Russia will pull out of the International Space Station (ISS) after 2024 to focus on building its own outpost on the orbit. Russia and the US cooperated in space even at the height of the Cold War, improving US and Soviet relations.
The Federal Reserve has imposed another big interest rate hike in an effort to tackle runaway inflation. Chairman Jerome Powell announced Wednesday, the Central Bank is raising rates by an additional three-quarters of a percentage point. This is the fourth rate hike in five months, further stoking fears of a recession.
The White House has continued to play off concerns of recession. Both the President and his aides insisted Monday that their administration does not believe the economy will hit a recession despite widespread inflation. Their dismissal came ahead of the GDP report to be released this week, which will show whether the US has experienced two consecutive quarters of shrinking.
OAN Newsroom
UPDATED 10:56 AM PT — Thurs. Nov. 29, 2018
Federal Reserve Chairman Jerome Powell is softening his stance on interest rate hikes after repeated criticisms from President Trump.
While speaking at the economic club of New York Wednesday, Powell said higher interest rates are necessary to stave off risks to the U.S economy.
“My own assessment is that, while risks are above normal in some areas and below normal in others, overall financial stability