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US Fed Holds Interest Rates Amidst Global Economic and Political Developments
The U.S. Federal Reserve voted to hold interest rates steady, maintaining its key lending rate between 3.5% and 3.75%, according to a recent announcement. The Fed stated that economic activity in the U.S. "has been expanding at a solid pace" (BBC Business). This decision comes as the Fed Chair, Jerome Powell, defended the importance of central bank independence amidst political scrutiny.
Powell declined to comment on a recent criminal investigation opened by federal prosecutors regarding his testimony to the Senate about renovations to Fed buildings (BBC Business). However, he emphasized that the central bank must remain independent.
Meanwhile, in international news, the UK's security tactics in China were under scrutiny as Keir Starmer's team was issued burner phones and lead-lined bags during a visit to Beijing (The Guardian). Such precautions are not new, with past prime ministers like Theresa May having been advised to take extreme measures to avoid potential espionage. "When prime ministers travel to China, heightened security arrangements are a given," according to The Guardian, "as is the quiet game of cat and mouse that takes place behind the scenes as each country tests out each others tradecraft and capabilities."
Starmer's visit also touched on the Chagos deal, with Starmer noting that U.S. intelligence agencies disagree with former President Trump's opposition to the agreement (The Guardian). Starmer underlined that the U.S. administration had previously supported the deal as it bolstered their defenses. Downing Street sources indicated that the agreement is considered a done deal and will not be affected by Trump's stance.
In another development concerning China, a Chinese man, Guan Heng, who filmed evidence of human rights abuses in Xinjiang, was granted asylum in the U.S. (The Guardian). Guan's lawyer stated that his case, exposing evidence of persecution of Uyghurs, is a "textbook example of why asylum should exist." The evidence documented secret detention facilities in Xinjiang.
Finally, Venezuela is exploring economic reforms, with Maduro’s successor, Delcy Rodríguez, reportedly considering a model based on China’s post-Mao boom (The Guardian). The potential reforms are being likened to Deng Xiaoping's "era of reform and opening up."
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