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The State Department downgraded its travel alert to China from Level 3 to Level 2.
President Joe Biden said the job of fighting inflation was not done; that lowering borrowing costs would help growth; that interest rates were expected to fall further; that the Fed's rate cut signaled a new phase in the economy and recovery; and that he respected the independence of the Fed, which he has not spoken to since entering the White House.
The US Treasury cut its July-September borrowing forecast to $740 billion, previously expected to be $847 billion; it is expected to borrow $565 billion in the October-December quarter; the Fed's slowdown in quantitative tightening (QT) affects the Treasury's borrowing expectations.
The IMF downgraded Ukraine's GDP growth forecast for 2024 to 2.5% -3.5%, a decrease of 0.5 percentage points; it downgraded Ukraine's GDP growth forecast for 2025 from 6.5% in March to 5.5%.
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