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Fed Officials Cautiously Respond to Moody’s Downgrade and Market Volatility, Saying the US Remains Attractive
Several Fed officials have spoken out, cautiously dealing with the impact brought about by the downgrade of the US government’s credit rating and market instability. Currently, they are still dealing with a very uncertain economic environment. Fed Vice – Chair Jefferson said that the Fed will view this rating downgrade from the perspective of treating all new information and will not comment on the political and economic impacts of this rating downgrade. Atlanta Fed President Bostic said that this rating downgrade “will have an impact on the cost of capital and a series of other factors, and thus may have a knock – on effect on the economy”. Given the fast – changing economic situation, “I think we need to wait three to six months to see the final result. I think this will be an important factor in determining people’s willingness and interest in investing in the US.” * The White House said that President Trump does not agree with Moody’s decision to downgrade the US sovereign credit rating. White House spokesman Levitt told reporters that the world has full confidence in the US economy. * US National Economic Council Director Hassett dismissed Moody’s decision, saying that this move should not be a surprise.
Trump Says Russia and Ukraine Will “Immediately” Begin Cease – fire Talks, but Putin Seems Not to Have Yielded in the Call
US President Trump said on Monday that Russia and Ukraine will immediately begin cease – fire talks to resolve the three – year – long conflict, but he seemed not to have obtained major concessions from Russian President Putin in the two – hour call. “Russia and Ukraine will immediately begin negotiations to achieve a cease – fire and, more importantly, end the war,” Trump said, adding later at the White House that he thought “some progress is being made”. Putin said after the call with Trump that the efforts to end the war are “generally on the right track” and Moscow is ready to cooperate with Ukraine on a possible peace agreement.
The US Adjusts the Statement on AI Chip Export Controls, and the Chinese Ministry of Commerce: Tripping Others Won’t Make Oneself Run Faster
The US Department of Commerce recently adjusted the relevant statement on AI chip export controls. The Chinese Ministry of Commerce said in response that tightening controls on Chinese chip products on the pretext of unfounded charges and even interfering with Chinese companies’ use of chips produced in China within China is a typical act of unilateral bullying. China firmly opposes this. Tripping others won’t make oneself run faster.
The UK and the EU Reach an Agreement to Reset Trade and Defense Relations
The UK and the EU have reached the most important agreement to reset relations since the UK’s Brexit, removing some trade barriers and cooperating in defense to help the UK’s economic growth and strengthen the security of the European continent. The core of the restart agreement is a defense and security agreement, which will allow the UK to participate in any joint procurement. However, UK companies including BAE, Rolls – Royce and Babcock still need to reach further agreements to participate in the 150 – billion – euro (167 – billion – dollar) European rearmament program.
