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Real-time News
On June 4th, a spokesperson for the Iranian Islamic Revolutionary Guard Corps stated on June 3rd that its forces did not fire on the Kuwait airport target. The spokesperson claimed that the damage to the Kuwait airport terminal was caused by a malfunction of the US Patriot air defense missile system, whose missiles, after failing to intercept Iranian missiles, mistakenly landed on the terminal.On June 4th, the Federal Reserve, in its Beige Book, noted that employment was virtually unchanged in 11 districts, while one district saw slight growth. Manufacturing hiring was strongest in several districts, driven by defense-related business and growing demand for data centers. Wage growth generally remained moderate to moderate, largely in line with inflation. However, districts reported needing to adjust for wage and cost-of-living increases more frequently to cope with rising fuel and other household cost pressures. Most districts described a cautious hiring and laying-off environment, with employees increasingly reluctant to change jobs due to economic uncertainty. Hiring remained cautious, focusing primarily on key positions or filling gaps in staff. Demand in the professional services sector was mixed, partly reflecting the impact of technological and operational changes.On June 4th, the Federal Reserve, in its Beige Book, noted that economic activity grew at a moderate to moderate pace in ten of the twelve Fed districts, declined slightly in one district, and remained unchanged in one district. Consumer spending varied across districts, with spending disparities between income groups widening as cost pressures increased. High-income households were relatively robust and less sensitive to price increases; middle-income households were described as "saving as much as possible before deciding to spend"; while low-income consumers faced greater financial pressure. Overall, reports indicated increased credit card usage, decreased retail spending, and stronger demand for necessities. Car dealers reported decreased demand for new cars due to costs and fuel expenses, while more people turned to used cars and hybrid vehicles. In contrast, manufacturing activity grew at a moderate to strong pace in nine districts, with only one district reporting a slight decline from the previous period. Banking conditions remained stable in most districts; however, in several districts, delinquencies on mortgages, consumer loans, and agricultural loans increased. Overall, business expectations for the next six months show little change in anticipated growth, as higher uncertainty and signs of weakening consumer spending have impacted market sentiment.June 4th - The Federal Reserve stated that economic activity in most parts of the United States has grown at a moderate pace in recent weeks, while employment has remained largely unchanged. In its latest Beige Book, the Fed indicated that inflation levels in most Fed districts were higher than in the previous report, primarily due to the impact of the Middle East wars on energy prices. Since the outbreak of the war with Iran, rising energy prices have raised concerns about sustained inflation, leading more policymakers to believe they need to retain all policy options, including a tighter monetary policy. However, many officials stated that current interest rate conditions remain favorable.The Central Bank of Tunisia maintained its benchmark interest rate at 7%.
