NEW YORK (Reuters Breakingviews) - The Federal Reserve has turned. The U.S. central bank on Wednesday cut its target overnight interest cost by a quarter percentage point, to a range of 2% to 2.25%. For some, like U.S. President Donald Trump, that’s surely not enough. For others – and going by most economic statistics – it’s too much. Fed Chairman Jerome Powell has found another way to please nobody.
LONDON (Reuters Breakingviews) - Alan Turing is to feature on the UK’s new 50-pound note. Among many achievements, the mathematician and wartime code-breaker proposed a test for whether a machine can be described as intelligent. The smartest thing might be to scrap high-denomination banknotes rather than renewing them. But the Bank of England’s revamp of the highest value bill in public circulation just about passes its own Turing test.
NEW YORK (Reuters Breakingviews) - Perhaps a quarter of the world’s oil is shipped through the Strait of Hormuz. So threats to tankers in the area should worry traders. Yet a couple of attacks on Thursday brought only a 2.5% jump in the price of Brent crude, to just over $61 a barrel. It’s a mild reaction that puts a lot of faith in cool diplomatic heads.
NEW YORK (Reuters Breakingviews) - U.S. hedge-fund boss Ray Dalio is one capitalist who frets about the gap between rich and poor. Yet our planet’s billions of people on average are improving their lot. A report released on Monday shows how land, water and biodiversity, on the other hand, are paying the price.
NEW YORK (Reuters Breakingviews) - The U.S. economy isn’t quite allowing President Donald Trump a victory lap. But nor is it providing much fodder for critics. GDP growth slowed in the last quarter of 2018, still almost hitting the administration’s 3 percent target for the full year. The president, the Federal Reserve and market watchers can all take what they want from that.
NEW YORK (Reuters Breakingviews) - Andy Purdy, who previously worked in academia and for the U.S. government, talks about the geopolitical edge to allegations about Beijing’s influence at Chinese tech group Huawei, and how communications equipment needs global standards and better testing across the board.
NEW YORK/WASHINGTON (Reuters Breakingviews) - The so-called Green New Deal proposed by progressive U.S. Democrats is vague, flawed and controversial. It envisages sweeping measures to combat both climate change and a raft of social ills. The plan may have little political chance in the near term. But at least it’s a big idea that could provoke a needed U.S. climate-related debate.
NEW YORK/LONDON (Reuters Breakingviews) - Want to know whether there’s going to be a U.S. recession, a flare-up in the trade war, or a spate of corporate implosions? You could stay glued to the news and social media. Or, if you have better things to do, just stay focused on these three proxy indicators.
NEW YORK (Reuters Breakingviews) - U.S. President Donald Trump’s “America first” mantra involves barriers to trade and immigration and a sort of manufacturing nationalism. Experiences like Argentina’s show that this approach creates market dysfunction and can hit economic output and jobs. More of that kind of fallout is likely in 2019 as the White House rolls out further protectionist measures.
NEW YORK (Reuters Breakingviews) - Purveyors of electric scooters to urbanites, Bird and Lime most prominent among them, are all the rage in Silicon Valley. The toy-like tech marvels sometimes clog up streets and sidewalks, falling foul of officials even in San Francisco. Yet they are also a bridge between cars or mass transit and walking – a low-cost, green, last-mile transport option. They may soon find a city-friendly sweet spot.