According to BlockBeats, on August 23, sources from the European Central Bank (ECB) indicated that inflation developments in the Eurozone are in line with expectations. The region is experiencing weak economic growth, and wage pressures have eased. Currently, there is growing internal support for a potential interest rate cut in September, although this decision has not yet been finalized.
According to PANews, the Royal Bank of Canada has reported an unexpected downturn in the U.S. labor market at the start of the third quarter. July's non-farm payroll data indicated a significant slowdown in labor market conditions, which have been gradually deteriorating over the past year. The unemployment rate rose from 3.4% in April 2023 to 3.9% in April, and then increased to 4.3% over the next three months.During this week's Federal Reserve meeting press conference, Fed Chairman Jerome Powell continued to describe the current labor market weakness as a normalization from overheated conditions. He emphasized that if the labor market weakens unexpectedly, the Federal Reserve is prepared to respond accordingly. The Royal Bank of Canada still expects the Federal Reserve to cut interest rates at its next meeting in September and believes the risk of further rate cuts for the remainder of the year leans towards more rather than fewer.
According to Odaily, Capital Economics economist Olivia Cross has indicated that the downward revision of employment growth data could imply an upward revision in worker productivity. This scenario would further support the Federal Reserve's decision to cut interest rates. Regardless of the situation, whether it is lower economic activity or stronger productivity growth, it suggests that the Federal Reserve has more reasons to begin easing policies in September.
According to Odaily, the Bank of Korea has decided to keep its benchmark interest rate unchanged in an effort to curb rising housing prices. This decision marks the 13th consecutive meeting where the central bank has maintained the same rate, the longest period of stability since 2008. The central bank also adjusted its forward guidance to a more moderate stance, paving the way for potential policy shifts in the coming months.Following the government's announcement, the Korean won and the yield on three-year government bonds saw slight declines. The central bank's committee has been cautious about lowering rates, fearing that any indication of a rate cut could further fuel housing price increases in Seoul and its surrounding areas. Thursday's statement leaned towards a dovish tone, as the central bank removed its previous commitment to keep rates stable for an extended period, suggesting that a rate cut may be approaching.
According to Odaily, a federal judge in California has ruled to make public the detailed disclosure statement of X Holdings, the parent company formerly known as Twitter, and X.ai, an artificial intelligence startup founded by Elon Musk in 2023. This decision will reveal the list of shareholders for both entities. In 2022, Musk acquired Twitter for $44 billion, privatized the company, and laid off approximately three-quarters of its workforce. Last year, a group of former Twitter employees sued X, seeking payment for arbitration fees arising from disputes with their former employer. Freelance journalist Jacob Silverman, with the assistance of the Reporters Committee for Freedom of the Press, intervened in the case to ensure the disclosure was made public. Despite arguments from Musk and X's lawyers that X Holdings does not disclose information about its owners or shareholders as a matter of policy and considers such information confidential, the judge was not swayed by these confidentiality claims. Reports indicate that several investors were involved when Musk acquired X Holdings, including Twitter founder and former CEO Jack Dorsey, who transferred over $1 billion worth of Twitter stock to the company, Oracle co-founder Larry Ellison, and Silicon Valley venture capital firms Andreessen Horowitz (a16z) and Sequoia Capital. However, Musk has never disclosed a complete list of investors or the company's structure. X Holdings is now required to submit the documents to the court by September 4.
According to BlockBeats, the Federal Reserve's meeting minutes released on August 22 indicate that the majority of its members believe a rate cut in September may be appropriate. The minutes reveal that the upward risks to inflation have diminished, and nearly all members expect the decline in inflation to continue. However, there is a growing concern among the members about the increasing downside risks to employment.
According to Odaily, the Federal Reserve's recently released meeting minutes indicate that several members saw a justification for a rate cut during the July meeting. This insight comes amid ongoing discussions about the direction of monetary policy and its impact on the economy.
According to BlockBeats, on August 21, the U.S. Bureau of Labor Statistics released preliminary estimates for the annual benchmark revision. The data indicates that the total nonfarm employment in the United States for March 2024 has been revised down by 818,000 jobs, representing a 0.5% decrease.
According to PANews, the U.S. Bureau of Labor Statistics has not yet updated its webpage to release the preliminary benchmark revision for the total nonfarm employment for March 2024, which was originally scheduled for publication.
According to PANews, the U.S. Bureau of Labor Statistics has released the Employment and Wage Census Report for the first quarter of 2024. The report indicates that as of March 2024, the total employment in the 370 largest counties in the United States reached 153.5856 million people, marking a 1.3% increase compared to the previous year. Additionally, the average weekly wage in the U.S. rose to $1,527 during the same period, reflecting a 4.2% year-over-year growth.