NewzIntel.com

Category: Economy

  • MIL-OSI Europe: EU Fact Sheets – Resource efficiency and the circular economy – 08-05-2025

    Source: European Parliament

    Past and current patterns of resource use have led to high pollution levels, environmental degradation and the depletion of natural resources. EU waste policy has traditionally focused on environmentally sustainable waste management. The Roadmap to a Resource Efficient Europe and the Circular Economy Package laid the foundations for transforming the EU’s economy into a sustainable one by 2050. Under the European Green Deal, the Circular Economy Action Plan provides a future-oriented agenda for a cleaner, more competitive EU.

    MIL OSI Europe News –

  • MIL-OSI Europe: EU Fact Sheets – Combating fraud and protecting the EU’s financial interests – 08-05-2025

    Source: European Parliament

    The action of the European Union (EU) in the field of budgetary control is based on two principles: on the one hand, ensuring that the EU’s budget is properly spent and, on the other, protecting the Union’s financial interests and combating fraud. The European Anti-Fraud Office (OLAF) has the power to investigate fraud against the EU budget, corruption and serious misconduct and develops anti-fraud policy. The European Public Prosecutor’s Office (EPPO) investigates, prosecutes and brings to justice crimes against the EU budget. Even if their primary focus is not strictly on protecting the Union’s financial interests, EUROPOL and Eurojust provide additional support. Finally, the anti-fraud landscape will soon be marked by a further decentralised EU agency, the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA).

    MIL OSI Europe News –

  • MIL-OSI United Nations: Committee on the Elimination of Racial Discrimination Closes One Hundred and Fifteenth Session, Issues Concluding Observations on Reports of Gabon, Kyrgyzstan, Mauritius, Republic of Korea and Ukraine

    Source: United Nations – Geneva

    The Committee on the Elimination of Racial Discrimination this afternoon closed its one hundred and fifteenth session, during which it reviewed the reports of Gabon, Kyrgyzstan, Mauritius, Republic of Korea and Ukraine.

    Chinsung Chung, Committee Rapporteur, said that the Committee’s concluding observations for the five country reviews conducted during the session were available on the session’s webpage.  The Committee thanked the State party delegations that participated in dialogues; the national human rights institutions of Ukraine and the Republic of Korea for submitting written reports and providing updates during the session; and the various civil society representatives who contributed essential information to the reviews.

    Ms. Chung said that this year was the sixtieth anniversary of the International Convention on the Elimination of All Forms of Racial Discrimination.  During the yearlong campaign, the Committee would highlight the achievements made in the last 60 years and identify effective and concrete ways to overcome structural and emerging challenges in making the Convention’s goal – a world free of racial discrimination – a reality.  Information on the anniversary was available on the webpage for the campaign.

    At the opening meeting of the session, Ms. Chung reported, Antti Korkeakivi, Representative of the Secretary-General and Chief of the Human Rights Treaties Branch of the Office of the United Nations High Commissioner for Human Rights, gave a speech highlighting the Committee’s important work and its contributions to promoting and protecting the human rights of all people without discrimination.  He underlined that the sixtieth anniversary of the Convention was an opportunity to explore avenues to generate greater political will and concrete action to fight against racial discrimination.

    Mr. Korkeakivi recognised the negative impact of the United Nations’ liquidity crisis on the planning and implementation of the work of all Committees, as the holding of the next sessions for this year was still uncertain.  He confirmed that the Office of the High Commissioner was doing its utmost to ensure that the treaty bodies could implement their mandates.  Nevertheless, all indications pointed to a continuation of the difficult liquidity situation for the foreseeable future. 

    During the one hundred and fifteenth session, Ms. Chung said, the Committee reviewed follow-up reports for Croatia, Germany, Morocco, Uruguay and Tajikistan.  The Committee thanked these States parties for their reports and invited them to duly consider its recommendations and include the steps taken to implement them in their next periodic reports.

    The Committee pursued its work toward the elaboration of its joint general recommendations 38 and 39 with the Committee on the Protection of the Rights of All Migrant Workers and Members of their Families on eradicating xenophobia towards migrants and others perceived as such.

    Ms. Chung said the Committee also discussed the development of a general recommendation on reparations for the injustices of the transatlantic trade in enslaved Africans, their treatment as chattel, and the ongoing harms to people of African descent, holding a half-day of general discussion on 25 April 2025 as part of this process.  Two expert panels examined legal frameworks for reparations and the lasting effects of slavery, including systemic racism and institutional responsibility. Drawing on these discussions and over 60 written submissions, the Committee would now begin drafting the general recommendation, which would be shared for public input before adoption. Further information was available on the Committee’s webpage.

    Further, Ms. Chung reported, the Committee considered 16 submissions under its early warning and urgent action procedure and endorsed 13 letters to States parties assessed in this procedure.  It also considered four cases under the individual complaints procedure. It declared admissible one case against Germany and discontinued three other cases.

    Ms. Chung also provided an update on the follow-up procedure to the Ad-Hoc Conciliation Commission report published in August 2024 on the inter-State communication submitted by the State of Palestine against Israel under article 11 of the Convention.  Today, 9 May, the Committee issued a statement on the catastrophic humanitarian crisis in the occupied Palestinian territory, acting under its follow-up and early warning and urgent action procedure.

    On 24 April, Ms. Chung said, the Committee held a meeting with States parties.  The Committee thanked all States parties’ representatives who contributed to this event and appreciated that it was well attended.  Earlier today, the Committee also held a meeting with civil society organizations.  In addition, during the session, the Committee heard a report on follow-up to article 13 of the Convention and adopted an updated version of its Rules of Procedure, which would be made available shortly.

    In closing remarks, Michal Balcerzak, Committee Chairperson, said this had been a very productive session.  He thanked the Committee Experts, who had all contributed significantly to the Committee’s work throughout the session, and to working towards the Committee’s mandate of the elimination of all forms of racial discrimination wherever it occurred.  He also thanked all other persons who had contributed to the smooth execution of the Committee’s work.

    Summaries of the public meetings of the Committee can be found here, while webcasts of the public meetings can be found here.  Other documents related to the session can be found here.

    Due to the current financial situation, the dates of the second sessions of some treaty bodies are not yet confirmed. The next session of the Committee is scheduled take place between 11 and 29 August 2025, with the reports of Burundi, Guatemala, Maldives, New Zealand, Sweden and Tunisia scheduled for review. All information, including the proposed programme of work, will be available on the session webpage.

    ___________

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

     

    CERD25.009E

    MIL OSI United Nations News –

  • MIL-OSI Economics: Senegal Launches PAVIE II to empower women and youth, drive food security

    Source: African Development Bank Group

    Senegal has officially launched the second phase of the Project for Support and Promotion of Women’s and Youth’s Entrepreneurial Initiatives (PAVIE II) at the Grand Théâtre National in Dakar.

    The initiative, with a budget of €163.449 million, aims to create 92,633 jobs, empower women and youth, and advance Senegal’s food sovereignty under the “Sénégal 2050” national development strategy. The launch took place on Wednesday 8 May in the Senegalese capital.

    The Prime Minister of the Republic of Senegal, Ousmane Sanko emphasized the project’s strategic importance: “This initiative is more than a program; it is a vision for a bold Senegal, driven by the creativity of its entrepreneurs and the energy of its youth and women. PAVIE II will be a cornerstone of our National Transformation Agenda, fostering sovereignty in food, industry, and technology.”

    He outlined two main objectives – positioning Senegal as a hub for entrepreneurial development in West Africa and creating quality jobs by empowering wom,en and youth across the country. The Prime Minister highlighted that 58% of the targeted 51,212 entrepreneurial initiatives will be led by women and 56% by youth.

    Dr. Akinwumi Adesina, President of the African Development Bank Group who led the African Development Bank Group delegation to the event, highlighted the transformative potential of PAVIE II.

    Dr. Akinwumi Adesina, Prime Minister Ousmane Sonko, and delegates visiting beneficiary exhibition stands at the PAVIE II launch in Dakar.

    “This is a great day for Senegal, to celebrate the success of your vision to transform the country through entrepreneurial empowerment. PAVIE II is a testament to Senegal’s commitment to harnessing the potential of its women and youth,” he said. “By strengthening agriculture, livestock, and fisheries, and fostering innovation, this project will drive economic sovereignty and create opportunities for generations,” Adesina said.

    “The future is very bright for innovative young entrepreneurs in Africa. This project demonstrates Senegal’s leadership in creating the enabling environment for sustainable job creation and economic resilience,” he added.

    Aïda Mbodj, General Delegate of the Delegation for Rapid Entrepreneurship of Women and Youth (DER/FJ), expressed pride in reaching this milestone. “The vision of President Bassirou Diomaye Diakhar Faye, with his commitment to the empowerment of youth and women and to the development of our territories, forms the foundation of our actions.”

    PAVIE II builds on the success of its first phase, which supported 24,000 entrepreneurial initiatives, created over 93,000 jobs, and mobilized €100.6 million in funding, including €33.5 million from private banks. The new initiative introduces key improvements, including complete digitalization of all business processes, enhanced territorial support through localized mechanisms, and focused economic empowerment in underserved areas.

    The impact of the support provided by the Delegation for Rapid Entrepreneurship was exemplified by Tahibou Ba, a rice farmer and PAVIE beneficiary, who shared, “Thanks to the financing from DER, I started with one hectare; today, I am at 300 hectares.” His story underscores the program’s role in transforming small-scale initiatives into thriving enterprises that contribute to national food security.

    The project’s €163.449 million budget allocates €91.463 million to job creation and agricultural production and €45.732 million to support innovative small and medium-sized enterprises and digital solutions. Funding partners include the African Development Bank, contributing €74.564 million (€73.723 million loan and €0.841 million grant from the Affirmative Finance Action for Women in Africa initiative), €25 million from the French Development Agency, €25.773 million from private banks, and €38.112 million from the Government of Senegal.

    The African Development Bank is a key development partner in entrepreneurship initiatives in Senegal, with significant financial contributions to both phases of the project. The Bank’s investment aligns with its Ten-Year Strategy (2024-2033), which focuses on investing in young people, as well as with Senegal’s National Development Strategy (2025-2029).

    The one-day program featured keynote addresses, panel discussions on food sovereignty and digital innovation, testimonials from beneficiaries of the first phase, and an exhibition showcasing agricultural and technological solutions. The project’s strategic partnerships with private banks underscore its commitment to public-private collaboration.

    Combined with its first phase, the PAVIE program is expected to generate a total of 185,633 direct and indirect jobs across Senegal, with 40% allocated to women and 70% to young people.

    MIL OSI Economics –

  • MIL-OSI Economics: Verizon to speak at J.P. Morgan conference May 14

    Source: Verizon

    Headline: Verizon to speak at J.P. Morgan conference May 14

    NEW YORK – Hans Vestberg, Chairman and CEO of Verizon (NYSE, Nasdaq: VZ), is scheduled to speak at the J.P. Morgan Global Technology, Media and Communications Conference on Wednesday, May 14 at 8:00 a.m. ET. His remarks will be webcast, with access instructions available on Verizon’s Investor Relations website, www.verizon.com/about/investors.

    For details on Verizon’s most recent financial results, view the company’s 1Q25 earnings results here.

    MIL OSI Economics –

  • MIL-OSI Economics: Isabel Schnabel: Keeping a steady hand in an unsteady world

    Source: European Central Bank

    Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at Hoover Monetary Policy Conference “Finishing the Job and New Challenges”, Stanford University

    Stanford, 10 May 2025

    Standard theory of monetary policy rests on a simple premise: a stable relationship between inflation and the output gap. This is the logic behind the Phillips curve, which, in its most common form, relates inflation to a measure of economic slack, expected inflation and supply shocks.[1]

    The relationship between output and inflation was already under scrutiny well before the pandemic.

    After the global financial crisis of 2008, inflation didn’t fall nearly as much as had been implied by conventional Phillips curve estimates. And once economies around the world recovered and unemployment fell, the bounce-back in inflation fell short of model predictions.

    This is why that episode is known as the period of “missing deflation” and “missing inflation”.[2]

    The situation changed fundamentally in the aftermath of the pandemic, when the relationship between inflation and the output gap proved to be much stronger than what would have been expected based on historical estimates. We observed a noticeably steeper Phillips curve across advanced economies, including the euro area (Slide 2).[3]

    In my remarks today, I would like to draw lessons from the instability of the Phillips curve over the past 20 years for the optimal conduct of monetary policy. I will argue that the evidence of a re-flattening of the Phillips curve after the long period of high inflation suggests that, in the euro area, the most appropriate policy response to the potential risks to price stability arising from fiscal expansion and protectionism is to keep a steady hand and maintain rates close to where they are today – that is, firmly in neutral territory.

    Monetary policy and the slope of the Phillips curve

    The slope of the Phillips curve has first-order implications for the conduct of monetary policy.

    If the curve is steep, as it appeared to be in recent years, monetary policy is highly effective in reducing inflation, with only a limited impact on growth and employment. The smaller “sacrifice ratio” suggests that central banks should react more forcefully to deviations of inflation from target, even when the economy is hit by a supply shock that pushes inflation up and output down.[4]

    A steep Phillips curve hence improves the trade-off facing central banks, weakening the case for “looking through”, as forceful policy action minimises the risks of inflation expectations unanchoring and of inflation becoming entrenched.[5]

    Policy prescriptions differ fundamentally if the Phillips curve is flat.

    In this case, a large policy impulse is required to move output sufficiently to generate aggregate price effects. It can then be optimal for policy to tolerate moderate deviations of inflation from target, as the cost of closing a small inflation gap relative to the target may exceed the benefits.

    This prescription holds in both directions.

    When inflation is above the target, a flat Phillips curve would require a sharp rise in policy rates to bring medium-term inflation down from, say, 2.3% to 2%. Such a course of action may imply a substantial rise in unemployment and may thus not be welfare-improving for society at large – a trade-off central banks may face during the last mile of disinflation.[6]

    The experience of the 2010s, when inflation was persistently below the target, demonstrates that the argument also holds in the opposite direction.

    If bringing inflation up from 1.7% to 2%, for example, requires purchasing a large fraction of outstanding government bonds and making potentially time-inconsistent promises about the future path of interest rates, then the central bank must consider carefully whether the benefits outweigh the costs, such as making losses in the future, market dysfunction, rising wealth inequality, financial instability and threats to its reputation.[7]

    The role of inflation expectations

    However, the ability to tolerate moderate deviations of inflation from target critically hinges on a firm anchoring of inflation expectations – that is, a low sensitivity of inflation expectations to realised inflation.

    If inflation expectations are well-anchored, policymakers can tolerate moderate deviations from target, as fluctuations in inflation tend to fade away. If, however, inflation expectations are at risk of unanchoring, central banks should act forcefully.[8]

    There are two challenges to this strategy.

    One is that the anchoring of inflation expectations is endogenous. Central banks themselves can cause an unanchoring if inaction in the face of price shocks is perceived as weakening its commitment to securing price stability.[9]

    History shows that it can be costly to reestablish the credibility of the nominal anchor once it has been lost. This is also because inflation expectations are path-dependent. Research shows that the experience of high inflation may raise the sensitivity of inflation expectations to new inflation surprises.[10]

    The other challenge is that different measures of inflation expectations often yield different results (Slide 3). As such, robust trends cannot easily be identified in real time, much like the slope of the Phillips curve.[11]

    Measures of inflation expectations can even point in opposite directions. Research from the early days of the pandemic showed that most consumers expected the pandemic to raise prices, contrary to the views held by professional forecasters at the time.[12]

    State-dependent pricing and tight labour markets can explain steeper Phillips curve and post-pandemic inflation surge

    The recent period of high inflation illustrates how sensitive policy conclusions can be to the assessment of the slope of the Phillips curve and to measures of inflation expectations that central banks use in their analysis.

    Two key theories have been proposed to explain the post-pandemic inflation surge.[13]

    The first relates to firms’ price-setting behaviour.

    Standard New Keynesian models assume that the probability of firms resetting their prices is constant over time. This is a fair description of aggregate price movements when inflation is low and aggregate shocks are small (Slide 4).

    However, the past few years have demonstrated that this “linear” relationship breaks down in the face of large shocks.[14] When marginal costs increase rapidly and threaten to erode profit margins, firms tend to raise their prices more frequently. As a result, the Phillips curve steepens.

    This feedback loop is strongly asymmetric.[15] It acts as an inflation accelerator when firms face positive demand or adverse cost-push shocks.[16] But it does little to firms’ pricing strategies in the face of disinflationary shocks due to downward price rigidities.

    This helps explain why inflation did not fall much when the pandemic broke out but increased sharply after the reopening of our economies (Slide 5).[17]

    The second theory relates to the tightness of the labour market.

    Downward nominal wage rigidity has been a key factor explaining the “missing deflation” in the aftermath of the global financial crisis.[18] If nominal wages do not fall, or fall only very slowly, firms’ marginal costs change only moderately, and hence disinflationary pressures face a natural lower bound, even if slack is large.

    But when the labour market is tight, wages are more flexible as firms outbid each other in securing their desired workforce.

    Benigno and Eggertsson show that this channel led to a non-linear inflation surge in the United States whenever the number of job vacancies exceeded the number of unemployed workers (Slide 6).[19] In the euro area, the threshold was lower, but the curve still exhibited strong signs of non-linearity.

    Rising near-term inflation expectations may have shifted the Phillips curve up

    New research for the United States, however, suggests that the evidence in favour of the second theory is not very robust.

    Specifically, the finding of non-linearity depends critically on which measure is used to control for inflation expectations: non-linearity holds when controlling for expectations of professional forecasters, but it disappears once inflation expectations of households and firms are considered.[20]

    In other words, it is conceivable that the Phillips curve did not become steeper but rather shifted upwards as inflation expectations rose.[21] Non-linearity has also been rejected recently using a similar approach based on regional data for the euro area.[22]

    Moreover, the expectations that are relevant for such an upward shift are not necessarily the longer-term expectations that central banks typically pay most attention to.

    These have remained remarkably stable over the past few years (Slide 7).

    Rather, inflation expectations over the near term, such as the next 12 months, may be more important in driving macroeconomic outcomes.

    Bernanke and Blanchard, for example, show that one-year-ahead inflation expectations explain a significant share of the recent marked rise in nominal wages, and hence inflation, in the United States.[23] Similar evidence has been found for the euro area and other advanced economies.[24]

    Again, there appears to be an asymmetry: the risks that the Phillips curve shifts downwards are substantially lower. Research shows that consumers tend to respond more to inflationary than disinflationary news, as households value increases in their purchasing power and as they pay less attention to inflation when it is low.[25]

    The impact of tariffs on inflation in the euro area

    Understanding the reasons behind the recent inflation surge is not only important from a conceptual perspective. It also matters for setting monetary policy today, as we are once again confronted with historically large shocks.

    For central banks, this is a difficult environment to navigate.

    Memories of high inflation are still fresh after a long period of sharply rising prices. And just as during the pandemic, there is considerable uncertainty about how firms and households are going to respond to shocks that are largely outside the historical empirical range.

    Ultimately, the impact of current shocks on prices and wages, and hence the appropriate monetary policy response, will depend on the shape and location of the Phillips curve.

    Monetary policy should focus on the medium term and underlying inflation

    Let me illustrate this by looking at the euro area.

    Given the lags in policy transmission, the relevant horizon for monetary policy is the medium term. The past few years, however, demonstrated that inflation forecasting at times of large structural shocks is inherently difficult and plagued by large uncertainty.

    For this reason, the ECB and other central banks have increasingly turned to a data-dependent approach to monetary policy, where the observed dynamics of underlying inflation and the strength of monetary transmission are used to cross-check the inflation projections.[26]

    This approach remains valid today.[27] But data dependence is not in contrast to being forward-looking.

    In the current situation, the high level of economic uncertainty, together with the sharp fall in energy prices and a stronger euro exchange rate, will likely dampen headline inflation in the short run, potentially pushing it below our 2% target.

    The question is whether these developments provide meaningful signals about the net impact of current shocks on medium-term inflation.

    During the pandemic, for example, a strong appreciation of the euro against the US dollar, by nearly 14% over seven months, and a marked decline in energy prices were followed by a historical inflation surge.

    Data dependency hence requires examining the potential channels through which current shocks could affect underlying inflation over the medium term.

    In the euro area, there are two main forces that could have the size and persistence to pull underlying inflation sustainably away from our 2% medium-term target.

    One is fiscal policy, which is set to expand on a scale unseen outside periods of deep economic contraction.

    Germany has eased its constitutional debt brake for defence-related spending, and has committed to spending €500 billion, or more than 10% of GDP, on infrastructure and the green transition over the next 12 years. In addition, the European Commission has invited Member States to activate the national escape clause to accommodate increased defence expenditure across the EU.

    The impact of these measures on inflation will depend on how they are implemented, especially their impact on the supply side of the economy. But on balance, the fiscal impulse is likely to put upward pressure on underlying inflation over the medium term.

    Global fragmentation is the second force that could have a lasting impact on prices and wages.

    As we speak, the scale and scope of tariffs, the extent of retaliation as well as how financial markets respond to these developments all remain highly uncertain.

    Ongoing negotiations are a sign that mutually beneficial agreements may still be reached. An ideal outcome – the “zero-for-zero” tariff agreement advocated by the European Commission – could even boost growth and employment on both sides of the Atlantic.

    However, should these negotiations fail, the euro area will simultaneously face adverse supply and demand shocks, as the EU has announced that it will retaliate against higher tariffs.

    Similar to the pandemic, assessing the relative strength of these forces is inherently difficult. Overall, however, there are risks that a lasting and meaningful increase in tariffs will reinforce the upward pressure on underlying inflation arising from higher fiscal spending over the medium term.

    To see this, it is useful to look at the factors driving the macroeconomic propagation of tariffs.

    Euro area foreign demand may prove resilient, with limited effects on inflation

    The severity of the negative demand shock will depend on two factors.

    One is the hit to economic activity in the United States and to global demand from raising tariffs across the board. Under the 2 April tariff rates, the United States will face a supply shock of historic proportions. Inflation is poised to rise, real incomes to fall and unemployment to increase. Retaliatory tariffs would weaken the economy further.

    So even in the absence of demand reallocation, foreign demand can be expected to decline if there is a broad increase in tariffs. The depth and persistence of this decline will also depend on other policies, such as tax and spending cuts and deregulation.

    And it will crucially depend on the final outcome of tariff negotiations, which is likely to be far less severe than the 2 April announcement.

    The second factor affecting the severity of the demand shock relates to the degree of demand reallocation – that is, the elasticity of substitution between foreign and domestic products. This elasticity is highly uncertain and varies across industries, products and countries.[28]

    However, a robust finding in the literature is that products that are more differentiated tend to be relatively price-inelastic, as they are more difficult to substitute.

    This has great relevance for the euro area, where the bulk of exports to the United States comprise pharmaceuticals, machinery, vehicles and chemicals. These goods are typically highly differentiated (Slide 8, left-hand side).

    For instance, the supply of machines for producing semiconductors is basically monopolised by one Dutch company. Similarly, banknotes in the United States are overwhelmingly printed using machinery from a single German manufacturer.

    These and other machines are not easy to replace in the short run, giving euro area exporters leverage to pass higher costs on to foreign importers and limiting the hit to foreign demand.

    In addition, trade diversion may benefit euro area exports.

    Should prohibitive tariffs on Chinese imports remain in place, they will measurably raise the euro area’s price competitiveness in the US market. This can be expected to stimulate demand for euro area goods if there are no alternatives in the United States itself, especially as the number of industries in which both Chinese and euro area firms have comparative advantages has increased measurably over the past two decades (Slide 8, right-hand side).[29]

    New research corroborates this view.[30] It finds that the euro area stands to win in relative terms from a global trade war, as its net exports to the world will rise rather than fall as global demand is reallocated across the global network, offsetting the hit to domestic consumption.[31]

    In other words, for as long as tariffs are not prohibitive to trade and the uncertainty paralysing activity fades, aggregate euro area foreign demand may prove relatively resilient under a range of potential tariff outcomes.

    The recent appreciation of the euro does not refute this view.

    The euro has gone through two distinct phases since the US presidential election in November last year. It first depreciated in nominal effective terms by 3% until mid-February, before starting to appreciate. So, in net terms, the euro is trading just 2.6% above last year’s average.

    In addition, as most exports to the United States are invoiced in US dollars, the pass-through of changes in the exchange rate to import prices tends to be moderate – by recent estimates just about one-fifth.[32] And potential losses in price competitiveness in third countries are in part compensated by lower import costs, as euro area exports have, on average, a large import content.

    This price inelasticity is also reflected in recent surveys, with manufacturing firms reporting an expansion in output for the first time in more than two years (Slide 9). Also, fewer firms are reporting falling export orders.

    Even if part of these developments may reflect frontloading by firms, it is remarkable how resilient sentiment has remained in the face of the extraordinary increase in economic uncertainty.

    Supply shock puts upward pressure on inflation, reinforced by global supply chains

    The downward effects on inflation caused by lower demand are likely to be offset, partly or even fully, by the supply shock hitting the euro area through retaliatory tariffs imposed by the EU and other economies.

    The strength of this supply shock also depends on two factors.

    One is the extent to which firms pass higher tariffs on to consumers.

    In the United States, evidence from the 2018 tariff increase suggests that, in most cases, the pass-through to import prices was de facto complete.[33] At the same time, many firms chose to absorb part of the increase in import prices in their profit margins, thereby limiting the increase in consumer price inflation, at least in the short run.[34]

    Whether firms will respond similarly to a renewed rise in tariffs in the current environment is uncertain.

    On the one hand, the recent appreciation of the euro, if persistent, provides some margin for euro area firms to buffer cost increases from retaliatory tariffs. On the other hand, profit margins have already been squeezed by high wage growth and a sluggish economy, and the post-pandemic inflation surge may have lowered the bar for firms to pass higher costs on to consumers.

    Overall, recent surveys of companies in the United States and the euro area suggest that they plan to gradually pass higher tariffs on to consumers over the coming years.[35]

    In addition, in order to compensate for the hit to input costs, firms also tend to raise the prices of goods not directly affected by tariffs. There is evidence that retailers broadly adjust price markups even if only a subset of wholesale prices change.[36]

    The second, and related, factor determining the strength of the supply shock relates to global value chains.

    Unlike during the wave of protectionism in the 1930s, today the dominant share of international trade, about 70%, reflects multinational firms distributing production across countries and along the value chain to minimise costs. In this process, parts and components often cross borders many times.

    Prohibitive tariffs between the United States and China are already disrupting supply chains. Shipments of goods are declining, potentially causing future shortages of critical intermediate goods that could reverberate across the world.

    While current conditions are very different from those seen during the pandemic, when supply chain disruptions were a main factor driving the surge in inflation, the impact of tariffs is likely to be amplified as the increase in firms’ marginal costs propagates through the production network.

    ECB staff analysis shows that, even if the EU does not retaliate, higher production costs transmitted through global value chains could more than offset the disinflationary pressure coming from lower foreign demand, making tariffs inflationary overall (Slide 10, left-hand side).[37]

    These effects will become stronger with full retaliation, including intermediate goods. So far, the EU’s retaliatory measures have disproportionately targeted final consumer goods, such as beverages, food and home appliances – precisely to avoid broader cost effects being transmitted through value chains (Slide 10, right-hand side).

    But if the trade conflict intensifies, the scale of retaliation will widen and increasingly include intermediate goods, as these account for nearly 70% of euro area imports from the United States.

    In other words, retaliatory tariffs on intermediate goods would constitute a much broader cost-push shock for euro area firms, reminiscent of the post-pandemic supply chain disruptions.[38]

    It is possible that these effects will be mitigated by China redirecting goods originally destined for the United States towards the euro area and other economies at a discount.

    In practice, however, this mitigation channel is likely to be contained. India, for example, has already raised temporary tariffs on China to curb a surge in imports. Similarly, the European Commission has repeatedly clarified that it intends to protect euro area firms against dumping prices should imports from China rise significantly in response to the evolving trade conflict with the United States.[39]

    Policy implications

    How, then, should the ECB respond to the current shocks?

    The lessons from the post-pandemic surge in inflation suggest that, from today’s perspective, the appropriate course of action is to keep rates close to where they are today – that is, firmly in neutral territory.

    A “steady hand” policy provides the best insurance against a wide range of potential outcomes. In other words, it is robust to many contingencies.

    Specifically, it avoids reacting excessively to volatility in headline inflation at a time when domestic inflation remains sticky and new forces are putting upward pressure on underlying inflation over the medium term. Given lags in policy transmission, an accommodative policy stance could amplify risks to medium-term price stability.

