Gasoline prices ease for the summer driving season. Secretary of State Henry Kissinger said he believes military conflict between China and Taiwan is likely if tensions continue on their current course, though he still holds out for dialogue that will lead to de-escalation - as he's been urging. But stimulus might not help, some economists warn, because businesses and consumers are wary of debt.įormer U.S. China's central bank already cut interest rates this week. Infrastructure spending and rule changes encouraging property investors to buy more homes are on the table, people familiar with the discussions say, as fresh data shows the economic recovery flickering out. More in China section.Ĭhina plans stimulus to revive its flagging economy. Xi Jinping said China is willing to work with the world on technology innovation and global challenges including pandemic prevention during a meeting with American billionaire Bill Gates. More in Markets section.Ĭentral banks of the world's three largest economic blocs had sharply contrasting approaches this past week, leading to increased confusion about the global economy. "I found the Fed's action a little bit confusing," the former Treasury Secretary said, as a pause is inconsistent with adding two further hikes to the outlook for this year and with raising the growth forecast. Lawrence Summers sees "disturbing" signs internal politics are driving the Fed. The agreement announced late Wednesday, which must be ratified by employers and dockworkers, includes improvements in benefits and other provisions reached. West Coast dockworkers won a 32% pay increase through 2028 and will get a one-time "hero bonus" for working through the pandemic under a tentative contract agreement reached with port employers, the Wall Street Journal reports, citing people familiar with negotiations. As a result, there will be no Updates on Monday unless there are major developments. markets and government offices are closed Monday, June 19, for the federal Juneteenth holiday. The three-year-old federal holiday marks the day in 1865 when black slaves in Texas learned of freedom - two years after emancipation. WSJ: West Coast dockworkers won 32% pay increase through 2028 to get one-time "hero bonus'Īmericans celebrate Juneteenth on June 19.
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