Powell says tariffs may create a “challenging scenario” for the Fed
The Federal Reserve is charged with keeping prices stable and unemployment...
The Federal Reserve is charged with keeping prices stable and unemployment low, but in a speech yesterday, Fed Chair Jerome Powell said the president’s tariffs might make it hard to keep both inflation down and growth up. If that happens, he said, the central bank will consider “how far the economy is from each goal, and the potentially different time horizons over which those respective gaps would be anticipated to close” in deciding how to proceed. He said it’s likely the tariffs will cause higher prices and more unemployment in the short term but reiterated that the Fed is waiting for more clarity before making decisions on interest rates.
Trump joins Japan trade talks. Yesterday, Japanese...
Trump joins Japan trade talks. Yesterday, Japanese and US officials began the first face-to-face trade talks aimed at securing a deal after President Trump announced his “reciprocal” tariffs and paused them hours later. As a sign of how important that is, the president made the surprise move to sit in on the talks alongside the Treasury and Commerce secretaries. Without revealing details, the president said that “big progress” had been made during the negotiations. The administration is hoping to secure deals with many countries before the 90-day pause on “reciprocal” tariffs ends, while isolating China in an escalating trade war.
Temu, the purveyor of cheap Chinese goods first introduced to many Americans through a Super Bowl ad, is slashing its US advertising spending in the face of President Trump’s tariffs. Both Temu and its competitor Shein plan to raise prices.
Hertz’s shares leapt 56% yesterday, after Bill Ackman’s Pershing Square disclosed its large stake in the car rental company.
The Trump administration sued Maine for defying its ban on transgender athletes participating in girls’ and women’s sports. Meanwhile, the UK’s top court found that a woman is someone born biologically female for the purposes of discrimination law, meaning protections for women don’t apply to transgender women.
California sued to try to block President Trump’s tariffs, claiming they’re unlawful and hurt the state’s economy.
Scientists say they’ve found the strongest evidence for alien life yet: Gases detected on a faraway planet are the same as ones produced by algae on Earth.
Competition for Haynesville Shale mineral rights is intensifying as available...
Competition for Haynesville Shale mineral rights is intensifying as available core acreage shrinks and ownership becomes more concentrated, according to experts at the World Oilman's Mineral & Royalty Conference in Houston. Falling drilling and completion costs are reviving interest in fringe areas, where success depends on capital strength and risk tolerance.
The US energy grid is crucial to the nation's economy and individuals' health and safety, but the outdated infrastructure is increasingly vulnerable to electromagnetic pulses, cyberattacks and physical threats, as well as cascading failures, writes consultant Chuck Brooks. Integration of operational technology and IoT has expanded potential attack surfaces, necessitating robust security measures and modernization efforts to protect critical infrastructure and reduce vulnerabilities.
EIA: US oil production to peak earlier than gas output
The Energy Information Administration's latest Annual Energy Outlook...
The Energy Information Administration's latest Annual Energy Outlook projects that US crude oil production will crest at 14 million barrels per day in 2027, then gradually decline to around 11.28 million bpd by 2050. Meanwhile, natural gas output is seen peaking at 43.44 trillion cubic feet in 2032 and remain above 40 Tcf through 2050.
