China’s economic recovery is losing momentum after an initial burst in consumer and business activity early in the year, prompting calls for more policy stimulus to bolster growth.
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Two Federal Reserve officials said they favored pausing interest-rate increases though one of them pushed back against bets on cuts this year.
Treasury Secretary Janet Yellen said that the federal government will have to renege on some payments if Congress doesn’t raise the debt limit, though no plan on how the department would proceed has yet been presented to President Joe Biden.
Treasury Secretary Janet Yellen said failure to avoid a looming federal government default would undermine Washington's ability to provide international leadership and defend US national security.
US inflation showed signs of moderating in April, giving the Federal Reserve room to pause interest-rate increases soon.
President Joe Biden will sit down with House Speaker Kevin McCarthy for their first meeting in three months as the two face pressure for a debt-ceiling deal before an unprecedented default wreaks damage on the US economy.
Fed Chair Jerome Powell said at the May FOMC meeting that rates might already be "sufficiently restrictive" - but he needs more time to observe developments before he can have confidence in that judgment.
The chaotic week for financial markets is drawing to a close, with risk assets getting bid as regional banks rebounded from a brutal rout and solid jobs figures tempered fears of an economic recession.
A renewed bout of selling hit the entire Treasury curve, with a slew of companies considering selling bonds before Wednesday's Federal Reserve rate decision.