    This steady hand policy also avoids overreacting to concerns that tariffs may destabilise inflation expectations once again.

    In recent months, households’ short-term inflation expectations have reversed and started rising again. According to the ECB’s Consumer Expectations Survey, expectations for inflation one year ahead increased to 2.9% in March from their trough of 2.4% in September 2024 (Slide 11, left-hand side). Qualitative inflation expectations, as measured by the European Commission, even rose to levels last seen in late 2022 (Slide 11, right-hand side).

    Currently, there are no indications that this rise is persistent, or that inflation expectations are at risk of unanchoring.

    Hence, we can afford to look through the rise in short-term inflation expectations. This could change if we see clear signs of a strong and front-loaded pass-through of potential tariff increases – something that could bring us back to the steep part of the Phillips curve. So far, however, evidence suggests that firms have notably slowed the frequency with which they revise their prices.

    A steady hand policy also addresses risks of a more substantial decline in aggregate demand in response to the trade conflict.

    If tight labour markets were the main culprit for the recent steepening of the Phillips curve, risks of a sharp decline in inflation caused by a rise in unemployment are much more moderate today.

    The reason for this is that in both the United States and the euro area, the vacancy-to-unemployment ratio has fallen markedly and is now at a level that suggests that labour markets are much more balanced (Slide 12).

    We are thus likely to be operating close to, or at, the flat part of the Phillips curve where a change in unemployment has only limited effects on underlying inflation, in stark contrast to the high inflation period.[40]

    We would only need to react more forcefully to the tariff shock if we observed a sharp deterioration in labour market conditions or an unanchoring of inflation expectations to the downside.

    Both seem unlikely at the current juncture.

    Despite the number of vacancies declining, the euro area labour market has proven resilient, with unemployment at a record low. And most measures of medium-term inflation expectations remain tilted to the upside, including those of professional forecasters (Slide 13).

    Conclusion

    My main message today, and with this I would like to conclude, is therefore simple: now is the time to keep a steady hand.

    In the current environment of elevated volatility, the ECB needs to remain focused on the medium term. Given long and variable transmission lags, reacting to short-term developments could result in the peak impact of our policy only unfolding when the current disinflationary forces have passed.

    Over the medium term, risks to euro area inflation are likely tilted to the upside, reflecting both the increase in fiscal spending and the risks of renewed cost-push shocks from tariffs propagating through global value chains.

    Therefore, from today’s perspective, an accommodative monetary policy stance would be inappropriate, also because recent inflation data suggest that past shocks may unwind more slowly than previously anticipated.

    By keeping interest rates near their current levels, we can be confident that monetary policy is neither excessively holding back growth and employment, nor stimulating it. We are thus in a good place to evaluate the likely future evolution of the economy and to take action if risks materialise that threaten price stability.

    Thank you.

    MIL OSI Economics –

  • MIL-OSI Banking: Isabel Schnabel: Keeping a steady hand in an unsteady world

    Source: European Central Bank

    Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at Hoover Monetary Policy Conference “Finishing the Job and New Challenges”, Stanford University

    Stanford, 10 May 2025

    Standard theory of monetary policy rests on a simple premise: a stable relationship between inflation and the output gap. This is the logic behind the Phillips curve, which, in its most common form, relates inflation to a measure of economic slack, expected inflation and supply shocks.[1]

    The relationship between output and inflation was already under scrutiny well before the pandemic.

    After the global financial crisis of 2008, inflation didn’t fall nearly as much as had been implied by conventional Phillips curve estimates. And once economies around the world recovered and unemployment fell, the bounce-back in inflation fell short of model predictions.

    This is why that episode is known as the period of “missing deflation” and “missing inflation”.[2]

    The situation changed fundamentally in the aftermath of the pandemic, when the relationship between inflation and the output gap proved to be much stronger than what would have been expected based on historical estimates. We observed a noticeably steeper Phillips curve across advanced economies, including the euro area (Slide 2).[3]

    In my remarks today, I would like to draw lessons from the instability of the Phillips curve over the past 20 years for the optimal conduct of monetary policy. I will argue that the evidence of a re-flattening of the Phillips curve after the long period of high inflation suggests that, in the euro area, the most appropriate policy response to the potential risks to price stability arising from fiscal expansion and protectionism is to keep a steady hand and maintain rates close to where they are today – that is, firmly in neutral territory.

    Monetary policy and the slope of the Phillips curve

    The slope of the Phillips curve has first-order implications for the conduct of monetary policy.

    If the curve is steep, as it appeared to be in recent years, monetary policy is highly effective in reducing inflation, with only a limited impact on growth and employment. The smaller “sacrifice ratio” suggests that central banks should react more forcefully to deviations of inflation from target, even when the economy is hit by a supply shock that pushes inflation up and output down.[4]

    A steep Phillips curve hence improves the trade-off facing central banks, weakening the case for “looking through”, as forceful policy action minimises the risks of inflation expectations unanchoring and of inflation becoming entrenched.[5]

    Policy prescriptions differ fundamentally if the Phillips curve is flat.

    In this case, a large policy impulse is required to move output sufficiently to generate aggregate price effects. It can then be optimal for policy to tolerate moderate deviations of inflation from target, as the cost of closing a small inflation gap relative to the target may exceed the benefits.

    This prescription holds in both directions.

    When inflation is above the target, a flat Phillips curve would require a sharp rise in policy rates to bring medium-term inflation down from, say, 2.3% to 2%. Such a course of action may imply a substantial rise in unemployment and may thus not be welfare-improving for society at large – a trade-off central banks may face during the last mile of disinflation.[6]

    The experience of the 2010s, when inflation was persistently below the target, demonstrates that the argument also holds in the opposite direction.

    If bringing inflation up from 1.7% to 2%, for example, requires purchasing a large fraction of outstanding government bonds and making potentially time-inconsistent promises about the future path of interest rates, then the central bank must consider carefully whether the benefits outweigh the costs, such as making losses in the future, market dysfunction, rising wealth inequality, financial instability and threats to its reputation.[7]

    The role of inflation expectations

    However, the ability to tolerate moderate deviations of inflation from target critically hinges on a firm anchoring of inflation expectations – that is, a low sensitivity of inflation expectations to realised inflation.

    If inflation expectations are well-anchored, policymakers can tolerate moderate deviations from target, as fluctuations in inflation tend to fade away. If, however, inflation expectations are at risk of unanchoring, central banks should act forcefully.[8]

    There are two challenges to this strategy.

    One is that the anchoring of inflation expectations is endogenous. Central banks themselves can cause an unanchoring if inaction in the face of price shocks is perceived as weakening its commitment to securing price stability.[9]

    History shows that it can be costly to reestablish the credibility of the nominal anchor once it has been lost. This is also because inflation expectations are path-dependent. Research shows that the experience of high inflation may raise the sensitivity of inflation expectations to new inflation surprises.[10]

    The other challenge is that different measures of inflation expectations often yield different results (Slide 3). As such, robust trends cannot easily be identified in real time, much like the slope of the Phillips curve.[11]

    Measures of inflation expectations can even point in opposite directions. Research from the early days of the pandemic showed that most consumers expected the pandemic to raise prices, contrary to the views held by professional forecasters at the time.[12]

    State-dependent pricing and tight labour markets can explain steeper Phillips curve and post-pandemic inflation surge

    The recent period of high inflation illustrates how sensitive policy conclusions can be to the assessment of the slope of the Phillips curve and to measures of inflation expectations that central banks use in their analysis.

    Two key theories have been proposed to explain the post-pandemic inflation surge.[13]

    The first relates to firms’ price-setting behaviour.

    Standard New Keynesian models assume that the probability of firms resetting their prices is constant over time. This is a fair description of aggregate price movements when inflation is low and aggregate shocks are small (Slide 4).

    However, the past few years have demonstrated that this “linear” relationship breaks down in the face of large shocks.[14] When marginal costs increase rapidly and threaten to erode profit margins, firms tend to raise their prices more frequently. As a result, the Phillips curve steepens.

    This feedback loop is strongly asymmetric.[15] It acts as an inflation accelerator when firms face positive demand or adverse cost-push shocks.[16] But it does little to firms’ pricing strategies in the face of disinflationary shocks due to downward price rigidities.

    This helps explain why inflation did not fall much when the pandemic broke out but increased sharply after the reopening of our economies (Slide 5).[17]

    The second theory relates to the tightness of the labour market.

    Downward nominal wage rigidity has been a key factor explaining the “missing deflation” in the aftermath of the global financial crisis.[18] If nominal wages do not fall, or fall only very slowly, firms’ marginal costs change only moderately, and hence disinflationary pressures face a natural lower bound, even if slack is large.

    But when the labour market is tight, wages are more flexible as firms outbid each other in securing their desired workforce.

    Benigno and Eggertsson show that this channel led to a non-linear inflation surge in the United States whenever the number of job vacancies exceeded the number of unemployed workers (Slide 6).[19] In the euro area, the threshold was lower, but the curve still exhibited strong signs of non-linearity.

    Rising near-term inflation expectations may have shifted the Phillips curve up

    New research for the United States, however, suggests that the evidence in favour of the second theory is not very robust.

    Specifically, the finding of non-linearity depends critically on which measure is used to control for inflation expectations: non-linearity holds when controlling for expectations of professional forecasters, but it disappears once inflation expectations of households and firms are considered.[20]

    In other words, it is conceivable that the Phillips curve did not become steeper but rather shifted upwards as inflation expectations rose.[21] Non-linearity has also been rejected recently using a similar approach based on regional data for the euro area.[22]

    Moreover, the expectations that are relevant for such an upward shift are not necessarily the longer-term expectations that central banks typically pay most attention to.

    These have remained remarkably stable over the past few years (Slide 7).

    Rather, inflation expectations over the near term, such as the next 12 months, may be more important in driving macroeconomic outcomes.

    Bernanke and Blanchard, for example, show that one-year-ahead inflation expectations explain a significant share of the recent marked rise in nominal wages, and hence inflation, in the United States.[23] Similar evidence has been found for the euro area and other advanced economies.[24]

    Again, there appears to be an asymmetry: the risks that the Phillips curve shifts downwards are substantially lower. Research shows that consumers tend to respond more to inflationary than disinflationary news, as households value increases in their purchasing power and as they pay less attention to inflation when it is low.[25]

    The impact of tariffs on inflation in the euro area

    Understanding the reasons behind the recent inflation surge is not only important from a conceptual perspective. It also matters for setting monetary policy today, as we are once again confronted with historically large shocks.

    For central banks, this is a difficult environment to navigate.

    Memories of high inflation are still fresh after a long period of sharply rising prices. And just as during the pandemic, there is considerable uncertainty about how firms and households are going to respond to shocks that are largely outside the historical empirical range.

    Ultimately, the impact of current shocks on prices and wages, and hence the appropriate monetary policy response, will depend on the shape and location of the Phillips curve.

    Monetary policy should focus on the medium term and underlying inflation

    Let me illustrate this by looking at the euro area.

    Given the lags in policy transmission, the relevant horizon for monetary policy is the medium term. The past few years, however, demonstrated that inflation forecasting at times of large structural shocks is inherently difficult and plagued by large uncertainty.

    For this reason, the ECB and other central banks have increasingly turned to a data-dependent approach to monetary policy, where the observed dynamics of underlying inflation and the strength of monetary transmission are used to cross-check the inflation projections.[26]

    This approach remains valid today.[27] But data dependence is not in contrast to being forward-looking.

    In the current situation, the high level of economic uncertainty, together with the sharp fall in energy prices and a stronger euro exchange rate, will likely dampen headline inflation in the short run, potentially pushing it below our 2% target.

    The question is whether these developments provide meaningful signals about the net impact of current shocks on medium-term inflation.

    During the pandemic, for example, a strong appreciation of the euro against the US dollar, by nearly 14% over seven months, and a marked decline in energy prices were followed by a historical inflation surge.

    Data dependency hence requires examining the potential channels through which current shocks could affect underlying inflation over the medium term.

    In the euro area, there are two main forces that could have the size and persistence to pull underlying inflation sustainably away from our 2% medium-term target.

    One is fiscal policy, which is set to expand on a scale unseen outside periods of deep economic contraction.

    Germany has eased its constitutional debt brake for defence-related spending, and has committed to spending €500 billion, or more than 10% of GDP, on infrastructure and the green transition over the next 12 years. In addition, the European Commission has invited Member States to activate the national escape clause to accommodate increased defence expenditure across the EU.

    The impact of these measures on inflation will depend on how they are implemented, especially their impact on the supply side of the economy. But on balance, the fiscal impulse is likely to put upward pressure on underlying inflation over the medium term.

    Global fragmentation is the second force that could have a lasting impact on prices and wages.

    As we speak, the scale and scope of tariffs, the extent of retaliation as well as how financial markets respond to these developments all remain highly uncertain.

    Ongoing negotiations are a sign that mutually beneficial agreements may still be reached. An ideal outcome – the “zero-for-zero” tariff agreement advocated by the European Commission – could even boost growth and employment on both sides of the Atlantic.

    However, should these negotiations fail, the euro area will simultaneously face adverse supply and demand shocks, as the EU has announced that it will retaliate against higher tariffs.

    Similar to the pandemic, assessing the relative strength of these forces is inherently difficult. Overall, however, there are risks that a lasting and meaningful increase in tariffs will reinforce the upward pressure on underlying inflation arising from higher fiscal spending over the medium term.

    To see this, it is useful to look at the factors driving the macroeconomic propagation of tariffs.

    Euro area foreign demand may prove resilient, with limited effects on inflation

    The severity of the negative demand shock will depend on two factors.

    One is the hit to economic activity in the United States and to global demand from raising tariffs across the board. Under the 2 April tariff rates, the United States will face a supply shock of historic proportions. Inflation is poised to rise, real incomes to fall and unemployment to increase. Retaliatory tariffs would weaken the economy further.

    So even in the absence of demand reallocation, foreign demand can be expected to decline if there is a broad increase in tariffs. The depth and persistence of this decline will also depend on other policies, such as tax and spending cuts and deregulation.

    And it will crucially depend on the final outcome of tariff negotiations, which is likely to be far less severe than the 2 April announcement.

    The second factor affecting the severity of the demand shock relates to the degree of demand reallocation – that is, the elasticity of substitution between foreign and domestic products. This elasticity is highly uncertain and varies across industries, products and countries.[28]

    However, a robust finding in the literature is that products that are more differentiated tend to be relatively price-inelastic, as they are more difficult to substitute.

    This has great relevance for the euro area, where the bulk of exports to the United States comprise pharmaceuticals, machinery, vehicles and chemicals. These goods are typically highly differentiated (Slide 8, left-hand side).

    For instance, the supply of machines for producing semiconductors is basically monopolised by one Dutch company. Similarly, banknotes in the United States are overwhelmingly printed using machinery from a single German manufacturer.

    These and other machines are not easy to replace in the short run, giving euro area exporters leverage to pass higher costs on to foreign importers and limiting the hit to foreign demand.

    In addition, trade diversion may benefit euro area exports.

    Should prohibitive tariffs on Chinese imports remain in place, they will measurably raise the euro area’s price competitiveness in the US market. This can be expected to stimulate demand for euro area goods if there are no alternatives in the United States itself, especially as the number of industries in which both Chinese and euro area firms have comparative advantages has increased measurably over the past two decades (Slide 8, right-hand side).[29]

    New research corroborates this view.[30] It finds that the euro area stands to win in relative terms from a global trade war, as its net exports to the world will rise rather than fall as global demand is reallocated across the global network, offsetting the hit to domestic consumption.[31]

    In other words, for as long as tariffs are not prohibitive to trade and the uncertainty paralysing activity fades, aggregate euro area foreign demand may prove relatively resilient under a range of potential tariff outcomes.

    The recent appreciation of the euro does not refute this view.

    The euro has gone through two distinct phases since the US presidential election in November last year. It first depreciated in nominal effective terms by 3% until mid-February, before starting to appreciate. So, in net terms, the euro is trading just 2.6% above last year’s average.

    In addition, as most exports to the United States are invoiced in US dollars, the pass-through of changes in the exchange rate to import prices tends to be moderate – by recent estimates just about one-fifth.[32] And potential losses in price competitiveness in third countries are in part compensated by lower import costs, as euro area exports have, on average, a large import content.

    This price inelasticity is also reflected in recent surveys, with manufacturing firms reporting an expansion in output for the first time in more than two years (Slide 9). Also, fewer firms are reporting falling export orders.

    Even if part of these developments may reflect frontloading by firms, it is remarkable how resilient sentiment has remained in the face of the extraordinary increase in economic uncertainty.

    Supply shock puts upward pressure on inflation, reinforced by global supply chains

    The downward effects on inflation caused by lower demand are likely to be offset, partly or even fully, by the supply shock hitting the euro area through retaliatory tariffs imposed by the EU and other economies.

    The strength of this supply shock also depends on two factors.

    One is the extent to which firms pass higher tariffs on to consumers.

    In the United States, evidence from the 2018 tariff increase suggests that, in most cases, the pass-through to import prices was de facto complete.[33] At the same time, many firms chose to absorb part of the increase in import prices in their profit margins, thereby limiting the increase in consumer price inflation, at least in the short run.[34]

    Whether firms will respond similarly to a renewed rise in tariffs in the current environment is uncertain.

    On the one hand, the recent appreciation of the euro, if persistent, provides some margin for euro area firms to buffer cost increases from retaliatory tariffs. On the other hand, profit margins have already been squeezed by high wage growth and a sluggish economy, and the post-pandemic inflation surge may have lowered the bar for firms to pass higher costs on to consumers.

    Overall, recent surveys of companies in the United States and the euro area suggest that they plan to gradually pass higher tariffs on to consumers over the coming years.[35]

    In addition, in order to compensate for the hit to input costs, firms also tend to raise the prices of goods not directly affected by tariffs. There is evidence that retailers broadly adjust price markups even if only a subset of wholesale prices change.[36]

    The second, and related, factor determining the strength of the supply shock relates to global value chains.

    Unlike during the wave of protectionism in the 1930s, today the dominant share of international trade, about 70%, reflects multinational firms distributing production across countries and along the value chain to minimise costs. In this process, parts and components often cross borders many times.

    Prohibitive tariffs between the United States and China are already disrupting supply chains. Shipments of goods are declining, potentially causing future shortages of critical intermediate goods that could reverberate across the world.

    While current conditions are very different from those seen during the pandemic, when supply chain disruptions were a main factor driving the surge in inflation, the impact of tariffs is likely to be amplified as the increase in firms’ marginal costs propagates through the production network.

    ECB staff analysis shows that, even if the EU does not retaliate, higher production costs transmitted through global value chains could more than offset the disinflationary pressure coming from lower foreign demand, making tariffs inflationary overall (Slide 10, left-hand side).[37]

    These effects will become stronger with full retaliation, including intermediate goods. So far, the EU’s retaliatory measures have disproportionately targeted final consumer goods, such as beverages, food and home appliances – precisely to avoid broader cost effects being transmitted through value chains (Slide 10, right-hand side).

    But if the trade conflict intensifies, the scale of retaliation will widen and increasingly include intermediate goods, as these account for nearly 70% of euro area imports from the United States.

    In other words, retaliatory tariffs on intermediate goods would constitute a much broader cost-push shock for euro area firms, reminiscent of the post-pandemic supply chain disruptions.[38]

    It is possible that these effects will be mitigated by China redirecting goods originally destined for the United States towards the euro area and other economies at a discount.

    In practice, however, this mitigation channel is likely to be contained. India, for example, has already raised temporary tariffs on China to curb a surge in imports. Similarly, the European Commission has repeatedly clarified that it intends to protect euro area firms against dumping prices should imports from China rise significantly in response to the evolving trade conflict with the United States.[39]

    Policy implications

    How, then, should the ECB respond to the current shocks?

    The lessons from the post-pandemic surge in inflation suggest that, from today’s perspective, the appropriate course of action is to keep rates close to where they are today – that is, firmly in neutral territory.

    A “steady hand” policy provides the best insurance against a wide range of potential outcomes. In other words, it is robust to many contingencies.

    Specifically, it avoids reacting excessively to volatility in headline inflation at a time when domestic inflation remains sticky and new forces are putting upward pressure on underlying inflation over the medium term. Given lags in policy transmission, an accommodative policy stance could amplify risks to medium-term price stability.

    This steady hand policy also avoids overreacting to concerns that tariffs may destabilise inflation expectations once again.

    In recent months, households’ short-term inflation expectations have reversed and started rising again. According to the ECB’s Consumer Expectations Survey, expectations for inflation one year ahead increased to 2.9% in March from their trough of 2.4% in September 2024 (Slide 11, left-hand side). Qualitative inflation expectations, as measured by the European Commission, even rose to levels last seen in late 2022 (Slide 11, right-hand side).

    Currently, there are no indications that this rise is persistent, or that inflation expectations are at risk of unanchoring.

    Hence, we can afford to look through the rise in short-term inflation expectations. This could change if we see clear signs of a strong and front-loaded pass-through of potential tariff increases – something that could bring us back to the steep part of the Phillips curve. So far, however, evidence suggests that firms have notably slowed the frequency with which they revise their prices.

    A steady hand policy also addresses risks of a more substantial decline in aggregate demand in response to the trade conflict.

    If tight labour markets were the main culprit for the recent steepening of the Phillips curve, risks of a sharp decline in inflation caused by a rise in unemployment are much more moderate today.

    The reason for this is that in both the United States and the euro area, the vacancy-to-unemployment ratio has fallen markedly and is now at a level that suggests that labour markets are much more balanced (Slide 12).

    We are thus likely to be operating close to, or at, the flat part of the Phillips curve where a change in unemployment has only limited effects on underlying inflation, in stark contrast to the high inflation period.[40]

    We would only need to react more forcefully to the tariff shock if we observed a sharp deterioration in labour market conditions or an unanchoring of inflation expectations to the downside.

    Both seem unlikely at the current juncture.

    Despite the number of vacancies declining, the euro area labour market has proven resilient, with unemployment at a record low. And most measures of medium-term inflation expectations remain tilted to the upside, including those of professional forecasters (Slide 13).

    Conclusion

    My main message today, and with this I would like to conclude, is therefore simple: now is the time to keep a steady hand.

    In the current environment of elevated volatility, the ECB needs to remain focused on the medium term. Given long and variable transmission lags, reacting to short-term developments could result in the peak impact of our policy only unfolding when the current disinflationary forces have passed.

    Over the medium term, risks to euro area inflation are likely tilted to the upside, reflecting both the increase in fiscal spending and the risks of renewed cost-push shocks from tariffs propagating through global value chains.

    Therefore, from today’s perspective, an accommodative monetary policy stance would be inappropriate, also because recent inflation data suggest that past shocks may unwind more slowly than previously anticipated.

    By keeping interest rates near their current levels, we can be confident that monetary policy is neither excessively holding back growth and employment, nor stimulating it. We are thus in a good place to evaluate the likely future evolution of the economy and to take action if risks materialise that threaten price stability.

    Thank you.

    MIL OSI Global Banks –

  • MIL-OSI USA: Reps. Ramirez & Lieu, Senator Durbin Meet with Business Owners, Call to Protect Diverse Small Businesses’ Funding

    Source: United States House of Representatives – Representative Delia Ramirez – Illinois (3rd District)

    CHICAGO, IL — Today,  Congresswoman Delia C. Ramirez (IL-03) hosted Senator Dick Durbin (D-IL), House Democrats Vice-Chair Congressman Ted Lieu (CA-36), and Cook County Commissioner Jessica Vásquez for a business crawl of the Milwaukee Avenue’s business corridor to commemorate National Small Business Week. During the crawl, the members of Congress heard directly from business owners about the impact that the Trump Administration’s funding cuts and service reductions will have on diverse small businesses and local economies. 

    After the announcement of Trump’s record-breaking proposed defunding of federal services and programs, the Members of Congress held a press conference to demand that the Administration restore the funding for diversity and equity programs and reopen the Small Business Administration (SBA) offices in jurisdictions that protect immigrants’ rights, and end the trade war. 

    “The Milwaukee Ave Business Corridor is not only a reminder of how our communities’ small businesses grow our local and national economies, but also of how interconnected they are to global markets. From Poland to Puerto Rico, from China to Colombia, countless immigrant families have chosen Milwaukee Avenue to set up shop and share their culture, cuisine, and craft,” said Congresswoman Ramirez. “While the Trump Administration turns its back on small business owners, I’m standing in coalition with Senator Durbin, Congressman Ted Lieu, Commissioner Jessica Vasquez, and local leaders and business owners to fight back for our local, diverse, equitable, and inclusive economies.”

    “Small businesses are the backbone of our communities and economies,” said Senator Durbin. “Illinois is home to more than 1.2 million small businesses, which should be something to celebrate this National Small Business Week. Instead, our local store owners, like the ones I was fortunate to visit today, find themselves facing worker shortages and chaos caused by Trump’s trade war. I’ll continue to do all I can, alongside members of the House like Representatives Ramirez and Lieu, to fight for our local businesses at the federal level and lower costs for the American people.”

    “Trump’s indiscriminate tariffs make no sense. Now, small businesses and consumers are paying more for food and products. We had a growing economy at the end of 2024. Unfortunately, Trump’s policies have led us to negative GDP growth,” said Congressman Lieu. “Today, we are here to highlight the difficulties small businesses are facing and to tell the Trump administration they need to stop the indiscriminate tariffs. They are hurting our economies, American consumers, and businesses. Thank you, Congresswoman Ramirez, for your representation.”

    During the crawl, the public officials visited multiple businesses, including Magnífico Coffee Roasters & Coffee Shop  (Colombian-owned family business), Friendship Chinese (Asian-American owned restaurant, Michelin-recommended), the RCM Studios (Black-owned recording studio), and Kurowski’s Sausage Shop (staple Polish market).

    For photos and videos of the event, CLICK HERE.

    For a live stream of the press conference, CLICK HERE.

    BACKGROUND:

    The Trump Administration’s 30% cuts to SBA are expected to negatively impact local communities’ access to Small Business Development Centers, reducing resources for local business owners. Under the Trump Administration, 15 SBA Entrepreneurial Development programs have been eliminated, including the Veterans’ Business Outreach Program, the National Women’s Business Council, and Women’s Business Centers. 

    More than 90% of small businesses rely on imported goods for everything from products to construction materials. Trump’s tariffs will raise prices for businesses and are expected to cost families an extra $3,800 a year. In a recent poll, 70% of small business owners said they believe the country is headed towards a recession.

    The Trump Administration’s anti-immigrant agenda is also affecting business. Beyond the persecution of immigrant workers, 1 in 5 businesses are started by immigrant families, including undocumented immigrants and mixed-status families. The Trump Administration’s decision to close the offices in sanctuary jurisdictions and limit the funding for immigrant businesses will hurt local economies. 

    MIL OSI USA News –

  • MIL-OSI USA: Reps. Salazar, Soto, and Wasserman Schultz Introduce Legislation to Designate TPS for Venezuelans

    Source: United States House of Representatives – Congresswoman María Elvira Salazar’s (FL-27)

    strong>WASHINGTON, D.C. – Representatives Maria Salazar (FL-27), Darren Soto (FL-09),  and Debbie Wasserman Schultz (FL-25) introduced the bipartisan Venezuela TPS Act of 2025, with Salazar serving as the Republican co-lead on the legislation. The bill provides Temporary Protected Status (TPS) for Venezuelans currently in the United States. Specifically, this act automatically designates TPS for Venezuelans for 18 months after enactment of this bill, with the option of renewal. This will protect approximately 600,000 Venezuelans in the United States from deportation. 

    “The oppression of the Maduro regime and the total failure of socialism of the 21st century has created dangerous conditions in Venezuela and a constant threat of political persecution,” said Congresswoman Salazar.  “That’s why I am proud to co-lead the Venezuela TPS Act of 2025 – to ensure law-abiding Venezuelans currently in the United States can stay here until conditions improve and they are not forcibly returned to a brutal dictatorship. I will continue fighting for a free and prosperous Venezuela, led by its legitimate President Edmundo Gonzalez and the Iron Lady Maria Corina Machado.”

    “We are concerned by the Trump Administration’s actions to strip Venezuelans of Temporary Protected Status, parole, and other critical protections during a time of major instability in their country. In Central Florida, thousands of Venezuelans have fled political violence and joined family members already living in the United States, contributing to our economy, and working hard to help our community grow,” said Congressman Darren Soto. “It is insulting to turn our backs on this group. Now more than ever, we need to come together to protect our community from unjust treatment and unconstitutional deportations.”  

