close video Powell has ‘made it clear’ Fed will not ‘pivot’ on rates: Sica
Circle Squared Alternative Investments CEO Jeff Sica joins “Varney & Co.” to share his market outlook and breaks down his predictions for how the Federal Reserve will handle rate hikes going forward.
The consumer price index (CPI) rose 6.4% in January on an annual basis, hotter than expected, but remained steady compared to last month.
The latest read presents more challenges for Federal Reserve Chair Jerome Powell who has hinted that disinflation is underway.
Still, elevated costs for everyday staples remain stubbornly high.
A cashier checks out a customer at a Publix grocery store. (Jeffrey Greenberg / UCG / Universal Images Group via Getty Images / File / Getty Images)
The Labor Department reported that the CPI, a broad measure of the price of everyday goods that includes gasoline, groceries and rents, rose 0.5% on the month in January after a surprise decline of 0.1% in December.
JANUARY RENTS HAD THE SMALLEST INCREASE SINCE MAY 2021
Annually prices remain above 6% but are down sharply from the 9.1% surge in June, which marked the highest inflation rate in almost 41 years.
Customers shop in a store in Queens, New York, on Dec. 23, 2022. (Ziyu Julian Zhu / Xinhua via Getty Images / File / Getty Images)
Still, inflation is expected to remain roughly three times higher than the pre-pandemic average on an annualized basis, underscoring the persistent financial burden placed on millions of U.S. households by high prices.
JAMIE DIMON WARNS IT'S TOO EARLY TO DECLARE VICTORY AGAINST INFLATION
When factoring out volatile food and energy costs, the core consumer price index rose 0.4% in January, slightly above December’s 0.3% increase. Annually, core CPI ticked up 5.6% in January, more than expected.
It's still lower than September’s 6.6% increase, which was the highest in 40 years.
Powell has previously acknowledged that disinflation has begun, but the Fed chairman also says there is still a long way to go to reach the central bank’s desired 2.0% inflation rate.
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The markets initially welcomed this message, sending risk assets like stocks higher. But recent concerns that the Fed will keep rates higher for longer have investors worried about a policy mistake.
FOX Business' Charles Brady and Megan Henney contributed to this report.
The evolution of Mars and its ancient atmosphere has been a prominent research topic for scientists. NASA’s Curiosity Mars rover could potentially be the ultimate solution for the temperature and other details about the planet. As per the assumptions made by the researchers, Mars’s atmosphere was crafted with a thick layer of carbon dioxide whereas the surface comprised liquid water. Likewise, the presence of carbonate minerals on the planet would be the result of a potential reaction between water, carbon dioxide, and Martian rocks, researchers say.
Presence of Siderite Detected
Recently reported in the April paper of Science, the presence of siderite has been discovered within the sulfate-rich rocky layers of Mount Sharp on Mars. The discovery was made at three of Curiosity’s drill sites.
According to the lead author and Associate Professor at the University of Calgary, Canada, Benjamin Tutolo, “The discovery of abundant siderite in Gale Crater represents both a surprising and important breakthrough in our understanding of the geologic and atmospheric evolution of Mars”.
About the Drilling Process
To achieve an understanding of the chemical and mineral makeup at the surface of Mars, Curiosity drills three to four centimeters down into the subsurface. Further, the powdered rock samples are then dropped into the CheMin instrument. This instrument analyses the rocks and soil via X-ray diffraction. The CheMin instrument is driven by NASA’s Ames Research Centre in California’s Silicon Valley.
The data analysis of the discovery was conducted by scientists at the Astromaterials Research and Exploration Science (ARES) Division at NASA Johnson Space Center in Houston.
Potential Findings and Atmosphere at Mars
The discovery of this carbonate mineral could potentially be hiding other minerals beneath the surface, in near-infrared satellite analysis. The possible presence of carbonates in sulfate-rich layers across Mars may result in the amount of carbon dioxide, which will be ideal to support the liquid water and create conditions warm enough to sustain water. Also, the scientists doubt the existence of other carbonates, or maybe they might have vanished from space.
To Conclude
The missions and analyses are still undergoing, and they will continue the research in the future. The findings can be confirmed post-research on the sulfate-rice area on the red planet. As the findings arrive, they will help us understand the transformation of the planet and will offer clarity on the ancient atmosphere.
Note: Curiosity is a part of NASA’s Mars Exploration Program (MEP) portfolio. It was built by NASA’s Jet Propulsion Laboratory, managed by Caltech in Pasadena, California. The mission is successfully led by JPL on behalf of NASA’s Science Mission Directorate in Washington.
It was perhaps not quite how officials, in London at least, had envisaged the announcement of the state visit would be made.
In the Oval Office, Donald Trump revealed the news in his own way.
“I was invited by the King and the great country. They are going to do a second fest – that’s what it is. It is beautiful,” he said during an impromptu Oval Office moment.
Or was this actually just the smaller visit that had been offered two months ago as an initial bilateral visit at which the state visit would be discussed?
