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U.S. freezes funding to Ukraine war effort

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In a rare display of bipartisan cooperation, the United States House of Representatives has successfully passed a critical bill aimed at preventing a looming government shutdown.

The legislation, which sailed through the House with overwhelming support, now awaits approval from the Senate to ensure the uninterrupted operation of federal agencies and services.

The bill, which comes after weeks of intense negotiations between Democrats and Republicans, allocates funding for key government functions through the end of the fiscal year. This crucial move ensures that federal workers will continue to receive their salaries, and vital programs and services, such as healthcare, education, and defense, will remain operational.

The specter of a government shutdown has been a recurring issue in recent years, causing uncertainty and disruption for millions of Americans. It often stems from political gridlock and disagreements over budget allocations. However, this time, lawmakers from both sides of the aisle have come together to prioritize the nation’s stability and well-being.

Key provisions of the bill include funding for infrastructure projects, pandemic response efforts, and disaster relief programs. Additionally, it addresses issues related to immigration and national security, striking a balance that satisfies various factions within Congress.

The Senate is expected to take up the bill promptly, with lawmakers expressing confidence in its swift passage. If approved by the Senate and signed into law by the President, this legislation will provide much-needed stability and relief for the American people.

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Federal Reserve lowers rates amid eased job market

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The Federal Reserve has cut interest rates by a quarter-point, bringing the benchmark rate to a range of 4.5% to 4.75%, as economic growth continues but job gains slow.

The Fed noted that labour market conditions have “generally eased,” even with low unemployment, signalling a more cautious approach amid a stable economic expansion.

The statement marks a shift in Fed language, now saying inflation has “made progress” toward the 2% goal instead of the prior “further progress.”

With inflation holding steady around 2.6%, policymakers aim to keep economic risks balanced, despite pressures from slower job growth.

This rate cut reflects a strategic move to sustain economic momentum while cautiously watching inflation’s gradual trend toward the Fed’s target.

The decision was unanimous, aligning Fed priorities with a balanced approach to support both employment and price stability.

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Trump victory sparks market surge as Wall Street soars

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Donald Trump’s election victory has sparked a massive rally in the stock market.

Banks and industrial companies led the surge as investors bet that Trump’s plans for deregulation and tax cuts will boost economic growth.

Shares of big banks, like JPMorgan and Goldman Sachs, soared as investors predicted fewer regulatory restrictions.

Meanwhile, industrial giants such as Caterpillar and steelmakers like Nucor also hit record highs, reflecting optimism about U.S. manufacturing.

In contrast, clean-energy stocks took a hit, as Trump’s policies are expected to favour traditional energy sectors.

This surge comes amid rising Treasury yields and falling gold prices as investors gain confidence in the transition to a Trump administration.

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Australian Treasurer and RBA chief clash over economy

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A rare dispute has emerged between Australia’s Treasurer Jim Chalmers and Reserve Bank Governor Michele Bullock over the nation’s economic trajectory.

Governor Bullock argues the economy remains overheated, even as growth data shows recent slowdowns.

Treasurer Chalmers, however, warns that sustained high interest rates are “smashing the economy.”

This debate is critical for Australians, as it will influence the future of interest rates and inflation.

Data shows a mixed economic picture: while inflation is down, it’s still above target, and the jobs market remains historically strong.

Ultimately, deciding who’s right may come down to theory and perspective on economic health.

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