Drone strikes attacked an oil processing facility at Abqaiq and the nearby Khurais oil field on Saturday.Marketsread more
Trump said oil would be released if needed to keep the market well supplied and he would expedite the approval of pipelines in Texas and other states.Marketsread more
The trucking industry is worth hundreds of billions of dollars per year. Uber is going after this market with Uber Freight, an online platform that matches truckers with...Technologyread more
Saudi Aramco is aiming to restore by Monday about a third of its crude output that was disrupted after drone attacks on two key oil facilities, The Wall Street Journal...Marketsread more
Apple's new iPhones can still send texts, download apps, and make video calls, but the company spends a lot of time and effort marketing its new phones as powerful photography...Technologyread more
Some U.S. manufacturers say tariffs, if targeted, will help address longstanding unfair trade practices like intellectual property theft.Traderead more
Supporters of a $15 minimum wage ballot initiative in Florida argue the state's inflation-tied pay hikes have not gone far enough.2020 Electionsread more
Saudi Arabia shut down half its oil production Saturday after drone strikes hit the world's largest oil processing facility in an attack claimed by Yemen's Houthi rebels.Politicsread more
Trusii's hydrogen water machines were supposed to help users with their health problems, but customers claim the company is involved in a giant scam.Technologyread more
The decoupling of the world's two weightiest economies seems as inescapable as its extent and global impact remains incalculable.Politicsread more
BlackBerry has reinvented itself to become a leader in securing mobile communications and in embedded communications. Next year it plans to roll out new products. CEO John...Evolveread more
The U.S. economy is heading into a "new normal" of slower growth that likely will keep monetary policy restrained, New York Federal Reserve President John Williams said Wednesday.
After a year where the economy accelerated close to 3 percent, GDP likely will slow to 2 percent this year despite a mostly favorable backdrop domestically, the central bank official said in a speech to the Economic Club of New York. He cited three constraining factors: a global slowdown, geopolitical uncertainty and tighter financial conditions.
"Now, I know this talk of slowing growth is causing uncertainty, some hand-wringing, and even fear of recession. But slower growth shouldn't necessarily come as a surprise," Williams said in prepared remarks. "For quite some time, the economic fundamentals have pointed to GDP growth much lower than what we saw in the 1990s, for example."
However, "slower growth isn't necessarily cause for alarm," he said, calling the labor market "very strong" and saying the "overall picture of the economy is about as good as it gets" with low unemployment, "sustainable growth" and inflation right around the Fed's 2 percent objective.
In that picture, the Fed needs to be data dependent and can be patient.
"The base case outlook is looking good, but various uncertainties continue to loom large. Therefore, we can afford to be flexible and wait for the data to guide our approach," he said.
The Fed raised its target interest rate four times in 2018 and expects two more hikes this year, though the market is expecting the policymaking Federal Open Market Committee to stand pat with the funds rate in a target range of 2.25 to 2.5 percent.
"We'll consider the full range of data, the headline statistics, the market indicators, and we'll listen to our business contacts on the ground, as we aim to keep the economy on its current course of a strong labor market, sustainable growth, and 2 percent inflation," Williams said.