News
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.
What’s happening in the Middle East?
- President Donald Trump says Iran’s Supreme Leader Ayatollah Ali Khamenei has been killed, with Iran now entering a transitional period under a three man leadership council
- Trump says U.S. strikes on Iran could last four to five weeks, outlining objectives including destroying missile capabilities, dismantling Iran’s navy and preventing it from obtaining a nuclear weapon
- The U.S. military confirms four American service members have been killed, and the White House says U.S. forces have destroyed and sunk nine Iranian naval ships
- Iran says it sees “no limit” to its right to self defence and will not negotiate, as missile and drone attacks continue across Israel and Gulf states
- More than 500 Iranians have been killed in U.S. and Israeli strikes, with additional deaths reported in Lebanon, Israel and the UAE
- Shipping, aviation and energy markets have been disrupted, Qatar has halted LNG production, UAE stock markets have closed temporarily, and oil and gas prices have surged
News
Israel strikes Tehran anew as conflict escalates and global markets react
Israel strikes Tehran after Khamenei’s death; U.S. warns of prolonged conflict as tensions escalate in the Middle East.
Israel strikes Tehran after Khamenei’s death; U.S. warns of prolonged conflict as tensions escalate in the Middle East.
Israel has launched a new wave of strikes on Tehran, following the reported killing of Iran’s Supreme Leader, Ali Khamenei. U.S. President Donald Trump has warned the campaign could last up to a month, framing the operation as a move to prevent Iran from acquiring nuclear capabilities.
Iran has retaliated with missile attacks, while its Revolutionary Guards claim responsibility for assaults on oil tankers in the Gulf. The escalating hostilities are already disrupting global shipping lanes and air travel, sending shockwaves through international markets.
With reports of the first U.S. casualties emerging and Washington declaring the Tehran operation a success, tensions across the Middle East are intensifying rapidly. The question now is how far this conflict could spread — and at what cost.
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News
U.S. and Israel strike Iran as missiles hit Gulf bases and oil surges
U.S. and Israel launch major military operation against Iran; tensions rise as conflict escalates, impacting global markets.
U.S. and Israel launch major military operation against Iran; tensions rise as conflict escalates, impacting global markets.
The United States and Israel have launched a sweeping military operation against Iran, striking leadership targets and more than 500 military sites in what President Trump has dubbed Operation Epic Fury.
Explosions have rocked Tehran, with civilians fleeing the capital as U.S. sea and air assets carry out sustained attacks. Washington says the mission is designed to prevent a nuclear armed Iran and has even called on Iranians to rise up against the regime.
Iran has retaliated with a barrage of missiles and drones targeting Israel and U.S. bases across the region, including in Qatar, Kuwait, the United Arab Emirates and Bahrain. While many projectiles were intercepted, a U.S. base in Bahrain sustained damage.
Gulf states long seen as stable hubs for global business are now directly in the firing line, raising fears of a wider regional war.
Oil prices are climbing and tankers are diverting from the Strait of Hormuz as markets react to the escalating conflict. U.S. aircraft carriers, advanced fighter jets and missile destroyers remain in position, signalling more strikes could follow.
With global leaders scrambling diplomatically, the world is watching to see whether this spirals further or shifts back to negotiations.
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