The world markets have been on a rollercoaster since Donald Trump took office on January 20. Countries and corporations have been reeling from the tariff turmoil since then. But the very idea that Trump touted as his primary objective, 'To make America rich again,' is under scrutiny from economists, politicians, and the latest economic data. The US economy contracted by 0.3 per cent in the first quarter of 2025 &mdash; the first decline in three years. Businesses rush to import goods ahead of sweeping new tariffs, which Trump believes have nothing to do with the GDP decline.<o:p></o:p>
<h2 class="MsoNormal">US economy shrinks as imports soar<o:p></o:p></h2>
Imports surged 41.3 per cent, the biggest jump since the pandemic-era third quarter of 2020. This front-loading, driven by uncertainty, overwhelmed modest export gains and a rebound in inventories. The data comes after the goods trade deficit hit an all-time high in March, forcing economists to sharply revise their growth estimates.<o:p></o:p>
Consumer spending, which accounts for over two-thirds of the economy, slowed in the previous quarter. Households have pulled purchases forward and are saving amid rising uncertainty.&nbsp;
Meanwhile, core inflation also accelerated &mdash; the core personal consumption expenditures index rose, keeping pressure on the Federal Reserve as it weighs further rate cuts later this year. Final sales to private domestic purchasers grew a solid 3.0 per cent, but economists caution that this measure has been distorted by tariff effects. The contraction in GDP has triggered sharp political and market reactions. All major Wall Street indices fell, and treasury yields climbed.&nbsp;<o:p></o:p>President Trump blamed the slowdown on Biden-era policies but defended his trade approach, calling the surge in investment a sign of economic strength.<o:p></o:p>
Donald Trump, US President, said, "Core GDP (gross domestic product), and this is, you know, you probably saw some numbers today. And I have to start off by saying, that's [Joe] Biden. That's not Trump, because we came in on January. These are quarterly numbers. And we came in, and I was very against everything that Biden was doing in terms of the economy, destroying our country in so many ways, not only at the border."<o:p></o:p>
Economists warn that while the contraction may not mark the start of a recession, the combination of trade disruption and policy uncertainty has significantly raised the risk.<o:p></o:p>

Business & Economy: The US economy contracted by 0.3 per cent in the first quarter of 2025 — the first decline in three years. This comes as businesses rush to import goods ahead of sweeping new tariffs.

The world markets have been on a rollercoaster since Donald Trump took office on January 20. Countries and corporations have been reeling from the tariff turmoil since then. But the very idea that Trump touted as his primary objective, 'To make America rich again,' is under scrutiny from economists, politicians, and the latest economic data. The US economy contracted by 0.3 per cent in the first quarter of 2025 — the first decline in three years. Businesses rush to import goods ahead of sweeping new tariffs, which Trump believes have nothing to do with the GDP decline. US economy shrinks as imports soar Imports surged 41.3 per cent, the biggest jump since the pandemic-era third quarter of 2020. This front-loading, driven by uncertainty, overwhelmed modest export gains and a rebound in inventories. The data comes after the goods trade deficit hit an all-time high in March, forcing economists to sharply revise their growth estimates. Consumer spending, which accounts for over two-thirds of the economy, slowed in the previous quarter. Households have pulled purchases forward and are saving amid rising uncertainty. Meanwhile, core inflation also accelerated — the core personal consumption expenditures index rose, keeping pressure on the Federal Reserve as it weighs further rate cuts later this year. Final sales to private domestic purchasers grew a solid 3.0 per cent, but economists caution that this measure has been distorted by tariff effects. The contraction in GDP has triggered sharp political and market reactions. All major Wall Street indices fell, and treasury yields climbed. President Trump blamed the slowdown on Biden-era policies but defended his trade approach, calling the surge in investment a sign of economic strength. Donald Trump, US President, said, "Core GDP (gross domestic product), and this is, you know, you probably saw some numbers today. And I have to start off by saying, that's [Joe] Biden. That's not Trump, because we came in on January. These are quarterly numbers. And we came in, and I was very against everything that Biden was doing in terms of the economy, destroying our country in so many ways, not only at the border." Economists warn that while the contraction may not mark the start of a recession, the combination of trade disruption and policy uncertainty has significantly raised the risk.

Are tariffs taking a 'bite' out of the US economy?

The US economy saw a contraction during the first quarter of 2025 (time when Donald Trump returned to Oval Office), marking the first such decline in three years, according to the US Commerce Department.
The economy contracted by 0.3 per cent in the first quarter of this year, majorly attributed to increased imports as businesses and individuals built up inventories before US President Donald Trump's massive <a href="https://www.wionews.com/tags/tariffs">tariffs</a>&nbsp;took effect.
However, Trump on Wednesday (April 30) dismissed the claims and blamed former president Joe Biden for it.&nbsp;
Also read: <a href="https://www.wionews.com/autonews/trump-administration-eases-auto-tariffs-following-industry-pressure-9019087">Trump administration eases auto tariffs following industry pressure</a>
Taking on Truth Social, the US president said that this is "Biden's stock market, not Trump", adding that the US has to get rid of "Biden overhang" and the country will "boom".&nbsp;
He further lauded him for bringing in the reciprocal tariffs this year, saying that tariffs will soon start kicking in and the country will boom.
"This is Biden&rsquo;s Stock Market, not Trump&rsquo;s. I didn&rsquo;t take over until January 20th. Tariffs will soon start kicking in, and companies are starting to move into the USA in record numbers. Our Country will boom, but we have to get rid of the Biden &ldquo;Overhang," he said in the post.&nbsp;
<iframe width="600" height="" style="max-width: 100%; border: 0;" src="https://truthsocial.com/@realDonaldTrump/114427089568235019/embed" class="truthsocial-embed" allowfullscreen="allowfullscreen"></iframe>
<script src="https://truthsocial.com/embed.js" async="async"></script>

Trump further asked to be "PATIENT", saying that when the boom begins, it will be like no other.&nbsp;
"This will take a while, has NOTHING TO DO WITH TARIFFS, only that he left us with bad numbers, but when the boom begins, it will be like no other. BE PATIENT!!!," he claimed.&nbsp;
Also read:&nbsp; <a href="https://www.wionews.com/world/chinas-message-to-bully-trump-amid-tariff-war-never-kneel-downkneeling-only-invites-more-bullying-9017484">WATCH | China's message to 'bully' Trump amid tariff war: 'Never kneel down...kneeling only invites more bullying'</a>
<h2>What does the report say?</h2>
The Gross Domestic Product (GDP) of the US declined at an annualised rate of 0.3% in the first quarter, according to the Commerce Department.&nbsp;
This marks the first quarter of negative growth since Q1 of 2022.&nbsp;
Following the release of the GDP report, the US stock futures slipped. This contraction puts the US economy on the verge of a technical recession.&nbsp;
Also read: <a href="https://www.wionews.com/world/india-us-finalise-terms-for-trade-deal-vances-big-announcement-amid-trump-tariff-war-8990204">'India-US finalise terms for trade deal': Vance's BIG ANNOUNCEMENT amid Trump tariff war</a>

Trump said that this is "Biden's stock market, not Trump", adding that the US has to get rid of "Biden overhang" and the country will "boom". WORLD

The US economy saw a contraction during the first quarter of 2025 (time when Donald Trump returned to Oval Office), marking the first such decline in three years, according to the US Commerce Department. The economy contracted by 0.3 per cent in the first quarter of this year, majorly attributed to increased imports as businesses and individuals built up inventories before US President Donald Trump's massive tariffs took effect. However, Trump on Wednesday (April 30) dismissed the claims and blamed former president Joe Biden for it. Also read: Trump administration eases auto tariffs following industry pressure Taking on Truth Social, the US president said that this is "Biden's stock market, not Trump", adding that the US has to get rid of "Biden overhang" and the country will "boom". He further lauded him for bringing in the reciprocal tariffs this year, saying that tariffs will soon start kicking in and the country will boom. "This is Biden’s Stock Market, not Trump’s. I didn’t take over until January 20th. Tariffs will soon start kicking in, and companies are starting to move into the USA in record numbers. Our Country will boom, but we have to get rid of the Biden “Overhang," he said in the post. Trump further asked to be "PATIENT", saying that when the boom begins, it will be like no other. "This will take a while, has NOTHING TO DO WITH TARIFFS, only that he left us with bad numbers, but when the boom begins, it will be like no other. BE PATIENT!!!," he claimed. Also read: WATCH | China's message to 'bully' Trump amid tariff war: 'Never kneel down...kneeling only invites more bullying' What does the report say? The Gross Domestic Product (GDP) of the US declined at an annualised rate of 0.3% in the first quarter, according to the Commerce Department. This marks the first quarter of negative growth since Q1 of 2022. Following the release of the GDP report, the US stock futures slipped. This contraction puts the US economy on the verge of a technical recession. Also read: 'India-US finalise terms for trade deal': Vance's BIG ANNOUNCEMENT amid Trump tariff war

Biden 'overhang' or Trump's tariffs? US economy shrinks first time in 3 years, Trump asks to 'BE PATIENT'

Goldman Sachs has raised the probability of a US recession to 35 per cent, citing concerns over rising inflation, escalating tariffs, and weaker economic fundamentals. This marks an increase from their earlier estimate of a 20 per cent probability.
The global investment bank points to waning confidence among businesses and consumers as key factors in the outlook. Economic indicators suggest that the US economy is slowing down, with GDP growth projections for 2025 reduced to just 1 per cent. Additionally, the unemployment rate is expected to climb to 4.5 per cent by the end of the year.
<h2>Bets on US recession rise</h2>
A significant driver of these concerns is the ongoing tariff war, which is expected to push inflation higher. Goldman Sachs forecasts that core personal consumption expenditure inflation will rise to 3.5 per cent by the end of 2025, much above the Federal Reserve's target of 2 per cent. This spike in inflation is linked to the anticipated increase in US tariffs, which are now projected to reach 15 per cent in 2025.
The slowing growth and higher inflation are expected to erode consumer purchasing power further, with real income growth forecasted to average just 1.4 per cent next year. The combination of these economic strains points to a potential recession, especially as early economic data from 2025 shows weak results.
As the US economy faces headwinds, policymakers may have to accept short-term economic pain in order to meet long-term goals, potentially making this period of volatility even more challenging for both businesses and consumers.
(With inputs from the agencies)

Business & Economy: Goldman Sachs has raised the probability of a US recession to 35 per cent, citing concerns over rising inflation, escalating tariffs, and weaker economic fundamentals.

Goldman Sachs has raised the probability of a US recession to 35 per cent, citing concerns over rising inflation, escalating tariffs, and weaker economic fundamentals. This marks an increase from their earlier estimate of a 20 per cent probability. The global investment bank points to waning confidence among businesses and consumers as key factors in the outlook. Economic indicators suggest that the US economy is slowing down, with GDP growth projections for 2025 reduced to just 1 per cent. Additionally, the unemployment rate is expected to climb to 4.5 per cent by the end of the year. Bets on US recession rise A significant driver of these concerns is the ongoing tariff war, which is expected to push inflation higher. Goldman Sachs forecasts that core personal consumption expenditure inflation will rise to 3.5 per cent by the end of 2025, much above the Federal Reserve's target of 2 per cent. This spike in inflation is linked to the anticipated increase in US tariffs, which are now projected to reach 15 per cent in 2025. The slowing growth and higher inflation are expected to erode consumer purchasing power further, with real income growth forecasted to average just 1.4 per cent next year. The combination of these economic strains points to a potential recession, especially as early economic data from 2025 shows weak results. As the US economy faces headwinds, policymakers may have to accept short-term economic pain in order to meet long-term goals, potentially making this period of volatility even more challenging for both businesses and consumers. (With inputs from the agencies)

Goldman Sachs sees 35% chance of US recession in 2025

As Donald Trump intensifies his crackdown on immigration, it is expected to be a key topic of discussion during Prime Minister Narendra Modi's visit. So, let's take a look at how Indian immigrants contribute to the American economy.

How Indian immigrants contribute to US economy

The US Economy post the pandemic is anything but a miracle as economic activity keeps chugging along. Data on Friday showed the US workforce expanded in a significant fashion last month.
However, there's a big problem just below the surface, and it's only getting bigger: debt. Outstanding household debt in the United States reached a new high in December. This is due to record-high growth in credit.
Federal Reserve figures issued on Friday showed a total credit increase of 40.8 billion dollars last month. That number &mdash; which does not account for inflation &mdash; surpassed all expectations in a Bloomberg poll.
<h2>US household debt surges</h2>
Last month saw a 22.9 billion dollar increase in outstanding revolving debt, including credit card debt. That more than makes up for November's decrease.&nbsp;There was a record-breaking 18 billion dollar increase in non-revolving credit, which includes loans for things like vehicles and school tuition.
Additionally, the delinquency rate has increased. About 1.8 per cent of accounts were overdue, and 3.5 per cent of card balances were 30 days or more past the due date.
Both those delinquency figures are more than double the post-pandemic lows in 2021. This comes even as the jobs figures were better than what most analysts had feared.&nbsp;The data, for now, cements bet the fed will be on an extended pause until the second half of 2025. January's job creation numbers were excellent.
However, ongoing worries about the quality of jobs being added still linger. Analysts call out that job creation is not in the traditional economic growth engine sectors but more part-time and low-paying jobs.
(With inputs from the agencies)

Business & Economy: Data on Friday showed the US workforce expanded in a significant fashion last month. However, there's a big problem just below the surface: debt.

The US Economy post the pandemic is anything but a miracle as economic activity keeps chugging along. Data on Friday showed the US workforce expanded in a significant fashion last month. However, there's a big problem just below the surface, and it's only getting bigger: debt. Outstanding household debt in the United States reached a new high in December. This is due to record-high growth in credit. Federal Reserve figures issued on Friday showed a total credit increase of 40.8 billion dollars last month. That number — which does not account for inflation — surpassed all expectations in a Bloomberg poll. US household debt surges Last month saw a 22.9 billion dollar increase in outstanding revolving debt, including credit card debt. That more than makes up for November's decrease. There was a record-breaking 18 billion dollar increase in non-revolving credit, which includes loans for things like vehicles and school tuition. Additionally, the delinquency rate has increased. About 1.8 per cent of accounts were overdue, and 3.5 per cent of card balances were 30 days or more past the due date. Both those delinquency figures are more than double the post-pandemic lows in 2021. This comes even as the jobs figures were better than what most analysts had feared. The data, for now, cements bet the fed will be on an extended pause until the second half of 2025. January's job creation numbers were excellent. However, ongoing worries about the quality of jobs being added still linger. Analysts call out that job creation is not in the traditional economic growth engine sectors but more part-time and low-paying jobs. (With inputs from the agencies)

US consumer debt surges by the most on record

The United States economy relies heavily on immigrants. Like most native-born Americans, they contribute to economic growth through their work, spending and tax payments.
But US President Donald Trump wasted no time after Monday&rsquo;s inauguration implementing many of his campaign pledges, including on immigration.
Trump signed a series of orders that signal a dramatic change to immigration policy and will usher in new limits to both legal and illegal immigration.
The precise impact of immigration on the economy, however, is now again under the microscope. There is widespread praise from businesses and economic elites for immigration's ability to fill open positions.
However, trump and his supporters claim that foreign nationals are stealing jobs and earnings from Americans. Let's look at the impact on the American economy.
Roughly one out of every five employees in the United States is an immigrant, and the government estimates that number to be over 32 million.
An estimated 11 million people entered the country illegally between 2005 and 2022. Almost 8 million are employed, making up about a quarter of the foreign-born workforce.
<h2>Now, the real question is - Are they really &ldquo;taking&rdquo; jobs from Americans?&nbsp;</h2>
The economy is not a zero-sum game. In industries where the need for labour frequently exceeds the supply of native-born workers, foreign-born individuals are more prevalent.
Accordingly, economists agree that immigration mitigates the impact of severe labour shortages.
Chair Jerome Powell said the US has been "getting that supply" and why the economy has often surpassed projections. A point repeatedly made by Federal Reserve officials as well.
Immigrants also increase demand for products and services, which often leads to the indirect creation of jobs for native Americans.
Economists' "million-dollar question" on immigration has been the effect that foreigners have on American wages.
In 2024, the CBO issued a warning that due to an increase in migrants, salaries will not rise as quickly over the following decade. This is partly because there will be more low-skilled workers.
However, comprehensive research conducted by the National Academies of Sciences, Engineering, and Medicine found that when looking at salaries of native-born workers over a period of 10 years or more, the influence of immigration is often "very small."
<h2>The next question is - How do high-skilled immigrants affect the economy?</h2>
Many of the world's most brilliant people have sought refuge in the United States and have been the backbone of many successful companies.
As of 2022, the Migration Policy Institute reported that there were over 14 million immigrants in the US With a bachelor's degree or above.
They constitute over 30 per cent of the overall college-educated population. They are also heavily concentrated in white-collar centres like New York and California.
The United States is also home to around one million overseas students.
According to economists from the National Bureau of Economic Research, the country's innovative spirit has benefited greatly from immigration.
A third of the new patents issued in the US In the past thirty years have been attributed to immigrants. That even though immigrants make up only 16 per cent of the country's innovators.
Economists see Trump&rsquo;s mass deportation plan as costly both in the short and long term.
(With the inputs from the agencies)

Business & Economy: US President Donald Trump wasted no time after Monday’s inauguration implementing many of his campaign pledges, including on immigration. 

