The U.S. Federal Reserve cut interest rates by 0.25% to 4.5%-4.75% as inflation cools and labor market weakens. This follows a weak October jobs report, showing only 12,000 new jobs, and downward revisions for August and September. The easing cycle began in September with a 0.5% cut.
The U.S. Federal Reserve on Thursday slashed interest rates by 25 basis points amid cooling inflation and a weakening labor market, marking the second rate cut in this easing cycle.
Since earlier in the year, labor market conditions have generally eased, and the unemployment rate has moved up but remains low. Inflation has made progress toward the Committee's two percent objective but remains somewhat elevated, the Federal Open Market Committee (FOMC), the central bank's policy-setting body, said in a statement.
In support of its goals, the Committee decided to lower the target range for the federal funds rate by 0.25 percentage point to 4.5 percent to 4.75 percent, the statement said.
The Fed's latest decision came after a weak employment report, which showed that U.S. employers added only 12,000 jobs in October, amid a cooling labor market. This slowdown was exacerbated by a strike and the impact of recent hurricanes.
The latest report also revised down employment for August and September, to a gain of 78,000 and a gain of 223,000, respectively. With these revisions, employment in the two months combined is 112,000 lower than previously reported.
After its Sept. 17-18 meeting, the central bank slashed the target range for the federal funds rate by 50 basis points, which marked the first rate cut in over four years and signaled the start of an easing cycle.
Russia and Iran have agreed to intensify cooperation in developing international transport corridors, especially the North-South corridor. The move aims to improve trade flows and create smoother transportation conditions for goods traveling through both countries.
The Houthis, ruling northern Yemen, have claimed responsibility for the seventh drone attack on the US aircraft carrier USS Harry Truman since its arrival in the Red Sea. The group also warned it is monitoring developments in the Gaza Strip.
Azerbaijan's commercial gas production saw a growth of over 6%, highlighting a significant boost in the country's energy sector. This increase contributes to strengthening Azerbaijan’s role as a key player in regional and global energy markets
Azerbaijan has begun the trial of Ruben Vardanyan, a billionaire and former so-called Nagorno-Karabakh official, detained in September 2023 after Azerbaijan’s takeover of the region. He denies wrongdoing and claims his interrogation protocols were falsified.
China's economy met the 5% growth target for 2024, but many feel a slowdown, as industrial gains overshadow weak consumer demand. Rising unemployment and deflationary pressures highlight deeper structural challenges, leaving skepticism over the accuracy of official data and future growth.
A ceasefire agreement between Israel and Hamas has been reached, with hostages set to be released after over 15 months of conflict. The deal also includes a prisoner exchange, offering hope for peace despite ongoing violence in Gaza.
After the U.S. Supreme Court upheld a law that could ban TikTok over national security concerns, President Biden stated the final decision would rest with the next president, Donald Trump, who is reportedly considering a temporary delay of enforcement
A fire ravaged a shopping mall in Culiacán, Mexico, on January 16, 2025, causing significant damage, including the collapse of the roof housing a casino. Emergency responders worked to control the blaze, with one injury and two others treated for nervous breakdowns. Cause remains unknown.
Russia and Iran have agreed to intensify cooperation in developing international transport corridors, especially the North-South corridor. The move aims to improve trade flows and create smoother transportation conditions for goods traveling through both countries.
The Houthis, ruling northern Yemen, have claimed responsibility for the seventh drone attack on the US aircraft carrier USS Harry Truman since its arrival in the Red Sea. The group also warned it is monitoring developments in the Gaza Strip.
Reports of a two-month halt in Azerbaijani gas supplies to Serbia are false. Despite a technical issue at Shah Deniz Alpha, Shah Deniz Bravo ensures steady exports, with supplies set to resume soon. BP confirms no damage or environmental impact.
Coast Guard divers Chuck Fox and Corey Smith from the US Cutter *Polar Star* successfully repaired a leaking shaft in the freezing waters of McMurdo Sound, Antarctica.
Azerbaijan has temporarily halted its contracted natural gas supply to Bulgaria following a technical issue at BP's Alpha platform in the Shah Deniz gas field.
As we welcome the new year, it’s time to focus on species needing urgent conservation in 2025. From delicate lizards to mighty hornbills and massive sharks, all face the threat of extinction.
Over 100 Paris 2024 Olympic medals were returned due to quality issues linked to EU regulations and an untested varnish formula. The IOC has pledged to replace all defective medals.
Blue Origin successfully launched its New Glenn rocket early Thursday, marking a key milestone in the satellite launch industry. The rocket, featuring a reusable first stage, lifted off from Cape Canaveral, positioning Blue Origin as a competitor to SpaceX in commercial space exploration.
Apple lost its position as China’s top smartphone seller in 2024, with Vivo and Huawei surpassing it after a 17% drop in shipments, marking its largest-ever annual decline. Rising competition, Huawei’s comeback, and shifting consumer trends challenge Apple’s market position.
Meta to cut 5% of staff, focusing on "low performers," while boosting AI investments. Restructuring continues as 2023's "Year of Efficiency" impacts thousands of roles.
RedNote, a Chinese lifestyle app known as Xiaohongshu, has seen a surge of over 500,000 TikTok users amid U.S. ban concerns. The platform, often called China’s Instagram, is exploring global expansion as it gains unexpected international attention.
Prime Minister Keir Starmer has affirmed that Britain will establish its own approach to artificial intelligence regulation, emphasising the importance of testing and understanding AI before implementing a proportionate and grounded regulatory framework.
A ceasefire agreement between Israel and Hamas has been reached, with hostages set to be released after over 15 months of conflict. The deal also includes a prisoner exchange, offering hope for peace despite ongoing violence in Gaza.
After the U.S. Supreme Court upheld a law that could ban TikTok over national security concerns, President Biden stated the final decision would rest with the next president, Donald Trump, who is reportedly considering a temporary delay of enforcement
A fire ravaged a shopping mall in Culiacán, Mexico, on January 16, 2025, causing significant damage, including the collapse of the roof housing a casino. Emergency responders worked to control the blaze, with one injury and two others treated for nervous breakdowns. Cause remains unknown.
Russia and Iran have agreed to intensify cooperation in developing international transport corridors, especially the North-South corridor. The move aims to improve trade flows and create smoother transportation conditions for goods traveling through both countries.
The Houthis, ruling northern Yemen, have claimed responsibility for the seventh drone attack on the US aircraft carrier USS Harry Truman since its arrival in the Red Sea. The group also warned it is monitoring developments in the Gaza Strip.
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