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U.S. Treasury Secretary Scott Bessent has urged a thorough review of the Federal Reserve, questioning its interest rate authority. He criticized the Fed's policies for allegedly fueling inflation and benefiting the wealthy, advocating for a shift in focus towards its core mandate.
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News and Media
Chicago Fed President Austan Goolsbee remains undecided on a September rate cut despite recent job-market weakening data. He defended the Fed's independence, opposing any moves to undermine it. Goolsbee expects future nominees to take their roles seriously, amidst concerns about potential political influence from President Trump's nominee.
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News and Media
The U.S. economy created 22,000 jobs last month instead of an estimated 75,000, confirming softening labor market conditions, according to the Labor Department report. The three major U.S. stock indexes initially rose and broke records following the data, as traders of futures tied to the Fed's policy rate boosted bets that the U.S. central bank will trim rates in quick succession, starting this month, with a 50-basis-point easing now on the table.
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News and Media
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