    “It is simply wrong to subject law-abiding Venezuelan families to a criminal, murderous regime that openly and flagrantly violates human rights,” said Congresswoman Wasserman Schultz. “TPS recipients are not criminals—they are here legally and nobody with a criminal record is eligible for protection. I’m proud to join this bipartisan effort to prevent Venezuelan families in my district from being unjustly torn apart while we continue to fight for a free and prosperous Venezuela under democratic leadership.” 

    BACKGROUND:

    Political instability caused by Nicolas Maduro’s authoritarian regime in Venezuela has led to massive food and medicine shortages, half of the population living in poverty, many suffering from food insecurity, and a crippled economy. Venezuela’s economy has contracted by more than 80% since 2014 which is more than twice the magnitude of the Great Depression in the United States. Venezuela has also experienced some of the highest homicide and crime victimization rates in Latin America and the Caribbean. 

    Congresswoman Salazar represents approximately 40,000 Americans of Venezuelan descent in Florida’s 27th congressional district. Salazar has been at the forefront of the push to protect Venezuelans from deportation until the Maduro regime falls.  

    The legislation automatically designates eligible Venezuelans for TPS for an initial period of 18 months, with the option of renewal. Under TPS, Venezuelans would be shielded from deportation and granted work authorization, allowing individuals to pay taxes and contribute to their communities. This bill would not protect any criminals, and all eligible individuals must pass a stringent background check. The Venezuela TPS Act of 2025 also provides for individuals to travel abroad for emergencies and extenuating circumstances. 

    Venezuelan nationals will be eligible for TPS if they are: 

    • Physically present in the United States on the date of enactment;
       
    • Do not have a criminal record and, 
       
    • Properly register for TPS with the Secretary of Homeland Security. 

    You can read the full bill here.

    MIL OSI USA News –

  • MIL-OSI China: Construction site of Xiong’an-Xinzhou high-speed railway in China’s Hebei

    Source: People’s Republic of China – State Council News

    Construction site of Xiong’an-Xinzhou high-speed railway in China’s Hebei

    Updated: May 10, 2025 09:04 Xinhua
    Laborers work at a grand bridge construction site of the Hebei section of Xiong’an-Xinzhou high-speed railway in north China’s Hebei Province, May 8, 2025. The Xiong’an-Xinzhou high-speed railway is an important section of Beijing-Kunming high-speed railway that belongs to a greater high-speed rail artery network consisting eight vertical lines and eight horizontal lines in the country. Upon completion, the railway line is expected to relieve the passenger transport pressure in the areas around Beijing while promoting high-quality development of the economy and society along the line. [Photo/Xinhua]
    Laborers work at a grand bridge construction site of the Hebei section of Xiong’an-Xinzhou high-speed railway in north China’s Hebei Province, May 8, 2025. [Photo/Xinhua]
    An aerial drone photo taken on May 8, 2025 shows the construction site of the Hebei section of Xiong’an-Xinzhou high-speed railway in north China’s Hebei Province. [Photo/Xinhua]
    An aerial drone photo taken on May 8, 2025 shows laborers working at the construction site of the Hebei section of Xiong’an-Xinzhou high-speed railway in north China’s Hebei Province. [Photo/Xinhua]
    An aerial drone photo taken on May 8, 2025 shows the construction site of the Hebei section of Xiong’an-Xinzhou high-speed railway in north China’s Hebei Province. [Photo/Xinhua]
    An aerial drone photo taken on May 8, 2025 shows the construction site of the Hebei section of Xiong’an-Xinzhou high-speed railway in north China’s Hebei Province. [Photo/Xinhua]
    Laborers work at the construction site of the Hebei section of Xiong’an-Xinzhou high-speed railway in north China’s Hebei Province, May 8, 2025. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI Asia-Pac: InvestHK promotes Hong Kong as Asia’s business launch pad in Eastern Europe and Middle East (with photo)

    Source: Hong Kong Government special administrative region

    InvestHK promotes Hong Kong as Asia’s business launch pad in Eastern Europe and Middle East (with photo)      
         Ms Lau said, “Hong Kong’s unique advantages as a global financial hub and Asia’s business launch pad make it the perfect partner for enterprises from Türkiye, Hungary and Egypt in expanding into the Mainland, the Association of Southeast Asian Nations (ASEAN) markets, and further in Asia and beyond. Anchored in the Belt and Road Initiative, we look forward to fostering collaboration and showcasing how Hong Kong can drive their success across the region.”
          
         She added that Hong Kong offers unmatched access to the Mainland and the Asia-Pacific region through initiatives such as the Greater Bay Area and its Free Trade Agreement with ASEAN. The city’s business-friendly environment, free capital movement and a robust innovation and technology ecosystem hosting nearly 10 000 companies from overseas and the Mainland, and close to 4 700 start-ups, empowers businesses to innovate and grow.
          
         Ms Lau will arrive in Istanbul tomorrow (May 11, Istanbul time) to engage with Turkish companies from various sectors which are interested in using Hong Kong as a springboard to grow across the Asia-Pacific region. She will speak at different events, including an Istanbul Chamber of Commerce Business Seminar, a Foreign Economic Relations Board of Türkiye Business Seminar, and meet with Turkish media to highlight Hong Kong’s business-friendly environment, which includes a low and simple tax regime, free capital flow, and a common law system under the “one country, two systems” principle.
          
         In 2024, Türkiye was Hong Kong’s 30th largest trading partner, with bilateral merchandise trade between the two places amounting to HK$16.6 billion. The Hong Kong–Türkiye comprehensive avoidance of double taxation agreement signed in 2024 enhances tax certainty, facilitating cross-border transactions.
          
         Since Türkiye’s inclusion in Hong Kong’s Dedicated Fund on Branding, Upgrading and Domestic Sales has supported Hong Kong companies expanding into the Turkish market. To further strengthen bilateral business ties, InvestHK set up a second office in Izmir in January 2025 to promote opportunities that Hong Kong offers to Turkish corporates seeking regional expansion. 
          
         On May 13 (Budapest time), Ms Lau will arrive in Budapest to meet major Hungarian companies keen on using Hong Kong as a regional hub for Asia-Pacific expansion. She will meet with media to update them on Hong Kong’s latest business environment and opportunities. Ms Lau will also attend the Guangdong-Hong Kong-Macao Greater Bay Area Economic and Trade Cooperation Conference in Hungary.
          
         In 2024, Hungary was Hong Kong’s 33rd largest trading partner and around 9.4 per cent (HK$9.4 billion) of the total merchandise trade between Hungary and the Mainland routed through Hong Kong. Hong Kong serves as a gateway for Hungarian businesses targeting Asian markets, leveraging its role as “super connector” under the Belt and Road Initiative, while Hungary benefits from Hong Kong’s open investment environment. Hungarian manufacturing, technology, and healthtech companies can tap Hong Kong’s vibrant innovation and technology ecosystem, backed by global capital and world-class universities, to grow in ASEAN and China’s Greater Bay Area.
          
         On May 17 (Cairo time), Ms Lau will visit Cairo to connect with global Egyptian businesses eager to establish operations in Hong Kong to seize Asia-Pacific opportunities. She will also attend the Guangdong-Hong Kong-Macao Greater Bay Area Economic and Trade Cooperation Conference in Cairo.
          
         In 2023, InvestHK signed a Memorandum of Understanding with the General Authority for Investment and Free Zones of the Arab Republic of Egypt, pledging mutual co-operation on investment promotion exchanges and support. In 2024, bilateral merchandise trade between Hong Kong and Egypt amounted to HK$2.1 billion, up 5.4 per cent over 2023.
    Issued at HKT 9:00

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: PHOTOS: Capito Celebrates 30 Years of Niterra’s Sissonville Campus and Expansion

    US Senate News:

    Source: United States Senator for West Virginia Shelley Moore Capito

    SISSONVILLE, W.Va. – Today, U.S. Senator Shelley Moore Capito (R-W.Va.) traveled to Sissonville, W.Va. where she delivered remarks celebrating the 30th anniversary of Niterra North America’s Sissonville campus, as well as the grand opening of the company’s new state-of-the art distribution center. The expansion will grow the Sissonville campus by 75,000 square feet and create around 30 new jobs, allowing Niterra to serve customers and support continued growth.

    “I was proud to visit Niterra’s facility in Sissonville as they celebrate 30 years of investment, innovation, and job creation in West Virginia,” Senator Capito said. “Their continued growth, including this latest expansion, is a testament to the strength of our workforce and the opportunities we’re creating to build a stronger economy right here at home.”

    “We are incredibly proud to reach this 30-year milestone,” Michael Schwab, President & CEO of Niterra North America, Inc., said. “Our success is a testament to the hard work and dedication of our employees, the loyalty of our customers, and the support of the Sissonville community. The opening of our new distribution center is a significant step forward in our journey, expanding operational capacity and improving logistics efficiency. We look forward to many more years of success.”

    Photos from today’s visit are below:

    U.S. Senator Shelley Moore Capito (R-W.Va.) visits Niterra North America in Sissonville, W.Va. on Friday, May 9, 2025.

    U.S. Senator Shelley Moore Capito (R-W.Va.) pictured with Niterra North America Chairman and CEO Shinichi Odo at Niterra’s Sissonville, W.Va. facility on Friday, May 9, 2025.

    MIL OSI USA News –

  • MIL-OSI USA: Grassley, Budd Introduce Legislation to Empower Vocational Students, Unlock Workforce Potential

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley
    WASHINGTON – Sen. Chuck Grassley (R-Iowa) and Sen. Ted Budd (R-N.C.) introduced the Promoting Employment and Lifelong Learning (PELL) Act to expand Pell Grant eligibility to short-term, technical training programs. This legislation would make available financial assistance for low-income students looking to pursue in-demand and high-paying careers in skilled trades. 
    “Too many students are pushed into debt seeking a four-year degree that doesn’t suit job market demands. That needs to change. Our legislation will expand access to high-quality, short-term job training programs to close the skills gap, reduce college debt and ensure more students can enter the workforce in high-demand industries,” Grassley said.
    “We cannot build tomorrow’s workforce based on the blueprint for yesterday’s economy. By modernizing Pell Grant eligibility, we can open the door for millions of Americans to gain in-demand skills, while creating more family-sustaining careers. In as little as eight weeks, students can earn industry-recognized credentials and practical knowledge – the real currency of today’s labor market. It’s time to build a workforce strategy as modern and dynamic as the economy we’re preparing it for,” Budd said.
    Grassley and Budd are joined by Sens. Dave McCormick (R-Pa.), Pete Ricketts (R-Neb.) and Jim Justice (R-W.Va.).
    The PELL Act served as the original framework for the House of Representatives’ Student Success and Taxpayer Savings Plan, which was recently included in the House Committee on Education and the Workforce’s reconciliation bill.
    Read the full bill text HERE.
    -30-

    MIL OSI USA News –

  • MIL-OSI USA: Crapo, Risch Join MOMS Act to Help Build Culture of Life, Support Women, Strengthen Families

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo
    WASHINGTON, D.C.—Ahead of Mother’s Day this Sunday, U.S. Senators Mike Crapo (R-Idaho) and Jim Risch (R-Idaho) are co-sponsoring the More Opportunities for Moms to Succeed (MOMS) Act, led by U.S. Senators Katie Britt (R-Alaska), Kevin Cramer (R-North Dakota) and Eric Schmitt (R-Missouri).  This legislation would provide critical support to women during typically challenging phases of motherhood–prenatal, postpartum, and early childhood development–and bolster access to resources and assistance to help mothers and their children thrive.
    “As we approach Mother’s Day, we honor the women and mothers raising the next generation of children in America,” Crapo said.  “Their love and sacrifices for their families form some of the strongest bonds on Earth.  This act will empower moms throughout the United States with greater access to resources to assist them during pregnancy, childbirth and raising their families.”
    “The Republican Party is the party of life, the party of parents and the party of families.  At the heart of the MOMS Act is building a comprehensive culture of life to give moms, children and families the support system they need to thrive and live their American Dream,” Britt said.  “As a mom myself, I don’t have to wonder what other moms are facing–I’m living it.  I know firsthand that there is no greater blessing in life than our children, and I also understand the types of challenges that women face during their pregnancy journeys and while raising their kids.  I’m proud to support women throughout these seasons of motherhood, and the MOMS Act is part of my continued commitment to fight on their behalf.”
    The bill comes at an important moment.  In 2023, the number of U.S. births was the lowest since 1979, according to provisional CDC data, and the total fertility rate in America hit an all-time low.  Last year, fertility and birth rates remained near record-lows, reflecting a continued, concerning trend in America.
    U.S. Senators Roger Marshall (R-Kansas), Steve Daines (R-Montana), Jerry Moran (R-Kansas), Chuck Grassley (R-Iowa), Marsha Blackburn (R-Tennessee), John Cornyn (R-Texas), James Lankford (R-Oklahoma), Roger Wicker (R-Missouri), Dave McCormick (R-Pennsylvania), Pete Ricketts (R-Nebraska), Jim Justice (R-West Virginia), Tim Sheehy (R-Montana), Mike Rounds (R-South Dakota) and Deb Fischer (R-Nebraska) are also cosponsoring the MOMS Act
    The MOMS Act would establish a website of resources, Pregnancy.gov, for expecting and postpartum moms, as well as those with young children.  This aims to increase access to adoption agencies, pregnancy resource centers, and other relevant public and private resources available to pregnant women near their zip code and surrounding areas.  These relevant resources include health and well-being services, financial assistance, and material and legal support.  The U.S. Department of Health and Human Services would also be required to include and maintain a national list of federal funding opportunities available to non-profit and healthcare entities for pregnancy support.
    The legislation would also improve access to pre- and post-natal resources.  The bill would establish a grant program for non-profit entities to support, encourage and assist women in carrying their pregnancies to term and to care for their babies after birth.  It would also institute a grant program to purchase necessary medical equipment and technology in rural areas and other medically underserved areas to support pre-natal and post-natal telehealth appointments.
    The MOMS Act also includes Senator Cramer’s Unborn Child Support Act to allow states to apply child support obligations to the time period during pregnancy.
    This legislation is endorsed by Susan B. Anthony Pro-Life America, Americans United for Life, March for Life Action, the National Right to Life Committee, Students for Life Action, Concerned Women of America, the Ethics and Religious Liberty Commission and the Human Coalition.
    The full text of the bill can be viewed here. A section-by-section of the bill can be found here.

    MIL OSI USA News –

  • MIL-OSI Russia: ​China Brings More Confidence to Global Economy

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    Source: People’s Republic of China – State Council News

    Leaders of multinational companies, taking into account the actual situation of scientific and technological innovation, social development and other aspects in China, hope to jointly explore new synergies in the fields of digital technology, artificial intelligence and healthcare.

    “I am very happy to be back in China. IKEA has been in China for 60 years, but we are thinking about the next 60 years,” Inter IKEA Group CEO Jon Abrahamsson Ring said recently, adding that long-term cooperation with China is important and that the development of Chinese renewable energy technologies is “very good,” which will contribute to IKEA’s future sustainable development.

    Sean Green, President and CEO of BMW Group China, noted that “Chinese consumers are on average around 20 years younger than Europeans.” BMW is addressing the digital needs of young Chinese consumers and is deepening strategic collaborations with Chinese technology companies, deeply integrating cloud-based interactive capabilities and personalized generative AI experiences so that vehicles can more seamlessly adapt to China’s smart city infrastructure in the future. André Hoffmann, Deputy Chairman of the Roche Group, noted that China’s healthcare needs, coupled with an aging society, are growing and will provide greater opportunities for innovative medicines to develop. He stressed that Roche looks forward to working closely with the Chinese government, healthcare providers and industry partners.

    Schneider Electric Group Chairman Jean-Pascal Tricoire said Schneider Electric is working with multiple Chinese suppliers to implement carbon-reducing practices. Its plant in Shanghai’s Putuo district has reduced its new product development cycle by 63% and increased its average production efficiency per person by 82%, setting a model for existing plants. By 2027, Amway plans to upgrade and improve more than 100 spaces where people can use its products to promote a healthy, quality lifestyle. The company will also undertake research projects such as building its own organic farms, anti-aging plant breeding, and space breeding…

    The rapidly growing Chinese market will continue to create new growth poles and bring more dynamism and confidence to the global economy. “The transformation of the Chinese mainland economy has opened up enormous opportunities for the world. Various breakthrough innovations are transforming the economic structure and driving economic growth,” said Hong Kong Stock Exchange Chairman Tang Jiacheng. “As a leading financial center in Asia, Hong Kong can provide important financial support for these innovations,” he added.

    Standing at a new historical turning point, the Chinese market has transformed from a uniform production base into a global source of innovation. Foreign-invested enterprises need to seize the breakthrough opportunities of “future technologies” such as artificial intelligence and quantum computing, and deeply develop “markets in third-tier cities and below” that are closely related to people’s social security.

    MIL OSI Russia News –

  • MIL-OSI: Best No Credit Payday Loans For Fast Cash and Quick Approval

    Source: GlobeNewswire (MIL-OSI)

    Houston, May 09, 2025 (GLOBE NEWSWIRE) —

    In This Article, You’ll Discover:

    • Why no-credit payday loans have become essential financial tools in 2025
    • The specific pain points of borrowers who are denied access to traditional lending
    • How fast cash loans with quick approval can bridge the gap in urgent financial situations?
    • A deep dive into how MoneyMutual connects borrowers with trusted lenders in minutes
    • What makes MoneyMutual one of the best options for instant payday loans online
    • Step-by-step guidance on the loan application process, from form submission to fund disbursement
    • Key eligibility requirements and what documents are typically needed
    • A comparison between payday loans and other fast cash solutions
    • Consumer testimonials, reviews, and social proof of effectiveness
    • Financial literacy tips and how to borrow responsibly to avoid debt cycles
    • Important pricing and fee disclaimers, with reminders to check the official website for the most accurate information

    TL;DR – Executive Summary

    In today’s economy, many consumers face urgent financial needs but lack access to traditional loans due to poor or no credit history. This article explores the best no credit payday loans for fast cash and quick approval, offering a comprehensive look at how services like MoneyMutual deliver emergency funding—often with same-day approval and no credit checks required.

    You’ll learn why fast cash loans with no credit check are reshaping short-term borrowing in 2025 and how online payday loans with instant approval work. We break down the benefits of choosing MoneyMutual for quick approvals, outline key eligibility criteria, and guide you through the process step-by-step.

    With embedded financial literacy guidance, comparisons to other loan options, and real user experiences, this long-form article is your complete guide to no credit check payday loans—emphasizing responsible borrowing, transparency, and fast solutions. Pricing information is included with a reminder to verify the latest terms directly on the official MoneyMutual website, as rates and availability may change at any time.

    Introduction: When Bills Can’t Wait

    Life doesn’t always wait for payday. From sudden car repairs to medical bills that can’t be postponed, many Americans find themselves in urgent need of cash, but without the credit score or savings to fall back on. In today’s economy, traditional lending systems are often out of reach for people with low or no credit history. This creates a harsh reality: when emergencies hit, the very people who need money the most are frequently denied access to it.

    That’s where no-credit-payday loans come into play. These financial lifelines provide fast cash with quick approval, even for those with poor credit scores or no credit history at all. They are designed to offer emergency cash loans without the red tape, helping consumers stay afloat during unexpected hardships.

    The Realities of Financial Exclusion

    Not everyone has a family member or friend to borrow from. And even fewer people have the pristine credit needed to qualify for traditional personal loans. Credit cards may already be maxed out, and banks can take days—or even weeks—to process applications. Meanwhile, expenses are piling up.

    As a result, more borrowers are turning to instant payday loans online and same-day payday loans with no credit check to fill the gap. These are typically small, short-term loans offered through online payday loan platforms like MoneyMutual, which serve as a bridge to trusted lenders.

    The Rise of Fintech and Digital Lending

    Thanks to fintech innovations, lenders now have the tools to evaluate borrowers beyond just credit scores. By leveraging secure data analytics and mobile-first applications, platforms like MoneyMutual allow users to apply for loans in just minutes. Many applicants receive instant approvals and may have funds deposited as quickly as the next business day.

    Disclaimer: Payday loans are not long-term financial solutions. If you’re experiencing long-term financial distress, consult a certified financial advisor or local support agency.

    Understanding the Reader’s Pain Points

    The stress of unpaid bills, eviction notices, or emergency medical procedures is overwhelming. When every hour counts, navigating complex loan forms and waiting on credit approvals can feel like torture. That’s why understanding options like quick approval payday loans and no credit check loans online is essential.

    This article will walk you through everything you need to know about finding the best no-credit payday loans for fast cash and quick approval in 2025. From how the process works to why MoneyMutual stands out among other payday loan providers, you’ll gain the clarity needed to make an informed and confident decision.

    The Financial Struggles No One Talks About

    Financial emergencies often come without warning—a broken furnace in the winter, a car that won’t start before work, or a medical bill that’s due immediately. For many Americans, these events trigger not just anxiety but a frantic search for funding that won’t penalize them for past mistakes or the absence of a formal credit history.

    While traditional lenders maintain rigid standards around creditworthiness, millions of people today are shut out from accessing even small amounts of emergency credit. The truth is, having poor or no credit can feel like being locked out of the financial system entirely.

    The Realities of Credit Inequality

    Credit scores were designed to measure risk, but over time, they’ve come to determine far more—access to housing, employment opportunities, and personal dignity. Many hardworking individuals fall through the cracks because of past financial hardship, medical expenses, or simply a lack of credit activity. The result is a population that is financially vulnerable and underserved.

    This is where no-credit-payday loans make a meaningful difference. These short-term financial tools allow borrowers to gain fast access to emergency cash without undergoing traditional credit checks. Unlike conventional banks that rely on legacy systems, payday lenders working through modern digital platforms assess a borrower’s ability to repay based on real-time income and job status.

    Disclaimer: Payday loans are not long-term financial planning tools. Always consider alternatives and speak with a financial advisor for ongoing financial issues.

    Emergency Cash Loans: Why They Matter Now More Than Ever

    In 2025, more than half of Americans report living paycheck to paycheck. Inflation, unpredictable job markets, and the rising cost of living all contribute to mounting financial pressure. When faced with a crisis, those without access to mainstream credit are left to choose between late fees, overdraft charges, or worse—missing a rent payment or losing access to utilities.

    Emergency cash loans with no credit check are designed for these exact moments. They provide near-immediate funding to cover essential costs, buying borrowers the time they need to regain financial control. When sourced from trusted platforms like MoneyMutual, these loans can be both fast and reliable.

    The Emotional Weight of Financial Insecurity

    The numbers don’t tell the whole story. Financial distress often triggers emotional strain, including anxiety, sleeplessness, and feelings of hopelessness. While this article does not provide medical advice, it’s important to recognize that financial stress can negatively impact physical and mental well-being. Anyone feeling overwhelmed should consider seeking guidance from a licensed counselor or community health resource.

    In this context, the speed and simplicity of payday loans for bad credit, especially those offered by fintech payday loan platforms, can provide relief not just financially, but emotionally. The sense of agency restored by quick funding and clear terms can be a critical part of navigating difficult life circumstances.

    The Limitations of Traditional Lending

    Mainstream financial institutions are built to serve the already-privileged: salaried workers with extensive credit histories, collateral, and high credit scores. For everyone else—gig workers, self-employed individuals, or those recovering from financial hardship—traditional options may be unrealistic.

    Loans from brick-and-mortar banks can take days or weeks to process. By the time you’re approved (if you’re approved at all), the emergency has worsened. By contrast, online payday loans with instant approval aim to fund within 24 hours. Many borrowers complete a secure online application in minutes and receive offers in real time.

    Note: Approval timeframes and loan amounts vary by lender. Loan decisions are made solely at the lender’s discretion.

    Digital Lending and Financial Inclusion

    Today’s digital lending platforms are designed to be mobile-first, accessible, and transparent. They bring the power of financial inclusion to people who might otherwise be ignored by the traditional system. These platforms assess borrower profiles using alternative data such as income frequency, employment status, and bank account activity rather than outdated credit metrics alone.

    By expanding eligibility and improving access, services like MoneyMutual help democratize finance, providing access to fast cash loans with no credit check for people who need immediate relief.

    Need emergency cash now? Apply with MoneyMutual in minutes—no credit check, no fees, just fast access to funds. Start your free request today!

    Why Money Mutual Stands Out in 2025

    Among the many options available for short-term lending, MoneyMutual continues to stand out as one of the most trusted platforms for connecting borrowers with fast cash loans, especially those with no or poor credit. In a landscape cluttered with questionable lenders and opaque terms, MoneyMutual provides something increasingly rare: a transparent, secure, and user-first approach to short-term borrowing.

    With over 2 million users and a streamlined application process that takes just minutes, MoneyMutual is widely considered one of the best no-credit payday loan options for Americans seeking quick approval and instant online access to cash.

    A Brief Look at Who They Are

    MoneyMutual is not a direct lender. Instead, it operates as a lending marketplace, matching borrowers with a vetted network of more than 60 short-term lenders. This network ensures that applicants have access to multiple offers that fit their specific needs and financial circumstances, without wasting time applying individually to dozens of companies.

    This model enhances borrower choice, boosts competition among lenders, and often results in more favorable terms and faster funding.

    The Key Features That Define MoneyMutual

    Fast Application Process

    The loan request form on MoneyMutual’s platform can be completed in less than five minutes. Unlike traditional lenders, there are no lengthy credit applications or invasive documentation required. This mobile-first payday loan application system was designed with convenience and speed in mind.

    Once submitted, the request is automatically matched with lenders. Borrowers typically begin receiving offers within minutes.

    No Credit Checks Required

    MoneyMutual specializes in connecting applicants with no credit check payday loans. Instead of evaluating traditional credit reports, lenders on the platform assess other risk factors like income level, employment status, and recent banking activity.

    This approach opens the door for individuals who may have been rejected elsewhere due to low FICO scores, thin credit files, or past financial mistakes.

    Same-Day Approval Potential

    While funding timeframes vary, many lenders in the MoneyMutual network offer online payday loans with instant approval. Qualified applicants can sometimes receive funds as soon as the next business day. This makes it one of the leading platforms for same-day payday loans with no credit check—a critical need for those facing financial emergencies.

    Note: The Timing of approval and funding is determined by the individual lender, and not guaranteed by MoneyMutual.

    Wide Range of Loan Amounts

    Depending on the lender match, borrowers may be eligible to request loan amounts ranging from $200 to $5,000. This range is broader than what many other payday platforms offer, giving consumers flexibility whether they’re covering a small utility bill or an urgent medical expense.

    Disclaimer: This article does not offer medical advice. If you’re dealing with a medical emergency, seek professional care. Payday loans are not a substitute for health insurance or financial planning.

    Security and Data Privacy

    All data transmitted through MoneyMutual’s site is encrypted and securely processed. The company states clearly that it does not sell or misuse user information. This level of digital lending security is essential in 2025, as concerns about data breaches and identity theft continue to rise.

    The company uses SSL encryption and works only with lenders who adhere to industry-standard privacy and data protection protocols.

    Facing a financial crunch? Get matched with payday lenders today through MoneyMutual—no credit required, fast approval, secure process. Apply now!

    How It Works — A Step-by-Step Overview

    1. Complete the Secure Loan Request Form: Enter basic information such as name, address, employment details, and monthly income. The form is mobile-optimized for speed and ease.
    2. Get Matched With a Lender: Within seconds, MoneyMutual runs your profile against its network of over 60 trusted lenders.
    3. Review Your Offer(s): If matched, you’ll be redirected to the lender’s site to review their terms. This may include the loan amount, repayment schedule, and fees.
    4. Accept and Receive Funds: If you accept an offer, the lender may deposit funds directly into your account, sometimes as soon as the next business day.
    5. Repay Based on Agreement: Repayment terms vary by lender, and most operate with automatic debit options. Always read the fine print and understand any rollover penalties or interest caps.

    Disclaimer: The loan terms, including interest rates, fees, and repayment schedules, are set by each lender individually. MoneyMutual does not influence or guarantee specific terms.

    Eligibility Criteria

    To apply through MoneyMutual, you must meet the following minimum qualifications:

    • Be at least 18 years of age
    • Be a U.S. citizen or permanent resident
    • Have a minimum monthly income of $800
    • Possess an active checking account
    • Have a valid email address and a working phone number

    These baseline requirements are standard among direct lender payday loans and ensure that borrowers are equipped to manage short-term repayment.