The United States economy relies heavily on immigrants. Like most native-born Americans, they contribute to economic growth through their work, spending and tax payments. But US President Donald Trump wasted no time after Monday’s inauguration implementing many of his campaign pledges, including on immigration. Trump signed a series of orders that signal a dramatic change to immigration policy and will usher in new limits to both legal and illegal immigration. The precise impact of immigration on the economy, however, is now again under the microscope. There is widespread praise from businesses and economic elites for immigration's ability to fill open positions. However, trump and his supporters claim that foreign nationals are stealing jobs and earnings from Americans. Let's look at the impact on the American economy. Roughly one out of every five employees in the United States is an immigrant, and the government estimates that number to be over 32 million. An estimated 11 million people entered the country illegally between 2005 and 2022. Almost 8 million are employed, making up about a quarter of the foreign-born workforce. Now, the real question is - Are they really “taking” jobs from Americans? The economy is not a zero-sum game. In industries where the need for labour frequently exceeds the supply of native-born workers, foreign-born individuals are more prevalent. Accordingly, economists agree that immigration mitigates the impact of severe labour shortages. Chair Jerome Powell said the US has been "getting that supply" and why the economy has often surpassed projections. A point repeatedly made by Federal Reserve officials as well. Immigrants also increase demand for products and services, which often leads to the indirect creation of jobs for native Americans. Economists' "million-dollar question" on immigration has been the effect that foreigners have on American wages. In 2024, the CBO issued a warning that due to an increase in migrants, salaries will not rise as quickly over the following decade. This is partly because there will be more low-skilled workers. However, comprehensive research conducted by the National Academies of Sciences, Engineering, and Medicine found that when looking at salaries of native-born workers over a period of 10 years or more, the influence of immigration is often "very small." The next question is - How do high-skilled immigrants affect the economy? Many of the world's most brilliant people have sought refuge in the United States and have been the backbone of many successful companies. As of 2022, the Migration Policy Institute reported that there were over 14 million immigrants in the US With a bachelor's degree or above. They constitute over 30 per cent of the overall college-educated population. They are also heavily concentrated in white-collar centres like New York and California. The United States is also home to around one million overseas students. According to economists from the National Bureau of Economic Research, the country's innovative spirit has benefited greatly from immigration. A third of the new patents issued in the US In the past thirty years have been attributed to immigrants. That even though immigrants make up only 16 per cent of the country's innovators. Economists see Trump’s mass deportation plan as costly both in the short and long term. (With the inputs from the agencies)

The economic impact of immigration: Boosting growth amid controversial policies

During the inaugural hour of his second term on Monday, Donald Trump signed a series of executive orders indicating a distinctive shift in US Policy that advances the new president's "America first" vision.
In an extensive press conference from the Oval Office, Trump outlined his strategy for addressing issues ranging from trade conflicts to TikTok.
<h2>Are Trump's policy actions transactional?</h2>
The 'day one' actions bring into question whether Trump is a 'Transactional president.'
Since the start of Trump's campaign, including his election pledges, much of his policies is about money and what is in it for America.
Also, his plans line up with the strategies outlined in his book called 'The Art of the Deal.' To start with, his global tariff threat is a negotiating tactic.
Now, Trump has started a bidding war for his first foreign visit, saying if Saudi Arabia or any nation spent 500 million dollars on US Goods, they could be top of the list.
Even his negotiations for Greenland and the Panama Canal are driven by the economics behind it rather than a political agenda.
The transition by Silicon Valley magnates in favour of Trump is another example.
Tesla's Elon Musk, amazon's Jeff Bezos, apple's Tim Cook, Google's Sundar Pichai, and Meta's Mark Zuckerberg were present with Trump at a pre-inauguration ceremony and took up prominent positions at the inauguration.&rsquo;
Some are calling his U-turn towards the crypto industry also stems from this transactional nature.
The digital assets industry donated heavily during his campaign and set up a 'crypto inaugural ball' in Trump's honour.
That is apart from donations to his inauguration fund.
(With the inputs from the agencies)

Business & Economy: The 'day one' actions bring into question whether Trump is a 'Transactional president.' To start with, his global tariff threat is a negotiating tactic.

During the inaugural hour of his second term on Monday, Donald Trump signed a series of executive orders indicating a distinctive shift in US Policy that advances the new president's "America first" vision. In an extensive press conference from the Oval Office, Trump outlined his strategy for addressing issues ranging from trade conflicts to TikTok. Are Trump's policy actions transactional? The 'day one' actions bring into question whether Trump is a 'Transactional president.' Since the start of Trump's campaign, including his election pledges, much of his policies is about money and what is in it for America. Also, his plans line up with the strategies outlined in his book called 'The Art of the Deal.' To start with, his global tariff threat is a negotiating tactic. Now, Trump has started a bidding war for his first foreign visit, saying if Saudi Arabia or any nation spent 500 million dollars on US Goods, they could be top of the list. Even his negotiations for Greenland and the Panama Canal are driven by the economics behind it rather than a political agenda. The transition by Silicon Valley magnates in favour of Trump is another example. Tesla's Elon Musk, amazon's Jeff Bezos, apple's Tim Cook, Google's Sundar Pichai, and Meta's Mark Zuckerberg were present with Trump at a pre-inauguration ceremony and took up prominent positions at the inauguration.’ Some are calling his U-turn towards the crypto industry also stems from this transactional nature. The digital assets industry donated heavily during his campaign and set up a 'crypto inaugural ball' in Trump's honour. That is apart from donations to his inauguration fund. (With the inputs from the agencies)

Trump’s second term: 'America first' and transactional politics

As Donald Trump takes office on Monday, we need to think about how his administration will be evaluated, especially in terms of its economic success.
Since the pandemic, the US Economy has outperformed its peers on several measures, making it the object of envy around the globe.
But the inevitable problem is that the American people do not share that view, as Joe Biden and the Democrats found out in November.
The divergence between Americans' confidence in the economy and the actual robustness of the economy suggests that traditional economic indicators are inadequate for assessing Trump's tenure in office.
<h2>Income inequality</h2>
The primary focus of Trump's 2017 inaugural address was the restoration of power and prosperity to the populace.
It would be more suitable to evaluate criteria outside growth or GDP this time around.
The income gap widened under Trump's first administration and is now at an all-time high.
Two of the candidates, trump and Biden, have pointed to manufacturing as a potential solution.
However, the percentage of workers employed in factories is at an all-time low.
The disparity in opportunity extends far beyond economics, wealth, and employment.
<h2>Housing</h2>
Voters' concerns about the economy in the last election went beyond rising food costs and unchecked inflation in the wake of the outbreak.
The American dream appeared out of reach for many Americans even before the pandemic.
Homeownership, which is its foundational principle, seems more elusive now than it has in decades.
One possible metric by which Trump's presidency may be evaluated is the ease with which people can buy a property.
<h2>Tech &amp; power</h2>
The future of the United States may also depend on Trump's newfound friendship with tech magnates.
The possible outcomes could be the focus on artificial intelligence, cryptocurrency, and a tech-bro worldview.
The possible results are drastically different, although this is difficult to quantify.
While crypto at least increases Americans' wealth, AI increases their productivity and happiness.
On the other hand, we have the dystopian scenario where unchecked AI does more than just eliminate jobs.
And another crypto bubble causes a financial disaster because it is not regulated.
<h2>Golden era?</h2>
The US Is entering a golden era that undermines the ability of regular people to thrive, Biden said in a farewell address last week.
Perhaps the most important metric for Trump's presidency will be how accurate that assertion is.
When we look at the biggest economy in the world in four years, will American voters still see the same thing?
Alternatively, will they be even more disillusioned upon seeing a land controlled by oligarchs?
(With inputs from the agencies)

Business & Economy: As Donald Trump takes office on Monday, we need to think about how his administration will be evaluated, especially in terms of its economic success.

As Donald Trump takes office on Monday, we need to think about how his administration will be evaluated, especially in terms of its economic success. Since the pandemic, the US Economy has outperformed its peers on several measures, making it the object of envy around the globe. But the inevitable problem is that the American people do not share that view, as Joe Biden and the Democrats found out in November. The divergence between Americans' confidence in the economy and the actual robustness of the economy suggests that traditional economic indicators are inadequate for assessing Trump's tenure in office. Income inequality The primary focus of Trump's 2017 inaugural address was the restoration of power and prosperity to the populace. It would be more suitable to evaluate criteria outside growth or GDP this time around. The income gap widened under Trump's first administration and is now at an all-time high. Two of the candidates, trump and Biden, have pointed to manufacturing as a potential solution. However, the percentage of workers employed in factories is at an all-time low. The disparity in opportunity extends far beyond economics, wealth, and employment. Housing Voters' concerns about the economy in the last election went beyond rising food costs and unchecked inflation in the wake of the outbreak. The American dream appeared out of reach for many Americans even before the pandemic. Homeownership, which is its foundational principle, seems more elusive now than it has in decades. One possible metric by which Trump's presidency may be evaluated is the ease with which people can buy a property. Tech & power The future of the United States may also depend on Trump's newfound friendship with tech magnates. The possible outcomes could be the focus on artificial intelligence, cryptocurrency, and a tech-bro worldview. The possible results are drastically different, although this is difficult to quantify. While crypto at least increases Americans' wealth, AI increases their productivity and happiness. On the other hand, we have the dystopian scenario where unchecked AI does more than just eliminate jobs. And another crypto bubble causes a financial disaster because it is not regulated. Golden era? The US Is entering a golden era that undermines the ability of regular people to thrive, Biden said in a farewell address last week. Perhaps the most important metric for Trump's presidency will be how accurate that assertion is. When we look at the biggest economy in the world in four years, will American voters still see the same thing? Alternatively, will they be even more disillusioned upon seeing a land controlled by oligarchs? (With inputs from the agencies)

Trump’s presidency: Economic success or growing inequality?

The big question on everyone's mind is Trump's threat of tariffs as he takes office on Monday.
His economic team has made it clear the tariffs will come only gradually; however, his threats are setting off concerns on global supply chains.
The global supply logistics have already been distorted - first by the pandemic and then by the wars in West Asia and on the edge of Europe.
Trump's attitude towards China is not new, but he has threatened India with reciprocal tariffs.
Tariffs are a central part of Trump's economic vision - he sees them as a way of growing the US Economy, protecting jobs and raising tax revenue.
The mere threat of Trump's universal tariffs is adding to concerns that global supply chains will endure more bottlenecks. Countries and companies are taking preventative measures.
However, there is no assurance the approaches that helped weather the trade war during Trump's first term will be effective this time around.
Trump has threatened to slap a tariff of 10 per cent on global imports into the US. He has pledged to impose 25 per cent tariffs on all imports from Mexico and Canada. Trump warned of a 60 per cent tax on goods from China.
Most economists tell us that tariffs are a messy business, which usually results in the consumer paying the price.
Beijing is taking measures to impose its own retaliatory plans.
HSBC's Chief Asia Economist Fred Neumann said, "We have to look at this as the opening bid in what will likely ultimately turn into a negotiation with the US rather than just an imposition of tariffs and everyone walks away."
Beijing, though, is worried that further tariffs will hurt its already shaky economy.
A new trade war with the US would still hurt China more.
After the tariff threat on Chinese goods, market observers noticed that funds were already moving into India and Japan.
Veteran emerging-market investor Mark Mobius said, "Supply chains have been moving away from China, and that helps not only Japan and India but also other countries, particularly in southeast Asia."
He said, "India is the big beneficiary since only India's workforce can match the Chinese in numbers and labour costs."
He added, "With Trump maintaining or even extending trade restrictions on China, this will be positive for India."
<h2>India readying for Trump's tariff strike</h2>
However, Trump has threatened India with reciprocal tariffs. Trump warned of a tit-for-tat strategy if India continued its high tariffs, which include a 100 per cent charge on some US exports. The president-elect said, "I've always said, if they tax us, we tax them the same amount."
he added, "The word reciprocal is important because if somebody charges us &ndash; India, we don't have to talk about our own &ndash; if India charges the US 100 per cent, do we charge them nothing for the same?"
However, trump's policies are broadly expected to bring inflation rearing its ugly head all over again.
(With inputs from the agencies)

Business & Economy: Tariffs are a central part of Trump's economic vision - he sees them as a way of growing the US Economy, protecting jobs and raising tax revenue.

The big question on everyone's mind is Trump's threat of tariffs as he takes office on Monday. His economic team has made it clear the tariffs will come only gradually; however, his threats are setting off concerns on global supply chains. The global supply logistics have already been distorted - first by the pandemic and then by the wars in West Asia and on the edge of Europe. Trump's attitude towards China is not new, but he has threatened India with reciprocal tariffs. Tariffs are a central part of Trump's economic vision - he sees them as a way of growing the US Economy, protecting jobs and raising tax revenue. The mere threat of Trump's universal tariffs is adding to concerns that global supply chains will endure more bottlenecks. Countries and companies are taking preventative measures. However, there is no assurance the approaches that helped weather the trade war during Trump's first term will be effective this time around. Trump has threatened to slap a tariff of 10 per cent on global imports into the US. He has pledged to impose 25 per cent tariffs on all imports from Mexico and Canada. Trump warned of a 60 per cent tax on goods from China. Most economists tell us that tariffs are a messy business, which usually results in the consumer paying the price. Beijing is taking measures to impose its own retaliatory plans. HSBC's Chief Asia Economist Fred Neumann said, "We have to look at this as the opening bid in what will likely ultimately turn into a negotiation with the US rather than just an imposition of tariffs and everyone walks away." Beijing, though, is worried that further tariffs will hurt its already shaky economy. A new trade war with the US would still hurt China more. After the tariff threat on Chinese goods, market observers noticed that funds were already moving into India and Japan. Veteran emerging-market investor Mark Mobius said, "Supply chains have been moving away from China, and that helps not only Japan and India but also other countries, particularly in southeast Asia." He said, "India is the big beneficiary since only India's workforce can match the Chinese in numbers and labour costs." He added, "With Trump maintaining or even extending trade restrictions on China, this will be positive for India." India readying for Trump's tariff strike However, Trump has threatened India with reciprocal tariffs. Trump warned of a tit-for-tat strategy if India continued its high tariffs, which include a 100 per cent charge on some US exports. The president-elect said, "I've always said, if they tax us, we tax them the same amount." he added, "The word reciprocal is important because if somebody charges us – India, we don't have to talk about our own – if India charges the US 100 per cent, do we charge them nothing for the same?" However, trump's policies are broadly expected to bring inflation rearing its ugly head all over again. (With inputs from the agencies)

Trump's tariff threats setting off global supply chain 'freakout'

The US Consumer price inflation for December rose by less than expected. This positive development halted a steep decline in bond prices and rekindled hopes that the fed may lower rates sooner than expected.&nbsp;
The so-called core consumer price inflation, which does not include energy and food prices, rose 0.2 per cent following four consecutive months of 0.3 per cent increases. That marked the first stepdown in the rate in six months. Cheaper hotel stays, a smaller advance in medical care services and relatively tame rent increases helped restrain the December figure.&nbsp;
<h2>Fed rate cut path&nbsp;</h2>
Easing inflation helps re-establish the discourse that progress in price pressures has restarted after months of higher prints. However, fed members will still need a string of modest readings to be convinced. There has been a significant surge in bond yields due to persistent inflation and worries that the fed eased too hastily late last year.&nbsp;
Policymakers are still anticipated to keep rates steady at their meeting later this month. That is largely due to last week's good jobs data and other factors. However, according to several analysts, the news opens the door to a possible fed rate cut in March. Before the inflation data, traders were expecting a further cut only in the second half of the year.&nbsp;

Business & Economy, US Inflation in December unexpectedly eases, rate cut bets rise, Policymakers are still anticipated to keep rates steady at their meeting later this month.

