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Real-time News
Nick Timiraos, the Feds mouthpiece: Three Fed officials who support raising interest rates arguably provided more reasons than most FOMC members did in Wednesdays statement or press conference. Logan reiterated her view from two weeks ago that underlying inflation, after adjusting for recent shocks, is close to 2.5%, which she sees as justification for a tighter policy stance.July 31 – A national conference on promoting grain and material reserves was held in Beijing on July 31. The conference emphasized that the entire system must unify its thinking and actions with the decisions and deployments of the Party Central Committee and the State Council, focusing on goals and tasks, highlighting key points, and grasping crucial aspects to solidly carry out all aspects of grain and material reserves work. First, efforts must be intensified to advance project construction. Second, efforts must be intensified to promote grain purchase, storage, and regulation. Adhering to a combination of market-oriented procurement and policy-based storage, various policy tools should be used in a coordinated manner to stabilize grain prices and ensure smooth sales for farmers. Third, efforts must be intensified to promote the development of the grain industry. The construction of grain storage and logistics facilities should be strengthened, "two new" projects in the grain sector should be actively promoted, the quality and efficiency of grain circulation should be improved, grain brand building should be vigorously promoted, and the National Whole Grain Action Plan should be implemented in depth. Fourth, efforts must be intensified to enhance the role of reserves. Fifth, efforts must be intensified to improve management levels. Sixth, efforts must be intensified to promote planning guidance and reform and innovation.U.S. Treasury Secretary Bessenter stated that the United States will actively pursue Iranian assets globally to ensure compensation funds are available for victims of Iranian-backed terrorism. The U.S. governments military and economic blockade measures against the Iranian regime will continue without easing.On July 31, three Federal Reserve policymakers stated that the dissenting votes for a rate hike this week stemmed from persistent inflationary pressures, indicating increasing internal pressure on Fed Chair Warsh to act. In a statement released Friday morning, Hamack and Kashkari expressed concern that while the current price increases may stem from short-term factors such as President Trumps tariff policies and the Iran war, the inflation situation now warrants Fed action. Logan joined in, stating that even if inflation cools somewhat, it is unlikely to fall completely back to the Feds 2% target level without a rate hike; in the absence of any policy constraints, inflation could continue to rise above the target level until an unexpected shock occurs. Kashkari indicated that if inflation remains stubborn, he might support a series of rate hikes, rather than just one, to prevent further entrenching of inflation. He said, "A series of small policy adjustments may be better than waiting for the situation to develop and ultimately having to take stronger action." Hamack stated that if the Fed does not tighten policy, the pace of price increases could continue to accelerate. She stated, "Inflation has been stubbornly above 2% for more than five years, and I am not confident that it will fall back to our target level on its own."Russian Defense Ministry: Russian forces struck a ship delivering supplies to Ukrainian troops in the Black Sea.
