The effective interest rate on US government bonds, the 10-year Treasury yield, briefly rose above 5% this week, reaching levels not seen since 2007. This increase reflects market recalibrations of US economic prospects.
The Federal Reserve maintained US interest rates between 3.5% and 3.75% following Kevin Warsh's initial meeting as head of the central bank. This decision was made despite internal divisions and President Donald Trump's repeated calls for rate cuts. Warsh has initiated a comprehensive review of the Fed's operational and communication strategies.
The Transport Secretary has conceded that the target for reducing driving test waiting times to seven weeks will not be met until autumn 2025, a further delay from previous projections. Average waits currently stand at 22 weeks, exacerbated by pre-pandemic backlogs and reseller exploitation.