Back in February, Sir Keir Starmer presented the president with a letter from King Charles and the offer of a state visit.
The letter proposed an initial meeting between the King and the president to discuss details of the state visit at either Dumfries House or Balmoral, both in Scotland, close to Mr Trump’s golf clubs.
The King wrote: “Quite apart from this presenting an opportunity to discuss a wide range of issues of mutual interest, it would also offer a valuable chance to plan a historic second state visit to the United Kingdom… As you will know this is unprecedented by a US president. That is why I would find it helpful for us to be able to discuss, together, a range of options for location and programme content.”
As he revealed the news of his “fest” with his “friend Charles”, Mr Trump said: “I think they are setting a date for September…”
Sources have since confirmed to Sky News that it will amount to the full state visit.
Image: Sir Keir Starmer handed Trump the invite earlier this year. Pic: Reuters
‘Even more important’
It’s possible the initial less formal presidential trip may still happen between now and September. Mr Trump is in Europe for the NATO summit in June and is due in Scotland to open a new golf course soon too.
“It is the second time it has happened to one person. The reason is we have two separate terms, and it’s an honour to be a friend of King Charles and the family, William,” the president said.
“I don’t know how it can be bigger than the last one. The last one was incredible, but they say the next one will be even more important.”
His last state visit in 2019, at the invitation of the late Queen, drew significant protests epitomised by the giant blow-up “Baby Trump” which floated over Parliament Square.
Image: The president was hosted by the Queen in June 2019. Pic: Reuters
Britain’s trump card
September is a little earlier than had been expected for the visit. It may be an advantage for it to happen sooner rather than later, given the profoundly consequential and controversial nature of the first few months of his second term.
The decision by the British government to play its “state visit trump card” up front back in February drew some criticism.
And since February, Mr Trump’s position on numerous issues has been increasingly at odds with all of America’s allies.
On Ukraine, he has seemingly aligned himself closely with Vladimir Putin. His tariffs have caused a global economic shock. And on issues like Greenland and Canada, a member of the Commonwealth, he has generated significant diplomatic shock.
A risk worth taking
Mr Trump is as divisive among the British public as he is in America. Sir Keir is already walking a political tightrope by choosing the softly softly approach with the White House.
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The UK government chose not to retaliate against Mr Trump’s tariffs, unlike some allies. Sir Keir and his cabinet have been at pains not to be seen to criticise the president in any way as they seek to influence him on Ukraine and seek an elusive economic deal on tariffs.
On that tariff deal, despite some positive language from the US side and offers on the table, there has yet to be a breakthrough. A continuing challenge is engaging with the president for decisions and agreements only he, not his cabinet, will make.
British officials acknowledge the risk the state visit poses. In this presidency, anything could happen between now and September.
But they argue British soft power and Mr Trump’s fondness for the Royal Family and pomp – or a “fest” as he calls it – amount to vital diplomatic clout.
For a special relationship under strain, a special state visit is the tonic.
The current EV era is ripe with revered classic car designs and nameplates that are being reborn as battery-powered rides – and the success of cars the Renault 5 proves it can be a winning formula. Today, I’m suggesting another classic that deserves a modern electric update: the OG Ford Taurus.
It might seem old and dated now, but when the original Ford Taurus made its debut in 1985, it was so fresh, so different, so futuristic that it was included, almost unchanged, in Robocop’s sci-fi vision of a dystopian Detroit. Really.
I’d buy that for a dollar
From the movie poster for Robocop; MGM Studios.
The aerodynamic design of the Ford Taurus wasn’t just futuristic, it was successful – and, from 1992 through 1996, the OG Taurus was not just Ford’s best-selling car, but the best selling car in North America.
The sedan market is very different forty years on – so different, in fact, that Ford doesn’t actually sell any sedans in North America. With the exception of the 2-door ICE Mustang, the Blue Oval brand doesn’t even sell any cars, and operates almost entirely as a truck and SUV brand.
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Now, imagine Ford decides to get back into the sedan game. It’s 2025 now, and the Tesla Model 3 has proven that there’s enough demand for at least one successful electric sedan in the US. And, crucially, it seems like most of those buyers won’t be trading their Tesla back in for another one.
If there was ever a time to do it, that time is now – and Ford is perfectly positioned to fast-track a new-age Taurus.
The VW connection
Chinese-market Volkswagen ID.7 Vizzion; via VW.
Yes, I know that’s a Volkswagen – but hear me out. Ford and VW have a strong, existing relationship when it comes to EVs, having co-developed the MEB electric skateboard platform that underpins both the high-riding Ford Capri (itself a modern take on a classic Ford) and the Volkswagen ID.7 shown, above.
The ID.7 is an interesting piece, because it was always Volkswagen’s original intention to bring the car to the US, but slowing sedan demand and a dealer body that would rather sell Scout-branded SUVs and pickups than near/entry-luxe sedans killed the car’s chances before before the first one made it over. Now, it’s not coming to the US at all.