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Real-time News
On August 27th, Federal Reserve official Hammark reiterated that now is the time for officials to take action to curb inflation. She stated that current interest rates are not having a strong enough cooling effect on the economy to allow price pressures to subside on their own. She said, "I think the appropriate approach now is to maintain a certain level of restraint to help inflation fall back to our target level. The longer inflation remains above our target, the harder it will be to bring it down." Hammark was one of three dissenting officials at last months policy meeting, favoring a 25-basis-point rate hike. She said, "In my view, the real problem with inflation deviating from our target for an extended period is that the public may be starting to develop an inflationary mentality." She added that she hasnt seen this yet, but conversations with some people have made her concerned. Hammark also stated that the performance of capital markets indicates that current interest rates are not putting sufficient pressure on credit or economic growth. She said, "Weve seen trillions of dollars in IPOs and record-breaking debt issuances. From my perspective, this doesnt look like the economy is being restrained."According to the New York Times, the Trump administration will expand the number of flights to Haiti.On August 27, according to Irans Tasnim News Agency, following months of attacks by the United States, Iranian Parliament Deputy Speaker Ali Nikozadeh inspected the oil infrastructure on Kharg Island, located off the southern coast of Iran. At its peak, the island handled 90% of Irans oil exports, processing approximately 1.5 million barrels of oil per day, or about 950 million barrels per year.On August 27, Iranian Parliament Speaker Mohammed bin Salman Ghalibaf met with visiting Qatari Prime Minister and Foreign Minister Mohammed bin Salman in Tehran. The two exchanged views on the current regional situation and how to ease tensions and create favorable conditions for resuming dialogue. Mohammed bin Salman emphasized the need to restart diplomatic channels, stating that dialogue is the best way to resolve differences and prevent further escalation of regional tensions.The Stoxx Europe 600 index is on track for its biggest one-day drop in a month, having fallen as much as 0.95%.