    Why Borrowers Choose MoneyMutual

    • Speed: Applications take minutes, and offers are returned almost instantly
    • Access: No credit checks allow more people to qualify
    • Options: A network of lenders means multiple loan offers, not just one
    • Security: The platform is encrypted and follows modern compliance practices
    • Transparency: There are no hidden fees to submit a loan request through the platform

    Not a One-Size-Fits-All Solution

    It’s important to understand that while MoneyMutual offers quick approval payday loans, they are still a form of short-term borrowing. Interest rates may be high, and rollovers can lead to long-term debt if not managed properly. The service is designed for urgent, short-term needs, not ongoing financial support.

    Disclaimer: Payday loans should not be used as a long-term solution to recurring financial challenges. Consult a certified financial advisor for personalized assistance.

    Don’t let bad credit stop you. Find same-day payday loans with MoneyMutual’s trusted lenders—apply now and get funded as soon as tomorrow!

    A Step-by-Step Guide to Applying Through MoneyMutual

    Applying for a payday loan can often feel like navigating a maze, especially when you’re under pressure. But with MoneyMutual, the process is designed to be fast, transparent, and accessible from any device. Whether you’re on your phone during your lunch break or using a laptop at home, the mobile-first payday loan application experience is built for ease.

    Here’s a breakdown of how online payday loans with instant approval work through MoneyMutual’s trusted lending marketplace.

    Step 1: Complete the Secure Loan Request Form

    Start by visiting the MoneyMutual website and accessing their loan request form. The form asks for basic personal and financial information, such as:

    • Your full name and contact information
    • Employment status and monthly income
    • Bank account routing and checking account details
    • How much money do you need (typically between $200 and $5,000)

    This form takes less than five minutes to fill out and is fully encrypted to protect your personal data. You won’t be asked for a credit score—this is a no credit check payday loan platform, so your FICO score won’t be the barrier it often is with traditional loans.

    Note: While MoneyMutual does not run a credit check, some partner lenders may perform alternative assessments to verify income or banking history.

    Step 2: Automated Matching With Lenders

    Once you submit your information, MoneyMutual instantly processes your request and scans its network of over 60 payday lenders. These lenders compete to offer fast cash loans with no credit check, which increases the odds of approval and allows you to receive multiple offers.

    You’ll be redirected to a lender’s site if a match is made. Here, you can review the quick approval payday loan terms directly, including:

    • Loan amount
    • Repayment schedule
    • Associated fees or interest rates
    • Fine print and rollover policies

    Step 3: Review, Accept, and Sign the Loan Agreement

    Once redirected, you’ll have the chance to read through the offer details provided by the lender. This step is critical—take your time to evaluate whether the loan amount and repayment terms fit your current budget.

    If you agree to the terms, you can sign the contract electronically. After signing, the lender will begin processing your funding.

    Disclaimer: The APR and repayment terms will vary by lender. Be sure to read all terms carefully before accepting any agreement. MoneyMutual does not guarantee approval, and all final lending decisions are made by individual lenders.

    Step 4: Receive Your Funds (Usually by the Next Business Day)

    Most approved borrowers receive funds within one business day. Some lenders even offer same-day payday loans with no credit check, depending on your bank and the time of approval.

    Your money will be deposited directly into the checking account you provided during the application process. This fast, direct deposit setup is one of the key reasons why MoneyMutual is preferred by those needing emergency cash loans quickly.

    Note: While most funds are deposited within 24 hours, actual timing will depend on the lender and your bank’s processing policies.

    Step 5: Repayment as Agreed

    Repayment is typically structured around your next payday, though terms vary. Most lenders offer automatic withdrawals from your checking account on the agreed-upon date, helping reduce the risk of missed payments.

    Many payday loan lenders also allow early repayment without penalty—something worth considering if your financial situation improves quickly.

    What You Need to Apply

    To qualify for a loan through MoneyMutual, you must meet these minimum eligibility criteria:

    • Be 18 years of age or older
    • Be a U.S. citizen or legal resident
    • Have a verifiable monthly income of at least $800
    • Own an active checking account
    • Provide a working phone number and a valid email address

    These basic requirements are significantly more accessible than traditional bank loan prerequisites, making MoneyMutual one of the more inclusive options for payday loans for bad credit.

    Application Best Practices

    Before you apply, keep the following tips in mind to help ensure a smooth experience:

    • Double-check your bank account and income information for accuracy
    • Make sure your phone and email are active—you’ll need to confirm lender communication quickly
    • Only request what you need—borrowing more can increase financial strain and repayment challenges

    Disclaimer: Borrow responsibly. Payday loans are intended for short-term use. Relying on them as a recurring solution may result in long-term debt. Seek alternative resources if financial hardship is ongoing.

    Bills piling up? Apply for a no credit payday loan in 5 minutes with MoneyMutual—get quick offers from real lenders without any pressure. Start now!

    Real Stories: How MoneyMutual Has Helped Everyday Borrowers

    In the world of short-term lending, reputation matters. While many platforms make big promises, very few deliver on them consistently. What sets MoneyMutual apart isn’t just the speed or convenience—it’s the real-life impact experienced by borrowers across the country. From parents covering emergency bills to gig workers facing income gaps, the platform has served as a trusted online lending marketplace for those who need help fast.

    Fast, Reliable, and Stress-Free

    Many customers highlight how MoneyMutual’s no-credit payday loans offered a stress-free alternative when traditional banks wouldn’t even consider their application. With online payday loans and instant approval, users say they were able to apply during a lunch break and see real offers before the end of the day.

    “I was nervous at first, but the process was quick and easy. I had funds in my account the next day and didn’t have to worry about my credit score.” — Jennifer H., California.

    These testimonials emphasize the platform’s fast cash loans with no credit check, giving people access to funds without weeks of waiting or the frustration of being declined for outdated reasons.

    Serving Those Often Ignored

    Another recurring theme among user experiences is that MoneyMutual delivers for people with bad credit or no credit at all—a population that’s often left out of traditional financial systems.

    “I’d been denied everywhere because of a few bad years. MoneyMutual got me matched with a lender who helped me pay my utility bill and avoid shutoff.” — David R., Georgia.

    The ability to receive same-day payday loans with no credit check has made a meaningful difference in the lives of users who needed a fast solution in critical situations.

    Transparent and Secure

    Many reviewers also praise the transparency and ease of the process. The ability to compare offers from multiple lenders within a secure environment makes borrowers feel informed and in control.

    “I didn’t feel pressured. Everything was laid out clearly, and I was able to pick the lender that worked best for my needs.” — Linda M., Michigan.

    These positive experiences reflect how MoneyMutual has positioned itself as a top choice for payday loans for bad credit in 2025.

    Disclaimer: Individual experiences may vary. All loans are subject to lender approval, and terms will differ by offer. Always review the full agreement before accepting any loan.

    How MoneyMutual Compares to Other Fast Cash Options

    When time is short and financial stress is high, choosing the right loan provider matters more than ever. While many options exist for fast cash, few deliver the balance of accessibility, speed, and security that MoneyMutual offers. Here’s how it compares to traditional banks, peer-to-peer lending platforms, and other payday loan providers in 2025.

    Traditional Banks and Credit Unions

    For borrowers with strong credit, traditional banks and credit unions offer some of the lowest interest rates and long-term repayment options. However, they require a detailed credit history, documented employment, and extensive paperwork. Loan approvals typically take days or even weeks—making them impractical for emergency needs. They also tend to limit or deny access for those with poor credit, which eliminates many of the individuals who need help the most.

    MoneyMutual, by contrast, focuses on fast cash loans with no credit check, allowing people who are financially underserved to find relief without the long wait.

    Peer-to-Peer Lending Platforms

    Platforms like LendingClub and Prosper allow borrowers to apply for loans that are funded by individual investors instead of banks. While these options are more flexible than traditional loans, they still often require a soft or hard credit check and can take multiple days to process. They also lack the immediacy and urgency that same-day payday loans with no credit check provide.

    In urgent situations, the speed and simplicity of online payday loans with instant approval, like those found through MoneyMutual, better serve borrowers who can’t afford to wait.

    Single Payday Loan Providers

    Many online payday loan sites function as single-lender operations, meaning they offer just one loan product with no comparison to others. These websites often have limited transparency, vague terms, and minimal support. The borrower has no real ability to compare lenders or negotiate better offers. Security can also be an issue, as some sites lack strong encryption or consumer protection policies.

    In contrast, MoneyMutual operates as a trusted online lending marketplace, giving borrowers access to a broad network of over 60 lenders. This competition drives faster approvals and potentially more favorable loan terms.

    Why MoneyMutual Leads in 2025

    MoneyMutual sets itself apart by offering a unique combination of features that are especially valuable in today’s economic climate:

    • No credit check required – Unlike banks or P2P platforms, you can apply without worrying about your FICO score.
    • Instant matching – Once you submit the online form, you’re matched in real-time with multiple lenders, increasing your chances of approval.
    • Speed of funding – Many borrowers receive funds within 24 hours, depending on their lender and bank.
    • Transparent process – There are no upfront fees to apply, and the application takes just a few minutes to complete on any device.
    • Secure and encrypted – Your information is protected using industry-standard encryption throughout the process.
    • Inclusive requirements – You only need to be 18+, a U.S. resident, have a $800+ monthly income, and an active checking account to apply.

    For anyone seeking the best no-credit payday loans, MoneyMutual offers a streamlined solution that balances speed with trust and accessibility.

    Disclaimer: Individual lenders set their own loan terms, rates, and fees. MoneyMutual is not a lender and does not guarantee loan approval. Borrowers are encouraged to review all loan details thoroughly before accepting any offer.

    Denied by banks? MoneyMutual connects you to payday loans with no credit check and fast deposits. Apply free now and see your options instantly!

    Financial Literacy Is Your Best Defense

    While no credit payday loans can provide much-needed relief in urgent financial situations, they are not meant to be used as a long-term solution. Understanding the risks, benefits, and strategies for responsible borrowing is just as critical as finding the right lender. That’s why this section focuses on promoting financial literacy—an essential skill set for navigating short-term loans wisely.

    What Are Payday Loans Really For?

    Payday loans for bad credit are designed to help cover short-term gaps in income, such as emergency bills, rent, or utilities—until your next paycheck. They can be incredibly helpful when used as intended. However, borrowing without a clear repayment plan or using payday loans repeatedly can lead to a cycle of debt that becomes difficult to escape.

    MoneyMutual connects users to lenders who offer transparency and fast cash loans with no credit check, but it’s still up to the borrower to use these tools wisely. These loans are a temporary bridge, not a permanent crutch.

    Disclaimer: Payday loans are not a form of long-term credit. If you’re consistently relying on payday lending to manage ongoing expenses, consult a certified credit counselor or nonprofit financial assistance organization.

    Borrowing Responsibly: Practical Tips

    Here are key principles to follow when considering direct lender payday loans or using services like MoneyMutual:

    1. Borrow Only What You Need: It’s tempting to accept the maximum loan offer, but always borrow based on your ability to repay, not on what’s available. Requesting more than necessary can increase repayment pressure and the interest owed.
    2. Understand the Full Cost: Before agreeing to any loan, make sure you understand the total amount you’ll repay—including fees, APR, and any penalties for late or missed payments. If anything seems unclear, ask the lender for clarification before signing.
    3. Avoid Loan Rollovers: Some lenders offer rollovers—extending your loan by paying a fee—but these can compound quickly, leading to escalating debt. Try to repay your loan on the original due date whenever possible.
    4. Check the Lender’s Credentials: If you’re matched with a lender through MoneyMutual’s trusted online lending marketplace, you can feel more secure knowing that the platform only works with verified, compliant partners. Still, you should always read the lender’s privacy policy, contact information, and loan disclosures.
    5. Create a Repayment Plan: Set calendar reminders and review your budget to ensure you’re prepared to repay the loan on time. Missing payments can lead to additional fees, overdrafts, and credit implications—even if your initial approval didn’t require a credit check.
    6. Consider Alternatives When Appropriate: Before applying, explore other resources such as borrowing from a credit union, negotiating payment extensions with service providers, or tapping into community assistance programs. These options may offer more flexibility or lower costs, depending on your circumstances.

    Building Better Habits Post-Borrowing

    After resolving your immediate financial need with a fast cash loan, take steps to improve your long-term stability. Start by tracking expenses, setting aside savings where possible, and using tools or apps that support financial planning. Increasing your financial literacy empowers you to avoid repeat borrowing and establish more durable financial independence.

    Platforms like MoneyMutual offer crucial access to online payday loans with instant approval, but they work best when borrowers use them with a long-term strategy in mind. Remember, these loans are one part of a broader financial toolkit, not a standalone solution.

    Disclaimer: Always compare multiple loan options and seek third-party advice if you’re unsure about repayment terms. Responsible borrowing ensures that fast access to cash today doesn’t become a larger problem tomorrow.

    When cash can’t wait, MoneyMutual delivers. Apply now for fast payday loans—no credit check, no hidden fees, just real offers in minutes!

    Understanding the Costs of No Credit Payday Loans

    One of the most important aspects of using no-credit payday loans responsibly is having a clear understanding of the costs involved. Although platforms like Money Mutual offer access to fast cash loans with no credit check, the fees and interest rates can vary significantly depending on the lender you’re matched with.

    Because MoneyMutual is a trusted online lending marketplace, not a direct lender, it doesn’t control the terms of the loans offered through its platform. Instead, it connects you with reputable lenders who disclose all pricing details upfront. Still, it’s your responsibility to carefully review and understand all terms before accepting any loan agreement.

    Typical Fees and Interest Rates

    The total cost of your payday loan depends on the lender’s terms, your loan amount, the duration of the loan, and your state of residence (since payday lending regulations vary by state). Here are some general fee guidelines:

    • APR ranges for payday loans can be high—sometimes between 200% and 700% on an annualized basis. However, payday loans are usually short-term (often two weeks), so the total dollar cost may be smaller than it sounds annually.
    • Flat fees may also apply, such as $10 to $30 per $100 borrowed, depending on the lender and your state regulations.
    • Late fees or rollover charges can occur if you’re unable to repay the loan on time. Some lenders allow rollovers for an additional fee, which can quickly increase your total repayment amount.

    Disclaimer: These figures are general estimates. Individual lenders determine actual fees, rates, and repayment schedules. Always read the full loan disclosure and consult the lender’s terms before proceeding.

    No Fees to Use the Platform

    It’s free to submit a loan request through MoneyMutual. You won’t be charged to apply, review lender offers, or decline a loan. The platform earns from lenders—not borrowers—which adds a layer of transparency for users seeking payday loans for bad credit without being penalized up front.

    Always Compare Terms

    When you’re matched with a lender, take time to compare offers and confirm:

    • The total amount you’ll owe
    • Payment due date
    • Whether early repayment is allowed without penalty
    • What happens in case of late payment or insufficient funds

    Disclaimer: Pricing is determined solely by individual lenders and may change without notice. Always check the official website or lender’s terms directly for the most up-to-date pricing information before making a decision.

    Urgent expense? No credit? No problem. MoneyMutual connects you to lenders fast with zero cost to apply. Get started now and breathe easier!

    Who Stands Behind Money Mutual?

    In the world of short-term lending, trust is everything. With thousands of loan sites claiming to offer fast cash with no credit check, it’s critical to understand who you’re dealing with and what kind of support is available if something goes wrong.

    MoneyMutual has been operating for over a decade and is widely recognized as a trusted online lending marketplace. Its reputation is built not only on the volume of satisfied users—over two million Americans have used the platform—but also on its commitment to transparency, security, and customer care.

    While MoneyMutual is not a lender itself, it plays a critical role in connecting users with payday loans for bad credit and online payday loans with instant approval, all while maintaining a secure and compliant process.

    Support Availability

    MoneyMutual provides basic customer support through its official website, typically via an online contact form or email. While they do not offer live phone support for loan inquiries (since the actual loans are handled by individual lenders), they do respond to platform-related questions and technical issues.

    If you encounter a problem with a specific lender you’re matched with—such as a dispute over loan terms, repayment timing, or disbursement—you should reach out directly to that lender using the contact information provided in your loan agreement.

    Business Integrity and Consumer Confidence

    MoneyMutual clearly states that it does not guarantee approval and does not influence the lender’s decision-making process. This transparency is one reason why it’s viewed as a credible and secure choice for people seeking no credit payday loans through a centralized and secure platform.

    If you’re ever unsure about the legitimacy of a lender or the safety of your information, you can rest easier knowing that MoneyMutual’s site is encrypted and operates with compliance standards aimed at protecting users.

    What You Should Know About Refunds and Loan Terms

    Because MoneyMutual is not a lender, but rather a trusted online lending marketplace, the company does not issue loans, charge borrowers fees to use its platform, or collect repayment on behalf of any lender. As a result, it does not offer refunds or warranties—those are entirely at the discretion of the individual lender you choose to work with.

    Understanding this distinction is important when considering no credit payday loans. While MoneyMutual provides a secure path to explore offers, all loan terms—including refund policies, cancellation rights, and repayment schedules—are governed by the lender whose offer you accept.

    Refund Policies Are Lender-Specific

    Some lenders may offer short grace periods or allow you to cancel the loan before disbursement, but this is not guaranteed. Once a loan is approved and funded, it typically enters into a binding agreement. Borrowers must refer to their loan contract to understand refund rights, fees, penalties, and the process for disputing charges or reporting repayment issues.

    No Platform Warranty or Guarantees

    MoneyMutual does not guarantee that every applicant will receive a loan offer. Nor does it promise favorable terms, minimum fees, or loan approval timeframes. Its role is to facilitate the introduction between borrower and lender based on your submitted information.

    Borrowers are encouraged to take time reviewing all offers to ensure that the terms align with their financial needs and repayment ability. This is especially important when seeking payday loans for bad credit, where interest rates and fees can vary significantly between lenders.

    Final Thoughts: Reclaiming Control With the Right Lending Option

    Financial emergencies are stressful enough. The added barrier of poor or no credit history can make urgent needs feel impossible to meet. That’s why the availability of no credit payday loans—especially those facilitated by platforms like MoneyMutual—is so important in 2025. They offer a fast, flexible option for individuals who are often overlooked by traditional lenders, without requiring perfect credit scores or lengthy approval processes.

    With just a few minutes and a mobile device, borrowers can access a trusted online lending marketplace that connects them to more than 60 lenders offering fast cash loans with no credit check. Whether you need to cover a utility bill, rent payment, or emergency expense, online payday loans with instant approval provide a financial safety net at a time when speed matters most.

    Making Informed, Responsible Choices

    While services like MoneyMutual are powerful tools for bridging short-term gaps, they are not long-term solutions. Borrowers are encouraged to read all terms carefully, understand their repayment responsibilities, and use these loans for immediate needs—not for recurring expenses.

    The real power in the best no credit payday loans is the sense of control they can restore in the middle of a financial crisis. Used wisely, they can help prevent service disconnections, avoid costly late fees, and protect your livelihood from temporary disruptions.

    One Final Note on Pricing

    Loan terms, fees, and interest rates vary by lender. While MoneyMutual does not charge borrowers to use its platform, each individual lender sets their own pricing structure. Offers should be reviewed in full prior to acceptance.

    Disclaimer: Always verify current pricing and repayment terms directly with the lender. Pricing is subject to change at any time. Visit the official MoneyMutual website or the lender’s portal for the most up-to-date information.

    Need funds now with bad credit? Submit your payday loan request with MoneyMutual—secure, quick, and free to use. Get matched today!

    Frequently Asked Questions (FAQs)

    What are no credit payday loans?

    No credit payday loans are short-term loans designed for individuals who need fast access to cash but have poor or no credit history. Unlike traditional bank loans, these loans typically do not require a hard credit check, making them more accessible to a wider range of borrowers. They’re most often used for emergency expenses and repaid by the borrower’s next payday.

    How fast can I get approved for a payday loan online?

    Many online payday loans offer instant approval, meaning you may receive a decision within minutes of submitting your application. If approved, funds are typically deposited into your bank account by the next business day, depending on the lender and your bank’s processing times.

    Can I get a payday loan with bad credit?

    Yes, payday loans for bad credit are specifically designed for borrowers who have low or no credit scores. Lenders in platforms like MoneyMutual’s trusted online lending marketplace often base approval on income and employment history instead of traditional credit reports.

    Is it safe to apply for a no credit payday loan online?

    When using a trusted online lending marketplace like MoneyMutual, your information is encrypted and securely transmitted to reputable lenders. Be sure to apply only through verified platforms with a strong reputation and clear privacy policies to protect your personal and financial data.

    How much can I borrow with a payday loan?

    Loan amounts typically range from $200 to $5,000 depending on the lender, your income, and state regulations. Always borrow only what you need and can comfortably repay on time to avoid excessive fees.

    Do payday loans have fees or high interest rates?

    Yes, most no credit payday loans have higher interest rates than traditional loans. Lenders may charge flat fees per $100 borrowed or APRs ranging from 200% to 700%. Make sure to review all terms before accepting any loan offer.

    Disclaimer: Loan fees and APRs vary by lender and state. Always check the lender’s terms and verify current rates on the official website. Pricing is subject to change at any time.

    Can I get a same-day payday loan?

    Some lenders offer same-day payday loans with no credit check, but funding timelines depend on the time you apply and your bank’s policies. Most loans are funded within 24 hours if approved during business hours.

    What are the requirements to apply for a payday loan through MoneyMutual?

    To qualify, you must:

    • Be at least 18 years old
    • Be a U.S. citizen or legal resident
    • Have a minimum monthly income of $800
    • Own an active checking account
    • Provide a working phone number and valid email address

    Will applying for a payday loan affect my credit score?

    Submitting a loan request through MoneyMutual does not impact your credit score. However, if a lender performs a soft or hard inquiry after connecting with you directly, there may be a minor credit impact. Late repayment may also be reported to credit agencies depending on the lender’s policy.

    What if I can’t repay the loan on time?

    Failure to repay on time can result in additional fees, rollover charges, or collections. Some lenders may offer extensions, but it’s important to communicate directly with them. Fast cash loans with no credit check should only be used if you’re confident in your ability to repay by the due date.

    Low on cash before payday? MoneyMutual gives you fast access to trusted payday loan offers—no credit score needed. Apply now in 5 minutes!

    • Company: MoneyMutual
    • Address: 2510 E. Sunset Rd. Ste 6, #85 Las Vegas NV, 89120
    • Email: customerservice@moneymutual.com
    • Phone Support: 844-276-2063

    Disclaimer

    Legal Disclaimer and Affiliate Disclosure

    This article is for informational purposes only and does not constitute financial, legal, or professional advice. Readers are strongly encouraged to perform their own research and consult with a licensed financial advisor, credit counselor, or qualified professional before making any financial decisions.

    The content presented herein reflects publicly available information and/or the opinions of the authors and contributors at the time of publication. While every effort has been made to ensure the accuracy and reliability of the information, no representation or warranty is made, express or implied, regarding the completeness, timeliness, or accuracy of the content. In the event of typographical errors, outdated information, or inconsistencies, neither the authors nor the publishers shall be held liable for any damages or outcomes resulting from the use or misuse of this content.

    Any products, services, companies, or platforms referenced, including third-party loan providers, are subject to change at the discretion of their respective owners or operators. Readers should verify all pricing, terms, conditions, and policies directly with the source. Loan terms, interest rates, and fees are set by individual lenders and may vary by jurisdiction and borrower profile. Approval is not guaranteed. Late or missed payments may result in additional fees or credit consequences depending on the lender’s terms.

    This publication may contain affiliate links. This means that if a reader clicks on a link and applies for or purchases a product or service, the publisher may earn a commission at no additional cost to the reader. Such relationships do not influence the editorial content, which is created independently and objectively to ensure accuracy and transparency.

    Neither the publisher, the authors, the editors, nor any affiliated syndication partners are responsible for any financial losses, liabilities, or adverse consequences arising directly or indirectly from the information provided herein. This article is not endorsed, sponsored, or affiliated with any government agency or regulatory body.

    By reading, sharing, or syndicating this article, all parties acknowledge and accept these terms and waive any claim of liability against the publishers or distribution networks.

    The MIL Network –

  • MIL-OSI: Best Bad Credit Lending Provider for Personal Loans with Low Credit Online

    Source: GlobeNewswire (MIL-OSI)

    New York, May 09, 2025 (GLOBE NEWSWIRE) —

    In This Article, You’ll Discover:

    • The real reasons why individuals with poor credit face repeated loan rejections
    • How bad credit personal loans work and why online lending platforms are reshaping access
    • What makes MoneyMutual the best bad credit lending provider for 2025 borrowers
    • Step-by-step instructions for applying for a personal loan with low credit online
    • Common red flags and how to avoid predatory or risky loan providers
    • The exact features and benefits that set MoneyMutual apart from other platforms
    • Eligibility requirements, typical loan terms, and how fast approvals happen
    • Security, transparency, and the technology behind MoneyMutual’s loan-matching process
    • Key disclaimers about loan terms, interest rates, and always checking official pricing
    • Real-world borrower use cases, customer experiences, and how to get started confidently

    TL;DR Summary:

    For borrowers facing financial challenges and low credit scores, getting approved for a personal loan can feel impossible. This comprehensive guide reviews the best bad credit lending provider for personal loans with low credit online in 2025—MoneyMutual. It outlines the pain points of traditional borrowing, the benefits of FinTech-powered platforms, and the step-by-step process to safely apply for quick, no-obligation loan offers from vetted lenders.

    Readers will gain insight into how MoneyMutual protects personal data, matches users with appropriate lenders, and provides access to emergency cash, without predatory fees or gimmicks. With a clear explanation of eligibility, loan types, approval timelines, and platform features, this article positions MoneyMutual as a trusted marketplace solution for consumers with bad or limited credit histories.

    Introduction

    In today’s fast-paced, digitally-driven world, financial uncertainty can strike anyone, especially those with less-than-perfect credit. Whether you’re facing an unexpected car repair, a sudden medical bill, or simply need help making ends meet until your next paycheck, having poor credit often feels like an inescapable trap. Traditional banks and lenders are quick to turn down applicants with low credit scores, leaving many Americans feeling powerless, overwhelmed, and alone.

    But that’s where online lending platforms are changing the game—and among them, one name consistently rises to the top: MoneyMutual.

    If you’ve been searching for the best bad credit lending provider for personal loans with low credit online, this article is for you. We’ll explore why so many people struggle to get approved, how online platforms like MoneyMutual are creating real opportunities for financial freedom, and why this particular service may be the most trusted, accessible, and secure choice in 2025.

    You’ll walk away understanding:

    • Why your credit score impacts your loan eligibility
    • How personal loans for low credit really work
    • What makes MoneyMutual stand out from other lending providers
    • The risks to avoid when applying online
    • How to safely and effectively use the MoneyMutual platform
    • All the essential business details: pricing, terms, repayment, and customer support

    This guide was created to empower people with poor credit to make informed, safe borrowing decisions—without pressure, confusion, or risk.

    Disclaimer: This article is for informational purposes only and does not provide financial or legal advice. Always consult a licensed financial advisor before making borrowing decisions. Terms and loan offers vary by lender. MoneyMutual is a free platform and does not issue loans directly.

    The Bad Credit Borrower’s Dilemma: Why People Struggle to Get Approved

    For millions of Americans, having a low credit score isn’t just a number—it’s a daily obstacle. Whether you’ve experienced a job loss, struggled with medical bills, or simply missed a few payments during hard times, bad credit can feel like an invisible fence, constantly limiting your financial freedom.

    What Is Considered Bad Credit?

    In the eyes of most traditional lenders, a credit score below 580 is generally classified as poor. That number alone can disqualify you from most conventional personal loans or credit lines. The credit scoring model, developed by agencies like FICO and VantageScore, takes into account payment history, credit utilization, account age, and other financial behaviors. Unfortunately, even a few mistakes can trigger long-lasting effects.

    Common Reasons for Low Credit Scores

    Many people with low credit are not irresponsible—they’re simply dealing with difficult circumstances. Some of the most common triggers include:

    • Job loss or inconsistent income
    • Emergency medical expenses
    • Divorce or major life changes
    • Lack of access to financial education
    • Early misuse of credit cards or loans
    • Co-signing on someone else’s defaulted loan

    These situations often spiral. Once you miss a payment, fees and interest snowball. Over time, the damage compounds, and your borrowing power shrinks dramatically.

    How Bad Credit Impacts Borrowing Power

    Even if you find a lender willing to consider your application, the odds are stacked against you. You’ll likely face:

    • Higher interest rates
    • Lower loan amounts
    • Shorter repayment terms
    • Stricter income and employment requirements
    • Collateral demands, even for small loans

    This creates a frustrating loop: you need a loan to get back on your feet, but you can’t qualify for one without already being financially secure.