The US Consumer price inflation for December rose by less than expected. This positive development halted a steep decline in bond prices and rekindled hopes that the fed may lower rates sooner than expected. The so-called core consumer price inflation, which does not include energy and food prices, rose 0.2 per cent following four consecutive months of 0.3 per cent increases. That marked the first stepdown in the rate in six months. Cheaper hotel stays, a smaller advance in medical care services and relatively tame rent increases helped restrain the December figure. Fed rate cut path Easing inflation helps re-establish the discourse that progress in price pressures has restarted after months of higher prints. However, fed members will still need a string of modest readings to be convinced. There has been a significant surge in bond yields due to persistent inflation and worries that the fed eased too hastily late last year. Policymakers are still anticipated to keep rates steady at their meeting later this month. That is largely due to last week's good jobs data and other factors. However, according to several analysts, the news opens the door to a possible fed rate cut in March. Before the inflation data, traders were expecting a further cut only in the second half of the year.

US Inflation in December unexpectedly eases, rate cut bets rise

Executives at large financial banks on Wall Street are reportedly finalising plans to give traders and dealmakers the biggest bonus increases since the pandemic, with several desks set to receive 10 per cent or more. This is according to a Bloomberg report quoting sources.&nbsp;
Bloomberg sources said 10 per cent is the typical raise in store for investment bankers and traders who deal with equities and fixed-income products. Traders' incentives will increase by over 10 per cent at Morgan Stanley and its bigger competitor, JPMorgan Chase.&nbsp;
Bonuses for investment bankers at JPMorgan will also increase by about 15 per cent. The consensus among c-suite executives is that Goldman Sachs group will pay a lot more than those figures. These increases come after two years of industry-wide constraint caused by the pandemic.&nbsp;
<h2>Bonus turnaround</h2>
During the last two years, investment banks battled to keep up with the bustle of trading and dealmaking. Mild raises weren't enough to cover inflation on most desks a year ago.&nbsp;
There has been a turnaround, and managers are optimistic about the coming year. As a result, they are preparing increases in bonuses to reflect that sentiment. Wall street's year-end rewards are notoriously volatile as the industry cycles through booms and busts.&nbsp;
When times are good, individual windfalls can stretch into millions of dollars &mdash; multiples of what bankers and traders might reap from salaries. Compensation experts have been predicting for months that investment bankers, traders, and asset and wealth managers will receive rises in the double digits this round.&nbsp;
Some lines of business within larger divisions potentially predict increases reaching 20 per cent. A November report by Johnson associates forecasts that equity underwriters may get as much as 25 per cent more, with debt underwriters reaching as much as 35 per cent.&nbsp;

Business & economy, Wall street to see biggest bonus increases since pandemic, Dealmakers in the US to get 10 per cent bonus pay, US banks register biggest profits


Executives at large financial banks on Wall Street are reportedly finalising plans to give traders and dealmakers the biggest bonus increases since the pandemic, with several desks set to receive 10 per cent or more. This is according to a Bloomberg report quoting sources. Bloomberg sources said 10 per cent is the typical raise in store for investment bankers and traders who deal with equities and fixed-income products. Traders' incentives will increase by over 10 per cent at Morgan Stanley and its bigger competitor, JPMorgan Chase. Bonuses for investment bankers at JPMorgan will also increase by about 15 per cent. The consensus among c-suite executives is that Goldman Sachs group will pay a lot more than those figures. These increases come after two years of industry-wide constraint caused by the pandemic. Bonus turnaround During the last two years, investment banks battled to keep up with the bustle of trading and dealmaking. Mild raises weren't enough to cover inflation on most desks a year ago. There has been a turnaround, and managers are optimistic about the coming year. As a result, they are preparing increases in bonuses to reflect that sentiment. Wall street's year-end rewards are notoriously volatile as the industry cycles through booms and busts. When times are good, individual windfalls can stretch into millions of dollars — multiples of what bankers and traders might reap from salaries. Compensation experts have been predicting for months that investment bankers, traders, and asset and wealth managers will receive rises in the double digits this round. Some lines of business within larger divisions potentially predict increases reaching 20 per cent. A November report by Johnson associates forecasts that equity underwriters may get as much as 25 per cent more, with debt underwriters reaching as much as 35 per cent.

Wall street to see biggest bonus increases since pandemic

Donald trump's trade tariff threats are setting off concerns on global supply chains.
The supply logistics have already been distorted. First by the pandemic and then by the wars in west Asia and on the edge of Europe.
Trump's attitude towards China is not new, but he has threatened India with reciprocal tariffs.
Tariffs are a central part of trump's economic vision. He sees them as a way of growing the US Economy, protecting jobs and raising tax revenue.
The mere threat of trump's universal tariffs is adding to concerns that global supply chains will endure more bottlenecks.
Countries and companies are taking preventative measures.
However, there is no assurance, the approaches that helped weather the trade war during trump's first term will be effective this time around.
<h2>What the tariffs under trump 2.0 mean?</h2>
Trump has threatened to slap a tariff of 10 per cent on global imports into the US. He has pledged to impose 25 per cent tariffs on all imports from Mexico and Canada.
Trump warned of 60 per cent tax on goods from China.
Most economists tell us that tariffs are a messy business, which usually results in the consumer paying the price.
Beijing is taking measures to impose its own retaliatory plans to force Washington to negotiate and avoid a full-scale trade war.
Drawing on lessons learnt from the last trade war during trump's first term, China is attempting to gather bargaining power.
HSBC's Chief Asia economist Fred Neumann said, "We have to look at this as the opening bid in what will likely ultimately turn into a negotiation with the US Rather than just an imposition of tariffs and everyone walks away."
Beijing, though, is worried that further tariffs will hurt its already shaky economy.
A new trade war with the US Would still hurt China more.
After the tariff threat on Chinese goods, market observers noticed that funds were already moving into India and Japan.
Veteran emerging-market investor mark mobius said, "Supply chains have been moving away from China, and that helps not only Japan and India but also other countries, particularly in southeast Asia." He said, "India is the big beneficiary since only India&rsquo;s workforce can match the Chinese in numbers and labour costs."
He added, "With trump maintaining or even extending trade restrictions on China, this will be positive for India."
However, trump has threatened India with reciprocal tariffs.
Trump warned of a tit-for-tat strategy if India continued its high tariffs, which include a 100 percent charge on some US Exports.
The president-elect said, "I&rsquo;ve always said, if they tax us, we tax them the same amount."
He added, "the word reciprocal is important because if somebody charges us &ndash; India, we don't have to talk about our own &ndash; if India charges us 100 per cent, do we charge them nothing for the same?"
However, trump's policies are broadly expected to bring inflation rearing its ugly head all over again.
(With inputs from the agencies)

Business & Economy: Tariffs are a central part of trump's economic vision. He sees them as a way of growing the US Economy, protecting jobs and raising tax revenue.

Donald trump's trade tariff threats are setting off concerns on global supply chains. The supply logistics have already been distorted. First by the pandemic and then by the wars in west Asia and on the edge of Europe. Trump's attitude towards China is not new, but he has threatened India with reciprocal tariffs. Tariffs are a central part of trump's economic vision. He sees them as a way of growing the US Economy, protecting jobs and raising tax revenue. The mere threat of trump's universal tariffs is adding to concerns that global supply chains will endure more bottlenecks. Countries and companies are taking preventative measures. However, there is no assurance, the approaches that helped weather the trade war during trump's first term will be effective this time around. What the tariffs under trump 2.0 mean? Trump has threatened to slap a tariff of 10 per cent on global imports into the US. He has pledged to impose 25 per cent tariffs on all imports from Mexico and Canada. Trump warned of 60 per cent tax on goods from China. Most economists tell us that tariffs are a messy business, which usually results in the consumer paying the price. Beijing is taking measures to impose its own retaliatory plans to force Washington to negotiate and avoid a full-scale trade war. Drawing on lessons learnt from the last trade war during trump's first term, China is attempting to gather bargaining power. HSBC's Chief Asia economist Fred Neumann said, "We have to look at this as the opening bid in what will likely ultimately turn into a negotiation with the US Rather than just an imposition of tariffs and everyone walks away." Beijing, though, is worried that further tariffs will hurt its already shaky economy. A new trade war with the US Would still hurt China more. After the tariff threat on Chinese goods, market observers noticed that funds were already moving into India and Japan. Veteran emerging-market investor mark mobius said, "Supply chains have been moving away from China, and that helps not only Japan and India but also other countries, particularly in southeast Asia." He said, "India is the big beneficiary since only India’s workforce can match the Chinese in numbers and labour costs." He added, "With trump maintaining or even extending trade restrictions on China, this will be positive for India." However, trump has threatened India with reciprocal tariffs. Trump warned of a tit-for-tat strategy if India continued its high tariffs, which include a 100 percent charge on some US Exports. The president-elect said, "I’ve always said, if they tax us, we tax them the same amount." He added, "the word reciprocal is important because if somebody charges us – India, we don't have to talk about our own – if India charges us 100 per cent, do we charge them nothing for the same?" However, trump's policies are broadly expected to bring inflation rearing its ugly head all over again. (With inputs from the agencies)

Washington
The US economy expanded faster in the third quarter than originally estimated, according to government data released Thursday, despite analysts' expectations that growth would remain unchanged.
The world's biggest economy grew at an annual rate of 3.1 per cent in the July-September period, up from earlier estimates of 2.8 per cent, the Commerce Department said.
This was due to "upward revisions to exports and consumer spending," the report said, although it noted that the increase was partially offset by a downward revision to private inventory investment.
Also read | <a href="https://www.wionews.com/business-economy/uk-economy-shrinks-again-in-october-raising-recession-fears-784109">UK economy shrinks again in October, raising recession fears</a>
In the second quarter, GDP growth was 3.0 per cent.
The US economy has shown resilience even as consumers drew down on savings from the COVID-19 pandemic period and grappled with higher interest rates as the Federal Reserve battled to rein in inflation.
Consumer spending in particular has been a key factor behind growth—even as Americans felt the pinch from higher costs of living—supported by a relatively healthy jobs market.
"Compared to the second quarter, the acceleration in real GDP in the third quarter primarily reflected accelerations in exports, consumer spending, and federal government spending," the Commerce Department said on Thursday.
A consensus estimate pegged third quarter GDP growth at 2.8 per cent initially, unchanged from before, according to Briefing.com.
Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

The world's biggest economy grew at an annual rate of 3.1 per cent in the July-September period, up from earlier estimates of 2.8 per cent, the Commerce Department said.



Washington The US economy expanded faster in the third quarter than originally estimated, according to government data released Thursday, despite analysts' expectations that growth would remain unchanged. The world's biggest economy grew at an annual rate of 3.1 per cent in the July-September period, up from earlier estimates of 2.8 per cent, the Commerce Department said. This was due to "upward revisions to exports and consumer spending," the report said, although it noted that the increase was partially offset by a downward revision to private inventory investment. Also read | UK economy shrinks again in October, raising recession fears In the second quarter, GDP growth was 3.0 per cent. The US economy has shown resilience even as consumers drew down on savings from the COVID-19 pandemic period and grappled with higher interest rates as the Federal Reserve battled to rein in inflation. Consumer spending in particular has been a key factor behind growth—even as Americans felt the pinch from higher costs of living—supported by a relatively healthy jobs market. "Compared to the second quarter, the acceleration in real GDP in the third quarter primarily reflected accelerations in exports, consumer spending, and federal government spending," the Commerce Department said on Thursday. A consensus estimate pegged third quarter GDP growth at 2.8 per cent initially, unchanged from before, according to Briefing.com. Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

US economy expanded faster in third quarter than originally estimated: Data

After a third consecutive interest rate cut, Federal Reserve officials brought inflation worries back to the forefront as 2024 came to a close. The Fed did what markets expected Wednesday. But that didn't stop investors from dumping risk assets in droves.

Chair Jerome Powell bluntly said the Fed's inflation forecast for the remainder of the year has "kind of fallen apart." After nearly four years of failure, officials now anticipate that inflation will take far longer to attain their 2 per cent objective.

Powell said that any changes would depend on continued success in reducing price rises, and thus, they lowered their expectations for rate decreases next year. After viewing a weakening labour market as the bigger threat in September, policymakers have shifted their stance to place a higher emphasis on inflation.

However, new data and Trump's policies have rekindled worries that inflation will remain stubbornly high, beyond the central bank's 2 per cent target. Policymakers now only expect two rate cuts next year, which is half the number of reductions predicted in September.

Jerome Powell, the US Federal Reserve chair, said and I quote, "So I would say today was a closer call. But we decided it was the right call because we thought it was the best decision to foster achievement of both of our goals, maximum employment and price stability. We see the risks as two-sided, moving too slowly and needlessly undermine economic activity in the labour market, or move too quickly and needlessly undermine our progress on inflation. So, we're trying to steer between those two risks, and on balance, we decided to go ahead with a further cut. And I'll give you some details on why. Downside risks to the labour market do appear to have diminished, but the labour market is now looser than pre-pandemic, and it's clearly still cooling further so far in a gradual and orderly way. We don't think we need further cooling in the labour market to get inflation down to 2 per cent."

The market's reaction to the Fed's revised forecast was rapid and severe.

The US dollar surged to its best level in over two years while Wall Street stocks and the US Treasury fell. Despite being marginally higher before the announcement, the S&amp;P 500 index had its worst "Fed day" since March 2020, plunging 3 per cent.

Fed's hawkish bias jolted Asian markets, with regional stocks and currencies tumbling. South Korea's won fell to its weakest level since the financial crisis. The ringgit hit its weakest level against the dollar since August, while the Thai baht also fell.

Speculative assets, including bitcoin, retreated, and the price fell below 100,000 dollars. The digital asset fell about 1 per cent to 99,800 dollars. That followed a 5.1 per cent drop on Wednesday, the biggest retreat since September.&nbsp;

(With inputs from the agencies)

After a third consecutive interest rate cut, Federal Reserve officials brought inflation worries back to the forefront as 2024 came to a close. The Fed did what markets expected Wednesday.

After a third consecutive interest rate cut, Federal Reserve officials brought inflation worries back to the forefront as 2024 came to a close. The Fed did what markets expected Wednesday. But that didn't stop investors from dumping risk assets in droves. Chair Jerome Powell bluntly said the Fed's inflation forecast for the remainder of the year has "kind of fallen apart." After nearly four years of failure, officials now anticipate that inflation will take far longer to attain their 2 per cent objective. Powell said that any changes would depend on continued success in reducing price rises, and thus, they lowered their expectations for rate decreases next year. After viewing a weakening labour market as the bigger threat in September, policymakers have shifted their stance to place a higher emphasis on inflation. However, new data and Trump's policies have rekindled worries that inflation will remain stubbornly high, beyond the central bank's 2 per cent target. Policymakers now only expect two rate cuts next year, which is half the number of reductions predicted in September. Jerome Powell, the US Federal Reserve chair, said and I quote, "So I would say today was a closer call. But we decided it was the right call because we thought it was the best decision to foster achievement of both of our goals, maximum employment and price stability. We see the risks as two-sided, moving too slowly and needlessly undermine economic activity in the labour market, or move too quickly and needlessly undermine our progress on inflation. So, we're trying to steer between those two risks, and on balance, we decided to go ahead with a further cut. And I'll give you some details on why. Downside risks to the labour market do appear to have diminished, but the labour market is now looser than pre-pandemic, and it's clearly still cooling further so far in a gradual and orderly way. We don't think we need further cooling in the labour market to get inflation down to 2 per cent." The market's reaction to the Fed's revised forecast was rapid and severe. The US dollar surged to its best level in over two years while Wall Street stocks and the US Treasury fell. Despite being marginally higher before the announcement, the S&P 500 index had its worst "Fed day" since March 2020, plunging 3 per cent. Fed's hawkish bias jolted Asian markets, with regional stocks and currencies tumbling. South Korea's won fell to its weakest level since the financial crisis. The ringgit hit its weakest level against the dollar since August, while the Thai baht also fell. Speculative assets, including bitcoin, retreated, and the price fell below 100,000 dollars. The digital asset fell about 1 per cent to 99,800 dollars. That followed a 5.1 per cent drop on Wednesday, the biggest retreat since September. (With inputs from the agencies)

Fed's rate cut sparks inflation concerns, market selloff

New Delhi
After a third consecutive interest rate cut, Federal Reserve officials brought inflation worries back to the forefront as 2024 came to a close. The Fed did what markets expected Wednesday. But that didn't stop investors from dumping risk assets in droves.
Chair Jerome Powell bluntly said the Fed's inflation forecast for the remainder of the year has "kind of fallen apart." After nearly four years of failure, officials now anticipate that inflation will take far longer to attain their 2 per cent objective.
Powell said that any changes would depend on continued success in reducing price rises, and thus, they lowered their expectations for rate decreases next year. After viewing a weakening labour market as the bigger threat in September, policymakers have shifted their stance to place a higher emphasis on inflation.
However, new data and Trump's policies have rekindled worries that inflation will remain stubbornly high, beyond the central bank's 2 per cent target. Policymakers now only expect two rate cuts next year, which is half the number of reductions predicted in September.
Jerome Powell, the US Federal Reserve chair, said and I quote, "So I would say today was a closer call. But we decided it was the right call because we thought it was the best decision to foster achievement of both of our goals, maximum employment and price stability. We see the risks as two-sided, moving too slowly and needlessly undermine economic activity in the labour market, or move too quickly and needlessly undermine our progress on inflation. So, we're trying to steer between those two risks, and on balance, we decided to go ahead with a further cut. And I'll give you some details on why. Downside risks to the labour market do appear to have diminished, but the labour market is now looser than pre-pandemic, and it's clearly still cooling further so far in a gradual and orderly way. We don't think we need further cooling in the labour market to get inflation down to 2 per cent."
The market's reaction to the Fed's revised forecast was rapid and severe.
The US dollar surged to its best level in over two years while Wall Street stocks and the US Treasury fell. Despite being marginally higher before the announcement, the S&amp;P 500 index had its worst "Fed day" since March 2020, plunging 3 per cent.
Fed's hawkish bias jolted Asian markets, with regional stocks and currencies tumbling. South Korea's won fell to its weakest level since the financial crisis. The ringgit hit its weakest level against the dollar since August, while the Thai baht also fell.
Speculative assets, including bitcoin, retreated, and the price fell below 100,000 dollars. The digital asset fell about 1 per cent to 99,800 dollars. That followed a 5.1 per cent drop on Wednesday, the biggest retreat since September. 
(With inputs from the agencies)

Chair Jerome Powell bluntly said the Fed's inflation forecast for the remainder of the year has "kind of fallen apart." After nearly four years of failure, officials now anticipate that inflation will take far longer to attain their 2 per cent objective.



