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U.S. President Joe Biden unveils plan to tackle the cost of living crisis
As the cost of living soars in America, U.S. President Joe Biden sits down with Federal Reserve Chair Jerome Powell to work out a plan
There’s no doubt about it, everyone is feeling the pinch of inflation right now. Whether it be the price of petrol, food, rent or mortgages. So when does it end?
Well, President Joe Biden met with Federal Reserve Chairman Jerome Powell as soaring inflation takes a bite out of Americans’ pockets but also out of the president’s public approval.
Biden and Powell spoke about the need to cool inflation from its highest levels in 40 years and endeavour to help Americans who are doing it tough.
This was the first meeting since Powell was confirmed for his second term by the Senate.
The meeting spoke about the critical transition ahead for the U.S. economy and the need for interest rate hikes in an attempt to slow inflation.
Many contributing issues were highlighted including the impacts of the war in Ukraine, supply chain crunches, and post-pandemic recovery.
President Biden also wrote an op-ed in the Wall Street Journal echoing these cumulative concerns that have led the economy to its present moment.
Just like other leading economies around the world, the United States Government poured trillions into an economic stimulus to keep the country afloat.
However, now it is feeling the brunt of economic downfall. Biden reiterated the independence of the Federal Reserve’s decisions moving forward.
“The president underscored to Chair Powell in the meeting what he has underscored consistently including today — that he respects the independence of the Federal Reserve.
We have run this first leg of the race at a very rapid clip that has put us in the strong position relative to our peers, but this is a marathon and we have to move and shift to stable resilient growth,”
White House economic adviser Brian Deese
For now, there is no immediate reprieve for consumers. The Federal Reserve has raised interest rates and plans to impose two more rate hikes in its next two meetings.
However, these ongoing economic hardships will be front of mind when American voters head to the polls for November’s midterms.
They’re not only hurting Americans’ back pocket but also damaging Biden’s approval rating.
News
OpenAI prepares first consumer device amid revenue boom
OpenAI plans to launch a screenless smart speaker by late 2026, shifting focus to hardware amid significant revenue growth.
OpenAI plans to launch a screenless smart speaker by late 2026, shifting focus to hardware amid significant revenue growth.
OpenAI is gearing up to launch its first-ever consumer hardware device in late 2026. The product is expected to be a screenless smart speaker, signalling the tech giant’s move beyond software and into the world of physical devices.
The device comes after OpenAI acquired a promising hardware startup to accelerate development.
The company is also pushing a strategy to strengthen domestic manufacturing, working closely with U.S. manufacturers to secure efficient production of essential components.
Despite the progress, technical hurdles remain, especially around the device’s listening capabilities, which could delay the rollout.
This development comes on the heels of OpenAI reporting an annualised revenue of over $20 billion in 2025, representing a staggering 233% increase from the previous year. The combination of massive revenue growth and expansion into hardware marks a new era for the AI pioneer.
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Putin invited to Trump’s Gaza Peace Board
Putin invited to U.S.-led ‘Board of Peace’ for Gaza amid ceasefire efforts and reconstruction debates.
Putin invited to U.S.-led ‘Board of Peace’ for Gaza amid ceasefire efforts and reconstruction debates.
Russian President Vladimir Putin has reportedly received an invitation to join the U.S.-led ‘Board of Peace’ for Gaza, according to the Kremlin. The council, created by President Donald Trump, is designed to maintain a ceasefire between Israel and Hamas while overseeing the region’s reconstruction.
Kremlin spokesman Dmitry Peskov said Moscow will review the details of the invitation before responding. The board has already extended invitations to several world leaders, with some nations confirming their participation.
The proposal has sparked debate because the Trump administration reportedly requires participating nations to pay $1 billion to secure a permanent seat. Putin’s potential involvement also raises concerns, given his ongoing conflict with Ukraine.
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Trump escalates Greenland standoff as Europe weighs retaliation
Denmark boosts Greenland troops as Trump pushes U.S. control, prompting European leaders to seek diplomatic solutions amidst rising tensions.
Denmark boosts Greenland troops as Trump pushes U.S. control, prompting European leaders to seek diplomatic solutions amidst rising tensions.
Denmark has deployed additional troops to Greenland after President Donald Trump renewed his push for U.S. control of the island, linking the issue to what he claims cost him a Nobel Peace Prize.
The move has raised alarm across Europe, with leaders scrambling to prevent a fresh transatlantic crisis.
Trump has warned of tariffs against countries opposing American control of Greenland, calling the territory vital to U.S. security interests. Norway’s Prime Minister Jonas Gahr Støre has privately raised concerns with Trump, while EU officials assess potential coordinated countermeasures.
Despite the rhetoric, European leaders remain cautious. With U.S. influence deeply embedded in Europe’s defence and security framework, the bloc is keen to avoid further escalation as diplomatic negotiations continue behind the scenes.
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