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The US economy’s strength and continued tight labor markets could warrant further Federal Reserve interest rate increases, Fed Chair Jerome Powell said on Thursday in remarks that appeared to push back against market expectations that the central bank’s rate hikes had reached an end.

“We are attentive to recent data showing the resilience of economic growth and demand for labor. Additional evidence of persistently above-trend growth, or that tightness in the labor market is no longer easing, could put further progress on inflation at risk and could warrant further tightening of monetary policy,” Powell said in remarks to the Economic Club of New York.

For inflation to durably return to the Fed’s 2% target, it “is likely to require a period of below-trend growth and some further softening in labor market conditions,” Powell said.

Since the Fed began raising interest rates in March of 2022 the unemployment rate has varied little from the current 3.8%, below the level most Fed officials feel is noninflationary, and overall economic growth has generally remained above the 1.8% annual growth rate Fed officials see as the economy’s underlying potential.

The Fed is “proceeding carefully” in evaluating the need for any further rate increases, Powell said, likely leaving intact current expectations that the Fed will leave its benchmark policy rate steady at the current 5.25% to 5.5% range at the upcoming Oct. 31-Nov. 1 meeting.

There is evidence the labor market is cooling, Powell said, with some important measures approaching levels seen even before the pandemic.

Powell also noted a number of fresh “uncertainties and risks” that need to be accounted for as the Fed tries to balance the threat of allowing inflation to rekindle against the threat of leaning on the economy more than is necessary.

Those include new geopolitical risks to the economy from the “horrifying” attack on Israel by the Palestinian militant Hamas group, Powell said.

“Our institutional role at the Federal Reserve is to monitor these developments for their economic implications, which remain highly uncertain,” Powell said. “Speaking for myself, I found the attack on Israel horrifying, as is the prospect for more loss of innocent lives.”

He also noted recent market-driven increases in bond yields that have helped to “significantly” tighten overall financial conditions.

“Persistent changes in financial conditions can have implications for the path of monetary policy,” Powell said, with higher market-based interest rates, if sustained, doing the same job as Fed rate increases.

But the Fed chair also voiced what has become a lingering theme at the central bank: That despite steady progress on lowering inflation, the battle isn’t over, with further rate increases still a possibility and the duration of tight monetary conditions still to be determined.

“Inflation is still too high, and a few months of good data are only the beginning of what it will take to build confidence that inflation is moving down sustainably toward our goal,” Powell said, citing the progress made since inflation peaked last year but also noting that one of the Fed’s main measures of inflation remained at 3.7% through September, nearly twice the central bank’s target.

“We cannot yet know how long these lower readings will persist, or where inflation will settle over coming quarters,” Powell said. “The path is likely to be bumpy and take some time…My colleagues and I are united in our commitment to bringing inflation down sustainably to 2%.”

The weeks since the Fed’s September meeting have been unusually turbulent, with worries about regional war in the Middle East rising and bond markets driving market interest rates higher, tightening the financial conditions faced by businesses and households somewhat independent of the Fed.

Data since the Fed’s last meeting also has shown US job growth reaccelerating unexpectedly, retail sales defying predictions of a slowdown and varying measures of prices offering inconsistent signals about whether inflation is on track to return to the Fed’s 2% target in a timely manner.

Powell’s appearance comes less than 48 hours before the beginning of the traditional quiet period ahead of the rate-setting Federal Open Market Committee’s meeting on Oct. 31-Nov. 1. While a handful of other Fed officials have appearances later on Thursday and Friday before blackout begins on Saturday, it is Powell’s remarks that will set the tone for policy expectations heading into that meeting.

Should they leave rates unchanged in two weeks as is now widely expected, it would mark the first back-to-back meetings with no rate increase since the Fed kicked off its hiking campaign in March 2022.

A Reuters poll of more than 100 economists published on Wednesday showed more than 80% expect no rate hike at the next meeting, and most also believe the Fed is done with rate hikes even though a majority of policymakers at their September meeting projected one more quarter-point increase was likely to be needed by year end.

Many in the poll offered the caveat that if progress on inflation stalls out or reverses, the Fed would not hesitate to resume raising rates.

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Entertainment

Rapper charged with GBH – after singer Chris Brown remanded in custody over ‘bottle attack’

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May 17, 2025

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Rapper charged with GBH - after singer Chris Brown remanded in custody over 'bottle attack'

A second man has been charged with grievous bodily harm with intent after an incident at a London nightclub that allegedly involved US singer Chris Brown.

The Metropolitan Police said Omololu Akinlolu, 38, will appear at Manchester Magistrates’ Court on Saturday.

Better known by his stage name HoodyBaby, the American rapper has been charged in connection with an alleged assault at the Tape nightclub in central London in February 2023.

Brown, 36, was charged on Thursday with grievous bodily harm with intent and was remanded in custody by judge in Manchester until 13 June.

He is accused of attacking music producer Abraham Diaw with a bottle during the incident in February.

During a hearing at Manchester Magistrates’ Court on Friday, Brown watched intently as brief details of the case against him were outlined by prosecutor Hannah Nicholls.

She accused Brown of committing “an unprovoked attack with a weapon in a nightclub full of people”.

