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Real-time News
White House Press Secretary Levitt: Lack of data leads policymakers to make "blind decisions".On November 13th, Federal Reserve Governor Mirán reiterated his expectation that inflation will decline and reiterated his call for lower interest rates. Mirán stated, "I think we need to get monetary policy in place—to get it off the overly tight track, thereby mitigating some of the downside risks to the economy." Mirán expects to return to his position as a White House economic advisor after his term as a Federal Reserve governor ends in January. He voted against a 50-basis-point rate cut at the Feds two most recent interest rate decision meetings, instead of the 25-basis-point cut ultimately implemented by the Fed. Mirán also warned against interpreting inflation data "on the surface."Hang Seng Index futures closed down 0.26% at 26,899 points in overnight trading, a discount of 24 points.November 13th - According to data from the Bank of America Institute, U.S. credit and debit card spending saw its largest year-over-year increase since early 2024 in October, reflecting strong demand from high-income households and the impact of rising prices. The research shows that based on credit card data compiled by Bank of America, household spending increased by 2.4% year-over-year in October. Compared to September, credit card spending increased by 0.3% month-over-month, marking the fifth consecutive month of growth. Meanwhile, some of the increase in retail spending may reflect price increases rather than increased transaction volume. Data shows that the overall inflation rate in September was 3%. Although the number of retail transactions rose slightly in October, it remained below levels seen earlier this year. Furthermore, spending growth among high-income households outpaced that of low-income groups. The institute stated that this gap is primarily due to stronger wage growth among high-income earners, while wage growth for other groups was generally lower.November 13th - Waymo will become the first company in the U.S. to offer driverless taxi services on highways, a milestone that will help it better compete with ride-hailing companies and traditional taxi services. According to a statement, starting Wednesday, Alphabets (GOOG.O) Waymo will offer rides including highway sections in San Francisco, Phoenix, and Los Angeles for select passengers. The highway service will be available 24/7. Users who have already opted into Waymos new service and features will be the first to experience it. Waymo stated that it will gradually roll out the new service to more users but declined to disclose a timeline for expanding highway routes to other operating markets. Waymos move from the testing phase to commercial highway service marks a turning point in the companys development and solidifies its position as the leading driverless taxi provider in the U.S.
