Powell faces Jackson Hole test as Fed weigh cuts
The economy slows amid tariff tensions and Powell prepares a keynote at Jackson Hole. Markets expect signals on rate cuts though experts doubt further easing will revive weakness in factories housing and consumer demand. Some fear political pressure from Trump could pressure Fed independence.
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Trump abandons payroll tax cut amid strong economy claim
President Trump reversed course on a payroll tax cut saying the economy is strong and a tax cut is unnecessary. He also criticized the Fed for rate hikes and defended tariffs against China while markets showed volatility and recession fears loom ahead of the 2024 election.
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Retail rally boosts stocks led by Target and Lowe's
Strong earnings from major retailers helped U.S. stocks advance as investor optimism returns after a loss. Target posted the largest gain, Lowe's had a standout day, with retailers like Nordstrom Kohl's and Gap closing higher while technology shares led gains and bonds pushed yields higher.
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U.S. job growth revised downward for March
The Labor Department reports a 501000 drop in March jobs from initial figures, with two thirds from retail and leisure and hospitality. The revisions show slower growth near the economy's tenth anniversary, though some sectors rose like government and financial services.
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