US

US adds 115,000 jobs; unemployment steady at 4.3 percent

The US job market added 115,000 nonfarm payroll jobs in April, maintaining an unemployment rate of 4.3 percent, marking the second consecutive month of employment growth. Meanwhile, the Federal Reserve held the federal funds rate steady at 3.5%–3.75% for the third consecutive meeting, with a notable 8-4 vote reflecting dissent among officials regarding future rate cuts, amidst ongoing discussions about the central bank's independence.

Corn Lobby Delays Farm Bill Amid Fuel Shortage

The corn fuel lobby successfully delayed the vote on the farm bill by demanding a new mandate for ethanol, despite Australia facing a national fuel shortage. This situation has resulted in the country exporting millions of litres of surplus ethanol that could have been used to bolster domestic petrol stocks and stabilize fuel prices.