The US House of Representatives Passes Bill to Raise Debt Ceiling, Averting Historic Default
In a crucial move, the US House of Representatives has approved a bill to increase the debt ceiling, safeguarding the nation from a potentially catastrophic debt default. With an overwhelming vote of 314 in favor and 117 against, the bill, known as The “Fiscal Responsibility Act,” now heads to the US Senate for further consideration. If the Senate gives its approval, it will be presented to President Joe Biden, the leader of the United States, for his signature, thereby enacting the legislation.
The deadline for completing the bill’s passage is set for June 5, after which the United States could face severe repercussions if no resolution is reached.
Speculation of Federal Reserve Rate Hike Grows as US Job Openings Rise
Following the release of job opening numbers, experts predict that the Federal Reserve (Fed) may raise interest rates by an additional 0.25% at its upcoming June meeting. Surprisingly, job openings climbed to 10.1 million in April, defying analysts’ expectations. However, this positive development was short-lived, as the figure declined to 9.375 million jobs after three consecutive months of decrease.
Analysts argue that the increase in job openings, coupled with the tight labor market, provides employees with greater bargaining power to demand higher wages. This development puts pressure on the Federal Reserve to consider a rate hike in June as a means to manage potential inflationary risks.
OPEC Plus Meeting and Russian Stance on Oil Production Cuts Raise Uncertainty
Global investors eagerly await the upcoming meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC Plus, on June 4. The gathering has become enveloped in uncertainty following recent statements from Russian Deputy Prime Minister Alexander Novak. Novak expressed Russia’s reluctance to support further oil production cuts, reversing their stance from the previous month. Some member countries have independently announced voluntary production cuts, further complicating the situation.
Myanmar Extends COVID-19 Measures as Case Count and Death Toll Rise
The Central Committee on Prevention, Control, and Treatment of COVID-19 in Myanmar has announced an extension of measures to contain the spread of the virus until June 30. Originally set to expire on May 31, these restrictions aim to mitigate the rising number of COVID-19 cases in the country. Myanmar’s Ministry of Health and Sports reported a cumulative total of 638,818 COVID-19 cases and 19,494 deaths.
Chinese President Calls for Preparedness against National Security Threats
Chinese President Xi Jinping has urged top national security officials to brace themselves for the “worst-case scenario,” warning of threats both internal and external. Acknowledging the significant increase in national security issues, Xi emphasized the importance of preparedness in the face of challenges, likening it to navigating through strong waves and turbulent seas.
Russian President to Meet Turkish President, Strengthen Bilateral Ties
Russian President Vladimir Putin is set to hold a meeting with Turkish President Recep Tayyip Erdogan, aiming to enhance bilateral relations between the two nations. Putin conveyed his congratulations to Erdogan on his successful re-election for a third term as president, although specific details regarding the meeting’s location and timing have not yet been disclosed.
Elon Musk Visits Tesla’s Shanghai Plant, Highlights Importance of Chinese Market
Elon Musk, the CEO of Tesla, is scheduled to visit the company’s car plant in Shanghai. This visit marks Musk’s first trip to China in three years, emphasizing the significance of the Chinese market for Tesla. With China being Tesla’s second-largest car market globally, the Shanghai factory stands as the company’s largest production facility.