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July 9, 2019 The Week: On Monday, the Federal Reserve announced that it was cutting interest rates for the first time since the financial crisis. The cut was seen as a response to the economic slowdown that has been seen in the U.S. and around the world. The Fed also indicated that it may cut rates further if needed. The news sent stocks soaring, and the U.S. dollar fell sharply against other major currencies. On Tuesday, the Federal Reserve released its quarterly economic report, which showed that the U.S. economy is slowing. The report showed that consumer spending, business investment, and exports were all weaker than expected. The report also showed that inflation has been running below the Fed's 2% target. On Wednesday, the Federal Reserve released the minutes from its June meeting, which showed that officials were split on the decision to cut interest rates. Some officials argued for a larger cut, while others felt that a smaller cut was sufficient. The minutes also showed that the Fed was divided on what to do next, with some arguing for further rate cuts, while others were hesitant to do so. On Thursday, the Labor Department released its monthly jobs report, which showed that the U.S.
Tesla Recalls Nearly 700,000 Vehicles Over Tire Pressure Monitoring System Issue - ForexTV
Tesla Inc. (TSLA) has announced a recall affecting approximately 700,000 vehicles due to an issue with the tire pressure monitoring light.The recall targets specific models, including the 2024 Cybertruck, the 2017-2025 Model 3, and the 2020-2025 Model Y. The problem lies with the tire pressure monitoring system (TPMS) warning light, which may fail to stay illuminated between driving cycles, thereby not alerting the driver to low tire pressure.This issue results in non-compliance with Federal Motor Vehicle Safety Standard number 138, concerning "Tire Pressure Monitoring Systems."To address the issue, Tesla has provided a complimentary over-the-air software update. Owners can expect to receive notification letters by mail on February 15, 2025.This recall is not an isolated incident for Tesla. Reports indicate that the Cybertruck has already been subject to seven recalls this year alone. Notably, in October, Tesla recalled around 27,000 Cybertrucks due to a rearview camera defect that could heighten accident risk. Similarly, in July, the company recalled approximately 1.85 million vehicles due to a software glitch that could fail to detect an unlatched hood.The material has been provided by InstaForex Company - www.instaforex.com
President Biden Signs Law to Deliver Funding to SBA to Reopen its Disaster Loan Program and Support Recovery in Communities across the Country - ForexTV
SBA can now confirm loan offers to over 21,000 qualified disaster loan applicants waiting for financial assistance to recoverWASHINGTON, Dec. 21, 2024 (GLOBE NEWSWIRE) -- Today, President Joe Biden signed the American Relief Act, 2025 into law, providing funding for the U.S. Small Business Administration’s Disaster Loan Program. With this funding, which required Congressional approval, the SBA can resume processing urgently needed financial relief today to those impacted by Hurricanes Milton, Helene, and other natural disasters across the nation. “The SBA’s disaster loan program plays a vital role in helping communities recover by filling market gaps and providing the resources survivors need to rebuild stronger,” said SBA Administrator Isabel Casillas Guzman. “Thanks to the American Relief Act signed into law by President Biden, the SBA is ready to provide critical support to the thousands of families and businesses that have been waiting for relief to rebuild, reopen, and move forward.” SBA’s Disaster Loan Program offers direct, low-interest, long-term loans to assist survivors of federally declared disasters with recovering and rebuilding. Within the next 48 hours, over 21,000 individuals and businesses affected by Hurricanes Milton, Helene, and more than 200 other declared disasters waiting in a backlog caused by the lack of funding can expect to receive the details of their loan offer. The SBA will continue to process disaster loan applications and send out additional offers in the coming days. As of Oct. 15, 2024, the program had exhausted its funding, preventing the SBA from issuing new loan offers. Despite the funding lapse, the SBA continued to accept and process disaster loan applications, queuing approved applications for funding once additional resources became available. Applications continue to remain open for recently declared disasters and the SBA encourages those impacted to learn more about what is available in their community and apply today for disaster loans at lending.sba.gov. This rapid response underscores SBA’s commitment to supporting communities affected by natural disasters and the agency will continue working to ensure financial resources reach those in need. ### About the U.S. Small Business Administration The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov. CONTACT: SBA HQ Press Office U.S. Small Business Administration press_office@sba.gov
USD/JPY retreats to 156.50 after reaching multi-month highs on softer US PCE data - Forex Trader Hub
USD/JPY retreats below 157.00 at the end of the week. Traders dumped the USD after soft PCE data. The Fed's hawkish outlook might limit the pair's downside. The USD/JPY pair pulled back from its highest levels since July, retreating to 156.50 following the release of US Personal Consumption Expenditure (PCE) data. Softer inflation metrics, coupled