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Treasury Secretary Scott Bessent urged the Federal Reserve to initiate interest-rate cuts, advocating for a 1.5 percentage point reduction from the current benchmark. Bessent suggested a 50 basis-point cut in September, believing revised labor market data might have prompted earlier cuts in June and July. His remarks break from the tradition of treasury secretaries avoiding specific recommendations on Fed policy.
An RBI panel suggests regulators should be lenient towards initial AI system errors in finance, provided adequate safety measures are in place, to foster innovation. The report emphasizes a framework built on trust, accountability, and ...more
The US national debt has surpassed $37 trillion, exceeding pre-pandemic forecasts due to Covid-19 spending and recent tax cuts. Experts warn that this rapid debt accumulation will lead to higher interest rates, reduced private sector in ...more
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