Copper joins critical minerals list but the US has plenty already

WH Press Sec. Leavitt: October CPI and jobs data likely never to be released. WH Press Sec. Leavitt: The Federal statistical system may have been permanently damaged.

Governing Council members began their deliberations by discussing global economic developments since the July Monetary Policy Report. The impact of US protectionism on major economies around the world had become clearer. Trade flows had begun to shift, and ongoing trade uncertainty had weighed on investment in most advanced economies. Even so, global growth was resilient but was expected to slow over the next two years. Economic growth in the United States remained strong even with higher tariffs on imports. Members attributed much of this strength to the boom in artificial intelligence (AI) investment. US consumer spending was robust overall, contributing to this strength. Consumption was likely supported by segments of the population who have benefited from buoyant equity markets. Employment growth had slowed, and tariffs were beginning to push up US consumer prices. After growth in US gross domestic product (GDP) rebounded in the second quarter of 2025, members expected it to moderate in the second half of the year and in 2026. Growth in the euro area was expected to moderate in the second half of 2025 because of weaker exports and slower domestic demand growth. Fiscal spending on defence and infrastructure could provide some support going forward. In China, growth was robust, boosted by strong government support for households and an increase in exports to other (non-US) countries, replacing lost exports to the United States. However, a sharp decline in investment was expected to contribute to slightly slower growth over the next two years. Members noted that slower-than-expected GDP growth in China could translate into weaker demand and lower prices for raw materials exported by Canada. BoC: Members expressed concern that weakness in the labour force could persist and broaden - Minutes. BoC: Members had a range of views about the timing of the cut but arguments for a move in October were considered more important - Minutes. BoC Meeting Minutes: Some members felt waiting would provide them with more information about economy, jobs and inflation.

It is a pleasure to join you today for the Boston Fed’s 24th annual Regional and Community Bankers Conference. I want to thank all of you for attending, and for the constructive engagement that you have with the Federal Reserve. The “North Star” for us at the Boston Fed is a vibrant economy that works for everyone. That requires a resilient financial and banking system. The Federal Reserve supports that in a number of ways – and constructive engagement, with banks and many other stakeholders, is a key ingredient. I believe it is essential for us at the Federal Reserve to listen well to the stakeholders in all of our work, and to explain well our policy decisions. So, I’ll share my perspectives on the economy and monetary policy. I’ll then shift to describing some of the trends in community banking that we at the Fed are following. And I’ll comment briefly on innovation in finance and payments. First let me note, as always, that these remarks today are my own views; I am not speaking for any of my colleagues at the other Federal Reserve Banks or the Board of Governors. *COLLINS: ADDITIONAL SUPPORT RISKS STALLING INFLATION PROGRESS *COLLINS: SEE RELATIVELY HIGH BAR FOR FURTHER EASING NEAR TERM *FED'S COLLINS FAVORS HOLDING RATES STEADY 'FOR SOME TIME' - Fed's Collins warns that additional monetary support may hinder inflation's return to 2% - Current Fed policy is mildly restrictive; financial conditions support growth - Anticipates modest unemployment rise, with tariffs keeping inflation high into early 2026 - No…