In separate comments this week, Fed Chair Jerome Powell and his No. 2, Richard Clarida, reassured nervous investors they're watching closely for signs that disputes between the US and its trading partners are denting the outlook for the world's largest economy.
In May, wages rose 3.1% from a year earlier, down slightly from last month's gain of 3.2%. Manufacturing and construction saw particularly anemic job growth in May, one of the clearest signs that Trump's tariffs are having a negative impact on blue-collar sectors the president has been trying to boost.
FedEx Express is the company's quick shipping option . "FedEx has already built out the network and capacity to serve thousands of retailers in the e-commerce space, including brands such as Target, Walgreens and Walmart", a statement from the Memphis-based logistics company reads.
However, the treasury secretary from the USA, which continues to threaten more tariffs on China if there is no trade deal, played down the risk of a global economic conflagration. "Global growth appears to be stabilizing and is generally projected to pick up moderately later this year and into 2020", the finance chiefs, including Mnuchin, said in an end-of-meeting communique.
Republicans in Congress had also warned the White House that they were ready to stand up to the president to try to block his tariffs, which they anxious would spike costs to U.S. U.S. importers could have been hit because the regional value chains that exist around the U.S. -Mexico border see production processes that "often involve intermediate inputs moving back and forth" numerous times before a product reaches a consumer, wrote fellow Geoffrey Gertz.
On Wednesday, the two benchmarks hit their lowest levels since mid-January at $59.45 and $50.60, respectively, after USA crude production hit a new record high and stockpiles hit their highest since July 2017. Crude oil futures turned sharply higher heading into Thursday's settlement, tracking a rally in equities on a report the Trump administration may delay Mexican import tariffs, Kallanish Energy reports.