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Federal Reserve Board Chairman Jerome Powell at a news conference on May 1, 2019. Photo: Mark Wilson/Getty Images

Ratings agency S&P Global is now joining the market chorus — it expects at least one interest rate cut from the Fed this year, citing "increasing headwinds."

Where it stands: Earlier this year S&P predicted the Fed would hold rates steady through 2019, but said Wednesday it expects the overwhelmingly negative impacts from tariffs to put enough stress on the U.S. economy that the Fed will be forced to act.

What's happening: "[T]he winds have shifted, with the Trump Administration fighting trade battles on more than one front, which we think could disrupt global supply chains and weigh on business and consumer confidence," analysts at the agency said in a statement.

  • S&P also noted that the outlook for the U.S. economy has worsened since January, "with signs that more businesses have closed their wallets and investor skittishness feeding into financial market unrest."

Between the lines: The "deceptively strong" GDP reading in the first quarter masked a number of weakening signals on the economy, analysts said, while May's "disappointing" jobs report could be warning of a natural pullback for the economy.

  • S&P expects the Fed to signal at its June policy meeting next week that it intends to begin cutting rates, with an expected cut in September.

A warning: "The Fed may want to move sooner and more quickly than it has in the past."

Go deeper: Why the market shouldn't be excited about Fed rate cuts

Go deeper

3 hours ago - Politics & Policy

Senate Democrats target billionaires

Illustration: Annelise Capossela/Axios

After failing to get a deal on other planned tax increases, key Senate Democrats are pivoting to a billionaires' income tax to pay for President Biden's social spending.

The big picture: No advanced economy has attempted anything similar on such a scale.

Anti-abortion activists' Supreme Court dreams are coming true

Photo illustration: Annelise Capossela. Photos: Kevin Dietsch/Getty Images

This is the moment the conservative legal movement has been building toward for decades: The solidly conservative Supreme Court is about to hear two major abortion cases within a month of each other.

Why it matters: All of this is likely to end with significant new restrictions on abortion and a clear path for Republican-led states to win the next big abortion cases, too — the culmination of a long and bitter fight for control of the judiciary.

Felix Salmon, author of Capital
8 hours ago - Economy & Business

Trump's volatile return to the stock market

Expand chart
Data: YCharts; Chart: Axios Visuals 

Donald Trump this week became both a meme stock and a social-media entrepreneur at the same time, by announcing that a new company called Trump Media & Technology Group was going to merge with an existing company listed on the stock market.

Why it matters: The medium-term promise of Trump's media company is that it will replace Twitter for anybody wanting to keep track of Trump's messages. The short-term promise is that it can be a hot new speculative vehicle for people wanting to get rich quick in the stock market.

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