Federal Reserve Chair Jerome Powell has indicated that there is no hurry to raise interest rates, but he has not ruled out another hike. The Federal Reserve recently held interest rates unchanged, reflecting their cautious approach to monetary policy. This decision comes as jobless claims in the US have decreased, pointing to a strong labor market.
In other news, the Biden Administration has finalized milder fuel economy rules for trucks and SUVs. These rules aim to improve the fuel efficiency of vehicles and reduce greenhouse gas emissions. The new regulations will have an impact on automakers and consumers alike, as they will influence the design and performance of future vehicles.
A survey conducted by the Insurance Institute for Highway Safety (IIHS) has found that over 60% of U.S. drivers support speed limit warnings in vehicles. This indicates a growing recognition of the importance of road safety and the potential benefits of technology in preventing accidents.
The United Auto Workers (UAW) president is currently under investigation for alleged abuse of power. This investigation raises concerns about the leadership and integrity of the UAW, which represents thousands of workers in the automotive industry.
General Motors (GM) is leveraging the Costco Auto Program to boost sales of electric vehicles (EVs). By partnering with Costco, GM aims to reach a wider customer base and promote the adoption of EVs.
Wholesale used-vehicle prices declined in May, reflecting a shift in the market demand and supply dynamics. This decline may present opportunities for consumers looking to purchase used vehicles at more affordable prices.
Ford has made strategic hires from top talent at Apple and other EV makers to develop more affordable EVs. This move demonstrates Ford's commitment to expanding its presence in the EV market and offering competitive electric vehicles to consumers.
Overall, these developments in the economy, automotive industry, and road safety reflect the ongoing changes and challenges in various sectors of the United States. [df738f78]