Chinese officials are expected to be in Washington this week to hold consultations with the U.S. ahead of high-level trade talks in October.World Economyread more
Saudi Arabia's defense spending is the world's third-largest — behind the U.S. and China, says Gary Grappo, former U.S. ambassador to Oman.Energyread more
President Donald Trump said Monday he's in no rush to respond to a coordinated attack that hit Saudi Arabia's oil industry over the weekend.Marketsread more
The price of oil could go sharply higher, depending on the duration of the disruption at Saudi oil facilities and whether there is a military response.Powering the Futureread more
Energy stocks, one of the worst-performing sectors this year, spiked Monday after an attack on Saudi Arabia's heart of oil production Saturday sent oil prices soaring.Marketsread more
The Saudi-led military coalition battling Yemen's Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate...Oilread more
After a series of setbacks on the road to an initial public offering, the parent company of real estate start-up WeWork is delaying the move, sources told CNBC Monday.Technologyread more
"The United States military, with our interagency team, is working with our partners to address this unprecedented attack and defend the international rules-based order that...Politicsread more
Crude oil's spike following attacks on Saudi Arabia's energy supply has experts weighing whether or not the gains will last.ETF Edgeread more
"In the old days, the averages would've plunged on this kind of oil shock. I know because I've lived through a bunch of them, starting in 1973," Jim Cramer says.Mad Money with Jim Cramerread more
Traders in the fed funds futures market on Monday were pricing in a 34% chance that the Fed will stay put on rates.The Fedread more
The dollar retreated on Wednesday after Federal Reserve Chairman Jerome Powell struck a downbeat tone in congressional testimony, saying trade uncertainties and concerns about the global outlook continued to exert pressure on the U.S. economy.
The greenback hit session lows versus the euro and yen after Powell's comments, which reinforced expectations the Fed will cut interest rates for the first time in a decade at its next monetary policy meeting later this month.
In prepared remarks to a congressional committee, Powell said the Fed stands ready to "act as appropriate" to sustain a decade-long expansion.
He also contrasted the Fed's "baseline outlook" of continued U.S. growth against a considerable set of risks - including persistently weak inflation, slower growth in other major economies, and a downturn in business investment driven by uncertainty over just how long the Trump administration's trade war with China and other countries will last.
"Powell's semi-annual testimony to Congress indicates that despite the trade truce following the recent G20 meeting and the strength of employment growth in June, the Fed intends to push ahead with a rate cut at the FOMC meeting at the end of this month," said Paul Ashworth, chief U.S. economist, at Capital Economics. "We had previously anticipated that those positive developments would convince the Fed to delay that rate cut until September."
Expectations for a 50-basis-point rate cut at the July meeting have evaporated, but investors still expect a 25 basis-point cut due to weak inflation and worries about growing business fallout from the U.S.-China trade war. The Fed minutes of the June policy meeting released on Wednesday as well echoed Powell's comments to Congress.
In their June 18-19 meeting, which introduced the near-term possibility of a rate cut, multiple policymakers said rates should come down to "cushion the effects" of a U.S. trade war and to firm up inflation that is failing to meet the central bank's 2%-a-year target, according to minutes from that meeting released on Wednesday.
Charlie Ripley, senior investment strategist at Allianz Investment Management said the Fed minutes backed expectations of a near-term rate cut.
"The idea of 'insurance' rate cuts may be a difficult proposition for some policy makers to grasp, but markets are signaling that a decline in policy rates is required in order to sustain the current economic expansion," he added.
In afternoon trading, the dollar index slid 0.4% to 97.097. Against the yen, the dollar fell 0.4% to 108.43, dropping 0.5% against the Swiss franc to 0.9892 franc. The euro, meanwhile, rose 0.4% to $1.1252.