- Reuters
FOREX-Dollar swoons after data suggests rate cut in September
The dollar slumped against major currencies on Wednesday after U.S. consumer prices in April showed inflation had resumed trending lower in the second quarter, raising hopes the Federal Reserve can deliver an interest rate cut as early as September. Also boosting optimism that the Fed was closer to a rate cut was a reading of U.S. retail sales that was unexpectedly flat last month, as higher gasoline prices pulled spending away from other goods in a sign the consumer was retrenching a bit. After inflation proved "sticky" in the first quarter, with housing rental rates and other prices remaining stubbornly high, the market welcomed the CPI data.
- Reuters
UPDATE 1-US Congress passes broad aviation bill on safety and consumer rights
The U.S. House of Representatives on Wednesday overwhelmingly passed a broad aviation bill to boost air traffic controller staffing, increase funding to avert runway close-call incidents, and speed refunds for canceled flights. The 387-26 vote sends the $105 billion, five-year measure to reauthorize the Federal Aviation Administration (FAA) to President Joe Biden for his signature by Friday after the Senate approved it last week. The bill prohibits airlines from charging fees for families to sit together and requires them to accept vouchers and credits issued in lieu of refunds for at least five years.
- BBC
Head teacher guilty of sexually abusing four girls
Neil Foden is found guilty of 19 sexual offences against young girls.
