US House Speaker Kevin McCarthy has said the Senate's proposed stopgap funding measure is unlikely to advance in the House, as a federal government shutdown looks increasingly likely.
The updated 2024 projection is well above the central bank's 2% target and will be higher than the 3% forecast in June.
With 70% of household wealth tied up in the ailing property market, coupled with rising youth unemployment, weak consumption demand and the reluctance by depressed private firms to invest, policymakers have been fighting an uphill job in reviving growth.
The tragic incidents come as the caretaker government has failed to come up with any relief measures for the agitating citizens.
Economists conclude that the latest figures show the economy's resilience, given the backdrop of a more than 500 basis point increase in interest rates since March 2022.
Fed policymakers will deliver a crucial update to their economic outlook at a Sept. 19-20 meeting, when they are expected to leave their policy rate unchanged at 5.25% to 5.5%.
Retail activity in the country has dropped for a fourth straight month in August and the sentiment is at its lowest level since March 2021.
The Chinese central bank lowered its prime lending rate to 3.45 percent from 3.55 percent on Monday.
The company made the Chapter 15 bankruptcy protection filing in a New York court, enabling it to protect its US assets even as it works out a restructuring of its debts.
Kiyosaki's views on the US economy and the unseemly debt burden that increases by the day were echoed by Fitch Ratings, which cut the US credit rating.
The latest developments indicate that the property market difficulties are impacting China's huge shadow banking industry.
The Russian central bank's decision to raise the rates came after a ranking Kremlin adviser criticized the bank for ruble's decline.
The Bank of Russia has pointed out that Moscow's shrinking balance of trade is the cause of the ruble's decline.
The latest inflation reading shows that China is the first G20 country to report a year-on-year decline in consumer prices in the last two years.
Nonfarm payrolls in the country increased by 187,000 jobs in July, Labor Department data showed on Friday.