US weighing chip tariffs to spur domestic growth, trade chief says
The Trump administration continues to weigh US tariffs on imported semiconductors to boost domestic chip manufacturing, though there are no immediate plans to impose any new levies, US Trade Representative Jamieson Greer said. (The Edge Malaysia)
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US mortgage rates rose last week to an almost two-month high
US mortgage rates increased last week to an almost two-month high, weighing on home purchase activity. The contract rate on a 30-year mortgage rose 10 basis points to 6.56% in the week ended May 15, according to Mortgage Bankers Association data released Wednesday, just shy of the 6.57% reading at the end of March. (Bloomberg)
Trump says may have to wait until Iran war is over for rate cuts
US President Donald Trump conceded in an interview with Fortune magazine published on Monday that he may have to wait until the war with Iran is over for more interest rate cuts. (The Edge Malaysia)
US weekly jobless claims increase moderately, labor market remains stable
The number of Americans filing claims for unemployment benefits increased moderately last week, pointing to a stable labor market even as rising energy prices from the war with Iran drive up inflation. Initial claims for state unemployment benefits rose 12,000 to a seasonally adjusted 211,000 for the week ended May 9, the Labor Department said on Thursday. Economists polled by Reuters had forecast 205,000 claims for the latest week. (Reuters)
US producer prices post biggest gain in four years in April
US producer prices increased more than expected in April, posting their biggest gain since early 2022, the latest indication that inflation was accelerating amid the war with Iran. The stronger-than-expected rise in the Producer Price Index reported by the Labor Department on Wednesday presented President Donald Trump with a political headache at home as he arrived in Beijing for meetings with China’s leader. (The Edge Malaysia)
US annual consumer inflation posts largest gain in three years as prices increase broadly
U.S. consumer inflation increased further in April, with the annual rate posting its largest gain in three years, heightening political risks for President Donald Trump and his Republican party ahead of November’s midterm elections. (Reuters)
US existing home sales increase less than expected in April
U.S. existing home sales increased less than expected in April and could struggle to gain altitude as mortgage rates remain elevated and rising inflation squeezes household budgets. (Reuters)
Carney signals openness to deeper trade ties with US and Mexico Prime
Minister Mark Carney said Canada is open-minded to building closer trade connections with the US and Mexico in certain industries to create greater economic prosperity on the continent. (The Edge Malaysia)