News
US senators officially vote to raise debt ceiling
The U.S. Senate has officially voted to raise the debt ceiling, narrowly averting a catastrophic default.
The U.S. Senate has officially voted to raise the debt ceiling, narrowly averting a catastrophic default
Just two weeks before the United States’ debt ceiling was reached, lawmakers have agreed to extend the limit.
The ongoing debate between Republicans and Democrats has sent shockwaves through the markets over recent times… with fears the government would default and shut down.
The implications of a default would be severe and wide-ranging… but Senate Majority Leader Chuck Schumer says lawmakers have finally reached a deal.
The deal came after hours of negotiations into the night… and Senators could vote on the agreement as soon as Thursday.
Currently, debt in the U.S stands at around $28 trillion
The agreement is likely to increase the debt ceiling by $480 billion, which would extend it until December 3.
Senate Minority Leader Mitch McConnell confirmed during a floor speech that they had reached a deal.
The agreement comes less than two weeks before 18 October, the day the US Treasury Secretary Janet Yellen warned was the deadline to prevent the first ever US default.
The temporary debt compromise will still need to be passed by both chambers of Congress, and US lawmakers will still have to address this issue near the new December deadline to avert a default.
Should the United States have defaulted on its debts, analysts say it would severely hurt the country’s credit rating resulting in the global financial system being plunged into turmoil and possibly lead to a self-inflicted recession.
News
RBA holds rates as investors shift from property to stocks
RBA holds rates at 3.6%, shifting investor focus from property to potential stock market gains amid persistent inflation pressures.
RBA holds rates at 3.6%, shifting investor focus from property to potential stock market gains amid persistent inflation pressures.
The Reserve Bank of Australia has held interest rates at 3.6 percent, signalling a steady approach as inflation pressures persist and prompting investors to reassess their strategies in an uncertain climate.
The decision has shifted attention away from the property market, with experts suggesting the stock market may offer stronger opportunities, especially for those looking to outpace inflation over the long term.
We speak with Dale Gilham from Wealth Within about what the RBA’s call means for investors, why confidence in housing is changing, and what smarter financial choices look like in 2025.
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U.S. retail sales slowdown sparks new fears ahead of Fed decision
U.S. retail sales weaken, raising concerns about consumer spending and economic resilience ahead of the holiday season.
U.S. retail sales weaken, raising concerns about consumer spending and economic resilience ahead of the holiday season.
Retail sales in the U.S. have unexpectedly weakened, raising new questions about consumer strength and the resilience of the economy. As Americans pull back on spending, analysts are watching closely to see whether this signals a broader shift toward caution in the lead-up to the holiday shopping period.
The slowdown has amplified uncertainty around the Federal Reserve’s next move on interest rates, as policymakers weigh mixed economic signals against cooling demand. With some categories falling sharply, economists warn that faltering retail activity could ripple into GDP forecasts and overall market confidence.
Brad Gastwirth from Circular Technologies joins us to break down which categories were hit hardest, why shoppers are becoming more value-conscious, and what this means for the economy heading into 2025.
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News
xAI’s $15 billion raise, deadline pressure and Grokipedia launch
Elon Musk’s xAI plans $15 billion funding round, reaching $230 billion pre-money, amid fierce AI sector competition.
Elon Musk’s xAI plans $15 billion funding round, reaching $230 billion pre-money, amid fierce AI sector competition.
Elon Musk’s artificial intelligence startup xAI is preparing to close a huge $15 billion funding round next month, valuing the company at $230 billion pre-money. The raise highlights the intense investor appetite for advanced AI platforms as competition heats up across the sector.
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