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Real-time News
The US Treasury auction for the six weeks ending August 25th yielded a winning bid of 3.65%, unchanged from the previous week.August 25th - According to Iranian sources on the 25th local time, a source close to the Iranian negotiating team stated that Iran hopes to clearly convey its position and negotiating conditions regarding the Strait of Hormuz to the United States through Pakistan. The source said that during a meeting with visiting Pakistani Army Chief of Staff Mohammad Munir on the 24th, Iran clearly explained its position to Pakistan. Irans conditions include the United States complying with the Islamabad Memorandum of Understanding and fulfilling its relevant provisions, with Article 5 concerning Irans arrangements for the management of the Strait of Hormuz. The source indicated that Pakistan is seeking to convey these conditions to the United States.On August 25th, Federal Reserve Chair Janet Collins stated that she currently supports maintaining interest rates, but this stance depends on seeing further progress in inflation declining and gradually moving towards the Feds 2% target. Collins wrote, "To maintain the current target range for the interest rate, we need to continue to see evidence that inflation is indeed declining. If this evidence of a sustained decline in inflation does not emerge, I think monetary policy should be tightened as soon as possible." She stated that recent inflation data showed underlying price pressures were moderate, which was "somewhat encouraging," but added that monthly data could be volatile. "Whether the recent improvements can be sustained remains to be seen." Collins said that tighter interest rates, coupled with rising long-term yields, should alleviate some of the inflationary pressures from strong household and business consumption. She added that the impact of previous tariffs is expected to have largely subsided, and the impact of rising oil prices on inflation should also begin to weaken.Canadian Finance Minister: U.S. tariffs will have a real impact on Canada, and we must respond.On August 25th, Canadian Prime Minister Mark Carney announced retaliatory measures against the new tariffs imposed by US President Donald Trump over the weekend, along with a support plan to help Canadian businesses impacted by the escalating trade war. Canada will double its existing retaliatory tariffs on US steel and aluminum products to 50%. The 50% tariff will also apply to US-made furniture, clothing and apparel, video game consoles, smartphones, and other electronic products. Overall, these retaliatory tariffs will affect approximately $20 billion worth of US imports, roughly equivalent to the tariffs Trump imposed on Canadian products on Saturday under a previously unused provision of the Tariff Act of 1930. This represents about 6% of Canadas total imports from the US last year.
