The Fed minutes also note that "a couple" members wanted a 50 basis point cut, based primarily on the weak inflation readings.The Fedread more
Market focus is largely attuned to the Federal Reserve, with the U.S. central bank scheduled to publish its latest meeting minutes.Bondsread more
Federal Reserve members worried over future growth are highly concerned about the U.S.-China tariff battleThe Fedread more
President Trump and Apple CEO Tim Cook have had a rocky relationship in recent years, but Trump is now complimenting the executive publicly.Technologyread more
Here's what Nordstrom reported in their fiscal second-quarter earnings.Retailread more
Corporate debt recently passed the $1 trillion mark in a continuing sign of global financial displacement.Marketsread more
"Federal debt, which is already high by historical standards, is on an unsustainable course," CBO director Phillip Swagel said in the report.Politicsread more
The president's remark followed a string of criticisms aimed at his predecessors, whom he claimed had ignored China's alleged malpractice on trade.Politicsread more
President Trump liked Germany's sale of no-interest, 30-year bonds Wednesday, but investors weren't so eager to buy them.Market Insiderread more
SunTrust Robinson Humphrey analysts said in a research note the "Off-Facebook Activity" feature "appears to fall somewhat short of the original pledge by CEO Zuckerberg of...Technologyread more
"If you look at the market over the past week, stocks don't need any help. They are roaring ahead, without the Fed doing anything," says the longtime market strategist.Marketsread more
PARIS, July 16 (Reuters) - France's finance minister said on Tuesday the post-war international monetary order needed to be reinvented or become increasingly dominated by China.
The pillars of that order, the International Monetary Fund and its sister institution the World Bank, have been controlled by the United States and Europe since their inception at the Bretton Woods conference in New Hampshire in July 1944.
But gobalisation, the growing populist backlash against it and the rise of big new economic powers like China are increasingly putting that order to the test.
"The Bretton Woods order as we know it has reached its limits," French Finance Minister Bruno Le Maire told a conference at the French central bank marking the 75th anniversary of the conference.
"The alternative we have is now clear either we reinvent Bretton Woods or it risks losing relevance and eventually disappearing," he said.
Le Maire said that while Bretton Woods had defined the international economic order of the second half of the 20th century, the first part of this century may be defined by China's New Silk Road project.
The Belt and Road Initiative, as it is formally called, envisions rebuilding the old Silk Road to connect China with Asia, Europe and beyond with massive infrastructure spending largely financed by China.
"Unless we are able to reinvent Bretton Woods, The New Silk Roads might become the new world order," Le Maire said. "And Chinese standards on state aid, on access to public procurements, on intellectual property could become the new global standards."
IMF Acting Managing Director David Lipton said at the conference that the fund had a duty to reflect the rising power of emerging markets.
Le Maire said the reform priorities of Bretton Woods institutions should be focused on fighting climate change, curbing rising inequalities and regulating the emergence of digital giants.
He added that the arrival of a new IMF chief after Christine Lagarde's departure for the European Central Bank created an opportunity to rethink the fund's mandate while its shareholders needed to ensure it had enough resources for the next crisis. (Reporting by Leigh Thomas; Editing by Richard Chang)