    The Psychological Toll of Loan Rejection

    Beyond financial barriers, the emotional toll of rejection cannot be overstated. Repeated denials lead to stress, shame, and in some cases, complete avoidance of financial planning. This isolation only increases reliance on payday lenders or predatory services—traps that make it harder to rebuild.

    Why Traditional Banks Often Say No

    Most traditional banks use automated systems to filter applications. If your credit report shows delinquencies, collections, or a score below a set threshold, you’re likely to be instantly rejected without further review.

    They may not take into account:

    • Your current income or job stability
    • Your personal story or financial turnaround efforts
    • Your willingness to commit to repayment

    This one-size-fits-all model excludes a large portion of the population—those with financial hardship but genuine repayment potential.

    Enter Online Lending Platforms

    Fortunately, alternative lending platforms have emerged to bridge this gap. These platforms—such as MoneyMutual—are designed with financial inclusion in mind. They consider a broader range of data points, prioritize user-friendly applications, and match borrowers to lenders willing to work with credit-challenged applicants.

    These new solutions are making it possible to find personal loans with low credit online, without the red tape of traditional institutions.

    Need fast cash but have bad credit? Get matched with real lenders in minutes through MoneyMutual—no fees, no pressure. Start your free request today!

    What Makes Personal Loans for Bad Credit Risky – and What to Watch Out For

    For borrowers with low credit scores, the search for emergency funds online can feel like navigating a minefield. While some platforms genuinely aim to help, others are built to exploit desperation. When you’re looking for the best bad credit lending provider for personal loans with low credit online, it’s critical to understand where the dangers lie and how to protect yourself from predatory practices.

    The Rise of Predatory Lending

    Predatory lenders specialize in targeting people with limited financial options. They often advertise “guaranteed approval” or “no credit check loans,” but these offers come with strings attached—like excessively high interest rates, deceptive terms, and aggressive collection tactics.

    These companies rely on borrower vulnerability, offering fast cash but locking users into risky agreements that feature triple-digit APRs, balloon payments, short and rigid repayment terms, and penalty structures that can double or even triple the original debt. A small $500 loan, for example, can spiral into a $2,000 repayment burden in a matter of weeks.

    Disclaimer: If a loan offer sounds too good to be true, especially with bad credit, it likely is. Borrowers should always read the fine print and confirm lender credentials before signing anything.

    Payday Loans vs. Installment Loans: Know the Difference

    A common trap for consumers with low credit is the payday loan, which typically requires full repayment—plus steep fees—by your next paycheck. While these loans may seem like a quick fix, they are notoriously difficult to escape and often lead to multiple rollovers or refinancing cycles.

    Installment loans for bad credit, by comparison, are structured to be repaid in consistent, fixed amounts over a longer timeframe, typically ranging from three months to two years or more. These loans allow borrowers to better plan monthly payments, avoid hidden rollover charges, and gain more financial control.

    In general, payday loans come with extremely high interest rates (sometimes exceeding 300% APR) and very short repayment periods, making them difficult to manage. Installment loans, especially when obtained through trusted platforms like MoneyMutual, often offer significantly lower APRs and much more manageable terms.

    Hidden Fees and Red Flags to Watch For

    Many predatory lenders disguise fees in complex loan agreements or bury important terms in fine print. Here are several warning signs to be aware of:

    • Excessive origination fees that are above industry averages
    • Prepayment penalties that punish you for paying off early
    • Late fees that grow quickly and exponentially
    • Websites with no physical address, verified contact information, or customer service support
    • High-pressure tactics to make you commit quickly, like “limited-time approval” offers

    These practices are designed to trap borrowers into long-term debt, not help them escape it.

    The Importance of Loan Transparency

    Legitimate lending providers should always be upfront about their loan terms, including:

    • The full range of potential APRs
    • Monthly repayment expectations
    • Total cost of the loan
    • The duration and structure of repayment
    • The support resources available for customer questions

    MoneyMutual is a loan marketplace—not a direct lender—and its platform is designed to connect borrowers only with lenders that have been vetted for transparency and reliability. Users are under no obligation to accept any offer, and the service is free to use.

    Disclaimer: MoneyMutual does not guarantee loan approval. All lending terms are determined by the individual lender. It is the borrower’s responsibility to review all conditions carefully before accepting any loan offer.

    How to Spot a Legitimate Lender

    Before entering any personal information on a loan website, take a moment to verify its legitimacy. Make sure the site uses secure HTTPS encryption, clearly lists a privacy policy and terms of service, and offers real customer support through email, phone, or chat. Confirm that loan disclosures are visible before you agree to anything, and ensure the lender is legally licensed to operate in your state.

    Taking these steps helps protect your finances and your personal data.

    Don’t let a low credit score hold you back. Apply now on MoneyMutual and explore personal loan offers without affecting your credit. It’s fast and free!

    Why MoneyMutual Stands Out in 2025

    With countless online lending services vying for attention, it can be difficult to separate legitimate platforms from those that overpromise and underdeliver. Yet, among the many options for borrowers seeking personal loans with low credit online, MoneyMutual continues to emerge as one of the most reliable and accessible solutions available today.

    This section explores why MoneyMutual is widely regarded as the best bad credit lending provider for individuals navigating financial difficulty in 2025—and why its system is built to empower, not exploit, those with low credit scores.

    A Trusted Name With a Proven Track Record

    MoneyMutual has spent over a decade serving as a digital bridge between borrowers and lenders. Originally rising to national visibility through endorsements and educational campaigns, the platform has since become a trusted name in the online lending space, especially for those dealing with credit challenges.

    Rather than offering direct loans, MoneyMutual functions as a loan marketplace. This means that when you submit a request, you’re not applying to just one lender. Instead, you’re being matched with a network of verified lending partners who are willing to work with borrowers who have poor or limited credit histories.

    This approach allows for broader access, more choices, and a higher likelihood of finding a lender that fits your needs, all without damaging your credit score with multiple hard inquiries.

    How the Platform Works

    MoneyMutual’s process is designed to be quick, intuitive, and secure. Here’s how it typically unfolds:

    1. Submit a short form – You provide basic personal and financial details online.
    2. Get matched instantly – The system evaluates your info and matches you with eligible lenders.
    3. Review your offers – You receive potential loan offers in minutes or hours.
    4. Select and proceed – You can review terms in full and finalize your application with the lender directly.

    Importantly, there is no obligation to accept any offer. If you don’t find terms you’re comfortable with, you can walk away with no cost or consequence.

    This system empowers borrowers with control and transparency, qualities often missing from high-risk lending services.

    No Upfront Fees, No Gimmicks

    One of the biggest concerns for people with bad credit is being asked to pay money just to apply. MoneyMutual eliminates that risk completely. The service is 100% free for users. You are never charged an upfront fee to submit your information or to receive loan offers.

    All profits are made by the platform through partnerships with lenders, not by extracting fees from financially vulnerable applicants.

    Disclaimer: While MoneyMutual itself is free to use, individual lenders may include loan origination fees, late payment fees, or other charges. Be sure to carefully read and understand all terms before accepting any offer. Loan conditions and availability are set solely by the lender.

    Fast Approval and Funding Options

    Speed matters when you’re in a financial bind. That’s why many borrowers value MoneyMutual’s fast-turnaround process. Most users receive loan offers within minutes of submitting the application, and funding can often occur within 24 hours of acceptance, depending on the lender’s process and the borrower’s banking institution.

    This level of efficiency is a major advantage for those seeking emergency loans for bad credit or same-day personal loans without traditional red tape.

    User-Friendly and Safe to Use

    MoneyMutual’s website is mobile-friendly, secure, and built with user experience in mind. You don’t need to be tech-savvy to use it. The interface guides you through every step and prioritizes privacy at all times.

    The platform also uses SSL encryption and follows strict data protection protocols to safeguard sensitive information like your Social Security number, employment history, and income.

    Disclaimer: MoneyMutual does not issue loans and cannot guarantee approval or specific rates. All loan terms are determined by participating lenders. Always verify a lender’s full offer before agreeing to any financial obligation.

    A Platform Designed for Financial Inclusion

    Above all, MoneyMutual has positioned itself as a leader in financial inclusion, making the borrowing process more accessible to those who have often been excluded by traditional banks.

    By using technology to connect borrowers with non-traditional lenders willing to consider more than just a credit score, the platform plays a critical role in reshaping how personal loans are issued and who gets access to them.

    For those searching online for the best bad credit lending provider for personal loans with low credit, this combination of speed, trust, security, and choice makes MoneyMutual a clear standout in 2025.

    Struggling with bad credit? MoneyMutual helps you find personal loans online quickly and safely. Take 3 minutes and apply now—your funds could arrive tomorrow

    How to Apply for a Personal Loan Through MoneyMutual

    Applying for a personal loan with bad credit doesn’t have to be complicated, intimidating, or time-consuming. With MoneyMutual, the entire process is streamlined to minimize friction and maximize accessibility, especially for those who’ve been rejected or discouraged by traditional financial institutions.

    This section walks you through the exact steps required to apply through MoneyMutual’s platform, what to expect, and how to get your money fast if you’re approved.

    Step-by-Step: How It Works

    1. Complete the Free Online Form

    Begin by visiting the MoneyMutual website and filling out a secure form with your basic details. You’ll be asked for:

    • Full name and contact information
    • Income source and employment status
    • Monthly income (must meet the minimum, usually $800/month)
    • Banking details (for potential direct deposit)

    The form typically takes about five minutes to complete and does not require a hard credit check at this stage.

    2. Get Matched With Lenders

    Once your information is submitted, the platform’s system goes to work. Using an algorithm that factors in your credit standing, income level, and other criteria, MoneyMutual matches you with lenders in their network that may be able to serve your unique financial profile.

    This network includes companies specializing in personal loans for low credit, installment loans for bad credit, and even emergency loan options for those in urgent need.

    3. Review Loan Offers in Minutes

    In many cases, pre-qualified offers appear within minutes. Each lender will present their terms, including:

    • Loan amount range
    • Estimated APR
    • Monthly repayment schedule
    • Total cost of the loan
    • Fees (if any)

    This is your opportunity to evaluate all your options carefully. You are under no obligation to proceed with any offer.

    Disclaimer: Terms and rates are presented by individual lenders and may vary. Always review the full loan agreement before accepting. MoneyMutual does not guarantee loan approval or specific conditions.

    4. Choose Your Lender and Finalize the Loan

    If you find an offer that suits your needs, you’ll proceed to the lender’s website to complete their application and provide any necessary documentation. This may include verification of income or banking details, depending on the lender’s requirements.

    Once finalized, funding can often occur within 24 hours.

    5. Receive Funds Directly Into Your Bank Account

    Approved borrowers generally receive their funds through direct deposit into their checking account. Depending on the time of approval and your bank’s processing speed, money may arrive as early as the next business day.

    Eligibility Requirements

    MoneyMutual is designed to be inclusive, but there are still basic eligibility rules you must meet before applying:

    • You must be at least 18 years old
    • You must be a U.S. citizen or permanent resident
    • You must earn a verifiable income (typically $800 or more per month)
    • You must have an active checking account in your name

    These requirements help ensure that lenders can evaluate your repayment potential, even if your credit history isn’t perfect.

    No Impact on Credit Score to Check Offers

    One of the most borrower-friendly aspects of the MoneyMutual process is that the initial application does not trigger a hard credit inquiry. This means you can explore your loan options without risking a drop in your credit score—something especially important for people already trying to rebuild.

    Disclaimer: Final loan approval may involve a hard credit pull, but that process happens only after you choose to proceed with a specific lender.

    Safe, Secure, and Private

    MoneyMutual uses advanced security protocols, including data encryption, to protect your personal information at every step. The form is hosted on a secure server, and the platform does not sell your data to third-party marketers.

    This gives you the ability to search for personal loans with low credit online in a way that is private, protected, and respectful of your financial situation.

    Rejected elsewhere? MoneyMutual connects you with lenders who understand bad credit. Apply now and compare real offers—no obligation to accept!

    Features, Loan Terms, and Eligibility

    When considering a personal loan—especially one tailored for bad credit—transparency around loan terms and eligibility criteria is critical. Unlike traditional banks that often bury key details in fine print, the MoneyMutual platform gives borrowers the ability to compare offers upfront and select the loan structure that works best for their specific needs and financial circumstances.

    This section explores the loan features commonly available through the MoneyMutual network, typical repayment terms, who qualifies, and what to expect after acceptance.

    Typical Loan Amounts and Use Cases

    While individual lenders ultimately determine the loan amounts they offer, MoneyMutual borrowers can typically expect access to loans ranging from $200 to $5,000. The size of your loan offer depends on several factors, including:

    • Monthly income
    • Employment status
    • Existing debts
    • Banking history

    These loans are designed to cover a wide range of emergency or short-term needs, such as:

    • Car repairs or maintenance
    • Rent or utility bills
    • Medical expenses
    • Unexpected travel or family emergencies
    • Debt consolidation
    • Small business cash flow needs

    Whether you’re searching for same-day loans, emergency loans for bad credit, or installment loans for low credit scores, the MoneyMutual platform accommodates a variety of needs with fast matching and no unnecessary complications.

    Repayment Terms and Flexibility

    One of the benefits of using MoneyMutual is that you’re not locked into a single repayment structure. Because the platform connects you with multiple lenders, you can compare loan terms and select one that aligns with your financial plan.

    While terms vary by lender, common options include:

    • Repayment periods from 90 days to 24 months or longer
    • Fixed monthly payments that remain consistent throughout the loan
    • Clear visibility into total loan costs before acceptance
    • Option to repay early (in most cases) without penalties

    Disclaimer: Specific repayment terms, interest rates, and prepayment policies are determined by the lender. Always review the full loan agreement before proceeding.

    Interest Rates and Fee Structures

    APR rates offered through lenders in the MoneyMutual network vary widely based on credit profile, loan amount, and loan term. However, they typically fall within a broad range that may span from 5.99% to 35.99%, depending on the risk profile of the borrower and the lender’s policy.

    Other potential fees may include:

    • Loan origination fees
    • Late payment charges
    • Non-sufficient funds (NSF) fees
    • Optional add-on services (if offered)

    MoneyMutual does not charge users to access or use the platform, and there are no fees for submitting your initial loan request.

    Disclaimer on pricing: Always check the lender’s full terms before accepting any offer. Pricing, rates, and fees are subject to change at any time. Refer to the official MoneyMutual website and your selected lender for the most current and accurate information.

    Who Is Eligible?

    MoneyMutual’s lending partners aim to serve borrowers who may be overlooked by traditional institutions. While final loan decisions are made by lenders individually, general eligibility guidelines include:

    • Minimum age: 18 years
    • Must be a U.S. citizen or legal resident
    • Minimum monthly income requirement (commonly $800+)
    • Must have an active checking account for deposit and repayment purposes

    These inclusive criteria open the door for people with a wide range of credit scores to access funds quickly and without embarrassment.

    Designed for People With Bad Credit

    Unlike banks that prioritize high FICO scores, many of the lenders within MoneyMutual’s network place greater emphasis on income stability, repayment history on current accounts, and overall financial patterns rather than credit score alone.

    This makes the platform especially valuable for:

    • Individuals recovering from past financial hardship
    • Borrowers with recent delinquencies or limited credit history
    • Self-employed individuals or gig workers with variable income

    If you’re searching for the best bad credit lending provider for personal loans with low credit online, this type of flexibility and responsiveness is exactly what sets MoneyMutual apart.

    Get peace of mind fast. Use MoneyMutual’s trusted platform to apply for bad credit personal loans online—no cost, no hassle, just options. Apply now!

    Is It Safe? Security, Transparency, and Customer Support

    When applying for personal loans online—especially with bad credit—it’s normal to feel skeptical or cautious. Many borrowers have heard horror stories of identity theft, phishing scams, or bait-and-switch loan offers that leave them in worse financial shape than when they started.

    That’s why it’s essential to use a platform that emphasizes transparency, trust, and secure technology at every step. MoneyMutual has structured its service to give borrowers the tools and peace of mind they need to apply with confidence.

    Built on Trust and Industry Longevity

    MoneyMutual has been operating for over a decade, connecting millions of users with lenders that provide personal loans for low credit profiles. Unlike newer platforms or unfamiliar lenders, it’s a name that many borrowers recognize and associate with safety, ease of use, and fast results.

    Its business model is also clear and consumer-first: MoneyMutual is a loan connection platform, not a direct lender. It does not make decisions about approval, rates, or loan terms. Instead, it acts as a bridge, bringing borrowers and lenders together in a single, secure location.

    Because of this structure, the company never pressures you into taking a loan, and it does not benefit from steering you toward any particular lender. Your options are entirely your own to evaluate.

    Encryption and Data Protection

    Security is a top priority for any financial application, and MoneyMutual has implemented multiple layers of protection to ensure your personal data is never compromised. The platform uses SSL encryption for all data transfers, which means your information is protected from third-party interception during the application process.

    In addition:

    • Sensitive information (like Social Security numbers and banking details) is never stored long-term
    • The site complies with federal data privacy standards
    • Information submitted is used solely to match you with lenders
    • User data is not sold to external marketers or spam networks

    This commitment to data protection makes MoneyMutual a trustworthy resource for people seeking personal loans with low credit online, especially when privacy is non-negotiable.

    Disclaimer: Although MoneyMutual follows strict security protocols, users should still exercise caution by verifying any lender communication and never providing login credentials to unsolicited sources.

    Transparent Terms and Zero Pressure

    One of the platform’s key benefits is the no-obligation structure it follows. When you submit a request through MoneyMutual, you’ll receive potential loan offers from vetted lenders, but you’re never required to accept one.

    Each offer clearly outlines the following details before you commit:

    • Loan amount
    • Repayment term and schedule
    • Interest rate or APR
    • All fees and the total repayment estimate
    • Contact information for the lender

    This upfront clarity allows you to compare multiple offers side by side and choose only what feels right for your budget.

    Disclaimer: Individual lenders may have varying disclosure practices. Be sure to request full loan documentation and carefully review all conditions before agreeing to any offer.

    Responsive Customer Support

    MoneyMutual offers multiple ways to get in touch if you need help navigating the platform, have concerns about a lender, or simply want to confirm information. While customer service policies and response times may vary slightly, typical support options include:

    • Email contact forms for general inquiries
    • A dedicated support section with FAQs
    • Guidance through the application process, if needed

    If your issue involves a specific lender, MoneyMutual will direct you to that provider for resolution, as it does not manage loans directly. However, the platform remains available as a point of contact for platform-related questions or concerns.

    A Marketplace Designed With Borrower Safety in Mind

    By offering fast access to a diverse network of lenders, without selling data or charging fees, MoneyMutual has built a reputation as one of the safest online marketplaces for people seeking personal loans for bad credit. From encryption to transparency and helpful customer service, the platform’s infrastructure is designed to reduce friction and protect borrowers from unnecessary risk.

    If you’ve been hesitant to apply for loans online because of safety concerns, MoneyMutual offers a path forward that’s structured for protection, not pressure.

    Don’t wait for banks to say no again. MoneyMutual connects you with lenders ready to help—apply today and see offers in just minutes!

    Real-World Use Cases & Testimonials

    One of the best ways to understand how a lending platform works is through the lens of those who’ve used it. While every financial situation is different, the flexibility and speed of MoneyMutual have made it a preferred option for thousands of borrowers seeking personal loans with low credit online.

    This section walks through several realistic borrower profiles that reflect common financial needs and how the MoneyMutual platform helped connect them with timely solutions. These use cases are illustrative and based on typical user experiences. They do not guarantee specific results.

    Disclaimer: Individual outcomes may vary. These are generalized examples provided for illustrative purposes only and do not represent endorsements or claims.

    Emergency Auto Repair – Jacob, 32, Delivery Driver

    Jacob relies on his car to work for multiple app-based delivery services. When his transmission failed unexpectedly, he needed $1,200 to cover repairs. With a credit score in the mid-500s and no access to credit cards, he turned to MoneyMutual.

    He completed the quick application form on a weekday morning and received several loan offers within the hour. He selected an installment loan with a 6-month repayment term and received the funds the next day. The platform’s speed and simplicity allowed him to get back to work without interruption.

    Medical Expenses – Liana, 26, Self-Employed Freelancer

    Liana works as a freelance graphic designer and doesn’t have traditional health insurance. After an emergency room visit left her with a medical bill she couldn’t afford up front, she explored bad credit personal loans online.

    MoneyMutual connected her with a lender offering a $2,500 loan over a 12-month term. The offer included full transparency on interest rate, fees, and repayment schedule—something she hadn’t found with other platforms. While she carefully reviewed the terms and sought guidance from a financial advisor before accepting, the flexible repayment structure helped her manage the expense without defaulting on other bills.

    Disclaimer: This example is for general educational purposes. Consult a licensed financial expert before accepting any loan to cover medical costs.

    Rent Shortfall – Tonya, 44, Recently Divorced

    After a sudden divorce disrupted Tonya’s finances, she found herself a few hundred dollars short on rent. With most of her emergency savings depleted and a credit score below 600 due to past credit card debt, she feared eviction was around the corner.

    MoneyMutual matched her with a short-term loan provider offering $750 with a 60-day repayment window. Though the interest rate was higher than a traditional bank loan, it was manageable, and the funds were deposited in her account within 24 hours. The process helped her maintain housing stability during a critical transition.

    Business Inventory Gap – Carlos, 38, Local Retailer

    Carlos owns a small online shop that experienced a surge in demand. He needed a few thousand dollars to restock inventory quickly but had been declined by his local bank due to a prior loan default from years ago.

    Through MoneyMutual, he found a lender willing to work with his current income and business documentation, even with past credit issues. The loan allowed him to bridge the cash flow gap and capitalize on seasonal demand without interrupting operations.

    Low credit? No problem. Submit your free loan request through MoneyMutual now and get matched with lenders who get it—money may arrive in 24 hours!

    How MoneyMutual Compares to Other Loan Services

    When searching for the best bad credit lending provider for personal loans with low credit online, it’s easy to feel overwhelmed by the number of platforms making similar promises. From payday loan companies to emerging FinTech apps, the space is filled with options, but not all are created equal.

    This section provides a clear side-by-side comparison of MoneyMutual with other commonly searched lending services, focusing on approval speed, credit requirements, transparency, and borrower experience.

    Traditional Banks and Credit Unions

    Most brick-and-mortar financial institutions prioritize high credit scores and long-standing banking history. If your FICO score is below 600, you’re likely to be denied a personal loan outright, regardless of your income or current financial stability.

    • Approval Time: Several days to weeks
    • Minimum Credit Score: Typically 650+
    • Requirements: Extensive documentation, sometimes collateral
    • Loan Terms: Rigid and less flexible for bad credit borrowers
    • Accessibility: Low for people with poor or no credit

    These institutions may offer low-interest rates, but they are largely inaccessible to individuals in financial transition or recovery.

    Payday and Title Loan Stores

    Payday lenders are often located in storefronts or operate online with offers that appear fast and hassle-free. However, these loans come with extremely short repayment timelines, high fees, and interest rates that can spiral into unmanageable debt.

    • Approval Time: Same day
    • Minimum Credit Score: Usually not required
    • Requirements: Proof of income and a post-dated check or bank access
    • Loan Terms: 2 to 4 weeks; full balance due immediately
    • Accessibility: Very high, but high risk

    Borrowers may receive money fast, but often fall into a cycle of rollover loans with ballooning costs.

    Peer-to-Peer Lending Platforms

    Newer digital platforms like peer-to-peer (P2P) marketplaces match borrowers with individual investors. These platforms offer moderate access for borrowers with fair credit but usually include higher rejection rates for those with bad or no credit history.

    • Approval Time: 1 to 5 days
    • Minimum Credit Score: Typically 600+
    • Requirements: Income verification, banking history
    • Loan Terms: Moderate flexibility
    • Accessibility: Moderate, limited for subprime credit

    P2P options are ideal for mid-tier borrowers but may not serve those facing urgent needs or low scores.

    How MoneyMutual Stands Apart

    MoneyMutual differentiates itself by prioritizing access, speed, and borrower safety—all while providing a no-pressure environment to explore options.

    • Approval Time: Offers may appear in minutes; funding often within 24 hours
    • Minimum Credit Score: Varies; many lenders accept bad or limited credit
    • Requirements: U.S. residency, 18+ years of age, minimum income (typically $800/month), active bank account
    • Loan Terms: Flexible repayment terms, including installment loan structures
    • Accessibility: High for borrowers with poor credit or limited credit history

    What makes MoneyMutual especially compelling is its marketplace model. Rather than acting as a lender, it gives you access to multiple providers, which improves your odds of approval and allows you to compare loan offers side by side, without harming your credit score just to explore your options.

    Disclaimer: MoneyMutual is not a direct lender and does not guarantee loan approval. Each lender establishes its own terms, credit evaluation process, and rate structure. Always confirm details with your selected lender before accepting any financial product.

    Summary

    Whether you’re navigating financial hardship or trying to rebuild after credit damage, most platforms either restrict your access or charge high fees for subpar loan terms. MoneyMutual stands out by offering a balance of accessibility, speed, and lender transparency, making it one of the best platforms for finding personal loans with low credit online.

    MoneyMutual makes it easy to apply for a personal loan—even with bad credit. No fees, no pressure, just fast matching with real lenders. Start now!

    Pricing Transparency, Refund Policy, and Contact Info

    When dealing with financial platforms—especially those offering access to personal loans with low credit—clear information about pricing, fees, and support channels is essential for building trust. MoneyMutual separates itself from many others in the space by offering a transparent and obligation-free experience for borrowers seeking emergency loans for bad credit online.

    This section outlines what users can expect regarding service fees, platform usage, lender charges, and how to get help if needed.

    Is MoneyMutual Really Free to Use?

    Yes, the MoneyMutual platform is entirely free for users. Borrowers pay no fees to:

    • Submit a loan request
    • Receive lender offers
    • Use the site or platform features

    There are no subscription costs, hidden charges, or application fees required to access the MoneyMutual network of lenders. This fee-free model makes it one of the most accessible tools available for individuals with poor credit searching for a legitimate loan provider online.

    Instead of charging consumers, MoneyMutual earns compensation from its network of lenders, which pay a referral fee when a connection results in a finalized loan agreement. This allows the company to offer a completely free service to borrowers while still maintaining operational support and security standards.

    Lender Fees and Loan Costs

    While MoneyMutual itself does not charge you, any lender you connect with through the platform may assess fees or interest charges depending on your selected loan. These may include:

    • Interest or APR (Annual Percentage Rate) — often based on credit risk
    • Origination or processing fees — occasionally deducted from the loan amount
    • Late payment penalties — charged for missed due dates
    • Optional service fees — sometimes offered with payment protection plans or customer service add-ons

    Disclaimer on pricing: Loan costs are set by the individual lenders, not MoneyMutual. Always read the loan agreement carefully before accepting. Final terms, including repayment amounts and due dates, must be verified directly with your lender. Pricing is subject to change at any time. Please consult the official MoneyMutual website or your lender for the most up-to-date details.

    Refunds or Loan Cancellations

    Because MoneyMutual is not a lender and does not issue or service loans directly, it does not offer a refund policy in the traditional sense. Any cancellations, term adjustments, or repayment disputes must be handled through the lender that issued the loan.

    However, if you feel you’ve received suspicious communications or need assistance in understanding the legitimacy of a lender within the MoneyMutual network, their support team may help guide you toward appropriate actions or refer you to the correct lender.

    If you suspect a loan agreement was made in error or under misleading conditions, it’s important to contact your lender immediately and document all communication.

    Note: MoneyMutual does not intervene in repayment negotiations. If you need assistance with loan modification or dispute resolution, consult your lender’s customer service department or a licensed financial advisor.

    How to Contact MoneyMutual

    For questions about the platform, your loan request status, or general support, MoneyMutual provides access to help through:

    • Official website contact form
    • Help center with frequently asked questions
    • Support resources for borrowers needing clarification on process steps

    If you’re unsure whether an email or phone call claiming to be from MoneyMutual is legitimate, you can verify communications through the contact options listed on the official website.

    At this time, MoneyMutual does not publish a direct phone line for borrower inquiries, and support is typically handled through secure web-based communication channels. For questions related to an active or finalized loan, you’ll need to reach out to the specific lender listed in your offer or agreement.

    Take control of your finances. Submit a free loan request on MoneyMutual today and explore trusted bad credit options—without risking your score!

    Final Thoughts – Should You Use MoneyMutual?

