Austan Goolsbee, the President of the Chicago Federal Reserve Bank, has expressed concerns about an impending port strike and its potential effects on the economy and the Federal Reserve's interest rate policies. He believes that the strike could disrupt supply chains and halt economic activity, which may complicate the Fed’s plans to cut interest rates.
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If the port strike leads to significant disruptions in supply chains, industries reliant on shipping may experience negative impacts, leading to a decline in stock prices. Transportation and logistics companies could be particularly affected.
Oct 3, 2024, 7:06 PM
The walkout threatened to plunge the holiday shopping season into turmoil and become an issue in next month's presidential election.
Oct 3, 2024, 7:00 PM
U.S. port operators have proposed a conditional offer of a 62% wage increase to dock workers to end a strike and get back to work, FOX Business has learned.
Oct 3, 2024, 6:40 PM
The union representing 45,000 striking U.S. dockworkers at East and Gulf coast ports has reached a deal to suspend a three-day strike until Jan. 15 to provide time to negotiate a new contract. The union, the International Longshoremen’s Association, is to resume working immediately.