The biggest U.S. gasoline price surge in years is running out of steam just in time for the start of the summer driving season.Energyread more
Stocks rose on Friday, but notched weekly losses as investors worried the U.S.-China trade war is hurting economic growth.US Marketsread more
The combination of mounting recession fears, bets on a more cautious Fed and a regular uptick in market volatility could spell more losses.Marketsread more
The therapy, Zolgensma, is a one-time treatment for spinal muscular atrophy — a muscle-wasting disease and leading genetic cause of infant mortality, affecting 1 in every...Biotech and Pharmaceuticalsread more
SpaceX has raised just over $1 billion in financing since the beginning of the year.Investing in Spaceread more
An analyst for Ark Invest, which has a major investment in Tesla, says recent drastic price-target cuts by others on Wall Street are missing the big picture.Investingread more
A federal judge in California has blocked President Donald Trump from building sections of his long-sought border wall with money secured under his declaration of a national...Politicsread more
Former Foreign Minister Boris Johnson is seen as the bookmaker's favorite to succeed outgoing Prime Minister Theresa May.Europe Politicsread more
The race is underway to find a vaccine that can control African swine fever, a highly contagious and deadly viral infection ravaging China's hog population. There is currently...Agricultureread more
Apple bought Tueo Health, which was developing tech to help parents monitor asthma symptoms in children, using a mobile app and commercial breathing sensors.Technologyread more
Prominent officials have praised the U.S. Federal Reserve, its chairman and its independence, amid new attacks from President Donald Trump.
During a CNBC-moderated panel at the IMF-World Bank meetings in Bali Thursday, Bank of England Governor Mark Carney said that Fed Chairman Jay Powell "is an individual that really understands the plumbing of the U.S. and global financial systems."
"That's an incredible advantage for the system at a time that the system is changing, to have someone in his position who has that level of technocratic expertise," Carney told CNBC's Geoff Cutmore.
Powell has been criticized several times for his work at the U.S central bank by the president. On Wednesday, Trump told reporters that "the Fed is going loco (crazy)" by increasing interest rates. Trump also said that he is "not happy" with the decisions to hike rates.
This was not the first time Trump has been displeased with the direction the Fed is taking. In September, after the U.S. central bank decided once again to raise rates, Trump said he was "worried about the fact that they seem to like raising interest rates, we can do other things with the money."
The central bank's benchmark rate sets all sorts of loans and mortgages across the U.S. and raising the rate essentially makes borrowing more expensive in the economy. The interest rate has been at record lows in the last few years as it was quickly lowered after the global financial crash to stimulate lending and boost growth.
Christine Lagarde, the managing director of the International Monetary Fund, also told CNBC that she would not associate Powell with "craziness."
"He comes across and members of his board as extremely serious, solid and certainly keen to base their decisions on actual information and the desire to communicate that properly. That's what I have observed," Lagarde told Geoff Cutmore on Thursday.
Trump's comments about the Fed have raised concerns about central bank independence — the idea that policymakers should monitor and reacts to data, not to politics. Lagarde said in Bali that the independence of central banks and their governors is "a good principle" and "the Fed is no exception."
Meanwhile, Jose Vinals, the chairman of Standard Chartered, also told CNBC that central bank independence is "one of the big conquests of the last 25 years."
"Preserving the credibility of central banks and the independence of central banks intact is a very important public good and that is something that should be cherished, in particular by political leaders," Vinals said.
UBS Chairman Axel Weber, who used to be the president of the German central bank, told CNBC he thinks the path the Fed has been taking is the correct one. "I think the amount of rate hikes they mapped out, maybe one more this year and three next year, looks roughly right for a former central banker like myself."
"Should there be a soft spot ... they will react to those weaker data. I don't see they will necessarily call off the rate hikes, but it might have an impact on timing. I think they will be data dependent and do what is right for the U.S. economy, independent of comments," Weber added.