Portland's city council voted on Wednesday (June 7) to pass an ordinance prohibiting camping during daytime hours in most public places as it, like other places in the US, struggles to address a long-time homelessness crisis, Associated Press (AP) reported.

Portland bans daytime camping, imposes other restrictions — report

Central banks will be more hamstrung about how much they can do to boost growth if inflation remains sticky, according to JPMorgan Asset Management.

Karen Ward, the firm’s chief markets strategist for EMEA, said investors were too optimistic to think central banks would cut interest rates to support growth. She’s betting they’ll have to keep rolling back those bets.

JPMorgan Asset’s Ward says markets got carried away on rate cut bets

US mortgage applications for home purchases fell for a fourth week as 30-year fixed rates held close to an almost seven-month high.

The Mortgage Bankers Association index of applications for home purchases dropped 1.7% in the week ended June 2 to 151.7, the second-lowest level since 1995. The contract rate on a 30-year fixed mortgage decreased 10 basis points to 6.81%, according to the data out Wednesday.

US mortgage applications for purchases drop for a fourth week

The US trade deficit widened in April to the largest in six months as imports picked up and exports declined.

US trade deficit widens to largest in six months on more imports

Treasury Secretary Janet Yellen reiterated that she sees a “path” for inflation to come down while retaining a strong US job market.

“What’s important is to try to bring inflation down,” and that remains a priority, Yellen said in an interview on CNBC Wednesday. The administration continues to support the Federal Reserve’s efforts in that regard, she said.

Yellen sees path to curbing inflation even with solid jobs

The US economy is strong amid robust consumer spending but some areas are slowing down, US Treasury Secretary Janet Yellen said on Wednesday (June 7), adding that she expects continued progress in bringing inflation down over the next two years.

Yellen says US economy strong but some areas slowing

US House Speaker Kevin McCarthy faces a revolt from hardline Republicans who accuse him of betraying an agreement that got him elected to lead the chamber, raising questions about the job security of the top Republican in Congress.

McCarthy faces sudden challenge from hardliners after US debt ceiling bill

WASHINGTON (June 6): The battle to raise the US debt ceiling rekindled debate in Congress over funding for Ukraine, as House of Representatives Speaker Kevin McCarthy said on Tuesday that he had no immediate plans to take up legislation to boost defence spending beyond what was in last week's deal.

US debt ceiling battle rekindles debate over Ukraine funds

Goldman Sachs on Tuesday (June 6) lowered its probability for a US recession in the next 12 months to 25% from 35% and said the Federal Reserve will "most likely" hike interest rates by 25 basis points in July.

Goldman Sachs lowers odds of US recession

(June 6): JPMorgan Chase & Co chief executive officer Jamie Dimon will meet privately with a group of moderate House Democrats on Tuesday, with banking and the US economy on the agenda, according to people familiar with the plans.

Dimon to discuss banking, economy with House Democrats on Tuesday

Bank of America CEO Brian Moynihan said Sunday (June 4) the country may face a mild recession in the second half of this year and in the first quarter of the next year.

BofA CEO predicts start of US recession in second half of 2023

US regulators are preparing to tighten rules for large banks, which could raise their capital requirements by 20% on average, the Wall Street Journal reported on Monday (June 5), to boost the financial system's resilience after a spate of midsize bank failures this year.

US banks could face 20% hike to capital requirements — report

US House of Representatives Speaker Kevin McCarthy on Sunday (June 4) lauded the debt ceiling deal he negotiated with Democratic President Joe Biden, but a prominent House conservative warned that McCarthy has "credibility issues" that may prompt some Republicans to seek his ouster as the top Republican in Congress.

McCarthy lauds debt US ceiling deal, House conservatives divided

President Joe Biden on Saturday (June 3) signed a bill that suspends the US government's US$31.4 trillion (RM143.7 trillion) debt ceiling, averting what would have been a first-ever default with just two days to spare.

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