Report: Pedestrian deaths reached their highest level in 40 years

CNN Business
The US economy is pulling off something historic
The US economy is on the verge of an extremely rare achievement.
Fortune
This ‘old school’ investment strategy may be better for investors than flashier AI stocks, says Bank of America
Growth for the Magnificent Seven may already be largely priced in. But that's not true for this corner of the market.
Chicago Tribune
Chicago Board of Education passes $9.9B budget, withstanding pressure from Mayor Brandon Johnson and teachers union
Despite pressure from the teachers union to reject Chicago Public Schools’ proposed $9.9 billion budget, Board of Education members unanimously voted Thursday to pass the district’s spending plan for the 2024-25 school year. While the vote may have settled the debate over addressing CPS’ $505 million deficit, the plan doesn’t account for future collective bargaining costs resulting from ...
The Hill
House Republicans pass bill cutting EPA funding by 20 percent
House Republicans on Wednesday passed what is expected to be the final government funding bill before August recess, proposing steep cuts for the Environmental Protection Agency’s budget for fiscal year 2025. The annual Department of Interior and EPA funding bill passed 210-205 late Wednesday. Democrats have come out in staunch opposition to the measure over…
Business Insider
It may already be too late for the Fed to stop a recession, former central bank president says
"Although it might already be too late to fend off a recession by cutting rates, dawdling now unnecessarily increases the risk," Bill Dudley wrote.
Fortune
Even September may be too late for a rate cut to swing the U.S. economy out of a recession, warns former Fed president
"Although it might already be too late to fend off a recession by cutting rates, dawdling now unnecessarily increases the risk."
Reuters
Foreigners sell nearly $1 billion in Indian equities in two days since budget
Foreign investors sold nearly $1 billion worth of Indian equities in the two days since the government raised taxes on derivatives trades and on capital gains from equity investments in its annual budget. Foreign portfolio investors (FPIs) net sold shares worth 81.06 billion rupees ($968 million) on Tuesday and Wednesday, provisional data from the National Stock Exchange showed. These investors, anticipating the budget, had bought equities worth a net amount of $2.20 billion in six sessions before the presentation on Tuesday.
Yahoo Finance
Fed's preferred inflation gauge shows prices rose at slowest pace since March 2021
The latest reading on the Fed Reserve's preferred inflation gauge comes just days before the Fed's next policy meeting as investors look for clues on when interest rate cuts might begin.
Reuters
Cooling US inflation bolsters September rate cut hopes
U.S. prices increased moderately in June as the declining cost of goods tempered a rise in the cost of services, underscoring an improving inflation environment that could position the Federal Reserve to begin cutting interest rates in September. The report from the Commerce Department on Friday also showed consumer spending slowed a bit last month. Signs of easing price pressures and a cooling labor market could boost the confidence of Fed officials that inflation is moving toward the U.S. central bank's 2% target.
Associated Press
China cuts 1-year benchmark rate and doubles subsidies for EVs in its 'cash for clunkers' program
China ratcheted up its effort to reinvigorate its slowing economy Thursday by unexpectedly cutting a key policy rate and also doubling subsidies for electric vehicles bought to replace older cars. The People’s Bank of China said it cut its lending rate for one-year medium term policy loans by 20 basis points to 2.3%. Major state-run banks cut deposit rates, meanwhile, to relieve pressure on their finances, reducing the rate paid on one-year fixed deposits by 10 basis points to 1.35%, the official Xinhua News Agency reported, citing official rates released Thursday by the country's “Big Four” banks: Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China and China Construction Bank.
CNN Business
Inflation is inching closer toward the Fed’s 2% target
Yet another favorable piece of economic data shows that price hikes are slowing and that long-unruly inflation appears to be tamed.
World Construction Network
India announces FY25 budget, with capex for infrastructure intact
Private sector investments in infrastructure will be promoted via viability gap funding and enabling policies and regulations.
Texas Tribune
El Paso County officials say it’s time the state pays for Operation Lone Star arrests
County officials issued a disaster declaration Tuesday, saying the state’s mass arrests at the border have cost the county millions of dollars and overwhelmed its criminal justice system.
AFP
US Fed's favored inflation measure cools further in June
The US Federal Reserve's favored inflation measure eased further in June, according to government data published Friday, in more good news for policymakers ahead of next week's interest rate decision. - Analysts see September cut - Stripping out volatile food and energy prices, the closely watched core measure of inflation eased to an annual rate of 2.6 percent in June -- also in line with expectations.
AFP
Russian central bank hikes key rate to fight inflation
Russia's central bank raised its key interest to 18 percent on Friday, the sixth hike in just over a year as it seeks to tame soaring price rises.The interest rate was previously at 16 percent and Nabiullina kept open the possibility of further hikes.
AFP
Bangladesh PM surveys destruction as unrest recedes
Bangladeshi Prime Minister Sheikh Hasina wept on Thursday as she surveyed the destruction wrought by days of deadly unrest, as student leaders weighed the future of the protests that sparked the disorder. "We demand an apology from Prime Minister Sheikh Hasina to the nation for the mass murder of students," Asif Mahmud, one of the group's coordinators, told AFP. "We also want the sacking of the home minister and education minister."
GOBankingRates
I’m an Economist: Here’s What a Trump Win in November Would Mean for the Tax Burden on the Poor
The 2017 Tax Cuts and Jobs Act implemented by the Trump administration resulted in slashing the corporate tax rate by 14%, cutting individual income tax rates and increasing the standard deduction.
Barrons.com
China Responds to Economic Concerns With Rate Cuts. Why That Isn’t Enough.
Chinese officials have tried to be responsive as the economy loses steam, but reforms from last week’s policy confab and the latest rate cuts fall short, analysts say.
Yahoo Finance
Calm inflation reading keeps the door open at Fed for September rate cut
The Fed’s preferred inflation gauge had its slowest annual increase in more than three years, likely getting policy makers closer to the conviction needed to ease monetary policy.
Reuters
US economy regains speed in second quarter; price pressures easing
The U.S. economy grew faster than expected in the second quarter amid solid gains in consumer spending and business investment, but inflation pressures subsided, leaving intact expectations of a September interest rate cut from the Federal Reserve. Growth last quarter also received a boost from inventory building as well as increased government spending, the Commerce Department's advance report on second-quarter gross domestic product on Thursday showed. The trade deficit widened further, subtracting from GDP growth.

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