Messing: Pro-Iranian groups target U.S. from small businesses to critical infrastructure
Gil Messing, Chief of Staff at Check Point Software, warns of rising Iranian cyberattacks targeting US networks and employees. He urges vigilance, software updates, and strong employee awareness.
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The Hill
28 minutes ago
- The Hill
Trump in wake of Iran attack: ‘Everyone, keep oil prices down'
In the wake of the U.S. attack on Iranian nuclear facilities, President Trump on Monday urged 'everyone' to keep oil prices down. 'EVERYONE, KEEP OIL PRICES DOWN. I'M WATCHING! YOU'RE PLAYING RIGHT INTO THE HANDS OF THE ENEMY. DON'T DO IT!' Trump said on Truth Social. Oil is traded on a global market, and the energy produced in not only the U.S. but in players around the world including Iran, Russia and Saudi Arabia contribute to the prices that Americans pay at the pump. Prices have spiked in recent days amid escalations between the U.S. and Iran — and gasoline prices were up an average of 8 cents compared to a week ago, according to the American Automobile Association. The $3.22 cent average price was still well below highs in 2022 when the national average was as high as $5 per gallon. Iranian state media reported Sunday that Tehran is considering a closure of the Strait of Hormuz, through which much of the world's oil supply flows, threatening further price increases. Trump also wrote on social media calling on the Department of Energy to drill quickly. 'To The Department of Energy: DRILL, BABY, DRILL!!! And I mean NOW!!!' he added on Truth Social. The Energy Department is primarily a research and funding agency — and is also tasked with maintaining the nation's nuclear weapons stockpile. Unlike many countries, the U.S. does not have a state-run oil company, so the government cannot make the unilateral decision to try to drill. It is up to private companies whether they want to produce oil in the U.S., though some government agencies such as the Interior Department can try to make it more attractive to drill on public lands. Presidents have relatively little influence on oil and gasoline prices generally. —Alex Gangitano contributed.
Yahoo
39 minutes ago
- Yahoo
Sterling at five-week low against dollar as markets mull Middle East risk
LONDON (Reuters) -The pound fell against the dollar on Monday with the greenback benefiting from safe-haven demand as investors assessed the risk of an Iranian response to U.S. attacks on its nuclear sites. By 1054 GMT the pound was down 0.5% versus the dollar at $1.33795, its lowest level since May 20. British Prime Minister Keir Starmer spoke to U.S. President Donald Trump on Sunday, his office said. Starmer also urged Iran to return to the negotiating table. Market focus is firmly on the price of oil, which earlier spiked as much as 5.7% and was last up 0.5%. "Ultimately the pound is currencies have a negative sensitivity to oil prices," said Francesco Pesole, FX strategist at ING. Elsewhere, UK flash PMIs hit screens showing business activity expanded modestly in June, but the data barely moved the needle on the pound. The S&P Global UK Composite Purchasing Managers' Index rose to 50.7 from 50.3 in May - edging further above the 50.0 growth threshold. "Overall, the PMIs suggest that the biggest hit to the economy was in April and things are now starting to recover. That said, the subdued level of the PMIs is still pointing to near stagnation," Thomas Pugh, chief economist at RSM UK, wrote in a note. The Bank of England held interest rates at 4.25% last Thursday as expected but flagged a weaker labour market and the risk of higher energy prices as conflict in the Middle East escalated. Despite the hold, market watchers took a doveish hint from the 6-3 vote split in favour of keeping rates on hold, with three MPC members in favour of a cut, a factor that is still playing a role according to ING's Pesole. "Markets are still tending towards the doveish side for the pound curve," he said. As of Monday, 58% of traders were betting on a 25-bps rate cut at the BoE's next session in August, with 42% betting on no change. Sign in to access your portfolio
Yahoo
an hour ago
- Yahoo
Fed's Bowman supports a rate cut 'as soon' as July, citing reduced inflation risks
