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ConocoPhillips and other U.S. oil producers are cutting back costs amid tariff woes and weak crude prices, but they’re only making modest reductions for now to maintain flexibility and to avoid losing too many of their experienced drilling and fracking crews. ConocoPhillips, the largest independent oil and gas producer in the U.S., said May 8 it would cut its 2025 capital expenditures by 3.5% down to a midpoint guidance of $12.45 billion—a reduction of $450 million. That meshes with other key oil producers reporting their earnings this week that cut capex anywhere from 2.5% to 10%. The tariffs, along with…

Andrew Harnik/Getty Images President Donald Trump criticized the Fed’s decision not to lower interest rates. “Jerome Powell is a FOOL,” he wrote on Truth Social. The Fed is waiting for greater clarity on the impact of tariffs and the trajectory of the economy. Another Fed meeting has passed without a change in interest rates, and the president is once again displeased. After the US central bank and Fed Chair Jerome Powell opted to keep the benchmark rate level on Wednesday, Donald Trump took to Truth Social to express dismay. “Jerome Powell is a FOOL, who doesn’t have a clue,” Trump…

Cold storage warehouse operator Americold said Thursday that demand from its food-producing customers has “changed drastically” following early-April tariff announcements. The company reported a decline in throughput and inventories at its 235 facilities during the first quarter, and the downward trend has accelerated since. Inflation fears have many of its customers slowing expansion plans, instead opting for the trade environment to stabilize. “The ongoing trade rhetoric and changing tariff situation has already had an impact on consumer confidence, causing our customers to adjust their product portfolios and driving inventory levels down,” Americold CEO George Chappelle said on a quarterly call…

Federal Reserve Chair Jerome Powell played down any impressions Wednesday that the central bank was looking ahead to cushion economic weakness from President Trump’s tariffs by cutting rates. At a news conference, he used some version of the word “wait” 22 times to underscore how the Fed isn’t in a rush. “The costs of waiting to see further are fairly low, we think, so that’s what we’re doing,” Powell said. Powell’s comments, delivered after the Fed agreed to extend its pause on interest rates, laid bare how Trump’s unpredictable and mercurial trade announcements have opened up a divide in monetary…

The Federal Reserve said Wednesday it is leaving its benchmark interest rate unchanged, resisting pressure from President Trump to lower U.S. borrowing costs as policy makers assess the economic impact of his trade policies. By the numbers The Fed said it will maintain the federal funds rate at its current range of 4.25% to 4.5%, where it’s been parked since the central bank last moved to lower short-term rates in December. The federal funds rate — the rate banks charge each other for short-term loans — helps determine what businesses and consumers pay in interest on loans and credit card…

The Fed kept its rate at 4.3% for the third straight meeting, after cutting it three times in a row at the end of last year. Many economists and Wall Street investors still expect the Fed will reduce rates this year. During a press conference after the release of the policy statement, Chair Jerome Powell underscored that the tariffs have dampened consumer and business sentiment but have yet to noticeably harm the economy. At the moment, Powell said, there’s too much uncertainty to say how the Fed should react to the duties. “If the large increases in tariffs that have…

(Bloomberg) — Oil rose after Donald Trump flagged a Thursday announcement on a trade deal, which is expected to be with the UK, as the US president faces political pressure following tariffs that rattled global markets. Most Read from Bloomberg Brent (BZ=F) climbed toward $62 a barrel after falling 1.7% in the previous session, and West Texas Intermediate (CL=F) was near $59. While Trump didn’t identify the country or details about the agreement in a Truth Social post, people familiar with the matter said it was expected to be with the UK. The news of an agreement comes ahead of…

Lyft CEO David Risher recalls the tough conversations with his late mother about the realities of aging. “One of the most unpleasant conversations I ever had with her was, ‘Mom, I think it’s time for you to turn over the car and keys,’” Risher tells Fortune. His personal experience—coupled with the demographic shift where 80 million people are expected to be 65 and older by 2040—pushed the CEO to consider how the multi-million-dollar rideshare company can better serve older adults. Today, less than 6% of Lyft’s passengers are over 65, according to data provided by the company. This week, Lyft…

Anna Moneymaker/Getty Images President Donald Trump has called for the Fed to cut rates, but the central bank is in a tough spot. One-year inflation expectations are surging, while data doesn’t yet indicate a cut is needed. President Donald Trump has been making increasingly urgent calls for the Federal Reserve to cut interest rates, but the central bank is in a tough spot. As the Fed kicks off its May policy meeting on Tuesday, there’s little expectation of a rate cut, but the chance of rates coming down at later meetings is also low, JPMorgan analysts said. The bank sees…

(Bloomberg) — Oil pushed higher after rallying more than 3% in the previous session as the US and China agreed to start trade negotiations, raising optimism that tensions between the world’s two biggest economies may ease. Most Read from Bloomberg Brent (BZ=F) rose toward $63 a barrel and West Texas Intermediate (CL=F)was near $60. US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer will meet with Chinese officials in Switzerland later this week, the first confirmed discussions since President Donald Trump imposed sweeping tariffs. Oil has trended lower since late January due to escalating trade frictions and plans by…