    For borrowers navigating financial uncertainty with a low credit score, access to reliable funding often feels out of reach. Traditional lenders impose high barriers, payday loan companies offer short-term fixes with long-term consequences, and many online platforms lack transparency. In contrast, MoneyMutual provides a structured, secure, and borrower-first approach to finding personal loans with low credit online.

    Why MoneyMutual Is a Smart Choice in 2025

    MoneyMutual offers more than just speed—it offers peace of mind. It’s a free, easy-to-use loan connection platform that helps individuals find emergency funds quickly without subjecting them to predatory terms or opaque fees.

    Key reasons borrowers continue to choose MoneyMutual include:

    • Fast application process that takes just minutes
    • No upfront fees to access loan options
    • Multiple loan offers from a network of vetted lenders
    • Soft credit inquiry only at the prequalification stage
    • Funding available as soon as the next business day
    • Clear visibility into loan terms, fees, and repayment timelines

    By focusing on borrower empowerment and financial inclusion, MoneyMutual addresses a critical market gap—helping people rebuild stability even when credit histories are imperfect.

    When MoneyMutual Might Be Right for You

    This platform is ideal for borrowers who:

    • Have a credit score below 600
    • Need $200 to $5,000 for an urgent or short-term need
    • Have a steady income but no access to credit cards or traditional loans
    • Are you looking for a loan provider that allows you to compare terms before committing
    • Want a process that is private, secure, and available online

    It’s also a good fit for people looking to avoid the pitfalls of payday loans, who value having repayment options spread out over time, and who want to avoid high-pressure tactics.

    Disclaimer: This article is not financial advice. Always consult with a licensed financial advisor before entering into any loan agreement. Terms and loan availability vary by lender, and final loan decisions rest entirely with the lending institution. Carefully review all documentation before signing.

    Ready to Take the Next Step?

    If you’ve been searching for the best bad credit lending provider for personal loans with low credit online, MoneyMutual stands out in 2025 as a leading option. With its commitment to transparency, borrower safety, and fast access to real loan offers, it provides a path forward when other doors have closed.

    Take control of your financial future today.

    Start your free application at MoneyMutual.com

    Disclaimer on pricing: Always check the official website for current rates, terms, and eligibility requirements. Pricing and conditions are subject to change at any time and may vary by lender.

    Frequently Asked Questions (FAQs)

    What is the best bad credit lending provider for personal loans with low credit online?

    MoneyMutual is widely considered one of the best platforms for connecting borrowers with personal loans for bad credit online. It offers a fast, secure, and free-to-use network that matches individuals with lenders willing to work with low credit scores. The platform allows borrowers to compare loan offers without hard credit inquiries and provides flexible repayment options.

    Can I get a personal loan online with a credit score under 600?

    Yes. Many of the lenders partnered with MoneyMutual specialize in installment loans for bad credit, even for individuals with scores below 600. These lenders often evaluate your income and banking history, not just your FICO score, making loan access more inclusive.

    Are personal loans for bad credit guaranteed through MoneyMutual?

    No legitimate lender can guarantee loan approval, and MoneyMutual does not make direct loans or promises of guaranteed funding. However, the platform significantly improves your chances by connecting you with a wide range of vetted lenders who offer emergency loans for bad credit and flexible underwriting.

    Disclaimer: Approval is based on individual lender criteria. Always read the loan agreement carefully before accepting.

    How fast can I get my money if I’m approved?

    In many cases, borrowers receive their funds within 24 hours after loan approval. Timing can vary depending on the lender’s process and your bank’s deposit policies, but MoneyMutual’s goal is to provide quick loans for bad credit with minimal delays.

    Is it safe to apply for a personal loan through MoneyMutual?

    Yes. MoneyMutual uses SSL encryption and privacy protections to secure your data during the loan request process. The platform does not sell your information and works only with licensed, reputable lenders.

    What types of loans can I get with bad credit?

    Through MoneyMutual’s lender network, borrowers can access:

    • Installment loans for bad credit
    • Emergency loans with fast approvals
    • Short-term personal loans for poor credit
    • Cash advance options for urgent expenses

    Loan amounts typically range from $200 to $5,000, depending on your income and lender policies.

    Does applying through MoneyMutual affect my credit score?

    Submitting your information through MoneyMutual does not trigger a hard credit check. Initial matching is done with soft inquiries only. If you proceed with a lender’s offer, that lender may run a hard credit pull during final approval.

    What are the minimum requirements to apply?

    To qualify for a loan through MoneyMutual, you generally must:

    • Be at least 18 years old
    • Be a U.S. citizen or legal resident
    • Have a steady income (often $800/month minimum)
    • Maintain an active checking account

    These requirements make MoneyMutual a strong option for borrowers with limited or poor credit history.

    What interest rates should I expect with a bad credit loan?

    Interest rates vary by lender and borrower profile. APRs typically range from 5.99% to 35.99%, depending on creditworthiness, income, and loan term. Always compare offers carefully and ensure you understand the total repayment cost before committing.

    Disclaimer on pricing: Always verify current terms and fees directly with your selected lender. Rates and pricing are subject to change. Refer to the official MoneyMutual website for the latest information.

    Can I repay the loan early without penalties?

    Most lenders in the MoneyMutual network allow early repayment with no prepayment penalties, but this varies by provider. Read your loan agreement carefully or contact the lender directly to confirm.

    Financial emergency? Get connected to lenders fast with MoneyMutual—no hidden fees, no hard credit pull, and funds as fast as 24 hours. Apply now!

    • Company: MoneyMutual
    • Address: 2510 E. Sunset Rd. Ste 6, #85 Las Vegas NV, 89120
    • Email: customerservice@moneymutual.com
    • Phone Support: 844-276-2063

    Disclaimer and Affiliate Disclosure

    The information contained in this article is provided strictly for general informational and educational purposes and does not constitute financial, legal, or professional advice. While efforts have been made to ensure the accuracy and timeliness of the information presented at the time of publication, no warranty or representation is made regarding the completeness, reliability, suitability, or accuracy of the content. The publisher, content creators, syndication partners, distribution platforms, and any affiliated parties expressly disclaim all liability for any errors, omissions, outdated information, inaccuracies, or misunderstandings that may arise from reliance on this content. Readers are solely responsible for verifying any and all details directly with the official source or provider before making financial decisions.

    All product descriptions, loan terms, eligibility criteria, rates, fees, and other specifications mentioned in this content are subject to change at any time without notice. Final loan terms, availability, interest rates, fees, and approval decisions are solely determined by the individual lender, not the publisher, platform, or any associated parties. The publisher and syndication partners do not issue loans, broker loans, or act as financial institutions or lending intermediaries.

    The operator of this website is not a lender, does not arrange, facilitate, or broker loans to lenders, and does not make short-term cash loans or credit decisions. It is not an agent, representative, arranger, facilitator, or broker of any lender and does not endorse any lender or charge consumers for any service or product. This website does not constitute an offer or solicitation to lend. This website allows consumers to submit information to a lender in order for a lender to determine if they may be able to offer a short-term loan. However, providing information on this website does not guarantee that a lender will be able to work with the consumer or that a consumer will be approved for a loan.

    Cash advances should only be used to address immediate short-term financial needs and are not intended as a long-term financial solution. Not all lenders can provide up to $5,000. Cash transfer times may vary between lenders and may depend on individual financial institutions. For specific details, questions, or concerns regarding a short-term cash loan, consumers must contact their lender directly. Lender services may not be available to residents of all states based on individual lender requirements. This service is not available in Connecticut. Furthermore, this service is not available in New York or to New York borrowers due to interest rate limits under New York law.

    Some lenders may obtain credit checks, consumer credit reports, or other personal data from credit reporting agencies such as Experian, Equifax, TransUnion, or alternative providers.

    Any mention of specific loan amounts, approval timelines, interest rates, or lender features is provided for illustrative purposes only and does not represent an endorsement, guarantee, or contractual offer. The publisher and syndication partners are not responsible for any agreements, contracts, disputes, or financial outcomes between consumers and any lender referenced in this content.

    The publisher, content creators, syndication partners, and all affiliated parties disclaim any liability for financial loss, reputational harm, damages, claims, or disputes arising from actions taken based on the information presented herein. Readers are strongly encouraged to perform independent research and consult with a licensed financial advisor, attorney, or other qualified professional before making financial decisions or entering into any loan agreement.

    This content may include affiliate links. If a reader clicks on an affiliate link and completes a qualifying action—such as submitting a loan request or securing a loan—one or more parties involved in the creation, publication, or distribution of this content may receive financial compensation from the financial service provider. This compensation does not increase the cost to the consumer and does not influence the editorial integrity or objectivity of the content.

    Inclusion or syndication of this article on any third-party website, platform, or media outlet does not constitute an endorsement by the publisher, syndication partners, or any affiliated party of the services or financial products referenced herein.

    Readers are advised to refer to the official website of any financial provider for the most up-to-date and complete product information, disclosures, loan terms, eligibility requirements, rates, fees, and customer service contact details prior to making any financial decisions.

    The MIL Network –

  • MIL-OSI: Shopify Inc to Join the Nasdaq-100 Index® Beginning May 19, 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 09, 2025 (GLOBE NEWSWIRE) — Nasdaq (Nasdaq: NDAQ) today announced that Shopify Inc. (Nasdaq: SHOP), will become a component of the Nasdaq-100 Index® (Nasdaq: NDX®) and the Nasdaq-100 Equal Weighted™ Index (Nasdaq: NDXE™) prior to market open on Monday, May 19, 2025. Shopify Inc. will replace MongoDB, Inc. (Nasdaq: MDB) in the Nasdaq-100 Index® and the Nasdaq-100 Equal Weighted™ Index.

    MongoDB, Inc. will also be removed from the Nasdaq-100 Tech Sector™ Index (Nasdaq: NDXT™), the Nasdaq-100 Technology Sector Market-Cap Weighted™ Index (NDXTMC™), the Nasdaq-100 Technology Sector Adjusted Market-Cap Weighted™ Index (NDXT10™), the Nasdaq-100 ESG™ Index (Nasdaq: NDXESG™), the Nasdaq-100 Sustainable ESG Select™ Index (Nasdaq: NDXSES™) , the Nasdaq-100 ex Top 30™ Index (Nasdaq: NDX70™), the Nasdaq-100 ex Top 30 UCITS™ Index (Nasdaq: NDX70U™), and the Nasdaq-100 High Beta™ Index (Nasdaq: NDXHB™) on the same date. Shopify Inc. will replace MongoDB, Inc. in the Nasdaq-100 Tech Sector™ Index (Nasdaq: NDXT™), the Nasdaq-100 Technology Sector Market-Cap Weighted™ Index (NDXTMC™), and the Nasdaq-100 Technology Sector Adjusted Market-Cap Weighted™ Index (NDXT10™) on the same date.

    For more information about the company, go to https://www.shopify.com/.

    About Nasdaq

    Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

    The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular financial product or an overall investment strategy. Neither Nasdaq, Inc. nor any of its affiliates makes any recommendation to buy or sell any financial product or any representation about the financial condition of any company or fund. Statements regarding Nasdaq’s proprietary indexes are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate companies before investing. ADVICE FROM A SECURITIES PROFESSIONAL IS STRONGLY ADVISED.

    Media Contacts: Maximilian Leitenberger, Nasdaq, Maximilian.Leitenberger@nasdaq.com
    Issuer & Investor Contact: Index Client Services, Nasdaq, Indexservices@nasdaq.com

    -NDAQG-

    The MIL Network –

  • MIL-OSI USA: WEEK 16 WINS: President Trump Advances America’s New Golden Age

    US Senate News:

    Source: The White House
    This week, President Donald J. Trump advanced his America First agenda with remarkable successes that bolster the economy, enhance national security, and promote global stability. From a landmark trade agreement to bold steps to secure our borders and skies, President Trump is delivering results that matter to every American.
    Here is a non-comprehensive list of wins in week 16:
    President Trump announced a “breakthrough” trade deal with the United Kingdom that expands market access, curbs non-tariff barriers, and levels the playing field for American exporters.
    National Cattlemen’s Beef Association: “President Trump has delivered a tremendous win for American family farmers and ranchers … Thank you, President Trump, for fighting for American cattle producers.”
    National Corn Growers Association: “This is great news. We applaud President Trump and his administration for brokering this deal.”
    International Dairy Foods Association: “On behalf of America’s dairy processors and producers, IDFA applauds President Trump’s announcement today that the United States and the United Kingdom have reached the terms for a significant trade deal between our two markets that promises to expand access for U.S. agricultural goods, reduce tariffs, and remove barriers to trade.”

    President Donald J. Trump’s relentless pursuit of manufacturing dominance spurred onshoring and additional U.S. investment.
    The Wall Street Journal: Trump’s Tariffs Are Lifting Some U.S. Manufacturers
    The Washington Post: This U.S. manufacturer doesn’t mind Trump’s tariffs at all
    Bristol Myers Squibb announced a $40 billion investment over the next five years in its research, development, technology, and U.S.-based manufacturing operations.
    Gilead Sciences announced an $11 billion boost to its planned U.S.-based manufacturing investment.
    Invenergy announced a $1.7 billion investment in U.S. electric transmission.
    Merck Animal Health announced an $895 million investment to expand their manufacturing operation in Kansas.
    Wistron Corp., a Taiwanese electronics manufacturer and AI server maker, announced $455 million in additional U.S. investment.
    Lego announced a $366 million investment to build a new distribution center in Prince George County, Virginia.
    Hotpack, a Dubai-based maker of food packaging materials and related products, announced a $100 million investment to establish its first U.S. manufacturing facility in Edison, New Jersey.

    The Trump Administration unveiled a plan to completely overhaul the nation’s air traffic control system, building on the unprecedented actions already taken to secure America’s skies and improve air travel.
    American Airlines CEO Robert Isom: “This plan from President Trump and Secretary Duffy is absolutely the best opportunity that we’ve had in decades to do something about our outdated air traffic control infrastructure and build a best-in-class system that our country deserves.”
    Delta Air Lines CEO Ed Bastian: “I want to especially thank Secretary Duffy and the Administration for gathering us all here today and taking such a strong approach to overhauling our air traffic control system in the U.S.”
    United Airlines CEO Scott Kirby: “This really is an historic day — a day I have been looking forward to my entire career when I felt like we have turned the corner and are on the path to give the United States the best-in-class air traffic control system that the citizens of the United States deserve.”
    Southwest Airlines CEO Bob Jordan: “I cannot say enough thanks to Secretary Duffy, to the administration, to President Trump for the stellar leadership to bring everyone together on this problem.”

    President Trump continued to secure our borders, rid our communities of illegal immigrant criminals, and keep Americans safe.
    President Trump announced plans to house America’s most ruthless, violent criminals at Alcatraz prison.
    President Trump established “Project Homecoming” to encourage illegal immigrants to voluntarily depart the U.S.
    The Department of Justice announced the takedown of a massive drug and weapons trafficking organization in New Mexico, operated by the Sinaloa cartel — resulting in the largest fentanyl seizure in our nation’s history and the arrests of six high-level cartel members illegally in the U.S.
    The Department of Justice announced that 115 children were rescued and 205 child sex predators were arrested in just five days as part of Operation Restore Justice.
    The Department of Homeland Security announced it will offer financial assistance and stipends for illegal immigrants voluntarily returning to their home country via the CBP Home App — saving taxpayers as much as $1 million per illegal alien family in long-term costs of welfare and public support.
    Breitbart: Southern Border Migrant Apprehensions Continue Record-Shattering Decline
    Fox News: Daycare in wealthy enclave shutters after housing fugitive child predator arrested by ICE
    The percentage of Americans “who worry a great deal” about crime has fallen by ten points over last year.

    President Trump continued to pursue peace through strength around the world.
    President Trump announced a ceasefire with Houthi terrorists in Yemen, restoring freedom of navigation in the Red Sea for U.S.-flagged ships.
    The Department of the Treasury targeted a third teapot refinery for facilitating the delivery of Iranian oil as part of President Trump’s broad and aggressive maximum pressure campaign.
    The Department of State designated Haitian gangs as foreign terrorist organizations.
    The Department of State announced all hostages held by the Maduro regime at the Argentinian Embassy in Caracas, Venezuela, were rescued and brought safely to the U.S.

    A new survey showed 70% of farmers expect the President Trump’s tariffs to strengthen the agricultural economy in the long-term.
    President Trump announced his first wave of judicial nominations.
    President Trump ended federal funding for dangerous gain-of-function research in foreign countries.
    President Trump ended the racist and discriminatory Biden-era “Digital Equity Act,” which provided billions in handouts based on race.
    President Trump announced new tariffs on movies produced in foreign countries in an effort to boost the American film industry.
    President Trump signed an Executive Order to restore a robust domestic manufacturing base for prescription drugs and promote domestic production of critical medicines.
    President Trump eliminated useless water pressure standards that make household appliances less effective and more expensive.
    President Trump signed an Executive Order to provide better care to veterans, improve accountability for such care, and establish a National Center for Warrior Independence for homeless veterans.
    President Trump signed an Executive Order to ease the regulatory burden on Americans and ensure no one is transformed into a criminal for violating a regulation they have no reason to know exists.
    President Trump directed his administration to expeditiously implement the most effective mechanisms, barriers, and other measures to prevent the migration and expansion of invasive carp in the Great Lakes Basin and the surrounding region.
    President Trump directed the Office of the Federal Register to speed up publishing time and decrease costs, enabling agencies to more quickly and effectively restore freedom through President Trump’s deregulatory agenda.
    President Trump officially declared May 8 as “Victory Day for World War II” in commemoration of the unmatched might, strength, and power of the American Armed Forces.
    The Department of Education continued their rigorous oversight of secondary and higher education institutions to ensure compliance with federal law.
    The Department of Education opened an investigation into the Saratoga Springs City School District in New York for Title IX violations relating to male participation in female sports and occupation of female facilities.
    The Department of Education informed Harvard University that the federal government will no longer award new grants to the university amid their failure to uphold federal law.
    The Department of Education opened a formal foreign funding investigation into the University of Pennsylvania after a review of the university’s foreign reports revealed inaccurate and incomplete disclosures.
    The Department of Education initiated a Title IX investigation into Western Carolina University amid allegations the school failed to ensure sex-separated intimate spaces.
    The Task Force to Combat Anti-Semitism announced a review of recent incidents of anti-Semitic violence at the University of Washington and its affiliates.

    The Department of Education resumed collections for student borrowers in default following a five-year pause and reminded institutions of their obligations to support student loan borrowers.
    The Department of Education directed states to maximize parental options for choosing the safest school setting for their children.
    The Department of Justice opened an investigation into a recent policy by Hennepin County, Minnesota, to consider race in plea deals.
    The Department of the Treasury announced a fast-track process to facilitate greater investment in U.S. businesses from ally and partner sources.
    The Department of Energy announced new policies to limit indirect costs of certain grant funding, which is projected to save taxpayers more than $935 million per year.
    The Department of Energy halted the Biden-era ban on fossil fuels in federal buildings, ensuring they’re utilizing the most efficient power available to lower taxpayer costs and curb regulatory overreach.
    The Department of State closed its “Office of Palestinian Affairs,” a Biden-era creation that encouraged Israel not to respond to the October 7 terrorist attacks.
    The Department of Health and Human Services warned medical schools that DEI admissions or employment practices violate federal law and must be eliminated, or the institution risks its federal funding.
    The National Institutes of Health announced all beagle experiments on its campus have been terminated.
    The Department of Agriculture announced the removal of hazardous fuels — such as dead or downed trees — that pose wildfire threats to communities, critical infrastructure, and recreation areas.
    The Department of Agriculture announced enhanced enforcement for making sure states are appropriately and lawfully preserving SNAP benefits for only eligible Americans.
    The Department of Housing and Urban Development, in collaboration with First Lady Melania Trump, announced an investment in a new program to prevent homelessness in Americans aging out of the foster care system.
    The Department of Labor recovered more than $1.4 million in back wages for more than 2,600 employees after finding a California company had failed to pay its employees proper rates.
    The Department of Labor announced additional funding to support disaster-relief jobs and continue employment training for Tennesseans and Floridians affected by last year’s tropical storms.
    The Department of Transportation terminated $54 million in woke, radical grant funding.
    The Office of the Director of National Intelligence released an additional 60,000 documents related to the assassination of Senator Robert F. Kennedy.
    The Supreme Court ruled the Trump administration can enforce its ban on individuals with gender dysphoria serving in the military, boosting efforts to restore a military focused on readiness rather than woke gender ideology.
    President Trump announced Washington, D.C., will host the NFL Draft in 2027.
    The House of Representatives passed a bill to codify President Trump’s “Gulf of America” Executive Order.

    MIL OSI USA News –

  • MIL-OSI Australia: Ways you can help a vulnerable person in Canberra

    Source: Northern Territory Police and Fire Services

    In brief:

    • There are many Canberrans who can do with a helping hand.
    • The ACT has many services and initiatives that may be of benefit, whatever the situation.
    • This article features a list of some of these services.

    There are many vulnerable people in our community. Perhaps you know someone who is:

    • at risk
    • chronically unwell
    • unhappy, lonely or isolated
    • elderly or frail
    • facing financial difficulty
    • new to Canberra.

    Whether it’s a family member, neighbour or colleague you’re concerned about, reaching out is a great first step.

    Where relevant, you could help them make a call or fill out a form. You could even go along to an appointment or event with them.

    The list of services below is not exhaustive but may benefit someone you know. Most are free or low cost.

    Help with day-to-day living

    Eligible ACT residents who cannot take their bins out to the kerb, due to chronic illness, frail age or disability, can apply to have this done for them.

    A Companion Card allows people with significant and permanent disabilities to bring a companion for free to certain events and venues.

    Canberrans having difficulty paying for groceries can visit Communities at Work pantries for discounted food and other essentials.

    Communities at Work also provides free clothing, shoes and accessories for job interviews, court, funerals and other important events.

    Canberrans can access free period products throughout the ACT.

    Find more information on cost-of-living assistance.

    Help with transport

    Community bus services are for ACT residents who find it hard to use other forms of transport. They run from Monday to Friday and have flexible routes.

    The ACT Taxi Subsidy Scheme provides financial help to ACT residents with a disability or significant mobility restriction that prevents them from using public and community transport.

    Transport Canberra’s Flexible Bus Service helps Canberrans, such as the aged or people with mobility difficulties, get from their home to local community locations. Booking is required. Carers with a valid carers card are also welcome to travel.

    Special needs transport is available for eligible students. Please check the application open dates and guidelines in advance.

    The Aboriginal and Torres Strait Islander bus service provides opportunities for Aboriginal and Torres Strait Islanders to connect with their communities and culture in the ACT and surrounding regions.

    More information regarding bus operating and booking hours, eligibility and guidelines for all services is available on Transport Canberra’s website.

    The Fitness to Drive Medical Clinic assesses fitness to drive a motor vehicle.

    Help with health care and wellbeing

    Mobile dental clinics Mobile Dental Clinics are an additional service for aged, school children and vulnerable Canberrans to access dental care in the community.

    Canberrans can access short term loan equipment via the ACT Equipment Loan Service. This is available on referral and includes:

    • mobility aids
    • hoists
    • wheelchairs
    • hospital beds and more.

    This free, short-term service is for anyone being discharged from hospital and for ACT residents needing rehab or to trial equipment.

    Eligible Canberrans with a lifelong or long-term disability  may be able to  access the ACT Equipment Scheme. The scheme can provide long term loan equipment that will help people live at home safely.

    Know someone who already has a mobility aid or appliance? Why not remind them they can have it serviced or repaired through the Clinical Technology Workshop?

    Anyone needing a walking aid can reach out to the Walking Aid Clinic.

    The Canberra Sexual Health Centre offers all Canberrans aged 14 and over professional care without judgment.

    Help is available to Canberrans who have experienced a change in their ability to carry out everyday activities due to a medical or health condition or disability. Brindabella Day and Ambulatory Rehabilitation Service provides a range of rehabilitation therapies.

    Community Care Nursing can assist people with a range of conditions and healthcare needs. It can also be accessed in the home, if medically necessary. Nursing services include wound care, medication management and more.

    Nutrition is a key part of health and wellbeing. The Community Care Nutrition Service offers specialised nutrition services to adults. As well as general healthy eating and nutrition support, the service can advise on chronic health conditions.

    The Liaison and Navigation Service helps adults with complex needs navigate health and other services.

    Adults with a chronic health condition affecting their quality of life may benefit from the Take Control – Live Well program. The three-week program helps people gain the skills and confidence to:

    • take control of their condition/s
    • reach health goals
    • make connections.

    Other services available include:

    You can find a range of other services on the Canberra Health Services website.

    Help to reduce loneliness

    Social isolation and loneliness can be harmful to mental and physical health. Visiting people or inviting them places can be extremely helpful. There is also a variety of ways people can meet others or find a new interest.

    Volunteering can be a great way to find connection and purpose. Canberrans looking for volunteering opportunities, workshops and advice can contact VolunteeringACT.

    There are lots of events happening every day on the Meetup website. From bushwalking to trivia, book clubs to dancing, there’s something to suit every interest.

    Older Canberrans could consider getting involved in an Intergenerational Playgroup through ACT Playgroups. These can help isolated residents and parents to connect.

    Social enterprise Café Stepping Stone runs various events at its Dickson and Strathnairn locations.

    There are also plenty of weird and wacky sports to consider. This is a great way of trying something new and meeting new people at the same time.

    Work-related help

    ACT Women’s Return to Work workshops support women and gender diverse people returning to the workforce with grants and advice on next steps.

    There is a free office skills course and ACT Government work placement for culturally and linguistically diverse Canberrans seeking meaningful employment.

    The ACT Government can help veterans transition from employment in the Australian Defence Force to the ACT Government.

    The RSL Veterans’ Employment Program is a free program helping veterans, family members and partners to find rewarding work.

    Canberrans with a business can get free business support from the Access Canberra Business Assist Team. They can help you understand permits, licenses and approvals.

    The Women’s Legal Centre ACT offers free legal advice to women in low-paid and/or precarious employment who are experiencing problems at work.

    Crisis help

    There is help for those who have experienced domestic and family violence.

    Through a range of support services, Canberrans can apply for financial support following domestic and family violence.

    Canberrans can get help to plan for safety, support children, find accommodation, sort out finances, take legal action and stay safe online.

    Tenants experiencing domestic and family violence can also break a rental lease immediately, if needed.

    There is support available to understand legal options in these circumstances.

    Find more on domestic, family and sexual violence services.

    Communities at Work Crisis Support can give immediate help with food, medical scripts and other essential supports. They can also provide:

    • bus tickets
    • phone vouchers and charging
    • showers
    • hygiene products
    • information and referral services.

    If you know someone who is homeless or at risk of becoming homeless, there is help available. Find out about more services that can help with finding a safe place to stay, getting a free meal, having a shower or doing laundry.

    There are a number of ways you can get help for your mental health in the ACT.

    If you are in crisis or need support after hours, contact:

    If you or a loved one are in an unsafe or life-threatening situation, call triple 000 immediately.

