By Andrea Shalal WASHINGTON (Reuters) -The Trump administration will focus on finding a replacement for Federal Reserve Chairman Jerome Powell this fall, U.S. Treasury Secretary Scott Bessent told CNBC on Thursday, adding that officials had “a lot of good candidates.” Bessent said it was up to the Fed to decide interest rates, although he added…
WASHINGTON (Reuters) -About 100 countries are likely to see a reciprocal tariff rate of 10%, U.S. Treasury Secretary Scott Bessent said on Thursday, adding that he expects “a flurry” of trade deals announced before a July 9 deadline that could see tariff rates increase sharply. “We’ll see how the President wants to treat those who…
(Reuters) -Figma disclosed higher revenue and profit for the quarter ended March 31, as the cloud-based designer platform prepares to list on the NYSE more than a year after its $20 billion planned sale to Adobe was scrapped. The company’s IPO is poised to be one of the most high-profile listings this year, signaling that…
(Reuters) -The Republican-controlled U.S. Senate passed President Donald Trump’s sweeping tax-cut and spending bill termed the “big, beautiful bill” on Tuesday. The measure, Trump’s top legislative goal, passed in a 51-50 vote, after Vice President JD Vance cast the tiebreaking vote. The megabill would extend the 2017 tax cuts that were Trump’s main legislative achievement…
(Reuters) -Financial market bets rose that the Federal Reserve could start interest-rate cuts as soon as this month after Fed Chair Jerome Powell, asked if July was too soon to consider rate cuts, said he “can’t say” but that the decision would depend on the economic data. Short-term interest-rate futures pointed to about a one-in-four…
(Reuters) -HSBC raised its 2025 average gold price forecast to $3,215 an ounce from $3,015 and its 2026 forecast to $3,125 from $2,915, citing elevated risks and government debt. Gold tends to perform well during periods of economic uncertainty and geopolitical tension, which lifted spot gold to a record high of $3,500.05 an ounce in…
By Trevor Hunnicutt WASHINGTON (Reuters) -U.S. President Donald Trump on Friday reflected on threats to his life as he celebrated a court ruling that handed his administration sweeping power to pursue his policy agenda. Asked by a reporter about such threats, the Republican suggested that he is occasionally reminded of when he was grazed in…
By Trevor Hunnicutt and Kanishka Singh WASHINGTON (Reuters) -U.S. President Donald Trump said on Friday he would “love” if Federal Reserve Chair Jerome Powell were to resign, and the president also said he wanted interest rates cut to 1%. KEY QUOTES “I’d love him to resign if he wanted to, he’s done a lousy job,”…
(Reuters) -OpenAI has recently begun renting Google’s artificial intelligence chips to power ChatGPT and other products, The Information reported on Friday, citing a person involved in the arrangement. The move, which marks the first time OpenAI has used non-Nvidia chips in a meaningful way, shows the Sam Altman-led company’s shift away from relying on backer…
(Reuters) -The S&P 500 and Nasdaq notched record high closes on Friday for the first time in months, rebounding from a slump caused by U.S. President Donald Trump’s trade policies that threatened to tip the global economy into a recession. The S&P 500 index advanced 0.5% to about 6,173.07 points, surpassing its previous record high close…
