European Union won't allow attacks on borders, French minister says after Trump's Greenland comments

President-elect Donald Trump is considering declaring a national economic emergency to provide legal justification for a large swath of universal tariffs on allies and ...

Thank you, Alvaro, and thank you for the honor of initiating this new series of lectures from central bankers. I will begin with a few words on the U.S. economic outlook and the implications for monetary policy. But on this occasion, I thought it appropriate to then widen my perspective, to address what I see as the leading challenges that OECD economies face that are of particular importance to central bankers in how we approach monetary policy and our other responsibilities. I continue to believe that the U.S. economy is on a solid footing. Real gross domestic product (GDP) growth has been above 2 percent for eight of the last nine quarters and is expected to grow above 2 percent in the fourth quarter of 2024. Despite this robust economic growth, the labor market softened over 2024, and employment is now near what I judge to be the Federal Open Market Committee's (FOMC) maximum-employment objective. I have seen nothing in the data or forecasts that suggests the labor market will dramatically weaken over coming months. With regard to inflation, after a period of rapid disinflation in 2022 and 2023, progress appears to have stalled in the final months of 2024. Our latest reading of core personal consumption expenditures (PCE) inflation is 2.8 percent for the 12 months ending in November. This is down just a bit from where it was a year earlier, at 3.2 percent. This minimal further progress has led to calls to slow or stop reducing the policy rate. However, I believe that inflation will continue to make progress toward our 2 percent goal over the medium term and that further reductions will be appropriate. Let me explain why I expect inflation to continue toward our goal. First, as we saw a year ago when inflation briefly increased, progress has been uneven, but disinflation is more apparent if one smooths through the recent upticks. To tease out the underlying trend in inflation, I often look at the six-month percent change in core PCE prices, which is 2.4 percent at an annual rate for November and has mostly been moving down toward 2 percent over th post: *FED’S WALLER: WILL SUPPORT FURTHER CUTS IN 2025, PACE DEPENDS ON DATA post: Chris Waller says he expects inflation to continue declining to 2% and doesn’t sound — at all — like someone ready to declare or even hint at an end to cuts. Key quote: “My bottom-line message is that I believe more cuts will be appropriate.” On the inflation forecast, Waller… post: FED'S WALLER: GEOPOLITICAL CONFLICTS AND TARIFFS COULD BE A SOURCE OF RENEWED PRICE PRESSURE. post: FED'S WALLER/OECD: MUST 'LOOK IN EVERY DIRECTION' AND BE 'NIMBLE;' 'E MUST MOVE DELIBERATELY AND ALSO BE READY TO ACT QUICKLY' #Waller #FederalReserve #economy