    More avenues for help include:

    Read more like this

    Get ACT news and events delivered straight to your inbox, sign up to our email newsletter:


    MIL OSI News –

  • MIL-OSI USA: Labrador Letter: Idaho Defends Truckers from California’s EV Overreach

    Source: US State of Idaho

    Home Newsroom Labrador Letter: Idaho Defends Truckers from California’s EV Overreach

    Dear Friends,
    This week, the State of California agreed to repeal key provisions of a sweeping electric-vehicle mandate known as Advanced Clean Fleets. This rule, issued by the California Air Resources Board, sought to force a nationwide shift in trucking technology without legal authority or the consent of other states. Idaho joined a 17-state coalition challenging this mandate in Nebraska v. Cliff, a case filed in the U.S. District Court for the Eastern District of California. The settlement in that case is a major win for state sovereignty, economic freedom, and the constitutional limits on unilateral regulation. At issue was California’s attempt to impose an electric-vehicle mandate on truck fleet owners and operators nationwide through a regulatory scheme called Advanced Clean Fleets. The rule applied to any fleet that operated even a single truck in California if it met certain revenue or size thresholds, regardless of where the company was based. It required these fleets to retire internal-combustion trucks and replace them with battery-electric models under state-imposed deadlines. It also barred manufacturers from selling internal-combustion trucks in California starting in 2036. Because California houses the nation’s largest ports and serves as a gateway for approximately 40 percent of containerized imports and 30 percent of exports, trucking companies across the country depend on access to its roads and trade infrastructure. No manufacturer or fleet operator can feasibly design separate vehicle lines or logistics strategies for California alone. Faced with exclusion from a $3.9 trillion economy, businesses nationwide would be compelled to conform to California’s mandates. In practical effect, California’s regulation would set nationwide trucking policy through market coercion rather than lawful authority. That is why this case mattered not only to Idaho, but to every state that values its sovereignty and the constitutional limits on unilateral state power. The coalition’s complaint raised three legal claims. First, it argued that the rule is preempted by the federal Clean Air Act, which generally forbids states from setting their own emissions standards for new motor vehicles. There is one narrow exception that allows California to request a waiver from the Environmental Protection Agency to set its own standards, but it never requested a waiver for Advanced Clean Fleets. And even if it had asked, the EPA lacks the authority to approve rules that eliminate entire engine types. Second, the lawsuit asserted that the rule is preempted by the Federal Aviation Administration Authorization Act, which prohibits state regulations affecting prices, routes, or services of motor carriers. And third, the complaint argued that the rule violates the Constitution’s dormant Commerce Clause, which bars states from regulating economic activity beyond their borders. These were not abstract concerns. The regulation would have imposed immediate costs on out-of-state carriers, compelled extensive reporting obligations for any fleet that sent a truck into California, and forced manufacturers to restrict the availability of internal-combustion vehicles nationwide. Battery-electric trucks remain significantly more expensive, less efficient for long-haul routes, and dependent on a sparse charging infrastructure. For states like Idaho—where transportation, agriculture, and manufacturing rely on affordable and flexible trucking—the burdens would have been severe and unjustified. The settlement halts California’s enforcement of these provisions and requires state officials to initiate formal repeal proceedings. California also conceded that its planned 2036 ban on internal-combustion truck sales cannot be implemented unless the EPA grants a Clean Air Act waiver. Our office will remain vigilant in opposing any further efforts to federalize California’s policies through administrative fiat. California is free to pursue its own environmental goals within its own borders. What it cannot do is transform the nation’s trucking standards by threatening exclusion from its markets. Idaho joined this litigation to defend the principle that policy decisions with nationwide consequences must be made through constitutional processes—not dictated by a single state’s regulatory agency.
    Best regards,

    MIL OSI USA News –

  • MIL-OSI USA: Cook, Opening Remarks on Productivity Dynamics

    Source: US State of New York Federal Reserve

    Good afternoon. Thank you for moderating, Peter. It is an honor to be with you today, and it is always great to be back at Stanford and at the Hoover Institution. I spent several formative years of my career here, including as a National Fellow, and always enjoy returning. And it is a privilege to share the panel with Dr. Schnabel, and Presidents Musalem and Hammack. I look forward to our discussion.1
    Before that, I would like to briefly discuss a topic I see as critical to the future path of the economy: productivity growth. Productivity growth has been surprisingly strong in recent years, and this has influenced my view of the appropriate stance of monetary policy. I will also explore two ongoing developments that are likely to influence productivity growth moving forward: changes to trade policy and the wider adoption of artificial intelligence (AI). Productivity dynamics are something I have long studied closely and will continue to pay careful attention to as I consider the appropriate stance of monetary policy.
    It is helpful to start by looking back about three years to the middle of 2022. At that point, the global economy had largely reopened after pandemic closures, a historic amount of federal support had been deployed, and unemployment was falling toward a half-century low. But supply disruptions persisted, and the 12-month inflation rate reached its peak at over 7 percent. The challenge for Federal Reserve policymakers was clear: Move inflation back toward its 2 percent target while maintaining the health of the labor market. The Federal Open Market Committee (FOMC), which I joined that year, began to raise the federal funds rate from near zero, ultimately reaching just above 5 percent by mid-2023. Many forecasters predicted that a recession in 2023 was more likely than not. And yet, one did not materialize. Instead, inflation came down considerably, while unemployment remained low. How did this unusual and welcome outcome happen?
    Two notable factors were the unwinding of pandemic-era conditions that previously constrained the supply of both goods and labor in conjunction with restrictive monetary policy that contributed to a moderation in aggregate demand. Today, I would like to call attention to a third factor: a greater-than-usual increase in productivity during the pandemic recovery.
    Prior to the pandemic, from 2007 to 2019, productivity growth in the business sector averaged 1.5 percent annually. In the past five years productivity growth accelerated to 2 percent. While some of the productivity gains may reflect situations unique to the reopening of the economy, it is notable that the level of productivity, as measured by output per hour, remained above trend throughout 2023 and 2024.2 This increase in productivity was partially driven by pandemic labor shortages themselves. When it was difficult to find employees, as many Americans retired or stepped out of the labor force, many businesses innovated. For example, restaurants adopted online ordering apps and retailers accelerated the implementation of self-checkout systems.3 These changes improved efficiency and contributed to an expansion in potential gross domestic product (GDP). As a result, price pressures eased from their peak while demand remained strong.
    Improved productivity is widely beneficial to the economy. It allows workers to receive pay raises without companies needing to further increase prices and helps ensure consumers have access to the products and services they demand. Furthermore, and particularly relevant to me as a monetary policymaker, a rise in potential output lessens the need to use monetary policy to slow demand. This effect is good for the obvious reason that it allows for increasing economic growth without higher inflation. But importantly, it also lowers the risk of a policy overshoot that could cause the unemployment rate to rise.
    Now that I have reviewed the role that productivity growth played in the post-pandemic recovery, I would like to focus on two countervailing forces on productivity that I am currently studying. These are changes to trade policy and the growth of AI.
    I expect to see a drag on productivity in the near term stemming from the recent changes to trade policy and the related uncertainty, for several reasons. First, uncertainty around trade policy is likely to reduce business investment going forward. At this time, firms do not know the ultimate level and incidence of tariffs or their duration. Firms contemplating large investments might observe conditions that could hold under the paradox of thrift, wondering whether they could get a better deal if they just wait. Higher costs of imported materials and components could also cause firms to delay or scale back their investment plans. This reduction in capital formation can lead to slower technological innovation and adoption and decreased overall efficiency in production processes. Second, protectionist trade policies, while intended to support domestic industries, may inadvertently lead to a less competitive environment, if they prop up less efficient firms. And third, any supply-chain disruptions resulting from the policy changes would make production slower and less efficient. These disruptions can lead to inventory mismatches, production delays, and increased costs as firms scramble to find alternative suppliers or redesign their products to accommodate new input constraints. This set of disruptions could pose a particular challenge for monetary policymakers. A reduction in potential GDP means less slack in the economy, which, in turn, means greater inflationary pressure. According to the Taylor Principle, for which no explanation is needed at this conference, taming higher inflation requires a higher policy rate. I believe that keeping inflation expectations credibly anchored is essential. Therefore, all else equal, lower productivity could cause me to support keeping rates at a higher level for longer.
    The second ongoing economic development I see altering productivity is the rapidly expanding use of AI. I view this emerging technology as likely to have a significant positive effect on productivity growth. In fact, I see AI as poised to be at least as transformative as other general purpose technologies, such as the printing press, the steam engine, and the internet. With wider adoption of AI, we could have a surge in potential output.
    As I have discussed in several recent speeches, AI has the potential to revolutionize numerous sectors of our economy.4 We already see AI assistants boosting productivity in customer service, software development, and medical diagnosis. AI’s ability to process and analyze vast amounts of data could lead to breakthroughs in scientific research and innovation, resulting in an increased arrival rate of new ideas, further amplifying its effect on productivity.
    Of course, an AI productivity boom would come with its own set of challenges. If potential output expands too rapidly, it could leave slack in the economy and the labor market. Moreover, the productivity gains from AI may not be uniform across all sectors, job types, or tasks, leading to a transitional period as the labor market adjusts. Despite these challenges, I am optimistic about AI and its potential to drive significant productivity growth in the coming years.
    To summarize, I see an important role for productivity growth to play in assisting FOMC policymakers to achieve our dual-mandate goals. This dynamic played out, alongside other factors, in recent years when inflation eased from historic highs while the labor market remained solid. Two currently unfolding economic events are likely to influence productivity growth in the coming years—specifically, changes to trade policy and the expansion of AI. Those two developments may prove to run counter to each other, but it is too soon to predict precisely. I will be closely monitoring developments in this space. I look forward to engaging with those studying this topic including, I am sure, many in this room.
    Thank you. I look forward to the discussion.

    1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
    2. For additional discussion, see the box “Labor Productivity since the Start of the Pandemic” in Board of Governors of the Federal Reserve System (2025), Monetary Policy Report (PDF) (Washington: Board of Governors, February), pp. 18–20. Return to text
    3. See Austan Goolsbee, Chad Syverson, Rebecca Goldgof, and Joe Tatarka (2025), “The Curious Surge of Productivity in U.S. Restaurants,” NBER Working Paper Series 33555 (Cambridge, Mass.: National Bureau of Economic Research, March). Return to text
    4. See Lisa D. Cook (2024), “Artificial Intelligence, Big Data, and the Path Ahead for Productivity,” speech delivered at “Technology-Enabled Disruption: Implications of AI, Big Data, and Remote Work,” a conference organized by the Federal Reserve Banks of Atlanta, Boston, and Richmond, held in Atlanta, Georgia, October 1. Return to text

    MIL OSI USA News –

  • MIL-OSI China: Xi urges China, Myanmar to keep advancing key projects of economic corridor

    Source: People’s Republic of China – State Council News

    Chinese President Xi Jinping meets with Myanmar leader Min Aung Hlaing on the sidelines of the celebrations marking the 80th anniversary of the victory in the Soviet Union’s Great Patriotic War in Moscow, Russia, May 9, 2025. [Photo/Xinhua]

    MOSCOW, May 9 — Chinese President Xi Jinping on Friday urged China and Myanmar to deepen strategic cooperation and keep advancing the construction of key projects of the China-Myanmar Economic Corridor.

    Xi made the remarks while meeting with Myanmar leader Min Aung Hlaing on the sidelines of the celebrations marking the 80th anniversary of the victory in the Soviet Union’s Great Patriotic War.

    China and Myanmar belong to a community with a shared future that shares weal and woe and supports each other, Xi said, adding that the Five Principles of Peaceful Coexistence and the Bandung Spirit, jointly advocated by China and Myanmar, have grown even stronger over time, with their contemporary value becoming increasingly prominent.

    Noting that this year marks the 75th anniversary of diplomatic relations between the two countries, Xi said China will seek an amicable, secure and prosperous neighborhood, follow the principles of amity, sincerity, mutual benefit and inclusiveness, and share weal and woe with its neighbors.

    China will work with Myanmar to deepen the building of a community with a shared future, advance high-quality Belt and Road cooperation, and implement the Global Development Initiative, the Global Security Initiative and the Global Civilization Initiative, bringing greater benefits to the people of the two countries, Xi said.

    Xi recalled that not long ago, a strong earthquake hit Mandalay, Myanmar, causing significant casualties and property damage, saying that China was the first to dispatch rescue teams and provide emergency humanitarian supplies, and stands ready to continue offering assistance to support Myanmar in rebuilding.

    The Chinese side supports Myanmar in pursuing a development path suited to its national conditions, safeguarding its sovereignty, independence, territorial integrity and national stability, and steadily advancing its domestic political agenda, Xi said.

    Xi said it is hoped that Myanmar will take concrete measures to ensure the safety of Chinese personnel, institutions and projects in Myanmar, and intensify efforts to combat cross-border crimes such as online gambling and telecom fraud.

    He urged the two sides to jointly uphold the UN-centered international system and the international order underpinned by international law, and safeguard the legitimate rights and interests of developing countries.

    For his part, Min Aung Hlaing said that after Myanmar was struck by the earthquake, China immediately extended sincere condolences, and was the first to provide disaster relief assistance to his country, demonstrating the “Paukphaw” (fraternal) friendship and solidarity in times of hardship towards Myanmar, which the people of Myanmar will forever remember.

    Under the strong leadership of President Xi, China has achieved remarkable progress in advancing Chinese modernization, Min Aung Hlaing said, adding that Myanmar highly values its relations with China and will always be a friendly neighbor that China can trust.

    Min Aung Hlaing said that Myanmar is committed to advancing cooperation with China in areas such as economy and trade, as well as energy, and will make every effort to ensure the safety of Chinese projects and personnel in Myanmar.

    Myanmar highly appreciates the three global initiatives proposed by China and the vision of building a community with a shared future with neighboring countries, and stands ready to work with China to address common challenges, he added.

    Chinese President Xi Jinping meets with Myanmar leader Min Aung Hlaing on the sidelines of the celebrations marking the 80th anniversary of the victory in the Soviet Union’s Great Patriotic War in Moscow, Russia, May 9, 2025. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI China: Xi calls for advancing building of China-Serbia community with shared future

    Source: People’s Republic of China – State Council News

    Chinese President Xi Jinping meets with Serbian President Aleksandar Vucic on the sidelines of the celebrations marking the 80th anniversary of the victory in the Soviet Union’s Great Patriotic War in Moscow, Russia, May 9, 2025. [Photo/Xinhua]

    MOSCOW, May 9 — Chinese President Xi Jinping said on Friday that China and Serbia should carry forward the ironclad friendship, boost mutually beneficial cooperation and advance the high-quality building of a China-Serbia community with a shared future.

    Xi made the remarks while meeting with Serbian President Aleksandar Vucic on the sidelines of the celebrations marking the 80th anniversary of the victory in the Soviet Union’s Great Patriotic War.

    Noting his successful state visit to Serbia in May last year, Xi said that over the past year, the building of a China-Serbia community with a shared future in a new era has got off to a good start and the achievements are obvious to all.

    As profound changes unseen in a century continue to unfold across the world amid multiple overlapping risks and challenges, China and Serbia should maintain strategic resolve and concentrate on managing their own affairs well, Xi said.

    China is ready to deepen strategic communication with Serbia, enhance mutual support, strengthen cooperation in trade and investment, continue supporting the construction and operation of relevant projects, give full play to their demonstrative effect, and achieve more outcomes that deliver mutual benefit and win-win results, Xi said.

    Xi stressed that 80 years ago, the peoples of China and Serbia made important contributions to the victory on the Asian and European battlefields in the World Anti-Fascist War, respectively.

    China is ready to work with all countries in the world, including Serbia, to unite and cooperate to meet challenges, jointly safeguard world peace and international fairness and justice, safeguard the achievements of economic globalization, and promote the building of a community with a shared future for mankind, Xi said.

    For his part, Vucic said that China is Serbia’s most precious friend, consistently offering selfless support and assistance to help Serbia develop its economy and improve the well-being of its people.

    Serbia firmly adheres to the one-China principle and always believes that Taiwan is an inalienable part of China’s territory, he said.

    Serbia is ready to expand economic and trade exchanges with China, Vucic said, adding that his country welcomes more Chinese enterprises to invest and do business in Serbia, and will provide a favorable business environment for them.

    It is hoped that China will actively participate in the 2027 Belgrade Specialized Expo, he said.

    Vucic commends China’s steadfast support for multilateralism, noting that China’s visions and actions have bolstered the international community’s courage and confidence in safeguarding common interests.

    Serbia stands ready to unite with China in addressing the challenges posed by unilateralism and protectionism, Vucic added.

    Chinese President Xi Jinping meets with Serbian President Aleksandar Vucic on the sidelines of the celebrations marking the 80th anniversary of the victory in the Soviet Union’s Great Patriotic War in Moscow, Russia, May 9, 2025. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI Europe: Isabel Schnabel: Keeping a steady hand in an unsteady world

    Source: European Central Bank

    Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at Hoover Monetary Policy Conference “Finishing the Job and New Challenges”, Stanford University

    Stanford, 10 May 2025

    Standard theory of monetary policy rests on a simple premise: a stable relationship between inflation and the output gap. This is the logic behind the Phillips curve, which, in its most common form, relates inflation to a measure of economic slack, expected inflation and supply shocks.[1]

    The relationship between output and inflation was already under scrutiny well before the pandemic.

    After the global financial crisis of 2008, inflation didn’t fall nearly as much as had been implied by conventional Phillips curve estimates. And once economies around the world recovered and unemployment fell, the bounce-back in inflation fell short of model predictions.

    This is why that episode is known as the period of “missing deflation” and “missing inflation”.[2]

    The situation changed fundamentally in the aftermath of the pandemic, when the relationship between inflation and the output gap proved to be much stronger than what would have been expected based on historical estimates. We observed a noticeably steeper Phillips curve across advanced economies, including the euro area (Slide 2).[3]

    In my remarks today, I would like to draw lessons from the instability of the Phillips curve over the past 20 years for the optimal conduct of monetary policy. I will argue that the evidence of a re-flattening of the Phillips curve after the long period of high inflation suggests that, in the euro area, the most appropriate policy response to the potential risks to price stability arising from fiscal expansion and protectionism is to keep a steady hand and maintain rates close to where they are today – that is, firmly in neutral territory.

    Monetary policy and the slope of the Phillips curve

    The slope of the Phillips curve has first-order implications for the conduct of monetary policy.

    If the curve is steep, as it appeared to be in recent years, monetary policy is highly effective in reducing inflation, with only a limited impact on growth and employment. The smaller “sacrifice ratio” suggests that central banks should react more forcefully to deviations of inflation from target, even when the economy is hit by a supply shock that pushes inflation up and output down.[4]

    A steep Phillips curve hence improves the trade-off facing central banks, weakening the case for “looking through”, as forceful policy action minimises the risks of inflation expectations unanchoring and of inflation becoming entrenched.[5]

    Policy prescriptions differ fundamentally if the Phillips curve is flat.

    In this case, a large policy impulse is required to move output sufficiently to generate aggregate price effects. It can then be optimal for policy to tolerate moderate deviations of inflation from target, as the cost of closing a small inflation gap relative to the target may exceed the benefits.

    This prescription holds in both directions.

    When inflation is above the target, a flat Phillips curve would require a sharp rise in policy rates to bring medium-term inflation down from, say, 2.3% to 2%. Such a course of action may imply a substantial rise in unemployment and may thus not be welfare-improving for society at large – a trade-off central banks may face during the last mile of disinflation.[6]

    The experience of the 2010s, when inflation was persistently below the target, demonstrates that the argument also holds in the opposite direction.

    If bringing inflation up from 1.7% to 2%, for example, requires purchasing a large fraction of outstanding government bonds and making potentially time-inconsistent promises about the future path of interest rates, then the central bank must consider carefully whether the benefits outweigh the costs, such as making losses in the future, market dysfunction, rising wealth inequality, financial instability and threats to its reputation.[7]

    The role of inflation expectations

    However, the ability to tolerate moderate deviations of inflation from target critically hinges on a firm anchoring of inflation expectations – that is, a low sensitivity of inflation expectations to realised inflation.

    If inflation expectations are well-anchored, policymakers can tolerate moderate deviations from target, as fluctuations in inflation tend to fade away. If, however, inflation expectations are at risk of unanchoring, central banks should act forcefully.[8]

    There are two challenges to this strategy.

    One is that the anchoring of inflation expectations is endogenous. Central banks themselves can cause an unanchoring if inaction in the face of price shocks is perceived as weakening its commitment to securing price stability.[9]

    History shows that it can be costly to reestablish the credibility of the nominal anchor once it has been lost. This is also because inflation expectations are path-dependent. Research shows that the experience of high inflation may raise the sensitivity of inflation expectations to new inflation surprises.[10]

    The other challenge is that different measures of inflation expectations often yield different results (Slide 3). As such, robust trends cannot easily be identified in real time, much like the slope of the Phillips curve.[11]

    Measures of inflation expectations can even point in opposite directions. Research from the early days of the pandemic showed that most consumers expected the pandemic to raise prices, contrary to the views held by professional forecasters at the time.[12]

    State-dependent pricing and tight labour markets can explain steeper Phillips curve and post-pandemic inflation surge

    The recent period of high inflation illustrates how sensitive policy conclusions can be to the assessment of the slope of the Phillips curve and to measures of inflation expectations that central banks use in their analysis.

    Two key theories have been proposed to explain the post-pandemic inflation surge.[13]

    The first relates to firms’ price-setting behaviour.

    Standard New Keynesian models assume that the probability of firms resetting their prices is constant over time. This is a fair description of aggregate price movements when inflation is low and aggregate shocks are small (Slide 4).

    However, the past few years have demonstrated that this “linear” relationship breaks down in the face of large shocks.[14] When marginal costs increase rapidly and threaten to erode profit margins, firms tend to raise their prices more frequently. As a result, the Phillips curve steepens.

    This feedback loop is strongly asymmetric.[15] It acts as an inflation accelerator when firms face positive demand or adverse cost-push shocks.[16] But it does little to firms’ pricing strategies in the face of disinflationary shocks due to downward price rigidities.

    This helps explain why inflation did not fall much when the pandemic broke out but increased sharply after the reopening of our economies (Slide 5).[17]

    The second theory relates to the tightness of the labour market.

    Downward nominal wage rigidity has been a key factor explaining the “missing deflation” in the aftermath of the global financial crisis.[18] If nominal wages do not fall, or fall only very slowly, firms’ marginal costs change only moderately, and hence disinflationary pressures face a natural lower bound, even if slack is large.

    But when the labour market is tight, wages are more flexible as firms outbid each other in securing their desired workforce.

    Benigno and Eggertsson show that this channel led to a non-linear inflation surge in the United States whenever the number of job vacancies exceeded the number of unemployed workers (Slide 6).[19] In the euro area, the threshold was lower, but the curve still exhibited strong signs of non-linearity.

    Rising near-term inflation expectations may have shifted the Phillips curve up

    New research for the United States, however, suggests that the evidence in favour of the second theory is not very robust.

    Specifically, the finding of non-linearity depends critically on which measure is used to control for inflation expectations: non-linearity holds when controlling for expectations of professional forecasters, but it disappears once inflation expectations of households and firms are considered.[20]

    In other words, it is conceivable that the Phillips curve did not become steeper but rather shifted upwards as inflation expectations rose.[21] Non-linearity has also been rejected recently using a similar approach based on regional data for the euro area.[22]

    Moreover, the expectations that are relevant for such an upward shift are not necessarily the longer-term expectations that central banks typically pay most attention to.

    These have remained remarkably stable over the past few years (Slide 7).

    Rather, inflation expectations over the near term, such as the next 12 months, may be more important in driving macroeconomic outcomes.

    Bernanke and Blanchard, for example, show that one-year-ahead inflation expectations explain a significant share of the recent marked rise in nominal wages, and hence inflation, in the United States.[23] Similar evidence has been found for the euro area and other advanced economies.[24]

    Again, there appears to be an asymmetry: the risks that the Phillips curve shifts downwards are substantially lower. Research shows that consumers tend to respond more to inflationary than disinflationary news, as households value increases in their purchasing power and as they pay less attention to inflation when it is low.[25]

    The impact of tariffs on inflation in the euro area

    Understanding the reasons behind the recent inflation surge is not only important from a conceptual perspective. It also matters for setting monetary policy today, as we are once again confronted with historically large shocks.

    For central banks, this is a difficult environment to navigate.

    Memories of high inflation are still fresh after a long period of sharply rising prices. And just as during the pandemic, there is considerable uncertainty about how firms and households are going to respond to shocks that are largely outside the historical empirical range.

    Ultimately, the impact of current shocks on prices and wages, and hence the appropriate monetary policy response, will depend on the shape and location of the Phillips curve.

    Monetary policy should focus on the medium term and underlying inflation

    Let me illustrate this by looking at the euro area.

    Given the lags in policy transmission, the relevant horizon for monetary policy is the medium term. The past few years, however, demonstrated that inflation forecasting at times of large structural shocks is inherently difficult and plagued by large uncertainty.

    For this reason, the ECB and other central banks have increasingly turned to a data-dependent approach to monetary policy, where the observed dynamics of underlying inflation and the strength of monetary transmission are used to cross-check the inflation projections.[26]

    This approach remains valid today.[27] But data dependence is not in contrast to being forward-looking.

    In the current situation, the high level of economic uncertainty, together with the sharp fall in energy prices and a stronger euro exchange rate, will likely dampen headline inflation in the short run, potentially pushing it below our 2% target.

    The question is whether these developments provide meaningful signals about the net impact of current shocks on medium-term inflation.

    During the pandemic, for example, a strong appreciation of the euro against the US dollar, by nearly 14% over seven months, and a marked decline in energy prices were followed by a historical inflation surge.

    Data dependency hence requires examining the potential channels through which current shocks could affect underlying inflation over the medium term.

    In the euro area, there are two main forces that could have the size and persistence to pull underlying inflation sustainably away from our 2% medium-term target.

    One is fiscal policy, which is set to expand on a scale unseen outside periods of deep economic contraction.

    Germany has eased its constitutional debt brake for defence-related spending, and has committed to spending €500 billion, or more than 10% of GDP, on infrastructure and the green transition over the next 12 years. In addition, the European Commission has invited Member States to activate the national escape clause to accommodate increased defence expenditure across the EU.

    The impact of these measures on inflation will depend on how they are implemented, especially their impact on the supply side of the economy. But on balance, the fiscal impulse is likely to put upward pressure on underlying inflation over the medium term.

    Global fragmentation is the second force that could have a lasting impact on prices and wages.

    As we speak, the scale and scope of tariffs, the extent of retaliation as well as how financial markets respond to these developments all remain highly uncertain.

    Ongoing negotiations are a sign that mutually beneficial agreements may still be reached. An ideal outcome – the “zero-for-zero” tariff agreement advocated by the European Commission – could even boost growth and employment on both sides of the Atlantic.

    However, should these negotiations fail, the euro area will simultaneously face adverse supply and demand shocks, as the EU has announced that it will retaliate against higher tariffs.

    Similar to the pandemic, assessing the relative strength of these forces is inherently difficult. Overall, however, there are risks that a lasting and meaningful increase in tariffs will reinforce the upward pressure on underlying inflation arising from higher fiscal spending over the medium term.

    To see this, it is useful to look at the factors driving the macroeconomic propagation of tariffs.

    Euro area foreign demand may prove resilient, with limited effects on inflation

    The severity of the negative demand shock will depend on two factors.

    One is the hit to economic activity in the United States and to global demand from raising tariffs across the board. Under the 2 April tariff rates, the United States will face a supply shock of historic proportions. Inflation is poised to rise, real incomes to fall and unemployment to increase. Retaliatory tariffs would weaken the economy further.

    So even in the absence of demand reallocation, foreign demand can be expected to decline if there is a broad increase in tariffs. The depth and persistence of this decline will also depend on other policies, such as tax and spending cuts and deregulation.

    And it will crucially depend on the final outcome of tariff negotiations, which is likely to be far less severe than the 2 April announcement.

    The second factor affecting the severity of the demand shock relates to the degree of demand reallocation – that is, the elasticity of substitution between foreign and domestic products. This elasticity is highly uncertain and varies across industries, products and countries.[28]

    However, a robust finding in the literature is that products that are more differentiated tend to be relatively price-inelastic, as they are more difficult to substitute.

    This has great relevance for the euro area, where the bulk of exports to the United States comprise pharmaceuticals, machinery, vehicles and chemicals. These goods are typically highly differentiated (Slide 8, left-hand side).

    For instance, the supply of machines for producing semiconductors is basically monopolised by one Dutch company. Similarly, banknotes in the United States are overwhelmingly printed using machinery from a single German manufacturer.

    These and other machines are not easy to replace in the short run, giving euro area exporters leverage to pass higher costs on to foreign importers and limiting the hit to foreign demand.

    In addition, trade diversion may benefit euro area exports.

    Should prohibitive tariffs on Chinese imports remain in place, they will measurably raise the euro area’s price competitiveness in the US market. This can be expected to stimulate demand for euro area goods if there are no alternatives in the United States itself, especially as the number of industries in which both Chinese and euro area firms have comparative advantages has increased measurably over the past two decades (Slide 8, right-hand side).[29]

    New research corroborates this view.[30] It finds that the euro area stands to win in relative terms from a global trade war, as its net exports to the world will rise rather than fall as global demand is reallocated across the global network, offsetting the hit to domestic consumption.[31]

    In other words, for as long as tariffs are not prohibitive to trade and the uncertainty paralysing activity fades, aggregate euro area foreign demand may prove relatively resilient under a range of potential tariff outcomes.

    The recent appreciation of the euro does not refute this view.

    The euro has gone through two distinct phases since the US presidential election in November last year. It first depreciated in nominal effective terms by 3% until mid-February, before starting to appreciate. So, in net terms, the euro is trading just 2.6% above last year’s average.

    In addition, as most exports to the United States are invoiced in US dollars, the pass-through of changes in the exchange rate to import prices tends to be moderate – by recent estimates just about one-fifth.[32] And potential losses in price competitiveness in third countries are in part compensated by lower import costs, as euro area exports have, on average, a large import content.

