US renews Iran strikes, Fed, Telegram and cyclosporiasis
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What is the main topic discussed in this episode?
Hi, I'm Peter Delvin in London. It's Thursday, July 30th. Today, the US renews strikes on Iran as more countries become embroiled in the conflict. The Fed leaves rates unchanged, but three policymakers dissent in favour of a hike.
Why did the US renew strikes on Iran after recent attacks?
And how US diners are avoiding restaurants as cyclosporiasis fears trim lettuce seals. This is Reuters World News, bringing you everything you need to know from the front lines in 10 minutes, 7 days a week. The US has carried out fresh strikes in Iran, with Washington casting the strikes as a powerful response to Iranian missiles launched towards US forces in the Middle East. The latest strikes also come after a drone hit a US-owned gas storage tanker at Egypt's Mediterranean port of Damietta, threatening to draw more countries into the conflict, after the Iran-land Houthis in Yemen last week declared a naval blockade on Saudi Arabia. Stay tuned for a Reuters exclusive later in the pod on how officials are worried cell phone videos shared online are helping Iran target American bases and may confiscate troops' phones.
The Federal Reserve has held interest rates steady, with inflation worries still in focus. Three of the 12 members of the Federal Open Market Committee dissented, pushing for a quarter percentage point hike to address sticky inflation. It's Kevin Walsh's second meeting as Trump's pick to helm the Fed, and as our Fed reporter Anne Safier explains, the dissent provides insights into future moves.
It was Dallas Fed President Lori Logan who had said just about a week ago that she actually thought rates should be higher. The two others who also dissented, they were Cleveland Fed's President Beth Hammock and Minneapolis Fed President Neil Kashkari. Both also felt that there should be a rate hike. What are you waiting for, in other words? And Kevin Warsh, the chairman of the Fed, at his press conference today, gave some of an explanation of that. He said that they want to look at the big picture, make sure that they're asking the right questions.
We understand that the five plus years of inflation above target cannot be cured in nine weeks or by a single month of modest price decreases.
It's only his second meeting and already policymakers who feel that a rate hike needs to happen were not really willing to sort of step aside and give way to the chairman, but really make their feelings known out loud and clear. It takes on a little bit more importance now because Kevin Warsh does not like to talk about where he thinks rates should go, or even very much about how he thinks the Fed should react to particular events in the economy.
For more analysis, here's Mike Dolan from our sister podcast, Morning Bids.
So the Fed held the line, but three policymakers voted for an interest rate rise. And that's the biggest dissent against an incoming Fed chair since 1970. And it explains why the market was so uncertain going into this meeting. And it remains uncertain about the outcome for the next one in September. But the most interesting market reaction has been a steep rise in the long-term Treasury borrowing costs, with the 30-year yield hitting its highest level in 19 years, amid some concern that the Fed is hesitant to raise interest rates and may tolerate above-target inflation for longer. Thanks, Mike.
You can get Morning Bid wherever you get your podcasts.
On the advice of counsel, I respectfully decline to answer based upon my rights under the Fifth Amendment of the Constitution.
Dr. Anthony Fauci on Capitol Hill yesterday. The top U.S. infectious disease expert during the COVID-19 pandemic, Fauci declined to answer questions from longtime critic Senator Rand Paul.
And you haven't deviated from that. You've never admitted that it could have been a mistake funding this research in China.
Paul has for years accused Fauci of lying to Congress about the origins of the disease and called for his imprisonment. Fauci accused Paul of a, quote, unhinged obsession.
The only conclusion I can reach is that the sole reason he is calling me before this committee is to get me to say something.
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Chapters
5 chapters
1
What is the main topic discussed in this episode?
0:00–0:17
2
Why did the US renew strikes on Iran after recent attacks?
0:17–6:03
3
How did a drone strike on a US-owned tanker escalate regional tensions?
6:03–7:49
4
Why are US commanders warning troops about cell phone videos aiding Iranian targeting?
7:49–9:01
5
What does the Fed decision and three dissents reveal about future interest rates?
9:01–10:39
Speakers
9 identifiedMore from Reuters World News
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