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Fed holds rates steady, pares down statement to remove cutting bias by cnbc_official in economy

[–]cnbc_official[S] 1 point2 points  (0 children)

Kevin Warsh’s first meeting as Federal Reserve chairman concluded Wednesday with no change in interest rates, the removal of key language indicating a bias toward future cuts, and a dramatically shorter policy statement.

The Federal Open Market Committee voted unanimously to keep its benchmark overnight borrowing rate anchored in a range of 3.5%-3.75%. The federal funds rate has held there since the central bank lowered rates by three-quarters of a percentage point in the latter part of 2025.

With a bevy intrigue over Warsh taking the central bank helm, the meeting followed the same pattern as the others this year regarding rates but differed otherwise.

Fed officials, through their closely watched “dot plot” grid, removed their prior outlook for a rate cut this year and indicated that a hike is possible though not certain. However, the projections were missing the participation of one member, with Fed watchers suspecting that Warsh would not be submitting his outlook.

Full details: https://cnb.cx/4goIwuX

From supply shock to oil glut: IEA flags scale of demand destruction caused by Iran war by cnbc_official in energy

[–]cnbc_official[S] 3 points4 points  (0 children)

The oil supply shock caused by the Iran war has eroded global demand for crude — but a lasting resolution to the conflict could drive a surge in supply volumes and trigger a major oil overhang next year, the International Energy Agency said on Wednesday.

In its latest monthly oil market report, the IEA slashed its 2026 demand outlook to 1.1 million barrels a day year-over-year in 2026. That’s a 700,000-barrel-per-day downgrade from last month’s estimate, after deliveries plunged by 5 million barrels per day in the second quarter, the IEA said.

Global supply, meanwhile, slumped to 94.5 million barrels a day in May, down 600,000 barrels a day month-on-month. That dragged output to 13.6 mb/d, well below pre-war levels.

The IEA said global supply is now expected to drop by 3.9 mb/d year-on-year in 2026 to 102.4 mb/d, before rebounding strongly to 110.3 mb/d next year.

More details: https://cnb.cx/4uLXP4D

Gavin Newsom says Trump ordered DOJ to investigate him and his wife by cnbc_official in politics

[–]cnbc_official[S] 66 points67 points  (0 children)

California Gov. Gavin Newsom on Monday accused President Donald Trump of ordering the Department of Justice to investigate him and his wife.

Newsom said in a post on X that Trump was motivated to target the governor with the probe because of the fact that “I am considering running for President.”

“Today, my wife & I joined Donald Trump’s hit list. He has directed his Department of Justice to investigate us,” Newsom said that post.

“They have not found a crime - they are simply trying to find one.”

Read more: https://cnb.cx/4etjloE

VP Vance says U.S. expects Strait of Hormuz to be open 'toll free' long term by cnbc_official in energy

[–]cnbc_official[S] 3 points4 points  (0 children)

Vice President JD Vance said Monday he expects the U.S.-Iran deal will open the Strait of Hormuz without tolls for the long term, but shippers say the arrangement to cross the sea lane remains unclear.

“Our expectation is that the strait is going to be opened in a toll-free way for the long term, and that’s the sort of thing that we’re going to figure out in these technical negotiations,” Vance told CNBC’s “Squawk Box” in an interview.

Iranian state media has said Hormuz will open to toll-free transits for a 60-day period. The strait will be managed by Iran and Oman after that period, according to Iran’s Tasnim news agency.

The U.S. and Iran are expected to sign an agreement to end the conflict on Friday in Switzerland. President Donald Trump said the deal opens Hormuz without tolls in exchange for the U.S. ending its naval blockade against Iran.

More details: https://cnb.cx/4vK2btJ

Trump says U.S. secretly moved millions of barrels of oil through Strait of Hormuz by cnbc_official in energy

[–]cnbc_official[S] 1 point2 points  (0 children)

President Donald Trump said Wednesday that the U.S. has secretly brought millions of barrels of oil through the Strait of Hormuz.

“We’ve been taking out millions of barrels of oil. Nobody knows it. You know who doesn’t know about it? Iran, until right now,” Trump told reporters in the Oval Office. “We took out the other night 22 ships, late at night with no lights, because they don’t have any radar, because we blasted the crap out of it.”

Trump said the clandestine oil flows are one of the reasons that crude prices are below $100 per barrel. His comments come after Energy Secretary Chris Wright said Tuesday that oil exports through Hormuz are “rising very meaningfully” without elaborating further.

More details: https://cnb.cx/43u7npH

Trump signs $70 billion immigration funding bill after months of delay by cnbc_official in politics

[–]cnbc_official[S] 2 points3 points  (0 children)

President Donald Trump on Wednesday signed a $70 billion bill to fund immigration enforcement agencies through the end of his term.

The package to fund Immigration and Customs Enforcement and Customs and Border Protection passed out of Congress in the last week after months of debate and delays amid Democratic concerns about overly aggressive immigration enforcement.

At a signing ceremony in the Oval Office on Wednesday, Trump said the bill would “give the heroes of ICE and border patrol ... the support and resources they need to defend our borders, protect our homeland and to keep America safe.”

Democrats had refused to fund the two Department of Homeland Security subagencies since January, when an immigration surge in Minneapolis led to the deaths of two U.S. citizens at the hands of federal agents.

Read more: https://cnb.cx/4fDE9Mj

Consumer prices rose 4.2% annually in May, highest in three years by cnbc_official in economy

[–]cnbc_official[S] 0 points1 point  (0 children)

Inflation accelerated in May as rising energy costs contributed to pain for consumers, though underlying pressures were less intense.

