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Real-time News
U.S. Treasury Secretary Bessant: We have also warned that any entity assisting Iran will not be allowed continued access to the dollar and the global financial system. The UAE branch of Egypts Misr Bank has decided to "learn the lesson" from this warning. Today, we are taking the first step in holding them accountable in response to their continued and egregious support of the Iranian regime.U.S. Treasury Secretary Bessenter: The Treasury Department pledged to cut off every remaining economic lifeline of Tehran, ultimately ending the threat to the Iranian regime.The Russian Foreign Ministry stated that it has not received any proposals from Ukraine or other parties to resume negotiations.August 28th - According to the Associated Press, Federal Reserve Chairman Warsh said on Friday that inflation remains too high. He hinted that the central bank may need to raise interest rates in the coming months to reduce inflation. This statement more clearly reflects his view on the economic situation than his previous remarks. In a prepared speech at the Jackson Hole Economic Symposium, Warsh acknowledged that recent inflation data indicated a slowdown in inflation, but "these data do not suggest a significant improvement in the overall trend." "We must be confident that underlying inflation is moving toward the target, or there is still a lot of work to be done." On Friday, Warsh remained skeptical of forward guidance and even declined to reveal his overall thinking on interest rate policy. However, he did point out that current interest rate levels are not hindering economic activity.On August 28th, Federal Reserve Chairman Warsh stated on Friday that if policymakers are not confident that inflation is falling back to 2% "at a clear and sufficiently fast pace," the Fed "still has work to do." This suggests that if price pressures do not improve, the Fed may raise interest rates next. Warsh explicitly stated that he still adheres to the Feds long-standing policy path of managing inflation by adjusting interest rates. This significantly increases the likelihood of a further rate hike by the Fed, which could potentially create a rift with President Trump, who has long sought rate cuts. This statement essentially eliminates the ambiguity previously left. At a press conference at the end of July, Warsh declined to comment extensively on whether a rate hike was needed to address the sharp rise in inflation this year, which has been above the Feds target for more than five consecutive years.
