内容摘要：Jack Holden waters flower plants with his mother Ellie, at their home, Thursday, May 12, 2022, in Proctor, Vt. (AP Photo/Charles Krupa)

Jack Holden waters flower plants with his mother Ellie, at their home, Thursday, May 12, 2022, in Proctor, Vt. (AP Photo/Charles Krupa)

Stock indexes fell 0.8% in Hong Kong and 0.7% in Shanghai, while indexes were mixed elsewhere in Asia and Europe.In the bond market, the yield on the 10-year Treasury fell to 4.44% from 4.53% late Wednesday. Falling bond yields can encourage investors to pay higher prices for stocks and other investments.

The two-year Treasury yield, which more closely tracks expectations for Fed action, dropped to 3.96% from 4.05% as traders built bets that the Fed will resume cutting its main interest rate as soon as September.The Fed has been keeping its main interest rate on hold this year as it waits to see how Trump’s trade policies play out for the economy. Cutting rates would juice the economy by making it easier for U.S. households and companies to borrow and spend. But it would also push upward on inflation when worries are high that Trump’s tariffs will do the same thing.Fed Chair Jerome Powell warned in a speech on Thursday that the world “may be entering a period of more frequent, and potentially more persistent, supply shocks” that could goose inflation higher and present a “difficult challenge for the economy and for central banks.”

Trader Edward Curran works on the floor of the New York Stock Exchange, Wednesday, May 14, 2025. (AP Photo/Richard Drew)Trader Edward Curran works on the floor of the New York Stock Exchange, Wednesday, May 14, 2025. (AP Photo/Richard Drew)

AP Business Writers Matt Ott and Elaine Kurtenbach contributed.

SHISHMAREF, Alaska (AP) — Search online for the little town of Shishmaref and you’ll see homes perilously close to falling into the ocean, and headlines that warn that this Native community on a border island in western Alaska -- without access to main roads to the mainland or running water -- is on the verge of disappearing.The conservative justices appeared to agree, noting that the Federal Reserve “is a uniquely structured, quasi-private entity.”

The immediate issue confronting the court was whether the board members, both initially appointed by Democratic President Joe Biden, can stay in their jobs while the larger fight continues over what to do with a 90-year-old Supreme Court decision known as. In that case from 1935, the court unanimously held that presidents cannot fire independent board members without cause.

Kagan wrote that her colleagues were telegraphing what would happen. “The impatience to get on with things—to now hand the President the most unitary, meaning also the most subservient, administration since Herbert Hoover (and maybe ever)—must reveal how that eventual decision will go,” she wrote.The New Deal era case led to the creation of many agencies and bolstered others that were run by bipartisan boards that relied on expertise and were, to a degree, independent of presidential control, Kagan wrote.