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Real-time News
On August 5th, Minneapolis Fed President Neel Kashkari, a 2026 FOMC voting member, stated in an interview with CNBC on Wednesday that the Federal Reserve should now "start gradually raising" interest rates to reduce inflation and avoid the need for larger rate hikes in the future. Kashkari was one of three voting members who supported a 25-basis-point rate hike at last weeks FOMC meeting. He stated that with strong corporate earnings, resilient consumer and labor markets, and no evidence that monetary policy has become significantly restrictive, its time to begin gradually raising rates. He emphasized that this does not advocate for large rate hikes, but rather a desire for "small steps" to avoid being forced into aggressive policy tightening once inflation becomes deeply entrenched. He added that its uncertain what action the FOMC will take in September, and future data will play a crucial role. Meanwhile, Kashkari stated that Fed Chairman Warsh did not pressure him, telling him, "Do what you think is right for the economy."A Goto survey shows that 30% of American employees say they can no longer live without artificial intelligence.On August 5th, Federal Reserve Chairman Neel Kashkari, in an interview with CNBC, stated that he remains open to future policy options and does not advocate for significant interest rate hikes. He believes that most recent inflation stems from supply shocks, coupled with some demand-side factors. Kashkari stated in the CNBC interview, "My goal is not to slow the economy, but to reduce inflation." He believes now is the time to begin gradually raising interest rates, but he does not support a significant increase. Kashkari emphasized the value of continuing the tradition of explaining the Feds policy response mechanism to the public. He stated, "Dont think theres some magic number of meetings (to decide policy actions)."The U.S. Treasury will maintain its repurchase program at the same pace as last quarter.August 5th - US businesses added fewer jobs in July than expected, indicating a cooling hiring momentum after a period of strong growth. According to data released by ADP on Wednesday, the US private sector added 44,000 jobs in July, the lowest level since the beginning of the year. However, despite the slowdown in hiring, the report showed that wage growth for job-hopping employees rose to its highest level in nearly a year. The data shows that the US labor market remains stable, supported by strong demand from businesses and consumers. If Fridays non-farm payroll report confirms this trend, recent employment developments will mean that Federal Reserve officials can continue to focus on persistently high inflation.
