EUR/USD
1.13091
0.074%
Gold
3373.31
0.262%
Oil
57.720
0.071%
USD/JPY
143.743
-0.060%
GBP/USD
1.32940
0.017%
GBP/JPY
191.097
-0.009%
Real-time News
May 8th news: On May 7th, Robert A. Iger, CEO of The Walt Disney Company, announced in Abu Dhabi that the worlds seventh Disney theme park will be located in Abu Dhabi.On May 8, CICC reported that the Federal Reserve kept its policy unchanged at its May meeting, which was in line with market expectations. The monetary policy statement pointed out that the risks of rising unemployment and inflation have increased, suggesting that the policy environment faces the risk of "stagflation", but since the current economic data remains solid, the Fed is not in a hurry to act. CICC believes that the Fed will not cut interest rates in the short term, especially not preemptively, and the future path of interest rate cuts will depend on tariff negotiations: if the negotiations fail to make substantial progress and tariffs remain high, the Fed may be forced to start a "recessionary" interest rate cut, or cut interest rates by 100 basis points before the end of the year; but if the negotiations achieve effective results and tariffs are reduced, the Fed may postpone the interest rate cut until December, and the rate cut will be more moderate.On May 8, Federal Reserve Chairman Powell said at a press conference that the tariffs implemented by US President Trump on April 2 local time were "far beyond expectations." The current level of tariffs may lead to a slowdown in economic growth and may lead to higher long-term inflation. "If the significantly increased tariffs that have been announced continue to be implemented, inflation and unemployment may rise and economic growth may slow. The impact on inflation may be short-lived, reflected in a one-time change in the price level, but it may also be more persistent," Powell said. Powell said that given the scope and scale of tariffs, the risk of rising inflation and unemployment will certainly increase. If tariffs ultimately remain at current levels, the Feds progress in achieving its goals may be delayed until next year.On May 8, Ken Griffin, the founder and CEO of Citadel Investments, a U.S. hedge fund tycoon, said that the American working class will bear the brunt of Trumps punitive tariffs on trading partners. "Tariffs hit the wallets of hard-working Americans the hardest. Its like a sales tax on Americans. It will hit those who work hard to make a living. Its a painful regressive tax," Griffin said in an interview on Wednesday. Griffin voted for Trump in last years U.S. election and is a big "financial backer" of the Republican Party. But he is now criticizing Trumps trade policy, saying it could damage the U.S. "brand" and its government bond market.On May 8, Goldman Sachs economists expect US core PCE inflation to grow by 3.8% by the end of 2025 (previously predicted to be 3.5%) and 2.7% by the end of 2026 (previously predicted to be 2.3%). Compared with these forecasts, the latest core PCE data is only 2.6%. Goldman Sachs said that the dollar weakened due to the tariff news, and this weakening amplified the direct impact of tariffs on prices rather than offsetting this impact.