Brown spoke to confirm his name and date of birth, but did not enter a plea.

He will appear for a plea and trial preparation hearing in London on 13 June.

Read more from Sky News:
Trump says ex-FBI director’s seashells post ‘meant assassination’
Seven men on run after ‘Shawshank’ escape from jail

Brown – known for hits such as “Loyal”, “Run It” and “Under the Influence” – was arrested at a hotel in Manchester in the early hours of Thursday by detectives from the Metropolitan Police.

The Grammy Award-winning singer was due to tour the UK in June and July, with dates in Manchester, Cardiff, London, Glasgow and Birmingham.

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Environment

Bollinger Motors circles the drain as court cases, debts pull it down

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May 17, 2025

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Bollinger Motors circles the drain as court cases, debts pull it down

Bollinger Motors was placed into receivership and could soon face liquidation.

A federal court judge in Michigan has placed the once-promising electric truck brand Bollinger Motors’ assets into receivership following claims that the company’s owners still owe its founder, Robert Bollinger, more than $10 million.

Bollinger Motors first came to fame in the “draw a truck, get a billion dollars” stage of the EV revolution that saw Nikola rise to a higher market cap than Ford for a brief time. Robert Bollinger wasn’t able to capitalize quickly enough to get his trucks into production, though – and a late stage pivot to sell the brand to Mullen Automotive and launch a medium-duty commercial truck doesn’t appear to have been enough to save it.

Now, Automotive News is reporting on some of the more convoluted details of the Mullen purchase deal, with Robert (for ease of distinguishing the man from the brand) claiming that Mullen Automotive owes him more than $10 million for a loan he made to the company in 2024.

Just how Robert ended up giving Mullen Automotive $10 million to take his eponymous truck brand off his hands is probably one of those capitalistic mysteries that I’ll never understand, but Mullen’s response was perfectly clear: they didn’t even bother to show up to court.

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Bollinger claims that at least two suppliers are also suing Mullen for unpaid debts. As such, the Honorable Terrence G. Berg has put the Bollinger brand into receivership, and its assets have been frozen in preparation for everything being liquidated. Worse, for Bollinger, the official court filings reveal a company that is really very much doing not awesome:

The testimony and evidence—which Defendant’s counsel conceded accurately reflected Defendant’s finances—showed that Defendant is in crisis. For months Defendant has owed more than twenty million dollars to suppliers, contractors, service providers, and owners of physical space. These debts are owed to parties who are critical for Defendant’s functioning. CEO Bryan Chambers testified that Defendant was locked out of its production facilities on May 5, 2025, and that the owner of the production facilities was seeking to permanently evict Defendant. The Court heard that Defendant had been prevented from accessing its critical manufacturing accounting system for a short time at the end of April 2025, before making a partial payment to restart services.

US DISTRICT COURT EASTERN DISTRICT OF MICHIGAN

I’m not sure if you caught all that, but Bollinger’s CEO has been locked out the company’s facilities and getting evicted, the company is more than $20 million in debt, and that debt is owed to people Bollinger absolutely needs in order to keep going.

You can read the full court decision, which I’ve embedded here, below. Once you’ve taken it all in, feel free to rush into the comments to say you told me so, since I really thought hoped the Bollinger B1 had a shot. Silly me.

Bollinger v. Bollinger case

SOURCES: Automotive News, Justia, Yahoo!.

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Science

New Study Reveals Recent Ice Gains in Antarctica, But Long-Term Melting Continues

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May 17, 2025

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New Study Reveals Recent Ice Gains in Antarctica, But Long-Term Melting Continues

Global warming and climate change have been subjects of major concern for a long time. One of the key indicators of this phenomenon is the melting of ice in the polar regions. Researchers from Tongji University in Shanghai have been using NASA satellite data to track changes in Antarctica’s ice sheet over more than two decades. Their newest study states that despite the increase in global temperature, Antarctica has gained ice in recent years. However, it cannot be considered as a miraculous reversal in global warming because over these two decades, the overall trend is substantial ice loss. Most of the gains have been caused by unusual increased precipitation over Antarctica.

About the New study

According to the new study , NASA’s Gravity Recovery And Climate Experiment (GRACE) and GRACE Follow-On satellites have been monitoring this ice sheet since 2002. The ice sheet covering Antarctica is the largest mass of ice on Earth

The satellite data revealed that the sheet experienced a sustained period of ice loss between 2002 and 2020. The ice loss accelerated in the latter half of that period, increasing from an average loss of about 81 billion tons (74 billion metric tons) per year between 2002 and 2010, to a loss of about 157 billion tons (142 billion metric tons) between 2011 and 2020, according to the study. However, the trend then shifted.

The ice sheet gained mass from 2021 to 2023 at an average rate of about 119 billion tons (108 metric tons) per year. Four glaciers in eastern Antarctica also flipped from accelerated ice loss to significant mass gain.

General Trend in global warming

Climate change doesn’t mean that everywhere on Earth will get hotter at the same rate, so a single region will never tell the whole story of our warming world.

Historically, temperatures over much of Antarctica have remained relatively stable, particularly compared to the Arctic. Antarctica’s sea ice has also been much more stable relative to the Arctic, but that’s been changing in recent years.

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