(3 articles) The Fed isn't done fighting inflation — but it'll ensure its next big decision won't bring 'unnecessary harm' to consumers | Biden administration expected to unveil Tuesday first drugs subject to Medicare negotiations | CNN Politics | Bigger isn’t necessarily better for the future of BRICS

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You Might Like � � � You Might Like � � � � � � � � � Don't like ads? Go ad-free with TradeBriefs Premium The Fed isn't done fighting inflation — but it'll ensure its next big decision won't bring 'unnecessary harm' to consumers    Federal Reserve Chair Jerome Powell delivered his highly-anticipated speech on the central bank's outlook in Jackson Hole, Wyoming — and he signaled relief could soon be coming for consumers. On Friday, Powell took the podium for the Fed's annual economic policy symposium hosted by the Kansas City Fed. Following a series of interest rates hikes since March 2022 — most recently a 25 basis point hike in July following a June pause — all eyes were on Powell to see if those hikes will continue at the next Federal Open Market Committee meeting in September. True to form, Powell did not give any certainty as to what the Fed's next move will be. He did note that with inflation continuing to inch closer to the central bank's 2% target, the FOMC will carefully consider whether it might be time to pause hikes again next month. Continued here Biden administration expected to unveil Tuesday first drugs subject to Medicare negotiations | CNN Politics    The Biden administration is preparing to reveal Tuesday the first 10 drugs that will be subject to negotiation in Medicare, according to two sources briefed on the matter. The controversial program was authorized by the Inflation Reduction Act that Democrats pushed through Congress last year. The drug industry and their supporters, however, are determined to quash the effort, filing at least eight lawsuits in recent weeks declaring it unconstitutional. Undaunted, the Centers for Medicare and Medicaid Services has pushed ahead with its historic new power, which Democrats have long argued is a way to lower drug prices. The White House is planning public events to coincide with the announcement, which comes a few days ahead of the agency's September 1 deadline to make the list public. Continued here You Might Like � � � � � � � � � Bigger isn't necessarily better for the future of BRICS    When leaders of the BRICS nations — Brazil, Russia, India, China and South Africa — convened in Johannesburg this week for their annual summit, they sought to forge a consensus on expanding their group and strengthening bonds between them so that it would function more effectively as a counterweight to a world that does not afford them the respect and influence they feel they deserve. Shared grievance may bind them, but it is not enough to fuel concerted action. Internal divisions still prevent the BRICS from fulfilling their dream of challenging a world order dominated by the West. Differences among them are likely to remain too great for the group to become a pillar of a multipolar world. At the time of its formulation — by a Goldman Sachs economist, no less — the BRIC nations (South Africa joined later) were underestimated in assessments of global power. Russia and China were nuclear powers but the group’s economic weight was undervalued. Some 20 years later, that economic potential is uneven. Russia is staggering under the weight of economic sanctions in the aftermath of the Ukraine invasion while China stumbles after emerging from the COVID-19 pandemic. South Africa suffers from corruption, Brazil has underperformed as result of mismanagement and India’s economic performance is fitful. Continued here

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