New Delhi After a third consecutive interest rate cut, Federal Reserve officials brought inflation worries back to the forefront as 2024 came to a close. The Fed did what markets expected Wednesday. But that didn't stop investors from dumping risk assets in droves. Chair Jerome Powell bluntly said the Fed's inflation forecast for the remainder of the year has "kind of fallen apart." After nearly four years of failure, officials now anticipate that inflation will take far longer to attain their 2 per cent objective. Powell said that any changes would depend on continued success in reducing price rises, and thus, they lowered their expectations for rate decreases next year. After viewing a weakening labour market as the bigger threat in September, policymakers have shifted their stance to place a higher emphasis on inflation. However, new data and Trump's policies have rekindled worries that inflation will remain stubbornly high, beyond the central bank's 2 per cent target. Policymakers now only expect two rate cuts next year, which is half the number of reductions predicted in September. Jerome Powell, the US Federal Reserve chair, said and I quote, "So I would say today was a closer call. But we decided it was the right call because we thought it was the best decision to foster achievement of both of our goals, maximum employment and price stability. We see the risks as two-sided, moving too slowly and needlessly undermine economic activity in the labour market, or move too quickly and needlessly undermine our progress on inflation. So, we're trying to steer between those two risks, and on balance, we decided to go ahead with a further cut. And I'll give you some details on why. Downside risks to the labour market do appear to have diminished, but the labour market is now looser than pre-pandemic, and it's clearly still cooling further so far in a gradual and orderly way. We don't think we need further cooling in the labour market to get inflation down to 2 per cent." The market's reaction to the Fed's revised forecast was rapid and severe. The US dollar surged to its best level in over two years while Wall Street stocks and the US Treasury fell. Despite being marginally higher before the announcement, the S&P 500 index had its worst "Fed day" since March 2020, plunging 3 per cent. Fed's hawkish bias jolted Asian markets, with regional stocks and currencies tumbling. South Korea's won fell to its weakest level since the financial crisis. The ringgit hit its weakest level against the dollar since August, while the Thai baht also fell. Speculative assets, including bitcoin, retreated, and the price fell below 100,000 dollars. The digital asset fell about 1 per cent to 99,800 dollars. That followed a 5.1 per cent drop on Wednesday, the biggest retreat since September. (With inputs from the agencies)

The US economy expanded faster in the third quarter than originally estimated, according to government data released Thursday, despite analysts' expectations that growth would remain unchanged.

The world's biggest economy grew at an annual rate of 3.1 per cent in the July-September period, up from earlier estimates of 2.8 per cent, the Commerce Department said.

This was due to "upward revisions to exports and consumer spending," the report said, although it noted that the increase was partially offset by a downward revision to private inventory investment.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/uk-economy-shrinks-again-in-october-raising-recession-fears-784109">UK economy shrinks again in October, raising recession fears</a>

In the second quarter, GDP growth was 3.0 per cent.

The US economy has shown resilience even as consumers drew down on savings from the COVID-19 pandemic period and grappled with higher interest rates as the Federal Reserve battled to rein in inflation.

Consumer spending in particular has been a key factor behind growth—even as Americans felt the pinch from higher costs of living—supported by a relatively healthy jobs market.

"Compared to the second quarter, the acceleration in real GDP in the third quarter primarily reflected accelerations in exports, consumer spending, and federal government spending," the Commerce Department said on Thursday.

A consensus estimate pegged third quarter GDP growth at 2.8 per cent initially, unchanged from before, according to Briefing.com.

Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION&nbsp;audience. 
&nbsp;

The US economy expanded faster in the third quarter than originally estimated, according to government data released Thursday, despite analysts' expectations that growth would remain unchanged.

The US economy expanded faster in the third quarter than originally estimated, according to government data released Thursday, despite analysts' expectations that growth would remain unchanged. The world's biggest economy grew at an annual rate of 3.1 per cent in the July-September period, up from earlier estimates of 2.8 per cent, the Commerce Department said. This was due to "upward revisions to exports and consumer spending," the report said, although it noted that the increase was partially offset by a downward revision to private inventory investment. Also read | UK economy shrinks again in October, raising recession fears In the second quarter, GDP growth was 3.0 per cent. The US economy has shown resilience even as consumers drew down on savings from the COVID-19 pandemic period and grappled with higher interest rates as the Federal Reserve battled to rein in inflation. Consumer spending in particular has been a key factor behind growth—even as Americans felt the pinch from higher costs of living—supported by a relatively healthy jobs market. "Compared to the second quarter, the acceleration in real GDP in the third quarter primarily reflected accelerations in exports, consumer spending, and federal government spending," the Commerce Department said on Thursday. A consensus estimate pegged third quarter GDP growth at 2.8 per cent initially, unchanged from before, according to Briefing.com. Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

After cutting rates for two consecutive times, Federal Reserve officials eased rates again this month. However, the Fed is forecast to reduce the number of rate cuts next year. That is according to analysts polled by Bloomberg News.

At their meeting on December 17–18, the Fed is likely to announce another quarter-point cut, bringing the key rate down to a range of 4.25 per cent to 4.50 per cent. That would make rates a full percentage point lower. The majority of analysts foresee just three cuts in 2025. This is due to concerns about inflation. 
 
As a result, rate cuts are expected to slow down next year by more than authorities projected three months ago.

Dennis Shen, an economist with scope ratings, said, “The case for further US rate cuts beyond this month has decreased meaningfully.” Shen added, “Inflation has remained sticky, the economy and financial markets are overheating, the slight rise in unemployment earlier this year has reversed, and the incoming trump administration threatens more near-term inflation risk.”

Economists predict the Fed will pause the rate cuts at its January meeting and cut again in March. June and September 2025 will see the other two rate cuts. Not long ago, many analysts predicted a more aggressive path of rate cuts in 2025, driven by concerns about a weaker labour market. 
 
However, predictions for the US economy and monetary policy have changed significantly.

(With inputs from the agencies)

After cutting rates for two consecutive times, Federal Reserve officials eased rates again this month. However, the Fed is forecast to reduce the number of rate cuts next year.

After cutting rates for two consecutive times, Federal Reserve officials eased rates again this month. However, the Fed is forecast to reduce the number of rate cuts next year. That is according to analysts polled by Bloomberg News. At their meeting on December 17–18, the Fed is likely to announce another quarter-point cut, bringing the key rate down to a range of 4.25 per cent to 4.50 per cent. That would make rates a full percentage point lower. The majority of analysts foresee just three cuts in 2025. This is due to concerns about inflation. As a result, rate cuts are expected to slow down next year by more than authorities projected three months ago. Dennis Shen, an economist with scope ratings, said, “The case for further US rate cuts beyond this month has decreased meaningfully.” Shen added, “Inflation has remained sticky, the economy and financial markets are overheating, the slight rise in unemployment earlier this year has reversed, and the incoming trump administration threatens more near-term inflation risk.” Economists predict the Fed will pause the rate cuts at its January meeting and cut again in March. June and September 2025 will see the other two rate cuts. Not long ago, many analysts predicted a more aggressive path of rate cuts in 2025, driven by concerns about a weaker labour market. However, predictions for the US economy and monetary policy have changed significantly. (With inputs from the agencies)

Fed to cut rates once more before slowing the pace in 2025

The new Trump administration may cause friction, but Federal Reserve Chair Jerome Powell has played down the likelihood of conflict.

Powell also said that policymakers will proceed with caution in their efforts to cut interest rates further.

The Fed's preferred measure of underlying inflation increased on an annual basis in October.

According to Powell, the risks to the job market have diminished. That offers support to Powell's comments on caution on further rate cuts. The fed policymakers next meet on December 17th and 18th.

However, there was no indication from the fed chair as to whether he supported a rate cut in December. Several economists predict the Fed to cut rates by a quarter point this month before a pause in January.

Previously, trump and his administration have been negative on the fed chief. At one point&nbsp;during his first term, trump wanted to fire Powell.

However, when asked about Scott Bessent, the treasury chief and the president-elect, Powell said he is confident in his ability to collaborate with the next government.

Powell said, "I fully expect that we'll have the same general kinds of relationships, institutional relationships, for example, with the council of economic advisers, but most importantly with the treasury department."

On Bessant, the fed chief said, "Confident that I will have the same kind of relationship with him once he's confirmed as I've had with other treasury secretaries." Bessent had previously proposed the concept of appointing a "shadow-fed chair" to weaken the leader's sway over the financial markets.

The suggestion was for a shadow leader even before Powell's term, which ends in 2026. However, Powell does not think the incoming administration would pursue that idea.

He said, and I quote him here: "I don't think that's on the table at all."

(With inputs from the agencies)

The new Trump administration may cause friction, but Federal Reserve Chair Jerome Powell has played down the likelihood of conflict. Powell also said that policymakers will proceed with caution in their efforts to cut interest rates further.

The new Trump administration may cause friction, but Federal Reserve Chair Jerome Powell has played down the likelihood of conflict. Powell also said that policymakers will proceed with caution in their efforts to cut interest rates further. The Fed's preferred measure of underlying inflation increased on an annual basis in October. According to Powell, the risks to the job market have diminished. That offers support to Powell's comments on caution on further rate cuts. The fed policymakers next meet on December 17th and 18th. However, there was no indication from the fed chair as to whether he supported a rate cut in December. Several economists predict the Fed to cut rates by a quarter point this month before a pause in January. Previously, trump and his administration have been negative on the fed chief. At one point during his first term, trump wanted to fire Powell. However, when asked about Scott Bessent, the treasury chief and the president-elect, Powell said he is confident in his ability to collaborate with the next government. Powell said, "I fully expect that we'll have the same general kinds of relationships, institutional relationships, for example, with the council of economic advisers, but most importantly with the treasury department." On Bessant, the fed chief said, "Confident that I will have the same kind of relationship with him once he's confirmed as I've had with other treasury secretaries." Bessent had previously proposed the concept of appointing a "shadow-fed chair" to weaken the leader's sway over the financial markets. The suggestion was for a shadow leader even before Powell's term, which ends in 2026. However, Powell does not think the incoming administration would pursue that idea. He said, and I quote him here: "I don't think that's on the table at all." (With inputs from the agencies)

Fed’s Powell downplays tension with the incoming Trump administration

Donald Trump's win is perceived as a significant turning point for digital assets. The cryptocurrency industry expects a massive switch in policy. Investors anticipate Trump to deliver on campaign promises with the projected republican majority in Congress.

This includes appointments of crypto-friendly officials across regulatory agencies and pro-crypto executive orders. Business experts say that Trump will act on his pledge as a "Crypto president" and he will use executive orders to prevent banks from blocking crypto firms.

While the fervour cooled on Thursday &amp; Friday, bitcoin continued its rally and is still close to its record high of 93,000 dollars.

Some analysts now project the OG token to reach the 100,000-dollar mark. The re-election of Trump has set the stage for the adoption of crypto legislation.

Crypto companies were under regulatory scrutiny from the SEC and other agencies during the Biden administration.

Several enforcement actions were implemented, which hindered the industry's growth. A crypto-friendly regulatory environment is something Trump has promised.

Executives from the sector have been pushing for reforms such as the establishment of an advisory council for digital assets. And the appointment of a new chair to the Securities and Exchange Commission.

Blockchain and crypto companies like Kraken are optimistic because they see chances to expedite approval processes.

That will help crypto firms to grow without any fears of regulatory interference. Also, trump has promised to fire Gary Gensler, the head of the US Market regulator. Gensler is widely believed to be anti-crypto.

The industry has lobbied pro-crypto congressional candidates, spending over 119 million dollars in the latest election cycle.

The cryptocurrency industry is feeling more optimistic thanks to Trump's ambitious plan for a US Bitcoin strategic reserve.

According to industry executives, a new era will legitimise digital assets in mainstream finance. This may push for more transparency in regulatory mandates and a sturdy crypto economy.

Donald Trump's win is perceived as a significant turning point for digital assets. The cryptocurrency industry expects a massive switch in policy. Investors anticipate Trump to deliver on campaign promises with the projected republican majority in Congress.

Donald Trump's win is perceived as a significant turning point for digital assets. The cryptocurrency industry expects a massive switch in policy. Investors anticipate Trump to deliver on campaign promises with the projected republican majority in Congress. This includes appointments of crypto-friendly officials across regulatory agencies and pro-crypto executive orders. Business experts say that Trump will act on his pledge as a "Crypto president" and he will use executive orders to prevent banks from blocking crypto firms. While the fervour cooled on Thursday & Friday, bitcoin continued its rally and is still close to its record high of 93,000 dollars. Some analysts now project the OG token to reach the 100,000-dollar mark. The re-election of Trump has set the stage for the adoption of crypto legislation. Crypto companies were under regulatory scrutiny from the SEC and other agencies during the Biden administration. Several enforcement actions were implemented, which hindered the industry's growth. A crypto-friendly regulatory environment is something Trump has promised. Executives from the sector have been pushing for reforms such as the establishment of an advisory council for digital assets. And the appointment of a new chair to the Securities and Exchange Commission. Blockchain and crypto companies like Kraken are optimistic because they see chances to expedite approval processes. That will help crypto firms to grow without any fears of regulatory interference. Also, trump has promised to fire Gary Gensler, the head of the US Market regulator. Gensler is widely believed to be anti-crypto. The industry has lobbied pro-crypto congressional candidates, spending over 119 million dollars in the latest election cycle. The cryptocurrency industry is feeling more optimistic thanks to Trump's ambitious plan for a US Bitcoin strategic reserve. According to industry executives, a new era will legitimise digital assets in mainstream finance. This may push for more transparency in regulatory mandates and a sturdy crypto economy.

The crypto surge comes on Trump's pledge to be the ‘Crypto president’

Federal Reserve chair Jerome Powell offered hawkish commentary following elevated US inflation prints. As a result, a December fed rate cut is firmly in the balance. This comes on the back of decent retail sales numbers and somewhat mixed manufacturing data.

Last week, the fed chair said the US central bank is in no hurry to cut rates when the economy is holding up.

The reason: US consumers just keep on spending.

Traders dialled back bets on a December cut to around 55 per cent — from 80 per cent before Powell's comments. Broadly, the economy is humming along nicely, with the holdback in manufacturing being attributed to strikes and storms.

The real question now is if Trump's victory will boost sentiment and the manufacturing industry with his "America first" agenda. The toss-up bets on the fed's rate cut in December reflect Trump 2.0 uncertainty more than Powell's rhetoric at the moment.

The jobs report will be key on 6 December and for now, markets are sticking with the view that a cut is more likely than not. The macro calendar in the coming week looks light and the core PCE deflator will be a key inflationary gauge to look for.

