1. Fed to begin two-day meeting as Trump calls for interest rate cuts
The Federal Reserve will begin two days of meetings on Tuesday, and could potentially discuss laying the groundwork for future interest rate cuts. The Fed and its chairman, Jerome Powell, are facing increasing pressure from President Trump to cut interest rates. Powell has previously hinted at lowering rates, but the change is unlikely to occur until at least next month. Trump, who appointed Powell to his position as chairman, has been an outspoken critic of the Fed and said recently of the chairman: "I disagree with him entirely." The Fed has raised interest rates seven times under Trump in an effort to curb inflation. Powell will announce new economic projections at a press conference on Wednesday.
2. Facebook launches 'Libra' cryptocurrency
Facebook announced on Tuesday its first foray into digital currency, saying it will roll out cryptocurrency "Libra" next year. The coin, which uses blockchain, will be eligible for use on Facebook as well as other websites. Facebook's stock surged after the announcement, increasing by 2 percent in pre-market trading Tuesday. More than two dozen companies are backing Facebook's cryptocurrency venture, including Mastercard, PayPal, and Uber. The coin will be managed by the Geneva-based company Libra Association, of which many of Libra's backers are already members.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
3. Stock futures rise ahead of Fed meetings
U.S. futures were up Tuesday morning ahead of the Federal Reserve's two-day meeting set to kick off later in the day. While the central bank is not expected to change interests rates this week, it may lay the groundwork for a coming rate cut later this year. The Dow Jones Industrial Average was up by about 100 points in pre-market trading, or 0.4 percent. Futures for Nasdaq and the S&P 500 were also up. Most U.S. indexes finished with slight gains on Monday ahead of Tuesday's meetings. The S&P 500 and the Dow both had incremental increases of 0.1 percent, and the Nasdaq climbed by 0.6 percent. Global stocks were rising Tuesday as well, with France's CAC and Germany's DAX experiencing gains as high as 0.9 percent and 0.5 percent, respectively.
4. 2020 Democrats discuss systemic economic issues at presidential forum
Several 2020 Democratic hopefuls spoke at the Poor People's Campaign Presidential Forum on Monday in Washington, D.C. The event — which featured Sens. Elizabeth Warren (D-Mass.), Kamala Harris (D-Calif.), and Bernie Sanders (I-Vt.), as well as former Vice President Joe Biden — touched on issues of systemic poverty and economic injustice. Sanders called for voting rights for incarcerated people, and Harris discussed amending the cash bail system and giving relief to renters. Warren outlined her tax plan, which includes a wealth tax that would fund programs like universal child care. Biden labeled poverty as "the one thing that can bring this country down," and discussed the need to prioritize poor communities in mitigating the effects of climate change.
5. Banks impose climate standards on shipping companies
Eleven banks will start factoring in climate impact when determining how much money shipping companies can borrow. The banks say the new criteria will substantially cut carbon dioxide emissions, of which shipping currently accounts for 2.2 percent of the world's total. The new standards are set around the International Maritime Organization's 2018 climate commitment, which aims to reduce CO2 emissions by at least 50 percent from the 2008 levels by 2050. Michael Parker, global industry head for shipping with Citigroup, said the new criteria helps make "banks alert to the consequences of climate change in their portfolios." The standards mark the first time global banks have come together to combine climate strategies with financial decisions.
-
China is silently expanding its influence in American citiesUnder the Radar New York City and San Francisco, among others, have reportedly been targeted
-
How China uses 'dark fleets' to circumvent trade sanctionsThe Explainer The fleets are used to smuggle goods like oil and fish
-
One year after mass protests, why are Kenyans taking to the streets again?today's big question More than 60 protesters died during demonstrations in 2024
-
What happens if tensions between India and Pakistan boil over?TODAY'S BIG QUESTION As the two nuclear-armed neighbors rattle their sabers in the wake of a terrorist attack on the contested Kashmir region, experts worry that the worst might be yet to come
-
Why Russia removed the Taliban's terrorist designationThe Explainer Russia had designated the Taliban as a terrorist group over 20 years ago
-
Inside the Israel-Turkey geopolitical dance across SyriaTHE EXPLAINER As Syria struggles in the wake of the Assad regime's collapse, its neighbors are carefully coordinating to avoid potential military confrontations
-
'Like a sound from hell': Serbia and sonic weaponsThe Explainer Half a million people sign petition alleging Serbian police used an illegal 'sound cannon' to disrupt anti-government protests
-
The arrest of the Philippines' former president leaves the country's drug war in disarrayIn the Spotlight Rodrigo Duterte was arrested by the ICC earlier this month
