Federal Reserve Chair Kevin Warsh said inflation remains above the Fed’s comfort level and warned policymakers will have “work to do” if underlying price pressures do not fade. He also defended limiting forward guidance, arguing the practice can reduce flexibility.
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Fed Chair Kevin Warsh will deliver his first major Jackson Hole speech as investors seek clarity on inflation, interest rates and bond market turmoil. Inflation remains above the Fed’s 2% target, while Warsh has resisted offering a detailed policy roadmap.
Canada said it will impose retaliatory tariffs of up to 50% on about $20 billion in U.S. imports starting Sept. 8. The measures target sectors including steel, dairy, appliances, agricultural equipment, pulp and paper, and electronics.
China said it would take “all necessary measures” to protect its interests after Washington expanded sanctions targeting Iran and its trading partners. U.S. Treasury Secretary Scott Bessent warned that no bank or business was beyond the reach of U.S. sanctions.
Canada will impose new duties of 15% to 50% on $20 billion in U.S. exports after the Trump administration enacted 50% tariffs on Canadian goods. The dispute has intensified with sharp exchanges between U.S. and Canadian leaders, including Trump’s suggestion that Lake Ontario be renamed Lake America.
President Trump says the United States is considering renaming Lake Ontario “Lake America” as tariffs and retaliatory threats deepen a trade dispute with Canada. Canadian officials say they are preparing countermeasures after talks collapsed.
The United States has removed Syria from its state sponsors of terrorism list after 47 years, easing restrictions that had deterred banks and investors. Syrian leaders hailed the move as historic and said it would support reconstruction after years of war.
The Trump administration is set to announce a broad new sanctions push against Iran, targeting entities and countries that keep trade flowing to Tehran. Iran has warned of retaliation as its currency hits a record low and inflation nears 90%.