The fed is also conscious of the lowest 60 per cent by income population. Inflation hits them the hardest. Loan defaults are on the rise and the proportion of credit card holders only making the minimum monthly payments has been soaring.

So, for now, the Fed's dilemma is fighting inflation and easing rates in a thin balancing act even before trump risks kick in.

Federal Reserve chair Jerome Powell offered hawkish commentary following elevated US inflation prints. As a result, a December fed rate cut is firmly in the balance.

Federal Reserve chair Jerome Powell offered hawkish commentary following elevated US inflation prints. As a result, a December fed rate cut is firmly in the balance. This comes on the back of decent retail sales numbers and somewhat mixed manufacturing data. Last week, the fed chair said the US central bank is in no hurry to cut rates when the economy is holding up. The reason: US consumers just keep on spending. Traders dialled back bets on a December cut to around 55 per cent — from 80 per cent before Powell's comments. Broadly, the economy is humming along nicely, with the holdback in manufacturing being attributed to strikes and storms. The real question now is if Trump's victory will boost sentiment and the manufacturing industry with his "America first" agenda. The toss-up bets on the fed's rate cut in December reflect Trump 2.0 uncertainty more than Powell's rhetoric at the moment. The jobs report will be key on 6 December and for now, markets are sticking with the view that a cut is more likely than not. The macro calendar in the coming week looks light and the core PCE deflator will be a key inflationary gauge to look for. The fed is also conscious of the lowest 60 per cent by income population. Inflation hits them the hardest. Loan defaults are on the rise and the proportion of credit card holders only making the minimum monthly payments has been soaring. So, for now, the Fed's dilemma is fighting inflation and easing rates in a thin balancing act even before trump risks kick in.

The Fed's slightly hawkish tone brings December rate cut into question

Apart from literally dodging the bullet, there were a number of things Republican Donald Trump did right in his successful bid to return as United States president. Here is a breakdown of the factors that contributed to doing what was deemed impossible: winning the White House for a non-consecutive second term.

<h2>1. Early bird gets the votes: Starting campaign before election season</h2>

Trump's campaign was not months, but years old. He announced his re-election campaign way back in 2022, as soon as the dust settled on the Covid pandemic. He established his campaign team, without allowing any of them to dominate the headlines, unlike people like Kellyanne Conway in his first campaign of 2016, who became the story. In 2024, his comms team was almost invisible, till he called them on stage to thank them during his victory speech on the night of November 5. Susie Wiles, who will now become his chief of staff, is one among them.

<a href="https://www.wionews.com/world/trump-20-cabinet-who-is-susie-wiles-the-ice-maiden-and-first-woman-white-house-chief-of-staff-774501">Also read: Trump 2.0 cabinet: Who is Susie Wiles, the 'ice maiden' and first woman White House chief of staff?</a>

<h2>2. Playing victim card on legal troubles</h2>

There was an appearance that the Democratic regime was trying to send Trump to jail over a number of cases: election subversion related to the Capitol riots of 6 January 2021, tax-related lawsuits and the Stormy Daniels affair being prominent among them. But each court appearance made him a star in the eyes of his supporters, who only grew in numbers as the cases dragged on. Trump called it a 'witch hunt', as it was pretty clear that none of these would lead to any logical conclusion, for fear of upsetting presidential immunity. Had Trump been jailed (if he lost the election), that would have set the precedent of future governments prosecuting past presidents. Trump played the victim card to the hilt, which appears to have appealed to more voters than Democrats expected.

Watch: US Elections 2024: Tracking 'Moments' Leading To Trump 2.0

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<h2>3. Not involving his family: It was always 'I, me, myself'</h2>

Trump's family – particularly his wife Melania, daughter Ivanka and son-in-law Jared Kushner – were hounded with disparaging stories in the liberal media throughout his presidency of 2016-2020. This time around, he appears to have taken a conscious decision not to foreground his family. Most of the time, Ivanka and Kushner kept a low profile, even appearing to distance themselves from the campaign. Melania came to the limelight with her book, but Trump only occasionally mentioned her on the campaign trail, and she herself appeared only sporadically with him.&nbsp;

<a href="https://www.wionews.com/world/us-election-2024-results-live-updates-latest-news-on-2024-presidential-election-donald-trump-vs-kamala-harris-773440">Also read: AS IT HAPPENED | US Election Results 2024: Donald Trump wins presidency with clear mandate</a>

<h2>4. Dodging the bullet in a key swing state</h2>

The biggest moment for Trump's entire campaign was the failed assassination bid on&nbsp;July 13, when he was addressing a rally in Butler, Pennsylvania. In hindsight, the fact that it happened in Pennsylvania was to his great advantage, with the crucial swing state eventually giving him the electoral college votes that put paid to the election. Trump's fist-pumping and exhortation to the crowd 'fight, fight, fight' later became a rallying cry and campaign slogan/placard sign for his base. 
 
<a href="https://www.wionews.com/world/i-dont-get-it-moment-polling-nostradamus-realises-his-prediction-of-kamala-harris-win-is-wrong-774169">Also read: 'I don’t get it': Moment ‘polling Nostradamus’ realises his prediction of Kamala Harris' win is wrong</a>

<h2>5. Not talking to liberal press and not&nbsp;depending on celebrity endorsements</h2>

This time, Trump carefully chose who he gave interviews to, almost always avoiding the liberal media. He instead gave a long interview to Joe Rogan, the popular podcaster, and Tucker Carlson, the former Fox News host. It helped that former Fox News host Megyn Kelly was by his side and spoke for him at his rallies, giving a different perspective to the stereotype that Trump was disliked by women.

<h2>6. Not taking part in primary debates</h2>

Trump mostly ignored his own party's candidate nomination process, not taking part in the Republican primary debates, instead focusing on holding rallies across the country to activate his base. Florida Governor Ron DeSantis, his first major challenger, eventually exited. Those who came up as his potential challengers during the primaries either joined him – like Vivek Ramaswamy – or grudgingly accepted his dominance as the presumptive nominee – like Nikki Haley, who was the holdout until the last minute. Outside the party, the only non-viable yet, potentially vote-cutting, independent candidate Robert F Kennedy Jr eventually endorsed Trump.

<h2>7. Changing the Republican party to suit him: The Trump takeover</h2>

Over the past years, Trump moulded the Republican party on his own self. Its concerns became the same as his: fight against illegal immigration, upholding conservative values when it came to issues like abortion and transgender rights, advocating the least government intervention including no tax hikes for the upper middle class and the wealthy. He endorsed Republican candidates for Senate, House and governor races, and even some local polls, with most of them going on to win. The icing on the cake was his appointment of a family member as the Republican Party's National Committee. Lara Trump, the former TV producer married to Trump's son Eric, became the RNC co-chair in March, a crowning moment for the Trump takeover of his party.

<h2>8. Appealing to the grassroots, amplifying their fears</h2>

Trump appealed to the overwhelming fears of the white majority about illegal immigration, disruption of the family unit through increasing rights for same-sex unions and transgenders, and perceived threat to deeply held Christian values in much of middle and southern America. As the final electoral results map shows, this helped him cut into the so-called blue states, essentially breaking the votes from north to south in the middle of America, leaving the Democratic contender Kamala Harris with only the more liberal states in the east and west coasts. While Democrats felt abortion was a major issue that would swing women against Trump, it appears that many women disagreed.

<h2>9. Knowing the pulse of working class on immigration, economy</h2>

By amplifying the concerns about slow job growth, illegal migration&nbsp;and urban blight, Trump was able to add more supporters from non-white communities too. Hispanics in the country were equally fearful of the migration caravans coming in from Latin America as much as the white majority. Because one, it disrupted their lives and exposed them to racist attacks. And two, illegal migrants were competition for them. Many Latinos who voted for Trump may have carefully considered these issues before making that decision. With the African American community too, there appears to have been a shift, albeit minor. Those Blacks who voted for Trump were basically doing a protest vote against the Democrats, who they felt appeared to lecture them. Every election season, leaders like Barack Obama and Michelle Obama appeal to the Black community, even as Democratic governments did not make their lives any better. At least that was the perception among the pro-Trump Blacks, who voted in hopes that any improvement in the economy under Trump would help them get jobs.

<h2>10. Not doing too many debates</h2>

Trump never appeared too keen to do presidential debates. The only time he debated Joe Biden (he was the 'original' Democratic presidential candidate, remember?), he came out on top, not by his own performance but because of how incoherent the incumbent president sounded. To his credit, Trump was much more calm and collected when he debated Kamala Harris, a far cry from his aggressive ways during the debates with Hillary Clinton in 2016.

<h2>11. Concentrating on swing states, and getting shot in one of them</h2>

Trump concentrated much of his energies on the seven swing states: Georgia, Pennsylvania, Arizona, Nevada, Michigan, Wisconsin and North Carolina. Among these, Georgia and North Carolina with their anti-Black racist history and population dynamics were tough to crack into. Georgia was also the scene of battle of the 2020 election rigging claims by Trump, so it sounded improbable that he would win there. Trump concentrated on these states during his campaign, was shot at in one of them as mentioned earlier, and eventually won or flipped all of them.

<h2>12. Appealing to young voters: TikTok generation loved him</h2>

It might sound improbable, but Trump's non-committal stance on banning TikTok, the Chinese-owned video-sharing platform massively loved by American youth, may have contributed to his appeal among Gen Z. Many TikTokers and TikTok users hated the Biden administration for the ban move. At a desperate moment, Biden himself joined TikTok even amid these moves, but it was far too little, too late. Trump supporters amplified his views and stances on various issues through TikTok as well as other social media apps.

<h2>13. Embracing social media, and Elon Musk</h2>

Trump started Truth Social when his social media accounts, particularly Twitter under the old management, banned his accounts. Over the years, Twitter was taken over by Elon Musk, a 'free-speech absolutist' who did not squirm at any of the white supremacist conspiracies being peddled on the now-rechristened X. Contrary to market pundits' expectations, Truth Social took off massively as the platform to share pro-Trump and Conservative views. When Trump rejected a platform, he created his own.

<a href="https://www.wionews.com/world/musks-interview-with-trump-on-x-hit-by-massive-cyberattack-749606">Also read: Donald Trump's interview with Elon Musk on X hit by 'massive' cyberattack</a>

Democrats underestimated the fact that half of the electorate was logged on to a non-legacy platform and getting their information from it. Towards the final lap of his campaign, Musk became an open supporter of Trump and addressed his rallies. For Musk, it was a desperate moment, as he feared Harris, if elected, would have folded up X. Add to this the legacy media's unwillingness to endorse Harris, Los Angeles Times and Washington Post being the most prominent examples.

<h2>14. Having a lot of money</h2>

Money speaks in American politics, and having a lot of it is helpful. Trump practically ran most of his campaign out of his own pocket, with the erstwhile mass donors like super PACs not emerging as key players unlike in past elections. Trump's wealth, fuelled mainly by the growth of Truth Social was listed in stock exchanges in March this year and helped bankroll a major part of his campaign, along with some super donors. Clearly, having the richest man in the world Elon Musk by his side may have helped things too.

<h2>15. A little bit of help from Democrats</h2>

Much more than anything Trump did, it was perhaps the disarray and disunity among Democrats and the often incoherent speeches of both its candidates – Biden and Harris – that probably led many undecided voters to cast their ballots in favour of Trump. 'Chaos' was a favourite word of Trump-bashing media during his presidency, but Democrats became the embodiment of that description this election season.

The first issue was Biden's insistence on seeking another term despite pressure from his own party, a stark contrast with his public appearances and statements that exposed the weak state of his mind and body.

When Kamala Harris was thrust into the campaign, the Democratic primaries had already chosen Biden as their candidate in the primaries. That she did not have to go through the pains of the primaries contest may have alienated even many Democrats, because, let's face it, it ain't fair.

In her short and sprightly campaign, Kamala appeared out of touch with the realities of middle-class America, even as she kept on saying she comes from such a family. Her record as a prosecutor who sent many Blacks to jail did not augur well for her campaign either. 
 
Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.

Apart from literally dodging the bullet, there were a number of things Republican Donald Trump did right in his successful bid to return as United States president.

