Timelines
How the main stories unfold, day after day: each timeline gathers the articles about one event, with a summary.
- Fed minutes show most officials expect another rate hike this year
Most Federal Reserve officials expect that another interest rate increase will likely be needed this year to combat inflation, according to minutes released Wednesday from the central bank's most recent policy meeting, held on September 15-16. The minutes gave no sign as to when the hike would come, CNBC reports.
- Iraq devalues its currency as the US war with Iran disrupts oil shipping routes
Iraq has devalued its currency, changing the official exchange rate from 1,300 to 1,500 Iraqi dinars to the U.S. dollar, as the war between the United States and Iran disrupts oil shipping routes and squeezes its oil exports. The devaluation gives Baghdad more dinars for every export dollar but risks making imported goods costlier for households and businesses, Fortune notes.
- Unemployment Rate Rises, Mortgage Rates Hit Three-Year High
The U.S. unemployment rate increased as employers added 29,000 jobs last month, according to government reports. Mortgage rates reached their highest level in nearly three years, with the average long-term rate surpassing 7% this week. The rise in rates follows a trend of increasing borrowing costs. The unemployment increase and mortgage rate climb reflect ongoing economic pressures.
- World Economy Latest: US Employers Dial Back Hiring, Wage Growth Slows
The U.S. labor market showed signs of slowing in September, with fewer jobs added than expected and wage growth falling short of projections. Reports indicate that employers are becoming more cautious, possibly due to high costs. Unemployment also increased slightly, and inflation continues to influence economic conditions. The latest data suggests a shift in the labor market toward a more subdued pace. The situation remains under observation as economic indicators are analyzed further.
- U.S. Unemployment Claims Drop to 197,000, Lowest Since Mid-July
U.S. unemployment claims fell to 197,000, the lowest level since mid-July. The decrease reflects a continued trend of low layoffs and strong job security for most American workers. Recent data shows fewer people applying for unemployment benefits, indicating a stable labor market. The latest figures highlight sustained employment conditions without significant recent disruptions.
- US economy grows 2.2% in second quarter, driven by consumer spending and AI investment
The US economy expanded by 2.2% in the second quarter, according to government data, which revised an earlier estimate. This growth was supported by strong consumer spending and business investment. The expansion occurred despite challenges such as tensions with Iran and rising energy prices. The latest reports highlight the resilience of the economy during this period. Multiple outlets have confirmed the updated growth figure and its contributing factors.
- Trump announces a $15 billion Iowa steel plant, billed as the largest in U.S. history
President Trump announced on 28 September, with the steelmaker Mesabi Metallics, a $15 billion steel plant in eastern Iowa, presented as the largest steel plant in U.S. history. A White House official said it is expected to create 1,750 permanent jobs. CNBC notes that the announcement comes as Americans' souring views of the economy are set to shape the midterm elections.
- Rural Data Centers Are in for a Big Federal Tax Break
A new federal tax benefit for rural data centers is proposed under the One Big Beautiful Bill Act. The measure could allow data center projects in rural areas to receive significant tax advantages beginning in the next year. Some major data center operators have expressed reluctance about taking advantage of the potential financial incentives. The legislation is currently under consideration, and its final form has not yet been determined. No decision has been made on its adoption.
- Fed, ECB Minutes to Show Inflation Fears as Hike Bets Fade
The Federal Reserve and the European Central Bank are expected to signal reduced urgency in raising interest rates following recent economic developments. Recent soft U.S. jobs data and financial stress in France have influenced central bank considerations. The upcoming minutes from meetings are anticipated to reflect these changing dynamics. Policymakers are reassessing the need for further rate increases in light of current economic conditions. The focus remains on inflation concerns and the overall economic outlook.
- U.S. debt is increasingly at the mercy of the market as interest costs surge while elections add more risk to the debt ceiling, ratings agency warns
A ratings agency has warned that rising interest costs and the uncertainty surrounding upcoming elections are increasing the vulnerability of U.S. debt. The agency highlights concerns over the long-term sustainability of the country's fiscal path. It notes that the U.S. government is becoming more exposed to changes in market sentiment and financing conditions. The warning comes as the debt ceiling remains a point of contention and potential risk. The agency emphasizes the need for careful management of debt and fiscal policies.
- American Consumers Tap Home Equity and AI as Prices Rise
American consumers are using home equity and artificial intelligence tools to cope with rising prices. They are accessing resources such as food banks and AI platforms like ChatGPT to manage increasing living costs. The trend reflects broader economic pressures faced by households. The situation highlights the growing reliance on technology and alternative support systems during periods of inflation. The use of AI is becoming more common as part of daily strategies to address financial challenges.