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Federal Reserve’s preferred inflation measure held steady at 2.5% in July

Published

2 years ago

August 30, 2024

Federal Reserve’s preferred inflation measure held steady at 2.5% in July

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The Federal Reserve’s preferred measure of inflation held steady at 2.5 per cent in the year to July, according to data released on Friday that paves the way for the US central bank to start cutting interest rates next month.

The personal consumption expenditures index compared with economists’ expectations of a 2.6 per cent rise and June’s figure of 2.5 per cent. The Fed’s target for headline PCE index is 2 per cent a year.

“Core” PCE — which strips out volatile food and energy costs — remained at 2.6 per cent, below the forecast 2.7 per cent.

The figures from the commerce department come after Fed chair Jay Powell said last week that the “time has come” to begin cutting rates as inflation eases and the labour market slows.

Powell’s comments at the annual Jackson Hole conference made it all but certain that the central bank will lower its main rate from its current range of between 5.25 and 5.5 per cent at its next meeting in September.

Much of the debate among Fed watchers has now shifted to whether the central bank will cut by 0.25 or 0.5 percentage points in September, and how steep the reductions will be for the rest of the year.

US government bond prices were little changed following the publication of the data. The yield on the two-year Treasury note, which rises when prices fall, was up 0.03 percentage points on the day, at 3.93 per cent.

Stock futures suggested the S&P 500 was set to rise 0.5 per cent compared with immediately before the release.

This is a developing story

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Map: Earthquake Shakes Central California

Published

5 hours ago

March 2, 2026

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Map: Earthquake Shakes Central California

Note: Map shows the area with a shake intensity of 3 or greater, which U.S.G.S. defines as “weak,” though the earthquake may be felt outside the areas shown. All times on the map are Pacific time. The New York Times

A minor earthquake with a preliminary magnitude of 3.5 struck in Central California on Monday, according to the United States Geological Survey.

The temblor happened at 7:17 a.m. Pacific time about 6 miles northwest of Pinnacles, Calif., data from the agency shows.

As seismologists review available data, they may revise the earthquake’s reported magnitude. Additional information collected about the earthquake may also prompt U.S.G.S. scientists to update the shake-severity map.

Source: United States Geological Survey | Notes: Shaking categories are based on the Modified Mercalli Intensity scale. When aftershock data is available, the corresponding maps and charts include earthquakes within 100 miles and seven days of the initial quake. All times above are Pacific time. Shake data is as of Monday, March 2 at 10:20 a.m. Eastern. Aftershocks data is as of Monday, March 2 at 11:18 a.m. Eastern.

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US says Kuwait accidentally shot down 3 American jets

Published

8 hours ago

March 2, 2026

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US says Kuwait accidentally shot down 3 American jets

The U.S. and Israel have been conducting strikes against targets in Iran since Saturday morning, with the aim of toppling Tehran’s clerical regime. Iran has fired back, with retaliatory assaults featuring missiles and drones targeting several Gulf countries and American bases in the Middle East.

“All six aircrew ejected safely, have been safely recovered, and are in stable condition. Kuwait has acknowledged this incident, and we are grateful for the efforts of the Kuwaiti defense forces and their support in this ongoing operation,” Central Command said.

“The cause of the incident is under investigation. Additional information will be released as it becomes available,” it added.

In a separate statement later Monday, Central Command said that American forces had been killed during combat since the strikes began.

“As of 7:30 am ET, March 2, four U.S. service members have been killed in action. The fourth service member, who was seriously wounded during Iran’s initial attacks, eventually succumbed to their injuries,” it said.

Major combat operations continue and our response effort is ongoing. The identities of the fallen are being withheld until 24 hours after next of kin notification,” Central Command added.

This story has been updated.

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Satellite images provide view inside Iran at war

Published

20 hours ago

March 1, 2026

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Satellite images provide view inside Iran at war

Smoke rises over Konarak naval base in southern Iran on Sunday. The base was one of hundreds of targets of U.S. and Israeli forces throughout the country.

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Commercial satellite images are providing a unique look at the extent of damage being done to Iran’s military facilities across the country.

The U.S. and Israeli military campaign opened with a daytime attack that struck Iranian leadership in central Tehran. Smoke was still visible rising from Ayatollah Ali Khamenei’s compound following the attack that killed the supreme leader.

An image by the company Airbus taken on Saturday shows the aftermath of an Israeli strike on Iran’s Leadership House in central Tehran. Iran’s Supreme Leader Ayatollah Ali Khamenei was killed in the opening wave of attacks.

Pléiades Neo (c) Airbus DS 2026

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Pléiades Neo (c) Airbus DS 2026

Israel and the U.S. have gone on to strike targets across the country. Reports on social media indicate that there have been numerous military bases and compounds attacked all over Iran, and Iran has responded with attacks throughout the Middle East.

U.S. forces have also been striking at Iran’s navy. In a post on his social media platform, President Trump said that he had been briefed that U.S. forces had sunk nine Iranian naval vessels. U.S. Central Command did not immediately confirm that number but it did say it had struck an Iranian warship in port.

An image captured on February 28 shows a ship burning at Iran's naval base at Konarak.

An image captured on Saturday shows a ship burning at Iran’s naval base at Konarak.

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Numerous satellite images show burning vessels at Konarak naval base in southern Iran. Images also show damage to a nearby airbase where hardened hangers were struck by precision munitions.

Hardened aircraft shelters at Konarak airbase were struck with precision munitions.

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And there was extensive damage at a drone base in the same area. Iran has launched numerous drones and missiles toward Israel and U.S. military installations in Bahrain, Kuwait and Qatar. Many drones have been intercepted but videos on social media show that some have evaded air defenses and caused damage in nearby Gulf countries. In Dubai, debris from an Iranian drone damaged the iconic Burj Al Arab, according to a statement from Dubai’s government.

Buildings at an Iranian drone base at Konarak were destroyed in the strikes.

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Iran’s most powerful weapons are its long-range missiles. The Iranian Revolutionary Guards have hidden the missiles deep inside mountain tunnels. Images taken Sunday in the mountains of northern Iran indicate that some of those tunnels were hit in a wave of strikes.

Following Khamenei’s death, Iran declared 40 days of mourning. Satellite images showed mourners gathering in Tehran’s Enghelab square on Sunday.

Iranian Foreign Ministry Spokesperson Esmail Baghaei told NPR on Sunday that Iran will continue to fight “foreign aggression, foreign domination.”

A White House official told NPR that Trump plans to talk to Iran’s interim leadership “eventually,” but that for now, U.S. operations continue in the region “unabated.”

A large crowd of mourners fill Enghelab Square in Tehran on Sunday, following the death of Iran’s Supreme Leader Ayatollah Ali Khamenei, who was killed in an Israeli airstrike.

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