Apart from literally dodging the bullet, there were a number of things Republican Donald Trump did right in his successful bid to return as United States president. Here is a breakdown of the factors that contributed to doing what was deemed impossible: winning the White House for a non-consecutive second term. 1. Early bird gets the votes: Starting campaign before election season Trump's campaign was not months, but years old. He announced his re-election campaign way back in 2022, as soon as the dust settled on the Covid pandemic. He established his campaign team, without allowing any of them to dominate the headlines, unlike people like Kellyanne Conway in his first campaign of 2016, who became the story. In 2024, his comms team was almost invisible, till he called them on stage to thank them during his victory speech on the night of November 5. Susie Wiles, who will now become his chief of staff, is one among them. Also read: Trump 2.0 cabinet: Who is Susie Wiles, the 'ice maiden' and first woman White House chief of staff? 2. Playing victim card on legal troubles There was an appearance that the Democratic regime was trying to send Trump to jail over a number of cases: election subversion related to the Capitol riots of 6 January 2021, tax-related lawsuits and the Stormy Daniels affair being prominent among them. But each court appearance made him a star in the eyes of his supporters, who only grew in numbers as the cases dragged on. Trump called it a 'witch hunt', as it was pretty clear that none of these would lead to any logical conclusion, for fear of upsetting presidential immunity. Had Trump been jailed (if he lost the election), that would have set the precedent of future governments prosecuting past presidents. Trump played the victim card to the hilt, which appears to have appealed to more voters than Democrats expected. Watch: US Elections 2024: Tracking 'Moments' Leading To Trump 2.0 × 3. Not involving his family: It was always 'I, me, myself' Trump's family – particularly his wife Melania, daughter Ivanka and son-in-law Jared Kushner – were hounded with disparaging stories in the liberal media throughout his presidency of 2016-2020. This time around, he appears to have taken a conscious decision not to foreground his family. Most of the time, Ivanka and Kushner kept a low profile, even appearing to distance themselves from the campaign. Melania came to the limelight with her book, but Trump only occasionally mentioned her on the campaign trail, and she herself appeared only sporadically with him. Also read: AS IT HAPPENED | US Election Results 2024: Donald Trump wins presidency with clear mandate 4. Dodging the bullet in a key swing state The biggest moment for Trump's entire campaign was the failed assassination bid on July 13, when he was addressing a rally in Butler, Pennsylvania. In hindsight, the fact that it happened in Pennsylvania was to his great advantage, with the crucial swing state eventually giving him the electoral college votes that put paid to the election. Trump's fist-pumping and exhortation to the crowd 'fight, fight, fight' later became a rallying cry and campaign slogan/placard sign for his base. Also read: 'I don’t get it': Moment ‘polling Nostradamus’ realises his prediction of Kamala Harris' win is wrong 5. Not talking to liberal press and not depending on celebrity endorsements This time, Trump carefully chose who he gave interviews to, almost always avoiding the liberal media. He instead gave a long interview to Joe Rogan, the popular podcaster, and Tucker Carlson, the former Fox News host. It helped that former Fox News host Megyn Kelly was by his side and spoke for him at his rallies, giving a different perspective to the stereotype that Trump was disliked by women. 6. Not taking part in primary debates Trump mostly ignored his own party's candidate nomination process, not taking part in the Republican primary debates, instead focusing on holding rallies across the country to activate his base. Florida Governor Ron DeSantis, his first major challenger, eventually exited. Those who came up as his potential challengers during the primaries either joined him – like Vivek Ramaswamy – or grudgingly accepted his dominance as the presumptive nominee – like Nikki Haley, who was the holdout until the last minute. Outside the party, the only non-viable yet, potentially vote-cutting, independent candidate Robert F Kennedy Jr eventually endorsed Trump. 7. Changing the Republican party to suit him: The Trump takeover Over the past years, Trump moulded the Republican party on his own self. Its concerns became the same as his: fight against illegal immigration, upholding conservative values when it came to issues like abortion and transgender rights, advocating the least government intervention including no tax hikes for the upper middle class and the wealthy. He endorsed Republican candidates for Senate, House and governor races, and even some local polls, with most of them going on to win. The icing on the cake was his appointment of a family member as the Republican Party's National Committee. Lara Trump, the former TV producer married to Trump's son Eric, became the RNC co-chair in March, a crowning moment for the Trump takeover of his party. 8. Appealing to the grassroots, amplifying their fears Trump appealed to the overwhelming fears of the white majority about illegal immigration, disruption of the family unit through increasing rights for same-sex unions and transgenders, and perceived threat to deeply held Christian values in much of middle and southern America. As the final electoral results map shows, this helped him cut into the so-called blue states, essentially breaking the votes from north to south in the middle of America, leaving the Democratic contender Kamala Harris with only the more liberal states in the east and west coasts. While Democrats felt abortion was a major issue that would swing women against Trump, it appears that many women disagreed. 9. Knowing the pulse of working class on immigration, economy By amplifying the concerns about slow job growth, illegal migration and urban blight, Trump was able to add more supporters from non-white communities too. Hispanics in the country were equally fearful of the migration caravans coming in from Latin America as much as the white majority. Because one, it disrupted their lives and exposed them to racist attacks. And two, illegal migrants were competition for them. Many Latinos who voted for Trump may have carefully considered these issues before making that decision. With the African American community too, there appears to have been a shift, albeit minor. Those Blacks who voted for Trump were basically doing a protest vote against the Democrats, who they felt appeared to lecture them. Every election season, leaders like Barack Obama and Michelle Obama appeal to the Black community, even as Democratic governments did not make their lives any better. At least that was the perception among the pro-Trump Blacks, who voted in hopes that any improvement in the economy under Trump would help them get jobs. 10. Not doing too many debates Trump never appeared too keen to do presidential debates. The only time he debated Joe Biden (he was the 'original' Democratic presidential candidate, remember?), he came out on top, not by his own performance but because of how incoherent the incumbent president sounded. To his credit, Trump was much more calm and collected when he debated Kamala Harris, a far cry from his aggressive ways during the debates with Hillary Clinton in 2016. 11. Concentrating on swing states, and getting shot in one of them Trump concentrated much of his energies on the seven swing states: Georgia, Pennsylvania, Arizona, Nevada, Michigan, Wisconsin and North Carolina. Among these, Georgia and North Carolina with their anti-Black racist history and population dynamics were tough to crack into. Georgia was also the scene of battle of the 2020 election rigging claims by Trump, so it sounded improbable that he would win there. Trump concentrated on these states during his campaign, was shot at in one of them as mentioned earlier, and eventually won or flipped all of them. 12. Appealing to young voters: TikTok generation loved him It might sound improbable, but Trump's non-committal stance on banning TikTok, the Chinese-owned video-sharing platform massively loved by American youth, may have contributed to his appeal among Gen Z. Many TikTokers and TikTok users hated the Biden administration for the ban move. At a desperate moment, Biden himself joined TikTok even amid these moves, but it was far too little, too late. Trump supporters amplified his views and stances on various issues through TikTok as well as other social media apps. 13. Embracing social media, and Elon Musk Trump started Truth Social when his social media accounts, particularly Twitter under the old management, banned his accounts. Over the years, Twitter was taken over by Elon Musk, a 'free-speech absolutist' who did not squirm at any of the white supremacist conspiracies being peddled on the now-rechristened X. Contrary to market pundits' expectations, Truth Social took off massively as the platform to share pro-Trump and Conservative views. When Trump rejected a platform, he created his own. Also read: Donald Trump's interview with Elon Musk on X hit by 'massive' cyberattack Democrats underestimated the fact that half of the electorate was logged on to a non-legacy platform and getting their information from it. Towards the final lap of his campaign, Musk became an open supporter of Trump and addressed his rallies. For Musk, it was a desperate moment, as he feared Harris, if elected, would have folded up X. Add to this the legacy media's unwillingness to endorse Harris, Los Angeles Times and Washington Post being the most prominent examples. 14. Having a lot of money Money speaks in American politics, and having a lot of it is helpful. Trump practically ran most of his campaign out of his own pocket, with the erstwhile mass donors like super PACs not emerging as key players unlike in past elections. Trump's wealth, fuelled mainly by the growth of Truth Social was listed in stock exchanges in March this year and helped bankroll a major part of his campaign, along with some super donors. Clearly, having the richest man in the world Elon Musk by his side may have helped things too. 15. A little bit of help from Democrats Much more than anything Trump did, it was perhaps the disarray and disunity among Democrats and the often incoherent speeches of both its candidates – Biden and Harris – that probably led many undecided voters to cast their ballots in favour of Trump. 'Chaos' was a favourite word of Trump-bashing media during his presidency, but Democrats became the embodiment of that description this election season. The first issue was Biden's insistence on seeking another term despite pressure from his own party, a stark contrast with his public appearances and statements that exposed the weak state of his mind and body. When Kamala Harris was thrust into the campaign, the Democratic primaries had already chosen Biden as their candidate in the primaries. That she did not have to go through the pains of the primaries contest may have alienated even many Democrats, because, let's face it, it ain't fair. In her short and sprightly campaign, Kamala appeared out of touch with the realities of middle-class America, even as she kept on saying she comes from such a family. Her record as a prosecutor who sent many Blacks to jail did not augur well for her campaign either. Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.

US elections 2024 analysis: How Trump won against Harris - 15 things his campaign got right

The oil industry was written off in the US. However, now, it's the most productive industry. A few years ago, when a worldwide oil glut put pressure on producers, investors were leaving the industry to gamble on the green transition.

However, after years of slow development, the US has seen a significant increase in productivity. Industry innovations in the oil industry have pumped up profits in US firms. High-tech drilling and U-turn or Horseshoe wells are examples of the latest innovations. These minor advances in tech in the oil industry have boosted American firms.

America's oil industry has gone from being an outsider in the world's crude market to stealing market share from OPEC. The country now produces a record 13.3 million barrels of crude per day.

That is 48 per cent higher than Saudi Arabia. The surge in production comes using significantly fewer workers and less than one-third of the rigs that were required a decade earlier. This has helped the United States turn into a net petroleum exporter.

According to Bloomberg, US oil output will increase by 600,000 barrels per day through 2025. That is around 50 per cent more than this year's rise. According to a Bloomberg report, David Rodziewicz, a senior economics specialist at the Federal Reserve Bank of Kansas City, said, "You have a highly productive energy sector, and that results in a number of positive spillovers to the rest of the US economy."

He added, "It covers us from larger commodity shocks compared to the 1980s or 1990s when we were broadly a net importer of these products."

Meanwhile, as we move away from fossil fuels, the International Energy Agency projects that the world's oil demand will level off in 2029. Although dividends and share buybacks have enticed some investors to rejoin the industry, many have not returned yet.

However, the oil boom over the last decade has kept the demand for labour strong.

This has helped the American economy develop more quickly than that of other wealthy countries. A McKinsey Global Institute analysis shows that higher levels of productivity across all sectors could add $10 trillion to the US gross domestic product through 2030.&nbsp;

The debate between the economic benefits of the oil industry and the climate impact will continue to dominate headlines even as countries try to wean away from fossils.

The oil industry was written off in the US. However, now, it's the most productive industry. A few years ago, when a worldwide oil glut put pressure on producers, investors were leaving the industry to gamble on the green transition.

The oil industry was written off in the US. However, now, it's the most productive industry. A few years ago, when a worldwide oil glut put pressure on producers, investors were leaving the industry to gamble on the green transition. However, after years of slow development, the US has seen a significant increase in productivity. Industry innovations in the oil industry have pumped up profits in US firms. High-tech drilling and U-turn or Horseshoe wells are examples of the latest innovations. These minor advances in tech in the oil industry have boosted American firms. America's oil industry has gone from being an outsider in the world's crude market to stealing market share from OPEC. The country now produces a record 13.3 million barrels of crude per day. That is 48 per cent higher than Saudi Arabia. The surge in production comes using significantly fewer workers and less than one-third of the rigs that were required a decade earlier. This has helped the United States turn into a net petroleum exporter. According to Bloomberg, US oil output will increase by 600,000 barrels per day through 2025. That is around 50 per cent more than this year's rise. According to a Bloomberg report, David Rodziewicz, a senior economics specialist at the Federal Reserve Bank of Kansas City, said, "You have a highly productive energy sector, and that results in a number of positive spillovers to the rest of the US economy." He added, "It covers us from larger commodity shocks compared to the 1980s or 1990s when we were broadly a net importer of these products." Meanwhile, as we move away from fossil fuels, the International Energy Agency projects that the world's oil demand will level off in 2029. Although dividends and share buybacks have enticed some investors to rejoin the industry, many have not returned yet. However, the oil boom over the last decade has kept the demand for labour strong. This has helped the American economy develop more quickly than that of other wealthy countries. A McKinsey Global Institute analysis shows that higher levels of productivity across all sectors could add $10 trillion to the US gross domestic product through 2030. The debate between the economic benefits of the oil industry and the climate impact will continue to dominate headlines even as countries try to wean away from fossils.

Oil is outpacing tech as the most productive US industry

The US economy maintained a solid pace of growth in the third quarter as ebbing inflation and strong wage gains powered consumer spending ahead of a contentious presidential election set to turn on pocketbook issues.

Gross domestic product increased at a 2.8% annualised rate last quarter, the Commerce Department's Bureau of Economic Analysis said in its advance estimate of third-quarter GDP on Wednesday (Oct 30). Economists polled by Reuters had forecast GDP advancing at a 3% pace.

Estimates ranged from a 2.0% pace to a 3.5% rate. The economy grew at a 3% pace in the second quarter. The pace of growth was well above what Federal Reserve officials regard as the non-inflationary growth rate of around 1.8%.

The advance GDP estimate was published less than a week before Americans head to the polls on November&nbsp;5 to choose between Vice President Kamala Harris, the Democratic Party candidate, and former President Donald Trump.

Polls show the race is a toss-up. Americans, who consistently say the economy is a top election issue, have chafed at high food and housing costs, even as the economy has defied forecasts of a recession and continues to outperform its global peers.

Surveys of voters have consistently given the edge to Trump when asked who would be a better steward of the economy, including in the latest Reuters/IPSOS poll out on Tuesday.

The report added to annual revisions published last month, which indicated that the economy was much stronger than had been previously estimated. The revisions almost erased the gap between GDP and gross domestic income (GDI), an alternative measure of growth, through the second quarter.

Prior to the revision, some economists had argued that gap suggested economic activity was being overestimated. The economy has stayed resilient despite 5.25 percentage points of interest rate increases in 2022 and 2023 from the US&nbsp;central bank to tame inflation.

The personal consumption expenditures price index, excluding the volatile food and energy components - followed closely by the Fed - rose at a 2.2% rate in the third quarter, sharply slowing from the 2.8% pace in the second quarter.

With inflation nearing the Fed's 2% target, the central bank is now easing policy and last month kicked off that cycle with an unusually large half-percentage-point rate cut.

That reduction in borrowing costs, the first since 2020, lowered the Fed's policy rate to the 4.75%-5.00% range.

Disclaimer: This story has been published from a news agency feed with minimal edits for grammar and punctuation. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION&nbsp;audience.

The US economy maintained a solid pace of growth in the third quarter as ebbing inflation and strong wage gains powered consumer spending ahead of a contentious presidential election set to turn on pocketbook issues.

The US economy maintained a solid pace of growth in the third quarter as ebbing inflation and strong wage gains powered consumer spending ahead of a contentious presidential election set to turn on pocketbook issues. Gross domestic product increased at a 2.8% annualised rate last quarter, the Commerce Department's Bureau of Economic Analysis said in its advance estimate of third-quarter GDP on Wednesday (Oct 30). Economists polled by Reuters had forecast GDP advancing at a 3% pace. Estimates ranged from a 2.0% pace to a 3.5% rate. The economy grew at a 3% pace in the second quarter. The pace of growth was well above what Federal Reserve officials regard as the non-inflationary growth rate of around 1.8%. The advance GDP estimate was published less than a week before Americans head to the polls on November 5 to choose between Vice President Kamala Harris, the Democratic Party candidate, and former President Donald Trump. Polls show the race is a toss-up. Americans, who consistently say the economy is a top election issue, have chafed at high food and housing costs, even as the economy has defied forecasts of a recession and continues to outperform its global peers. Surveys of voters have consistently given the edge to Trump when asked who would be a better steward of the economy, including in the latest Reuters/IPSOS poll out on Tuesday. The report added to annual revisions published last month, which indicated that the economy was much stronger than had been previously estimated. The revisions almost erased the gap between GDP and gross domestic income (GDI), an alternative measure of growth, through the second quarter. Prior to the revision, some economists had argued that gap suggested economic activity was being overestimated. The economy has stayed resilient despite 5.25 percentage points of interest rate increases in 2022 and 2023 from the US central bank to tame inflation. The personal consumption expenditures price index, excluding the volatile food and energy components - followed closely by the Fed - rose at a 2.2% rate in the third quarter, sharply slowing from the 2.8% pace in the second quarter. With inflation nearing the Fed's 2% target, the central bank is now easing policy and last month kicked off that cycle with an unusually large half-percentage-point rate cut. That reduction in borrowing costs, the first since 2020, lowered the Fed's policy rate to the 4.75%-5.00% range. Disclaimer: This story has been published from a news agency feed with minimal edits for grammar and punctuation. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

US economy expanded 2.8% in Q3 amid surge in consumer spending

The US job openings tumbled last month to their lowest level since January 2021, a sign that the labor market is losing some momentum. Still, posted vacancies remain well above pre-pandemic levels according to a detailed report by Associated Press.

The Labour Department reported on October 29 that the number of job openings dropped to 7.4 million in September from 7.9 million in August. Economists had expected the level of openings to be virtually unchanged. Job openings fell in particular at healthcare companies and at government agencies at the federal, state and local levels.

The total number of layoffs also rose and the number of Americans who quit their jobs fell below 3.1 million, the fewest since August 2020.

No sign of a sudden collapse in the labour market <o:p></o:p>

“Workers (are) not as confident as they have been about being able to find a job if they quit without another to step into,″ Carl Weinberg and Rubeela Farooqi of High Frequency Economics wrote in a commentary. Still, they added, “there is no signal here of any sudden collapse of the labour market here or any imminent recession. The labour market is softer, sure, but it is not imploding.”

Though job openings have fallen sharply since peaking at 12.2 million in 2022, they remain higher than they were before the coronavirus pandemic paralyzed the American economy in early 2020. When the economy roared back with unexpected strength from the COVID-19 recession, companies scrambled to find enough workers to keep up with customer orders.

Earlier Fed raised rates by 11 times to combat inflation<o:p></o:p>

The overheating economy caused an outburst of inflation, and the Federal Reserve responded by raising its benchmark interest rate 11 times in 2022 and 2023. Inflation has plummeted from a peak of 9.1 per cent in June 2022 to 2.4 per cent, the Associated Press report detailed further.

The economy proved surprisingly resilient in the face of the Fed hikes, dodging a widely forecast recession. Compared with a surge in hiring from 2021 through 2023, though, job creation has slowed this year, to an average of 200,000 new jobs a month from January through September this year. That is healthy though down from a record average of 604,000 jobs a month in 2021 at the end of pandemic lockdowns, 377,000 in 2022 and 251,000 last year.

Still, employers did add an unexpectedly strong 254,000 jobs in September. On November 1, the Labor Department is expected to report that the economy added 120,000 jobs in October, a total that will likely be held down by the effects of Hurricanes Helene and Milton and a strike at Boeing.

Further, the unemployment rate is expected to remain at a low 4.1 per cent, according to a survey of forecasters by the data firm FactSet.

Market participants and investors are going to follow the upcoming jobs and inflation data as we build up towards the US elections. This will help them in taking informed investment decisions depending on how the overall US economy evolves going ahead.

The US job openings tumbled last month to their lowest level since January 2021, a sign that the labor market is losing some momentum. Still, posted vacancies remain well above pre-pandemic levels according to a detailed report by Associated Press.

