U.S.-China chips, 'Bidenomics' speech, Powell's hike outlook: Top stories
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U.S.-China chips, 'Bidenomics' speech, Powell's hike outlook: Top stories
U.S.-China chips, 'Bidenomics' speech, Powell's hike outlook: Top stories
U.S. officials consider tightening chip export restrictions on China. President Biden delivers a speech on economic goals in Chicago. Fed Chair Jerome Powell comments on the likelihood of consecutive rate hikes following June's pause. Yahoo Finance Live anchors Jared Blikre and Seana Smith take a look at several of the day's top stories.
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U.S.-China chips, 'Bidenomics' speech, Powell's hike outlook: Top stories
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Biden pitches 'Bidenomics' to draw contrast with 'failed idea' of trickle-down economics: WH adviser10:58
U.S. officials consider tightening chip export restrictions on China. President Biden delivers a speech on economic goals in Chicago. Fed Chair Jerome Powell comments on the likelihood of consecutive rate hikes following June's pause. Yahoo Finance Live anchors Jared Blikre and Seana Smith take a look at several of the day's top stories.
Video Transcript
JARED BLIKRE: Well, it's closing time here at Yahoo Finance and here's a look at some of the top stories of the day. Chip stocks under pressure today on a report the US may be considering export restrictions on AI chips to China. The Wall Street Journal first reporting the announcement could come next month. As concerns rise about American technology being in the hands of rivals, this action would follow rules the Biden administration implemented back in October to attempt to freeze China's semiconductor industry.
SEANA SMITH: Meantime, President Biden making his economic pitch to Americans. Biden speaking in Chicago earlier today, trying to turn Americans views around as he ramps up his reelection campaign. He touted the recovery from the pandemic but also said there is work that remains to be done. He's not declaring victory on the economy.
JARED BLIKRE: Finally, Fed Chair Jerome Powell reiterating his hawkish stance on raising rates. At a European Central Bank conference, he said two consecutive rate hikes are on the table. He said, quote, "Although policy is restricted-- restrictive, it may not be restrictive enough. And it has to be restrictive for long enough." He also warned that inflation will not come down to the Fed's 2% goal this year or next year.
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