Federal Reserve governor Michelle Bowman supports a rate cut "as soon" as July, becoming the second central bank policymaker to get that explicit in recent days about an easing of monetary policy in the near term. Bowman made the argument for such a move on a speech Monday, saying that inflation has declined or come in below expectations over the past several months and asserting that trade policy will only amount to 'minimal impacts' on the Fed's preferred inflation measure. She also cited concerns that downside risks to employment could 'soon become more salient, given recent softness in spending and signs of fragility in the labor market.' "Should inflation pressures remain contained, I would support lowering the policy rate as soon as our next meeting in order to bring it closer to its neutral setting and to sustain a healthy labor market," she said in her speech in Prague. The support for a cut from Bowman represents a shift in her views since last fall, when she dissented against a jumbo 50 basis point reduction in September 2024 due to her concerns that inflation was not yet under control. It also does not align with recent comments from Federal Reserve Chairman Jerome Powell, who said last week that the Fed should hold rates as it evaluates the tariff-related inflation he expects to see this summer. The Fed, which has a dual mandate to maintain stable prices and maximum employment, has spent the last three years trying to get inflation back to a 2% target and some policymakers are still concerned that President Trump's tariffs could pose a longer lasting threat to stable prices. Bowman joins fellow Fed governor Christopher Waller in calling for a cut at the Fed's next policy meeting on July 29-20. Waller on Friday told CNBC that 'we could do this as early as July.' 'I think we've got room to bring it down, and then we can kind of see what happens with inflation,' Waller added, adding the central bank could pause if needed due to a shock from developments in the Middle East. The comments from Bowman and Waller highlight a growing divide within the central bank as the debate about a rate cut grows louder. That division was evident last week in the Fed's latest "dot plot" outlining future interest rate moves. While eight officials saw two cuts still happening in 2025, seven officials predicted no cuts at all — up from the four officials who made that call previously. Trump's strikes on three Iranian nuclear sites over the weekend inject yet another layer of unknowns into those discussions as central bank officials gauge the impact of the president's trade, tax and immigration policies on the path of inflation and economic growth. There are worries that a sustained increase in oil prices would add to the inflationary impulse already present in the US from Trump's tariffs. Wall Street analysts at JPMorgan Chase have warned that a prolonged conflict and the potential closure of the critical Strait of Hormuz could drive oil prices as high as $120 a barrel, pushing US inflation back toward 5%. That could bolster the argument of some hawks at the Fed that rates need to stay where they are for longer to protect against another inflation surge. On the other hand, there is also an argument circulating on Wall Street that the conflict could push the Federal Reserve to cut interest rates sooner than expected. "A sustained rise in oil prices could cause the Fed to strike a more dovish tone," Oxford Economics chief US economist Ryan Sweet wrote in a note to clients before Trump's attack, arguing that an extended oil shock could dent demand and potentially spill over into an otherwise resilient labor market. For this view to hold, Fed officials would have to get comfortable with the idea that any sudden spikes in oil prices tend to cause only a temporary rise in inflation that can be overlooked — and that any rise in oil prices could pose a bigger threat to growth and jobs than to inflation itself. Bowman on Monday said 'the data have not shown clear signs of material impacts from tariffs and other policies. I think it is likely that the impact of tariffs on inflation may take longer, be more delayed, and have a smaller effect than initially expected, especially because many firms front-loaded their stocks of inventories.' She expects that negotiations with trading partners 'will ultimately result in lower tariff rates than are currently in place, consistent with the resumption of financial market optimism. Further, should we see effects on inflation this year, I expect that increased slack in the economy will limit this to a small, one-off impact.' Not all of her colleagues are on the same timetable. 'For me, I look more to the fall,' San Francisco Fed president Mary Daly said in a Friday interview on CNBC. 'By then, we'll have quite a bit more information, and businesses are telling me that's what they're going to look to for some resolution.' Richmond Fed President Tom Barkin additionally told Reuters in an interview published Friday that he was not in any rush to cut due to concerns that tariffs could push inflation up and data showing the labor market remains resilient. That aligns with statements made by Powell last week at a press conference, where he told reporters that recent inflation reports have been favorable but that goods prices have been moving up following the introduction of new tariffs and there could be more of that this summer. "We're beginning to see some effects, and we do expect to see more of them over the coming months." Thus, the right thing to do for now, he added, is 'hold where we are' on rates. 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