The US job openings tumbled last month to their lowest level since January 2021, a sign that the labor market is losing some momentum. Still, posted vacancies remain well above pre-pandemic levels according to a detailed report by Associated Press. The Labour Department reported on October 29 that the number of job openings dropped to 7.4 million in September from 7.9 million in August. Economists had expected the level of openings to be virtually unchanged. Job openings fell in particular at healthcare companies and at government agencies at the federal, state and local levels. The total number of layoffs also rose and the number of Americans who quit their jobs fell below 3.1 million, the fewest since August 2020. No sign of a sudden collapse in the labour market “Workers (are) not as confident as they have been about being able to find a job if they quit without another to step into,″ Carl Weinberg and Rubeela Farooqi of High Frequency Economics wrote in a commentary. Still, they added, “there is no signal here of any sudden collapse of the labour market here or any imminent recession. The labour market is softer, sure, but it is not imploding.” Though job openings have fallen sharply since peaking at 12.2 million in 2022, they remain higher than they were before the coronavirus pandemic paralyzed the American economy in early 2020. When the economy roared back with unexpected strength from the COVID-19 recession, companies scrambled to find enough workers to keep up with customer orders. Earlier Fed raised rates by 11 times to combat inflation The overheating economy caused an outburst of inflation, and the Federal Reserve responded by raising its benchmark interest rate 11 times in 2022 and 2023. Inflation has plummeted from a peak of 9.1 per cent in June 2022 to 2.4 per cent, the Associated Press report detailed further. The economy proved surprisingly resilient in the face of the Fed hikes, dodging a widely forecast recession. Compared with a surge in hiring from 2021 through 2023, though, job creation has slowed this year, to an average of 200,000 new jobs a month from January through September this year. That is healthy though down from a record average of 604,000 jobs a month in 2021 at the end of pandemic lockdowns, 377,000 in 2022 and 251,000 last year. Still, employers did add an unexpectedly strong 254,000 jobs in September. On November 1, the Labor Department is expected to report that the economy added 120,000 jobs in October, a total that will likely be held down by the effects of Hurricanes Helene and Milton and a strike at Boeing. Further, the unemployment rate is expected to remain at a low 4.1 per cent, according to a survey of forecasters by the data firm FactSet. Market participants and investors are going to follow the upcoming jobs and inflation data as we build up towards the US elections. This will help them in taking informed investment decisions depending on how the overall US economy evolves going ahead.

US job openings drop in September to a 3 1/2-year low

The Bank of Japan's (BOJ) interest rate meeting on Thursday is a highlight for next week, and across the APAC region, look out for a raft of inflation data.

The BOJ is set to remain on pause and leave the policy rate unchanged. The central bank is expected to reiterate its core message that if the economy develops according to forecasts, it will continue normalising monetary policy. Markets will pay particular attention to the BOJ’s quarterly outlook report.

In the US, one could be forgiven for questioning why the Fed cut rates by 0.5 per cent in September, given the backdrop of 3 per cent growth, low unemployment, equity markets at all-time highs, and inflation still above 2 per cent, and why the market expects the fed to cut rates down to 3 per cent.

Those questions could intensify over the coming week.

In the US, the focus shifts to growth data on Wednesday. Strong consumer spending is expected to power a second consecutive 3 per cent GDP print. This report will also set a marker for the US economy's resilience. High-income households are going from strength to strength.

However, lower-income households feel more pain as inflation's legacy hurts spending power much more. The US jobs report will be back in the spotlight on Friday. After last month's sizeable 254,000 increase, the consensus is looking for a weaker outcome this time around.

The weather will play a part, with hurricanes in the southeast impacting workers' ability to get to their place of employment. Likewise, the strikes at Boeing will weigh on the payroll number, with likely knock-on effects on suppliers.

In the UK, it's all about the budget on Wednesday. Chancellor Rachel Reeves has little choice but to increase day-to-day government spending. That inevitably means higher taxes, potentially centred on employers. Higher investment is coming too.

However, markets expect this boost to be more modest. The reason: the treasury seeks to avoid a steep increase in borrowing that might unsettle markets.

The Bank of Japan's (BOJ) interest rate meeting on Thursday is a highlight for next week, and across the APAC region, look out for a raft of inflation data. The BOJ is set to remain on pause and leave the policy rate unchanged.

The Bank of Japan's (BOJ) interest rate meeting on Thursday is a highlight for next week, and across the APAC region, look out for a raft of inflation data. The BOJ is set to remain on pause and leave the policy rate unchanged. The central bank is expected to reiterate its core message that if the economy develops according to forecasts, it will continue normalising monetary policy. Markets will pay particular attention to the BOJ’s quarterly outlook report. In the US, one could be forgiven for questioning why the Fed cut rates by 0.5 per cent in September, given the backdrop of 3 per cent growth, low unemployment, equity markets at all-time highs, and inflation still above 2 per cent, and why the market expects the fed to cut rates down to 3 per cent. Those questions could intensify over the coming week. In the US, the focus shifts to growth data on Wednesday. Strong consumer spending is expected to power a second consecutive 3 per cent GDP print. This report will also set a marker for the US economy's resilience. High-income households are going from strength to strength. However, lower-income households feel more pain as inflation's legacy hurts spending power much more. The US jobs report will be back in the spotlight on Friday. After last month's sizeable 254,000 increase, the consensus is looking for a weaker outcome this time around. The weather will play a part, with hurricanes in the southeast impacting workers' ability to get to their place of employment. Likewise, the strikes at Boeing will weigh on the payroll number, with likely knock-on effects on suppliers. In the UK, it's all about the budget on Wednesday. Chancellor Rachel Reeves has little choice but to increase day-to-day government spending. That inevitably means higher taxes, potentially centred on employers. Higher investment is coming too. However, markets expect this boost to be more modest. The reason: the treasury seeks to avoid a steep increase in borrowing that might unsettle markets.

Cues to watch: Bank of Japan meeting & lots of inflation data

With the 2024 United States presidential election just around the corner, neither Vice President Kamala Harris nor former president Donald Trump have a strong lead in the polls.

With the 2024 United States presidential election just around the corner, neither Vice President Kamala Harris nor former president Donald Trump have a strong lead in the polls. When it comes to elections, past or future, the economy is usually the top concern for voters. Understanding a presidential candidate's economic policies is an important part of making an informed choice regarding who to vote for. A new poll by the Associated Press and NORC shows that Harris is gaining ground on key economic issues that affect the middle class. The poll shows a shift from last month, where Trump had a bigger lead on handling the economy. Now, 46 per cent of voters prefer Harris' middle-class tax policies, compared to 35 per cent for Trump. Harris also has a slight edge on housing costs, according to the polls. Voters are split on who has better plans for grocery prices, gas, job creation, and unemployment. Most voters (62 per cent) think the economy is in bad shape, while 38 per cent say it's not. Trump's critique vs Harris' 'opportunity economy' Trump's campaign is focused on rising inflation and the higher cost of living under President Joe Biden. Since Harris took over as the Democratic nominee in July, she has responded by promoting what she calls an "opportunity economy." As a part of her plan, Harris has promised to help first-time homebuyers with $25,000 for a down payment on a new home. Here's a broad comparison of Trump's and Harris' economic policies: Where do they stand on taxes? One of the biggest differences between Harris and Trump is their tax policy. Also read: US confirms North Korean troops in Russia, says they would be 'legitimate' targets in Ukraine Harris plans to raise the corporate tax rate from 21 per cent to 28 per cent, whereas Trump wants to lower it to 15-20 per cent. On personal taxes, Harris wants to raise the rate for those making over $400,000 by letting the 2017 tax cuts expire. Trump, however, wants to make those tax cuts permanent. What about trade policies? Harris has criticised Trump’s broad tariffs on imports, saying it amounts to a tax on working families, costing each household about $4,000 a year. She prefers a more targeted approach, keeping some tariffs on Chinese imports, like electric vehicles. Trump, on the other hand, has promised a 10-20 per cent tax on most foreign goods, with even higher tariffs on Chinese imports. He also wants to encourage companies to stay in the US by offering lower corporate taxes. How do they differ on regulations? Harris supports raising the federal minimum wage to $15 an hour, offering student debt relief, and expanding enforcement of antitrust laws. On the other hand, Trump wants to cut regulations across the board, speed up mergers and acquisitions, and reclassify more civil servants as political appointees. What are their plans to fight inflation? Harris says her first goal would be to lower food and housing costs for working families. She’s promised to ban price gouging on groceries, help first-time homebuyers, and increase housing supply through incentives. Inflation surged during Biden’s presidency, partly due to Covid-related supply chain issues and the war in Ukraine. However, recently, inflation has started to come down. Trump plans to "end inflation" by increasing oil drilling, which he believes will lower energy prices. He’s also promised to lower interest rates, although that’s something the president can’t control. The former US president also claims deporting undocumented immigrants would ease housing demand.

US elections: Economic policies of Donald Trump and Kamala Harris - A comparison

The US budget deficit grew to $1.833 trillion for fiscal 2024, the highest outside of the COVID era, as interest on the federal debt exceeded $1 trillion for the first time and spending grew for the Social Security retirement program, health care and the military, the Treasury Department said in a recent note, as detailed in a report by Reuters.

The Reuters report further elaborated that, the deficit for the year ended Sept. 30 was up 8 per cent, or $138 billion, from the $1.695 trillion recorded in fiscal 2023. It was the third-largest federal deficit in U.S. history, after the pandemic relief-driven deficits of $3.132 trillion in fiscal 2020 and $2.772 trillion in fiscal 2021.<o:p></o:p>&nbsp;

The fiscal 2023 deficit had been reduced by the reversal of $330 billion of costs associated with President Joe Biden's student loan program after it was struck down by the U.S. Supreme Court. It would have topped $2 trillion without this anomaly.<o:p></o:p>&nbsp;

The sizable fiscal 2024 budget gap of 6.4 per cent of gross domestic product, up from 6.2 per cent a year earlier, could pose problems for Vice President Kamala Harris' arguments ahead of the Nov. 5 presidential election that she would be a better fiscal steward than Republican opponent Donald Trump.<o:p></o:p>&nbsp;A fiscal think-tank, the Committee for a Responsible Federal Budget, has estimated that Trump's plans would pile up $7.5 trillion in new debt, more than twice the $3.5 trillion envisaged from Harris' proposals

White House budget director Shalanda Young emphasized the strong growth in the US economy and the Biden administration's investments in clean energy, infrastructure and advanced manufacturing.<o:p></o:p>&nbsp;"This Administration has done this while maintaining a commitment to fiscal responsibility by ensuring the wealthiest among us and large corporations pay their fair share and cutting wasteful spending on special interests," Young said in a statement, referring to plans by Biden and Harris to raise taxes on these groups.<o:p></o:p>

U.S. receipts for the 2024 fiscal year hit a record $4.919 trillion, up 11 per cent, or $479 billion, from a year earlier, as individual non-withheld and corporate tax collections grew. Fiscal 2024 outlays rose 10 per cent, or $617 billion, to $6.752 trillion.<o:p></o:p>

<o:p>IMPACT OF INTEREST COSTS</o:p>

On the impact of interest costs, the Reuters report stated that the biggest driver of the year's deficit was a 29 per cent&nbsp;increase in interest costs for Treasury debt to $1.133 trillion due to a combination of higher interest rates and more debt to finance. The total exceeded outlays for the Medicare healthcare program for seniors and for defense spending.

Still, a senior Treasury official said the interest costs as a share of GDP reached 3.93 per cent, below the 1991 record of 4.69 per cent&nbsp;but the highest percentage since 4.01 per cent&nbsp;in December 1998.<o:p></o:p>&nbsp;The weighted average interest rate on federal debt was 3.32 per cent&nbsp;in September, up 35 basis points from a year earlier, but down from 3.35 per cent&nbsp;in August, marking the first monthly decline since January 2022.<o:p></o:p>

Other drivers of increased outlays for the fiscal year included Social Security, up 7 per cent to $1.520 trillion, Medicare, up 4 per cent&nbsp;to $1.050 trillion, and military programs, up 6 per cent&nbsp;to $826 billion. Further, for September, the government reported a $64 billion surplus, compared to a $171 billion deficit in September 2023, but the improvement was largely due to calendar adjustments for benefit payments. Without these, there would have been a $16 billion deficit in September 2024 and the reported receipts were a record for September at $528 billion, up 13 per cent&nbsp;from a year earlier, while outlays were $463 billion, down 27 per cent largely due to the calendar adjustments.

The US budget deficit grew to $1.833 trillion for fiscal 2024, the highest outside of the COVID era, as interest on the federal debt exceeded $1 trillion for the first time and spending grew for the Social Security retirement program, health care and the military, the Treasury Department said in a recent note, as detailed in a report by Reuters.

The US budget deficit grew to $1.833 trillion for fiscal 2024, the highest outside of the COVID era, as interest on the federal debt exceeded $1 trillion for the first time and spending grew for the Social Security retirement program, health care and the military, the Treasury Department said in a recent note, as detailed in a report by Reuters. The Reuters report further elaborated that, the deficit for the year ended Sept. 30 was up 8 per cent, or $138 billion, from the $1.695 trillion recorded in fiscal 2023. It was the third-largest federal deficit in U.S. history, after the pandemic relief-driven deficits of $3.132 trillion in fiscal 2020 and $2.772 trillion in fiscal 2021. The fiscal 2023 deficit had been reduced by the reversal of $330 billion of costs associated with President Joe Biden's student loan program after it was struck down by the U.S. Supreme Court. It would have topped $2 trillion without this anomaly. The sizable fiscal 2024 budget gap of 6.4 per cent of gross domestic product, up from 6.2 per cent a year earlier, could pose problems for Vice President Kamala Harris' arguments ahead of the Nov. 5 presidential election that she would be a better fiscal steward than Republican opponent Donald Trump. A fiscal think-tank, the Committee for a Responsible Federal Budget, has estimated that Trump's plans would pile up $7.5 trillion in new debt, more than twice the $3.5 trillion envisaged from Harris' proposals White House budget director Shalanda Young emphasized the strong growth in the US economy and the Biden administration's investments in clean energy, infrastructure and advanced manufacturing. "This Administration has done this while maintaining a commitment to fiscal responsibility by ensuring the wealthiest among us and large corporations pay their fair share and cutting wasteful spending on special interests," Young said in a statement, referring to plans by Biden and Harris to raise taxes on these groups. U.S. receipts for the 2024 fiscal year hit a record $4.919 trillion, up 11 per cent, or $479 billion, from a year earlier, as individual non-withheld and corporate tax collections grew. Fiscal 2024 outlays rose 10 per cent, or $617 billion, to $6.752 trillion. IMPACT OF INTEREST COSTS On the impact of interest costs, the Reuters report stated that the biggest driver of the year's deficit was a 29 per cent increase in interest costs for Treasury debt to $1.133 trillion due to a combination of higher interest rates and more debt to finance. The total exceeded outlays for the Medicare healthcare program for seniors and for defense spending. Still, a senior Treasury official said the interest costs as a share of GDP reached 3.93 per cent, below the 1991 record of 4.69 per cent but the highest percentage since 4.01 per cent in December 1998. The weighted average interest rate on federal debt was 3.32 per cent in September, up 35 basis points from a year earlier, but down from 3.35 per cent in August, marking the first monthly decline since January 2022. Other drivers of increased outlays for the fiscal year included Social Security, up 7 per cent to $1.520 trillion, Medicare, up 4 per cent to $1.050 trillion, and military programs, up 6 per cent to $826 billion. Further, for September, the government reported a $64 billion surplus, compared to a $171 billion deficit in September 2023, but the improvement was largely due to calendar adjustments for benefit payments. Without these, there would have been a $16 billion deficit in September 2024 and the reported receipts were a record for September at $528 billion, up 13 per cent from a year earlier, while outlays were $463 billion, down 27 per cent largely due to the calendar adjustments.

US budget deficit reaches $1.8 trillion in fiscal 2024, third largest in history

Gold rose to a record high as it advanced more than 1 per cent in the previous session, on account of weak US data that strengthened the case for deeper rate cuts. Silver was near the highest in four months, according to a report by Bloomberg.

Prices for gold climbed as high as 0.3 per cent above $2,665 an ounce and surpassed Tuesday's all-time high after a report showed US consumer confidence this month dropped the most in three years. Silver rose 4.6 per cent on Tuesday for its biggest one-day advance in four months.

Swaps traders wagered on more than three-quarters of a point of easing by the Fed this year. Gold and silver both tend to benefit when rates are low because they offer no interest, and a weaker dollar simply makes them cheaper for many buyers.

Their movement largely takes place in tandem as both offer similar macro-and currency-hedging properties. Still, white metal is far more sensitive to the economic cycle than yellow metal because white metal is also an industrial commodity useful in clean-energy technologies, including solar panels, among others.

A shot in the arm for industrial metals came on Tuesday as Beijing announced a series of measures to address the country's economic malaise and targeted the real estate market in particular.

“The main driver for silver in the last few weeks has been the gold rally — which got another boost yesterday from higher rate-cut expectations following the weak consumer confidence report,” said Zhong Liang Han, an analyst at Standard Chartered Plc. However, the “rally in industrial metals following China’s broad stimulus package was the key driver behind the next leg of the up-move in silver.”

Gold is now up nearly 30 per cent this year while silver has gained 35 per cent, rallies surging since the Fed's half-point cut last week. The yellow metal has been supported by robust central bank purchases and heightened geopolitical tensions driving haven demand. A too-close-to-call US presidential election that might prove massively consequential for financial markets is now fewer than six weeks away.

Spot gold advanced to a record $2,665.25 an ounce and traded 0.2 per cent higher at $2,662.77 as of 10:34 a.m. in Singapore. The Bloomberg Dollar Spot Index was little changed after sinking 0.5 percent in the previous session.

