Iran and US make competing claims over control of Strait of Hormuz

"Today ​you see that the Strait of Hormuz is under the management and control of the Islamic ​Republic," Iran's Basij paramilitary unit head Hossein Taeb said

US-India partnership vital for global security: Gor holds talks with Doval

US Ambassador to India Sergio Gor held discussions with National Security Advisor Ajit Doval on Tuesday to deliberate on US-India strategic cooperation, describing the meeting as "fruitful".

US weighs ending 60-day grace period for foreign workers to find new jobs

The US is reviewing a proposal to eliminate the 60-day window for foreign workers holding non-immigrant visas to find employment after a job loss, a move that may force them to leave the country immediately. A proposal from the Department of Homeland Security is currently under review at the federal Office of Management and Budget (OMB), according to its website. If finalised, the proposed regulation would eliminate the 60-day grace period accorded to certain principal non-immigrants and their dependents if the principal's employment ceases before their period of stay expires. Further details of the proposal are not immediately known. The 60-day grace period was introduced in 2017 to allow foreign workers and their dependents to stay in the US while searching for new employment after a job loss. Immigration consultants said the Department of Homeland Security has the discretion to shorten or refuse the grace period, but has rarely done so. The rule applies to E-1, E-2, E-3, H-1B,

Russia sanctions bill may expose Indian exports to 100% US tariff: GTRI

The US Senate's approval of a bill on Russia sanctions could expose Indian exports to additional tariffs of up to 100 per cent if India continues buying Russian crude oil, think tank GTRI said on Saturday. The US Senate voted overwhelmingly to approve a bill to punish Russia and key buyers of its petroleum products, such as China and India, claiming that such trade helps fuel the Ukraine war. This bill will allow US President Donald Trump to impose 100 per cent tariffs on goods from countries that are the top five importers of Russian oil and gas. The Global Trade Research Initiative (GTRI) said that India, being the second-largest buyer of Russian crude, is exposed to high tariffs. Russia supplied 30.3 per cent of India's crude imports in FY2026, worth USD 40.8 billion, helping reduce costs and contain inflation. "The US Senate has overwhelmingly approved legislation that could expose Indian exports to additional tariffs of up to 100 per cent if India continues buying Russian cru

US jobs fall unexpectedly in July as earlier payrolls revised lower

The US economy unexpectedly lost jobs in July, while payroll figures for the previous two months were revised sharply lower, reducing expectations of a Federal Reserve rate hike.

US 'forced labour' tariffs unjustified, amount to protectionism: China

The commerce ministry, in a statement, accused Washington of long manipulating the issue of forced labour, calling the new tariffs a ​typical act of unilateralism and protectionism

US oil refiners stretch capacity as outage risks threaten fuel markets

Refiners are postponing routine maintenance to maximise profits, but industry experts say sustained near-full capacity is neither safe nor operationally sustainable

US DOJ drops subpoenas to NYT reporters in Trump Air Force One case

US District Judge Arun Subramanian cited "profound First Amendment" issues raised by the case before skeptically questioning a govt lawyer about the steps the govt took before issuing demands

Why is the US accusing China’s Moonshot AI of stealing American technology

The AI race between the US and China is heating up. Washington has accused Chinese startup Moonshot AI of using American technology to build its powerful Kimi K3 model,