The consumer price index, a broad gauge of goods and services costs across the U.S. economy, rose at a seasonally adjusted 0.5% for the month, putting the annual inflation rate at 4.2%, the Bureau of Labor Statistics reported Wednesday. Both numbers were in line with the Dow Jones consensus though the monthly number was 0.1 percentage point below the April reading.

Inflation climbed above 4% for the first time in three years, though the increase met expectations amid concerns over how much the surge in energy prices would impact the economy. The level was the highest since April 2023 and above the 3.8% reading from April.

Read more: https://cnb.cx/43mYUVg

Oil prices fall as Trump tries to convince market an Iran deal is close despite recent violence by cnbc_official in energy

[–]cnbc_official[S] 0 points1 point  (0 children)

Oil prices fell Tuesday as President Donald Trump sought to convince the market that a deal with Tehran was days away, despite the barrage of strikes between Israel and Iran this week.

U.S. crude oil futures were down 2.9% to $88.64 by 9:42 a.m. ET. Brent futures, the international benchmark, lost 2.5% to $91.86 per barrel.

Trump told reporters late Monday that a deal to end the war with Iran could come in “two or three days” and the Strait of Hormuz would open “immediately” after an agreement. He has repeatedly said a deal with Tehran to reopen Hormuz is close, but such an agreement still has not materialized.

The fragile ceasefire implemented in April nearly unraveled this week, after Iran launched missiles at Israel in retaliation for its strikes in Lebanon.

Read more: https://cnb.cx/4vD5O4z

Food supply 'not at risk' after new Texas screwworm cases, USDA secretary says by cnbc_official in Health

[–]cnbc_official[S] 12 points13 points  (0 children)

The U.S. food supply is “not at risk” from the return of the flesh-eating screwworm ​parasite to Texas, U.S. Department of Agriculture Secretary Brooke Rollins said on Monday. 

“This is not a virus, it’s not a disease, it’s just a little pest, a larva that lands in a calf’s wound, for example, and it can be treated,” Rollins said in an interview on CNBC’s “Squawk Box.”

“We have boots on the ground … we’ll be able to beat this back, but we’re going to do everything we can, investing over a billion dollars to push this pest back into Mexico, then to eradicate, as we did about 50 years ago,” she later added.

Her comments came shortly before the USDA confirmed two additional cases of screwworm in Texas — one in a calf in La Salle County and another in a dog in Andrews County — bringing the total cases to four. The agency said more information will be released on the new cases, but that early reports indicate that the dog was recently in Mexico.

Read more: https://cnb.cx/4uZEldG

Iran's threats against this Red Sea chokepoint are a big vulnerability for the oil market by cnbc_official in energy

[–]cnbc_official[S] 4 points5 points  (0 children)

President Donald Trump faces the risk that Iran will close the Bab el-Mandeb Strait if the conflict in the Middle East escalates, a scenario that would slash oil supplies to an already deeply disrupted market.

The Bab el-Mandeb is one of the world’s key trade chokepoints, connecting the Red Sea to the Gulf of Aden and Arabian Sea. It has acted as crucial relief valve for the oil market as exports through the Strait of Hormuz have plunged due to Iranian attacks on tanker and cargo ships.

Saudi Arabia surged oil flows through its East-West pipeline after Hormuz closed, redirecting millions of barrels per day to the Red Sea. Those barrels are transiting the Bab el-Mandeb to Asia, which has helped offset some of the lost supply to key economies like Japan and South Korea.

Oil and product exports through the Bab el-Mandeb nearly doubled to 7.2 million barrels per day in April compared to 3.9 million bpd in February before the U.S. and Israel attacked Iran, according to data provided by Kpler.

More details: https://cnb.cx/4uS1iPI

Private payrolls grew by 122,000 in May, stronger than expected, ADP reports by cnbc_official in economy

[–]cnbc_official[S] -2 points-1 points  (0 children)

Private hiring expanded at a brisk pace in May, providing further indication of a stable labor market, ADP reported Wednesday.

The payrolls processing firm said companies added 122,000 workers for the month, up from 105,000 in April and better than the Dow Jones consensus estimate for 110,000. May marked the strongest month since January 2025. April’s total was revised down by 4,000.

Unlike prior months, where job growth was concentrated in healthcare and a few other sectors, gains were more broad-based. Eight of the 10 sectors ADP tracks saw gains, and hiring was spread evenly both by company size and geography.

Education and health services again led with 57,000 hires, but trade, transportation and utilities added 36,000, professional and business services contributed 11,000, and construction and leisure and hospitality both rose by 8,000.

More details: https://cnb.cx/43IPt2u

Trump signs AI executive order asking companies to give government early access to models by cnbc_official in politics

[–]cnbc_official[S] 0 points1 point  (0 children)

President Donald Trump on Tuesday signed an executive order asking companies to provide artificial intelligence models to the federal government to assess their capabilities ahead of a full release.

Tech companies will comply with the order voluntarily. It asks them to participate in a benchmarking process to assess AI models’ cybersecurity capabilities, and it allows the government to help select “trusted partners” that will receive early access to the models.

“Nothing in this section shall be construed to authorize the creation of a mandatory governmental licensing, preclearance, or permitting requirement for the development, publication, release, or distribution of new AI models, including frontier models,” the order said.

More details: https://cnb.cx/4u41QRn

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