Silver is getting attention given the sharp rally in gold, especially as investors look for catch-up buying opportunities, said Joni Teves, a precious metals strategist at UBS Group AG.

“The move in industrial commodities is likely also providing an additional boost,” Teves said. “Our bullish outlook for silver is unchanged; we think it can outperform in this environment of rising gold prices, Fed easing and forecasted silver market deficits.”

Silver fell 0.5 per cent in Singapore to $31.9435 an ounce. Palladium and platinum dipped.

Investors will now be waiting for more US data, including the personal consumption expenditures gauge and jobless claims, later this week, that should give more indications on the Fed's likely easing path.

Gold rose to a record high as it advanced more than 1 per cent in the previous session, on account of weak US data that strengthened the case for deeper rate cuts.

Gold rose to a record high as it advanced more than 1 per cent in the previous session, on account of weak US data that strengthened the case for deeper rate cuts. Silver was near the highest in four months, according to a report by Bloomberg. Prices for gold climbed as high as 0.3 per cent above $2,665 an ounce and surpassed Tuesday's all-time high after a report showed US consumer confidence this month dropped the most in three years. Silver rose 4.6 per cent on Tuesday for its biggest one-day advance in four months. Swaps traders wagered on more than three-quarters of a point of easing by the Fed this year. Gold and silver both tend to benefit when rates are low because they offer no interest, and a weaker dollar simply makes them cheaper for many buyers. Their movement largely takes place in tandem as both offer similar macro-and currency-hedging properties. Still, white metal is far more sensitive to the economic cycle than yellow metal because white metal is also an industrial commodity useful in clean-energy technologies, including solar panels, among others. A shot in the arm for industrial metals came on Tuesday as Beijing announced a series of measures to address the country's economic malaise and targeted the real estate market in particular. “The main driver for silver in the last few weeks has been the gold rally — which got another boost yesterday from higher rate-cut expectations following the weak consumer confidence report,” said Zhong Liang Han, an analyst at Standard Chartered Plc. However, the “rally in industrial metals following China’s broad stimulus package was the key driver behind the next leg of the up-move in silver.” Gold is now up nearly 30 per cent this year while silver has gained 35 per cent, rallies surging since the Fed's half-point cut last week. The yellow metal has been supported by robust central bank purchases and heightened geopolitical tensions driving haven demand. A too-close-to-call US presidential election that might prove massively consequential for financial markets is now fewer than six weeks away. Spot gold advanced to a record $2,665.25 an ounce and traded 0.2 per cent higher at $2,662.77 as of 10:34 a.m. in Singapore. The Bloomberg Dollar Spot Index was little changed after sinking 0.5 percent in the previous session. Silver is getting attention given the sharp rally in gold, especially as investors look for catch-up buying opportunities, said Joni Teves, a precious metals strategist at UBS Group AG. “The move in industrial commodities is likely also providing an additional boost,” Teves said. “Our bullish outlook for silver is unchanged; we think it can outperform in this environment of rising gold prices, Fed easing and forecasted silver market deficits.” Silver fell 0.5 per cent in Singapore to $31.9435 an ounce. Palladium and platinum dipped. Investors will now be waiting for more US data, including the personal consumption expenditures gauge and jobless claims, later this week, that should give more indications on the Fed's likely easing path.

Gold soars to new peak as US data fuels expectations for deeper rate cuts

Boeing's management decisions within its main manufacturing plant in Washington are under the spotlight after its workers went on a prolonged strike. The aerospace giant is focused on coming&nbsp;up with a hiring freeze and a host of cost-cutting measures as it grapples with the challenges of rising production costs and shortcomings in meeting demand. This follows after about 30,000 factory workers have been on strike for several weeks, drastically reducing the output levels and forcing Boeing to reassess operational strategies according to a detailed report by CNBC. 

The strike highlighted the constant tensions between Boeing and its workers concerning pay and working conditions. According to the report, one of the company members stated, "We are committed to reaching a fair resolution with our employees while ensuring the sustainability of our operations." 

As the multinational corporation fends off increasing pressure from shareholders, it is also fighting the general economic slowdown that has derailed the operations of many in the aviation industry. The volatility in Boeing's shares was observed by analysts, which meant a reduced edge over its performance in the future.

Boeing has busted around $8 billion in the first half of this year due to production cuts led by a door-panel blowout issue. Further, the stock of Boeing has considerably underperformed over the last 5 years, as it has lost 59 per cent of its value and closed at $155.55 in the previous market close on September 16. 

Boeing's latest decisions form part of the trend now seen to characterise the entire aviation industry, whereby companies are indeed hard-driving and stringent in making decisions to balance costs and increase productivity. The company might even consider laying off employees going ahead, mainly to address the challenging economic conditions.

The current circumstances have forced most firms to reassess their operation models, and Boeing is not an exception. Following these events, the company is looking at options to increase automation in its production within the plants to enhance manufacturing, assembly, and production. This will hence, go a long way in mitigating the impact of any further stoppages occasioned by strikes by the workers.

Impact of the strike, future growth projections<o:p></o:p>

This strike carries more challenges beyond the immediate, short-term operating issues. These challenges are also related to labor relations in the US. Recently, global credit rating agency Moody's said that it had placed all of Boeing's credit ratings under review for a potential downgrade, and Fitch Ratings said an extended strike could put Boeing at risk for a downgrade, which could raise the borrowing costs of a manufacturer that already has rising debt.

Thus, Boeing faces an uphill task as it puts on hold its hiring process and focuses on other means of cost-cutting due to an ongoing worker strike; hence, the direction of the future for the company would be defined by its ability to effectively resolve these issues and return the company to stability with confidence from its shareholders, investors, and employees.

Boeing's management decisions within its main manufacturing plant in Washington are under the spotlight after its workers went on a prolonged strike. The aerospace giant is focused on coming up with a hiring freeze and a host of cost-cutting measures as it grapples with the challenges of rising production costs and shortcomings in meeting demand.

Boeing's management decisions within its main manufacturing plant in Washington are under the spotlight after its workers went on a prolonged strike. The aerospace giant is focused on coming up with a hiring freeze and a host of cost-cutting measures as it grapples with the challenges of rising production costs and shortcomings in meeting demand. This follows after about 30,000 factory workers have been on strike for several weeks, drastically reducing the output levels and forcing Boeing to reassess operational strategies according to a detailed report by CNBC. The strike highlighted the constant tensions between Boeing and its workers concerning pay and working conditions. According to the report, one of the company members stated, "We are committed to reaching a fair resolution with our employees while ensuring the sustainability of our operations." As the multinational corporation fends off increasing pressure from shareholders, it is also fighting the general economic slowdown that has derailed the operations of many in the aviation industry. The volatility in Boeing's shares was observed by analysts, which meant a reduced edge over its performance in the future. Boeing has busted around $8 billion in the first half of this year due to production cuts led by a door-panel blowout issue. Further, the stock of Boeing has considerably underperformed over the last 5 years, as it has lost 59 per cent of its value and closed at $155.55 in the previous market close on September 16. Boeing's latest decisions form part of the trend now seen to characterise the entire aviation industry, whereby companies are indeed hard-driving and stringent in making decisions to balance costs and increase productivity. The company might even consider laying off employees going ahead, mainly to address the challenging economic conditions. The current circumstances have forced most firms to reassess their operation models, and Boeing is not an exception. Following these events, the company is looking at options to increase automation in its production within the plants to enhance manufacturing, assembly, and production. This will hence, go a long way in mitigating the impact of any further stoppages occasioned by strikes by the workers. Impact of the strike, future growth projections This strike carries more challenges beyond the immediate, short-term operating issues. These challenges are also related to labor relations in the US. Recently, global credit rating agency Moody's said that it had placed all of Boeing's credit ratings under review for a potential downgrade, and Fitch Ratings said an extended strike could put Boeing at risk for a downgrade, which could raise the borrowing costs of a manufacturer that already has rising debt. Thus, Boeing faces an uphill task as it puts on hold its hiring process and focuses on other means of cost-cutting due to an ongoing worker strike; hence, the direction of the future for the company would be defined by its ability to effectively resolve these issues and return the company to stability with confidence from its shareholders, investors, and employees.

Boeing freezes hiring and aims to cut costs even as 30,000 workers strike

Due to an extraordinary financial groundswell given by almost 600,000 contributors to various campaign committees and political action committees supporting the Harris-Walz ticket, the fundraising by the Vice President topped an astonishing $47 million during the first 24 hours after the debate Tuesday evening. Kamala Harris is seen as the winner of the debate with former President Donald Trump according to a report by CNBC. <o:p></o:p>

The new cash adds significantly to Harris' already-successful fundraising, which has boomed since July when President Joe Biden called on her to take his place in the race. That put her efforts in an altogether new gear.<o:p></o:p>

Kamala Harris dominates debate, leaves Trump unsettled<o:p></o:p>

With many hailing her dominant debate performance, Harris flexed her policy acumen in holding her own on major issues of the night in front of an attentive audience and a critical mass of viewers. The debate happened in Philadelphia, and it was moderated by ABC News; analysts said Trump seemed to be unfavorably fazed by Harris' assertiveness. This is especially evident from the live fact-checking sessions presented by ABC News, which even further emphasised the need for the truth in discourse during political debates.<o:p></o:p>

Harris' fundraising outpaces Trump's August haul<o:p></o:p>

These enormous fundraising figures are not only a proof to the huge effect Harris had during the debate but are also a massive blow to the Trump campaign, whose team struggles to keep up with the pace in terms of fundraising. Recent reports show that while Harris's campaign raked in a whopping $361 million in August, Trump's camp collected a mere $130 million within the same period. This corresponds to a difference of nearly three times between the two candidates in fund raising.<o:p></o:p>

With the election season warming up, the dynamics of fundraising just may turn out to be critical in setting the tone for the presidential contest, with Harris setting quite a formidable mark that her opponents may want or need to take into consideration for further strategic direction. Taken together, the support for her campaign forms a pivotal moment in the 2024 election landscape and thus raises the competitiveness among Harris and Trump who are both vying for the presidency.<o:p></o:p>

Hence, the deft feat of fundraising by the Vice Presidency of Kamala Harris, an astonishing $47 million within 24 hours after her debate with former President Donald Trump, speaks to building momentum and enthusiasm for her campaign. Harris now has almost 600,000 contributors to this financial juggernaut, surpassing Trump's August fundraising-a new benchmark in presidential campaigns. Either way, Harris's sustained dominance in the debate and her natural way with the supporters will take this race in very specific direction in the upcoming US presidential elections. <o:p></o:p>

<o:p>&nbsp;</o:p>

Due to an extraordinary financial groundswell given by almost 600,000 contributors to various campaign committees and political action committees supporting the Harris-Walz ticket, the fundraising by the Vice President topped an astonishing $47 million during the first 24 hours after the debate Tuesday evening.

Due to an extraordinary financial groundswell given by almost 600,000 contributors to various campaign committees and political action committees supporting the Harris-Walz ticket, the fundraising by the Vice President topped an astonishing $47 million during the first 24 hours after the debate Tuesday evening. Kamala Harris is seen as the winner of the debate with former President Donald Trump according to a report by CNBC. The new cash adds significantly to Harris' already-successful fundraising, which has boomed since July when President Joe Biden called on her to take his place in the race. That put her efforts in an altogether new gear. Kamala Harris dominates debate, leaves Trump unsettled With many hailing her dominant debate performance, Harris flexed her policy acumen in holding her own on major issues of the night in front of an attentive audience and a critical mass of viewers. The debate happened in Philadelphia, and it was moderated by ABC News; analysts said Trump seemed to be unfavorably fazed by Harris' assertiveness. This is especially evident from the live fact-checking sessions presented by ABC News, which even further emphasised the need for the truth in discourse during political debates. Harris' fundraising outpaces Trump's August haul These enormous fundraising figures are not only a proof to the huge effect Harris had during the debate but are also a massive blow to the Trump campaign, whose team struggles to keep up with the pace in terms of fundraising. Recent reports show that while Harris's campaign raked in a whopping $361 million in August, Trump's camp collected a mere $130 million within the same period. This corresponds to a difference of nearly three times between the two candidates in fund raising. With the election season warming up, the dynamics of fundraising just may turn out to be critical in setting the tone for the presidential contest, with Harris setting quite a formidable mark that her opponents may want or need to take into consideration for further strategic direction. Taken together, the support for her campaign forms a pivotal moment in the 2024 election landscape and thus raises the competitiveness among Harris and Trump who are both vying for the presidency. Hence, the deft feat of fundraising by the Vice Presidency of Kamala Harris, an astonishing $47 million within 24 hours after her debate with former President Donald Trump, speaks to building momentum and enthusiasm for her campaign. Harris now has almost 600,000 contributors to this financial juggernaut, surpassing Trump's August fundraising-a new benchmark in presidential campaigns. Either way, Harris's sustained dominance in the debate and her natural way with the supporters will take this race in very specific direction in the upcoming US presidential elections.

Kamala Harris raises $47M in 24 hours after fiery debate with Trump

Blackstone Inc. Chief Financial Officer Michael Chae said the firm is "cautiously optimistic about a soft landing," indicating the alternative asset manager is betting the Federal Reserve's efforts to jam inflation won't trigger a US recession.

"Soft landings are hard to land," Chae said Wednesday at the Barclays Global Financial Services Conference. "They're pretty rare in history - but where we sit today looks pretty encouraging."

A mixed picture of inflation in Bureau of Labor Statistics data has set the stage for a more gradual pace of rate cuts. The core consumer price index, excluding energy and food costs, rose 0.3 per cent last month from July, the most in four months, new BLS data showed. Still, overall CPI eased for a fifth straight month, climbing 2.5 per cent from a year earlier, according to a report by Bloomberg.

According to Chae, Blackstone's own gauge of inflation-shelter costs out and other metrics put that measure at 1.7 per cent. That would make the US "at target" for inflation, he said.

Wall Street generally expects the Fed to cut interest rates after a series of raises that started in March 2022, though such expectations commonly rest on CPI numbers and job statistics. Blackstone also digs into the data from its far-reaching portfolio, which covers real estate, buyouts, and financing.

Data from Blackstone, the world's largest alternative asset manager, suggest labour markets have been softening, according to Chae. Chief executives of Blackstone portfolio companies said they expect wage growth to moderate in the coming year, according to a June survey.

While there's "decelerating revenue growth" across Blackstone's global portfolio, those businesses have shown "resilient margins," Chae said.

The finance chief also sprinkled optimism about a deal comeback after a years-long drought.

“We’re seeing signs of the return of animal spirits in the transaction market,” Chae said. “If these trends hold, I think that could, in particular, lead to a pretty robust 2025.”

Blackstone Inc. Chief Financial Officer Michael Chae said the firm is "cautiously optimistic about a soft landing," indicating the alternative asset manager is betting the Federal Reserve's efforts to jam inflation won't trigger a US recession.

Blackstone Inc. Chief Financial Officer Michael Chae said the firm is "cautiously optimistic about a soft landing," indicating the alternative asset manager is betting the Federal Reserve's efforts to jam inflation won't trigger a US recession. "Soft landings are hard to land," Chae said Wednesday at the Barclays Global Financial Services Conference. "They're pretty rare in history - but where we sit today looks pretty encouraging." A mixed picture of inflation in Bureau of Labor Statistics data has set the stage for a more gradual pace of rate cuts. The core consumer price index, excluding energy and food costs, rose 0.3 per cent last month from July, the most in four months, new BLS data showed. Still, overall CPI eased for a fifth straight month, climbing 2.5 per cent from a year earlier, according to a report by Bloomberg. According to Chae, Blackstone's own gauge of inflation-shelter costs out and other metrics put that measure at 1.7 per cent. That would make the US "at target" for inflation, he said. Wall Street generally expects the Fed to cut interest rates after a series of raises that started in March 2022, though such expectations commonly rest on CPI numbers and job statistics. Blackstone also digs into the data from its far-reaching portfolio, which covers real estate, buyouts, and financing. Data from Blackstone, the world's largest alternative asset manager, suggest labour markets have been softening, according to Chae. Chief executives of Blackstone portfolio companies said they expect wage growth to moderate in the coming year, according to a June survey. While there's "decelerating revenue growth" across Blackstone's global portfolio, those businesses have shown "resilient margins," Chae said. The finance chief also sprinkled optimism about a deal comeback after a years-long drought. “We’re seeing signs of the return of animal spirits in the transaction market,” Chae said. “If these trends hold, I think that could, in particular, lead to a pretty robust 2025.”

Blackstone CFO Chae states US inflation is 'on target'

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