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Officials said the measures aim to target the financial infrastructure behind scams, including platforms used to sell stolen data
Benchmark Brent crude surpassed $120 per barrel on Wednesday, reaching the highest levels yet seen during the US-Israel-Iran war
When pressed on timing, Jerome Powell said: “I will leave when I think it's appropriate to do so.”
The Federal Reserve left interest rates steady in what was almost certainly Jerome Powell's final meeting as its leader, but there were the most internal dissents at a Fed meeting in 34 years. The big picture: The surprising dissents show that Kevin Warsh, whose confirmation to lead the Fed is pending in the Senate, will face significant internal resistance to delivering the interest rate cuts that President Trump desires. Driving the news: The central bank's policy committee left its target interest rate in a range between 3.5% and 3.75% for the third straight meeting to start 2026 and made only small changes to its policy statement. Three reserve bank presidents — Beth Hammack (Cleveland), Neel Kashkari (Minneapolis) and Lorie Logan (Dallas) — dissented not against the rate decision, but because they "did not support inclusion of an easing bias in the statement at this time."Governor Stephen Miran also dissented, but in the other direction, favoring an interest rate cut.The four total dissents were the most there have been at a Fed policy meeting since October 1992. State of play: There has been simmering resistance among Fed officials, especially at the reserve banks, to signaling that further interest rate cuts are anticipated, given five consecutive years of above-target inflation. Now, it has burst out into the open, in Powell's final meeting at the helm.Powell's term concludes May 15, and Warsh's nomination to be his successor advanced through the Senate Banking Committee Wednesday morning. Warsh appears on track to be confirmed by the full Senate well before the next Fed meeting in mid-June. Between the lines: The clause in the policy statement the three dissenting reserve bank presidents object to is language, repeated from recent statements, that in considering "the extent and timing of additional adjustments" to rates, the Fed will carefully assess data, the outlook and balance of risks. ·The phrase "additional adjustments" implies a continuation of the r
Exxon Mobil Corp. and Chevron Corp. exceeded profit expectations as higher oil and natural gas prices outweighed production outages from the Iran war
Risks to the eurozone growth and inflation outlook have "intensified" due to the war in the Middle East
The eurozone grew just 0.1% in the first quarter, while inflation accelerated to 3%, and falling consumer sentiment hints at collapsing demand
Governments can cover up to 70% of fuel and fertiliser cost surge
Members of the International Energy Agency have agreed to release 400 million barrels of oil from strategic reserves
Kevin Warsh, Donald Trump’s nominee to be the next chair of the Federal Reserve, vowed to protect the US central bank’s independence if he is confirmed to the role
The key portfolios will fall under new leadership on 1 June, as the EU faces a fuel shock and severe trade instability