    This price inelasticity is also reflected in recent surveys, with manufacturing firms reporting an expansion in output for the first time in more than two years (Slide 9). Also, fewer firms are reporting falling export orders.

    Even if part of these developments may reflect frontloading by firms, it is remarkable how resilient sentiment has remained in the face of the extraordinary increase in economic uncertainty.

    Supply shock puts upward pressure on inflation, reinforced by global supply chains

    The downward effects on inflation caused by lower demand are likely to be offset, partly or even fully, by the supply shock hitting the euro area through retaliatory tariffs imposed by the EU and other economies.

    The strength of this supply shock also depends on two factors.

    One is the extent to which firms pass higher tariffs on to consumers.

    In the United States, evidence from the 2018 tariff increase suggests that, in most cases, the pass-through to import prices was de facto complete.[33] At the same time, many firms chose to absorb part of the increase in import prices in their profit margins, thereby limiting the increase in consumer price inflation, at least in the short run.[34]

    Whether firms will respond similarly to a renewed rise in tariffs in the current environment is uncertain.

    On the one hand, the recent appreciation of the euro, if persistent, provides some margin for euro area firms to buffer cost increases from retaliatory tariffs. On the other hand, profit margins have already been squeezed by high wage growth and a sluggish economy, and the post-pandemic inflation surge may have lowered the bar for firms to pass higher costs on to consumers.

    Overall, recent surveys of companies in the United States and the euro area suggest that they plan to gradually pass higher tariffs on to consumers over the coming years.[35]

    In addition, in order to compensate for the hit to input costs, firms also tend to raise the prices of goods not directly affected by tariffs. There is evidence that retailers broadly adjust price markups even if only a subset of wholesale prices change.[36]

    The second, and related, factor determining the strength of the supply shock relates to global value chains.

    Unlike during the wave of protectionism in the 1930s, today the dominant share of international trade, about 70%, reflects multinational firms distributing production across countries and along the value chain to minimise costs. In this process, parts and components often cross borders many times.

    Prohibitive tariffs between the United States and China are already disrupting supply chains. Shipments of goods are declining, potentially causing future shortages of critical intermediate goods that could reverberate across the world.

    While current conditions are very different from those seen during the pandemic, when supply chain disruptions were a main factor driving the surge in inflation, the impact of tariffs is likely to be amplified as the increase in firms’ marginal costs propagates through the production network.

    ECB staff analysis shows that, even if the EU does not retaliate, higher production costs transmitted through global value chains could more than offset the disinflationary pressure coming from lower foreign demand, making tariffs inflationary overall (Slide 10, left-hand side).[37]

    These effects will become stronger with full retaliation, including intermediate goods. So far, the EU’s retaliatory measures have disproportionately targeted final consumer goods, such as beverages, food and home appliances – precisely to avoid broader cost effects being transmitted through value chains (Slide 10, right-hand side).

    But if the trade conflict intensifies, the scale of retaliation will widen and increasingly include intermediate goods, as these account for nearly 70% of euro area imports from the United States.

    In other words, retaliatory tariffs on intermediate goods would constitute a much broader cost-push shock for euro area firms, reminiscent of the post-pandemic supply chain disruptions.[38]

    It is possible that these effects will be mitigated by China redirecting goods originally destined for the United States towards the euro area and other economies at a discount.

    In practice, however, this mitigation channel is likely to be contained. India, for example, has already raised temporary tariffs on China to curb a surge in imports. Similarly, the European Commission has repeatedly clarified that it intends to protect euro area firms against dumping prices should imports from China rise significantly in response to the evolving trade conflict with the United States.[39]

    Policy implications

    How, then, should the ECB respond to the current shocks?

    The lessons from the post-pandemic surge in inflation suggest that, from today’s perspective, the appropriate course of action is to keep rates close to where they are today – that is, firmly in neutral territory.

    A “steady hand” policy provides the best insurance against a wide range of potential outcomes. In other words, it is robust to many contingencies.

    Specifically, it avoids reacting excessively to volatility in headline inflation at a time when domestic inflation remains sticky and new forces are putting upward pressure on underlying inflation over the medium term. Given lags in policy transmission, an accommodative policy stance could amplify risks to medium-term price stability.

    This steady hand policy also avoids overreacting to concerns that tariffs may destabilise inflation expectations once again.

    In recent months, households’ short-term inflation expectations have reversed and started rising again. According to the ECB’s Consumer Expectations Survey, expectations for inflation one year ahead increased to 2.9% in March from their trough of 2.4% in September 2024 (Slide 11, left-hand side). Qualitative inflation expectations, as measured by the European Commission, even rose to levels last seen in late 2022 (Slide 11, right-hand side).

    Currently, there are no indications that this rise is persistent, or that inflation expectations are at risk of unanchoring.

    Hence, we can afford to look through the rise in short-term inflation expectations. This could change if we see clear signs of a strong and front-loaded pass-through of potential tariff increases – something that could bring us back to the steep part of the Phillips curve. So far, however, evidence suggests that firms have notably slowed the frequency with which they revise their prices.

    A steady hand policy also addresses risks of a more substantial decline in aggregate demand in response to the trade conflict.

    If tight labour markets were the main culprit for the recent steepening of the Phillips curve, risks of a sharp decline in inflation caused by a rise in unemployment are much more moderate today.

    The reason for this is that in both the United States and the euro area, the vacancy-to-unemployment ratio has fallen markedly and is now at a level that suggests that labour markets are much more balanced (Slide 12).

    We are thus likely to be operating close to, or at, the flat part of the Phillips curve where a change in unemployment has only limited effects on underlying inflation, in stark contrast to the high inflation period.[40]

    We would only need to react more forcefully to the tariff shock if we observed a sharp deterioration in labour market conditions or an unanchoring of inflation expectations to the downside.

    Both seem unlikely at the current juncture.

    Despite the number of vacancies declining, the euro area labour market has proven resilient, with unemployment at a record low. And most measures of medium-term inflation expectations remain tilted to the upside, including those of professional forecasters (Slide 13).

    Conclusion

    My main message today, and with this I would like to conclude, is therefore simple: now is the time to keep a steady hand.

    In the current environment of elevated volatility, the ECB needs to remain focused on the medium term. Given long and variable transmission lags, reacting to short-term developments could result in the peak impact of our policy only unfolding when the current disinflationary forces have passed.

    Over the medium term, risks to euro area inflation are likely tilted to the upside, reflecting both the increase in fiscal spending and the risks of renewed cost-push shocks from tariffs propagating through global value chains.

    Therefore, from today’s perspective, an accommodative monetary policy stance would be inappropriate, also because recent inflation data suggest that past shocks may unwind more slowly than previously anticipated.

    By keeping interest rates near their current levels, we can be confident that monetary policy is neither excessively holding back growth and employment, nor stimulating it. We are thus in a good place to evaluate the likely future evolution of the economy and to take action if risks materialise that threaten price stability.

    Thank you.

    MIL OSI Europe News –

  • MIL-OSI USA: Ranking Member Markey Hosts Virtual Discussion with Small Business Owners on the Impacts of Trump’s Tariffs

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey
    Washington (May 8, 2025) – Senate Small Business and Entrepreneurship Committee Ranking Member Edward J. Markey (D-Mass.) today held a virtual listening session with small business owners in Massachusetts and small business owners who serve the Commonwealth on the devastating impacts the Trump Tariffs are having on them.
    “Small businesses are the backbone of the American economy, but to small business owners, Trump’s Tariffs are back breaking. Trump’s Tariffs have cost small businesses more than $9,000 every second since he announced his chaotic, reckless policy. This administration is only working to protect the interest of big businesses, telling small businesses to ‘wait it out.’ This is unacceptable. Small businesses live day to day, week to week, or even month to month. They cannot afford to wait and see what happens in Washington – their livelihoods and communities depend on their ability to operate. That is why I introduced the Small Business Liberation Act. This bill would provide small businesses with the relief they need. This should not be a partisan issue, and I will continue to fight to pass this legislation,” said Ranking Member Markey.
    “I operate a USA based manufacturing business where our raw materials – green coffee – literally cannot be produced in the US, yet we are still subject to tariffs. These additional taxes (which is effectively what they are) are sending shockwaves through an industry that was already facing record high prices. We have no other choice but to raise our prices and pass some of these costs to our consumers.  But of course there is a ceiling to what people can and will pay for coffee, so we risk alienating our customer base, driving them back to the bigger businesses, like Starbucks and Dunkin Donuts, and contributing to continued inflationary economy.  The choices are terrible,” said Shayna Ferullo, Owner of Snowy Owl Coffee Roasters.
    “These aren’t luxury items for us. They’re the foundation of what we do — and when prices double, so do the barriers to growth, opportunity, and community impact. When costs go up and margins shrink, it’s not just our business that feels it — it’s the people we’re training, the clients we serve, and the communities we’re trying to uplift. Before policies are passed, we’re simply asking for a seat at the table — because decisions made at the top are felt most by businesses at the street level,” said Steeve Louis-Charles, Co-founder of Boston Pro Sound.
    “I will run out of inventory in less than 2-3 months.  I can no longer afford to bring my products into the USA.  If I can’t figure something out quickly, I will have to shut down my business.  I will no longer have revenue to pay my employees, bills, vendors, and loans.  I will lose my home.  Small, American-owned businesses need immediate relief from tariffs,” said Beth Benike, Founder of Busy Baby.
    “My lease needs to be renewed and given the uncertainty around the new tariffs, I don’t know if I can afford to stay open unless I shift to an entirely new financial model. In less than two weeks we will have to make a decision on the future of our company that could lock at least 100 people back into a cycle of generational poverty,” said Brandale Randolph, Founder of 1854 Cycling Company.
    “As a small, fourth-generation, family-owned business founded on the ‘American Dream,’ we fully support bringing businesses back to the United States. However, handcuffing us with increased costs and decreased availability on products that are necessary for our success, is making us less competitive, not more competitive,” said Zack Rocheleau, Supply Chain Manager, Rocheleau Tool & Die.
    “Today, Main Street Alliance members Beth Benike of Busy Baby, Jen Faigel of the Commonwealth Kitchen, and Shayna Ferullo of Snowy Owl shared their personal stories with Sen. Markey about the impact of the Trump Tariffs. Without small business relief, shelves are going to go empty and entrepreneurs will go bankrupt. That’s why MSA strongly supports Sen. Markey’s ‘Small Business Liberation Act’ and urges members of the US Senate to co-sponsor this essential legislation,” said Shawn Phetteplace, National Campaigns Director, Main Street Alliance.
    “The Black Economic Council of Massachusetts (BECMA) is incredibly grateful to Senator Markey and his team for hosting a listening session that explored the impact federal trade policies are having on small businesses. Brandale Randolph of 1854 Cycling and Steeve Louis-Charles of Boston Professional Sound Inc., BECMA members, were able to share how detrimental tariffs and the subsequent supply chain challenges already have been to their businesses. Small business is the backbone of the Massachusetts economy, and we will continue to advocate for policies that will positively impact small business growth and sustainability,” said Nicole Obi, President & CEO of BECMA.
    “The tariffs are a nightmare for our small business community, including the farms, food trucks, caterers, product companies, and restaurants we represent and work with. Small businesses, unlike large businesses, don’t have teams of lobbyists nor safety nets underneath us. We are already seeing a domino effect on an awful lot of people that will be hurt: when our businesses go down, the insurance brokers go down, the drivers go down, the distributors go down, and the marketing teams go down,” said Jen Faigel, co-founder and Executive Director of CommonWealth Kitchen. 
    This week, Ranking Member Markey, Senate Democratic Leader Chuck Schumer (D-N.Y.), and Senator Mazie Hirono (D-HI) introduced the Small Business Liberation Act, legislation that would exempt small businesses from the broad, global tariffs imposed as a result of the national emergency declared on April 2, 2025, by President Trump. The Small Business Liberation Act gives the more than 34 million U.S. small businesses needed relief from the overly broad, reckless Trump Tariffs that are wreaking havoc on their businesses.
    Ranking Member Markey recently wrote to Small Business Administrator Loeffler, Commerce Secretary Howard Lutnick, and U.S. Trade Representative Jamieson Greer, calling on the Trump administration to exempt U.S. small businesses from the reckless Trump Tariffs, and afford them the same relief that the administration is giving billion-dollar tech giants such as Apple and Google.
    Previously, Ranking Member Markey, along with Democratic Leader Chuck Schumer (D-N.Y.), and all Democrats on the Senate Small Business and Entrepreneurship Committee wrote to Administrator Loeffler, urging her to take immediate action to address the impacts of Trump’s reckless tariff policies on small businesses.
    In April 2025, Ranking Member Markey released a report, “The Trump Tariffs: A Small Business Crisis,” which details the disastrous impacts of Trump’s tariff policies on small businesses across the country.

    MIL OSI USA News –

  • MIL-OSI USA: During National Small Business Week, Ranking Member Markey Convenes Field Hearing, Releases Report Detailing Trump Assault on Small Businesses and the Clean Energy Economy

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey
    REPORT: Pulling the Plug: How Trump’s Attacks on Clean Energy Could Turn out the Lights for Small Business
    Boston (May 9, 2025) – During National Small Business Week, Senate Small Business and Entrepreneurship Committee Ranking Member Edward J. Markey (D-Mass.) today led a field hearing in Boston with Massachusetts clean energy leaders to examine the role that small businesses play in the clean energy economy, the importance of continuing federal investments that support the clean energy transition, and the impacts of tariffs from Trump’s chaotic trade war on small businesses.
    Ranking Member Markey also released a report titled “Pulling the Plug: How Trump’s Attacks on Clean Energy Could Turn out the Lights for Small Business,” which details how federal investments support clean energy small businesses, and how the Trump administration’s efforts to roll back federal clean energy investments, especially those created and expanded by the Inflation Reduction Act (IRA), will devastate small businesses in the clean energy economy.
    “Clean energy is one of the fastest growing industries in the United States, and Massachusetts is leading the way,” said Ranking Member Markey. “In our state, the clean energy economy supports more than 100,000 direct jobs. Our clean energy transition isn’t just about mitigating the devastating impacts of the climate crisis—it is about building an economy with accessible, good-paying jobs, and it is about centering justice. I convened today’s field hearing with Massachusetts clean energy leaders and released my report because our path to a just, livable future for all runs through small businesses.”
    Key findings from Ranking Member Markey’s report include:
    Small businesses account for a significant portion of clean energy jobs in the United States, with 75 percent of energy efficiency workers employed by companies with 20 or fewer employees. 
    In Massachusetts, there are more than 100,000 direct clean energy jobs. More than half of the 7,300 clean energy businesses in the Commonwealth are small firms with 10 or fewer employees; more than 80 percent have fewer than 50 employees.
    The Trump administration is undercutting programs critical for small businesses, including freezing Environmental Protection Agency (EPA) and United States Department of Agriculture (USDA) funding, and reinstating caps on Small Business Administration (SBA) 504 Loans which finance improvements that reduce small business energy costs.
    The April 2025 Trump Tariffs limit deployment of clean energy, including solar, driving up costs for small- and mid-sized installers and making it harder for them to compete.
    Thousands of rural businesses completed clean energy projects expecting reimbursement through the Rural Energy for America Program (REAP) program, only to have their funding withheld.
    Firms surveyed in 2024 reported concerns they would lose business or be forced to close as a direct result of an IRA repeal.
    Repealing federal clean energy tax credits and funding could threaten or eliminate thousands of jobs and could cost the U.S. $160 billion in lost GDP.
    The Massachusetts clean energy leaders who joined Ranking Member Markey at today’s field hearing emphasized the importance of investing in small businesses and growing the clean energy economy.
    “With over 115,000 workers driving the growth of our clean energy sector, Massachusetts is proving that clean energy and economic growth go hand-in-hand. Small businesses are at the heart of this transformation—creating jobs, improving lives, and building a cleaner, more secure future,” said Dr. Emily Reichert, CEO of the Massachusetts Clean Energy Center. “By investing in small businesses and workforce development, we can ensure that Massachusetts remains a leader in climate innovation and continues to offer meaningful opportunities for all of our residents.”
    “We are already witnessing significant solar project delays and cancelations as a result of the uncertainty brought on by talk of tariffs and the possible repeal of tax credits,” said Nick d’Arbeloff, President of the Solar Energy Business Association of New England (SEBANE). “If the [Investment Tax Credit] is, in fact, eliminated and the tariffs move ahead as planned, more than a few of our small business member companies have indicated they will be forced to significantly reduce their workforce or close their doors entirely.”
    “Franklin Cummings Tech prepares graduates for well-paying, in-demand jobs by aligning the skills we teach with the immediate needs of the job market and society. The Center for Energy Efficiency and the Trades (CEET) is a perfect example of this model in action, bringing a focus on sustainability and renewable energy across the college’s technical programs. Our efforts received a tremendous boost when Senator Markey and Senator Warren facilitated the $800,000 grant to Franklin Cummings Tech through the Department of Labor, bringing greater resources and structure to the CEET program,” said Dr. Aisha Francis, President and CEO of Benjamin Franklin Cummings Institute of Technology.
    “Small businesses are the backbone of America’s clean energy transformation. For small businesses nationwide, consistent policy support is essential; without it, we risk stalling the remarkable progress we’ve made in building America’s clean energy future. At SparkCharge, we see firsthand how federal initiatives empower innovation, create jobs, and drive sustainable growth. Clear policies and stable federal support ensure that American small businesses can lead the world in clean energy solutions, strengthening both our local communities here in Massachusetts and the broader economy across the United States,” said Josh Aviv, Founder and CEO of SparkCharge.
    During National Small Business Week, Ranking Member Markey, along with members of the Senate Committee on Small Business and Entrepreneurship and Senate Democrats participated in several media opportunities to highlight the urgency of supporting U.S. small business owners and entrepreneurs in the face of Trump’s reckless tariff policies and continued chaos and cuts at the SBA.
    Yesterday, Ranking Member Markey held a virtual listening session with small business owners in Massachusetts and owners who serve the Commonwealth on the devastating impacts of the Trump Tariffs.
    Earlier this week, Ranking Member Markey, alongside Senate Democratic Leader Chuck Schumer (D-N.Y.) and Senator Mazie Hirono (D-HI) introduced the Small Business Liberation Act, legislation that would exempt the more than 34 million U.S. small businesses from the reckless Trump Tariffs that are wreaking havoc on their businesses and the U.S. economy.
    Ranking Member Markey recently wrote to Small Business Administrator Loeffler, Commerce Secretary Howard Lutnick, and U.S. Trade Representative Jamieson Greer, calling on the Trump administration to exempt U.S. small businesses from the reckless Trump Tariffs and afford them the same relief that the administration is giving billion-dollar tech giants such as Apple and Google.
    Previously, Ranking Member Markey, along with Democratic Leader Chuck Schumer (D-N.Y.) and all Democrats on the Senate Small Business and Entrepreneurship Committee wrote to Administrator Loeffler, urging her to take immediate action to address the impacts of Trump’s reckless tariff policies on small businesses.
    Ranking Member Markey has been speaking out against Trump attacks to federal clean energy and climate funding and programs during Trump’s first 100 days in office. In February 2025, Ranking Member Markey was denied a meeting with EPA Administrator Zeldin and DOGE representatives, where the lawmakers planned to ask why funding to critical EPA programs was unconstitutionally cut off to communities. In March 2025, Ranking Member Markey and Senator Sheldon Whitehouse (D-R.I.) led a letter to Administrator Lee Zeldin to cease its attempts to claw back nearly $20 billion in congressionally appropriated and legally obligated funding. In April 2025, Ranking Member Markey released a report, “The Trump Tariffs: A Small Business Crisis,” which details the disastrous impacts of Trump’s tariff policies on small businesses across the country.

    MIL OSI USA News –

  • MIL-OSI: BitMart Research: MCP+AI Agent – New framework for AI applications

    Source: GlobeNewswire (MIL-OSI)

    Mahe, Seychelles , May 09, 2025 (GLOBE NEWSWIRE) — BitMart Research, the research arm of BitMart Exchange, has released a detailed report on the innovative MCP+AI Agent framework, a new paradigm for AI applications. This report delves into the advancements of the Model Context Protocol (MCP), its integration with encrypted AI agents, and the transformative impact on blockchain automation, decentralized applications, and cross-platform interoperability. The findings highlight the potential of this framework to enhance AI capabilities, streamline complex integrations, and drive the future of AI in the blockchain ecosystem.

    1. Introduction to the concept of MCP

    In the field of artificial intelligence, traditional chatbots have long relied on generic dialogue models that lacked personalized character settings, resulting in monotonous and impersonal responses. To address this limitation, developers introduced the concept of “persona” – endowing AI with specific roles, personalities, and speech patterns to better align responses with user expectations. However, even with well-defined personas, these systems remained passive responders incapable of proactively executing tasks or handling complex operations. This gave rise to the open-source project Auto-GPT, which enables developers to define a suite of tools and functions for AI systems. By registering these tools within the framework, Auto-GPT can generate operational commands based on predefined rules and resources when processing user requests, autonomously executing tasks and returning results. This advancement transforms AI from passive conversational agents into proactive task-oriented systems.

    Despite Auto-GPT’s progress in enabling autonomous AI operations, challenges persisted regarding inconsistent tool invocation formats and poor cross-platform compatibility. The Model Context Protocol (MCP) was developed to address these core challenges in AI development, particularly the complexity of integrating external tools. MCP’s primary objective is to streamline AI-tool interactions through standardized communication protocols, enabling seamless integration of diverse external services. Traditionally, implementing complex functionalities like weather queries or web access in large language models required extensive custom coding and tool documentation – a process that significantly increased development complexity and time investment. MCP fundamentally simplifies this process by establishing standardized interfaces and communication specifications, allowing AI models to interact with external tools more efficiently and effectively.

    2. Integration of MCP and AI Agent

    MCP and encrypted AI Agents share a complementary relationship, with their key distinction lying in their respective focuses. AI Agents primarily concentrate on blockchain automation, smart contract execution, and crypto asset management, emphasizing privacy protection and integration with decentralized applications. MCP, conversely, prioritizes simplifying interactions between AI Agents and external systems through standardized protocols and context management, enhancing cross-platform interoperability and flexibility. By leveraging the MCP protocol, encrypted AI Agents can achieve more efficient cross-platform integration and operations, thereby boosting their execution capabilities.

    Previous-generation AI Agents possessed basic operational capacities such as executing transactions through smart contracts and managing wallets. However, these functions were typically predefined, lacking flexibility and adaptability. The core value of MCP lies in establishing unified communication standards for interactions between AI Agents and external tools – including blockchain data, smart contracts, and off-chain services. This standardization addresses traditional development challenges of interface fragmentation, enabling AI Agents to seamlessly integrate with multi-chain data and tools while significantly enhancing their autonomous execution capabilities. For instance, DeFi-focused AI Agents utilizing MCP can access real-time market data and automatically optimize investment portfolios. Furthermore, MCP unlocks novel collaborative possibilities: through MCP, multiple AI Agents can collaborate through functional specialization, combining capabilities to complete complex tasks such as on-chain data analysis, market prediction, and risk management, thereby improving overall efficiency and reliability. For on-chain transaction automation, MCP orchestrates various trading and risk control Agents to address issues like slippage, transaction friction, and MEV (Miner Extractable Value), enabling safer and more efficient on-chain asset management.

    3. Related Projects

    1.DeMCP

    DeMCP is a decentralized MCP network. It aims to provide self-developed open-source MCP services for AI Agents, offer developers a commercial revenue-sharing deployment platform for MCP, and enable one-stop access to mainstream large language models (LLMs). Developers can acquire services through stablecoin payments (USDT, USDC). As of May 8, its token DMCP holds a market capitalization of approximately $1.62 million.

    2.DARK

    DARK is an MCP network operating within Trusted Execution Environments (TEE), built on the Solana blockchain. Its token $DARK is listed on Binance Alpha, with a market capitalization of approximately $118.1 million as of May 8. Currently, DARK’s first application is under development, designed to empower AI Agents with efficient tool integration capabilities through TEE and the MCP protocol, enabling developers to rapidly connect with diverse tools and external services via simple configurations. Though the product has not yet fully launched, users can join the early access phase through an email waitlist to participate in testing and provide feedback.
      
    3.Cookie.fun

    Cookie.fun is a platform dedicated to AI Agents within the Web3 ecosystem, designed to provide users with a comprehensive AI Agent index and analytics toolkit. The platform helps users understand and evaluate the performance of various AI Agents by showcasing metrics such as cognitive influence, adaptive intelligence capabilities, user engagement, and on-chain data. On April 24, the Cookie.API 1.0 update introduced a dedicated MCP server featuring plug-and-play agent-specific infrastructure, designed for both developers and non-technical users while requiring no configuration.

    Data Source：X

    4.SkyAI

    SkyAI is a Web3 data infrastructure project built on BNB Chain, aiming to establish blockchain-native AI infrastructure through MCP (Model Context Protocol) expansion. The platform provides scalable and interoperable data protocols for Web3-based AI applications, planning to streamline development processes by integrating multi-chain data access, AI agent deployment, and protocol-level utilities, thereby advancing practical AI adoption in blockchain environments. Currently, SkyAI supports aggregated datasets from BNB Chain and Solana, exceeding 10 billion rows of data, with future plans to launch MCP data servers supporting Ethereum mainnet and Base chain. Its token SkyAI is listed on Binance Alpha, holding a market capitalization of approximately $42.7 million as of May 8.

    4.Future Development

    The MCP protocol, as an emerging narrative in the convergence of AI and blockchain, demonstrates significant potential in enhancing data interaction efficiency, reducing development costs, and strengthening security and privacy protection—particularly in decentralized finance (DeFi) and similar scenarios where it holds broad application prospects. However, most current MCP-based projects remain in the proof-of-concept phase, having yet to launch mature products. This immaturity has led to sustained declines in token prices post-listing, exemplified by the DeMCP token plunging 74% within a month of its debut. This trend reflects a market-wide crisis of confidence in MCP initiatives, primarily stemming from prolonged development cycles and the absence of tangible real-world applications. Consequently, accelerating product development, ensuring tight alignment between tokens and functional products, and improving user experience emerge as critical challenges for MCP projects. Additionally, promoting the MCP protocol within the crypto ecosystem faces technical integration hurdles. Divergent smart contract logic and data structures across blockchains and DApps necessitate substantial development resources to establish unified, standardized MCP servers.

    Despite these challenges, the MCP protocol retains considerable market potential. As AI technology advances and the protocol matures, it could enable broader applications in domains like DeFi and DAOs. For instance, AI agents leveraging MCP could access real-time on-chain data to execute automated transactions, enhancing market analysis efficiency and accuracy. Moreover, MCP’s decentralized nature may provide AI models with transparent, traceable operational frameworks, fostering the decentralization and assetization of AI resources. Positioned as a key enabler of AI-blockchain integration, the MCP protocol could evolve into a vital engine powering next-generation AI agents as technology matures and use cases expand. However, realizing this vision requires overcoming multifaceted challenges including technical integration, security assurance, and user experience optimization.

    About BitMart

    BitMart is the premier global digital asset trading platform. With millions of users worldwide and ranked among the top crypto exchanges on CoinGecko, it currently offers 1,700+ trading pairs with competitive trading fees. Constantly evolving and growing, BitMart is interested in crypto’s potential to drive innovation and promote financial inclusion. New users can register here to unlock an $8,000+ welcome bonus.

    Risk Warning:

    The information provided is for reference only and should not be considered a recommendation to buy, sell or hold any financial asset. All information is provided in good faith. However, we make no representations or warranties, express or implied, as to the accuracy, adequacy, validity, reliability, availability or completeness of such information.

    All cryptocurrency investments (including returns) are highly speculative in nature and involve significant risk of loss. Past, hypothetical or simulated performance is not necessarily indicative of future results. The value of digital currencies may rise or fall, and there may be significant risks in buying, selling, holding or trading digital currencies. You should carefully consider whether trading or holding digital currencies is suitable for you based on your personal investment objectives, financial situation and risk tolerance. BitMart does not provide any investment, legal or tax advice.

    The MIL Network –

  • MIL-OSI Asia-Pac: Speech by CE at reception in celebration of establishment of Consulate-General of Uruguay in Hong Kong (English only) (with photos/video)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Chief Executive, Mr John Lee, at the reception in celebration of the establishment of the Consulate-General of Uruguay in Hong Kong today (May 9):

    Your Excellency Minister Mario Lubetkin (Minister of Foreign Affairs of Uruguay), Your Excellency Ambassador Fernando Lugris (Ambassador of Uruguay to China), Consul-General Federico Lage Cabeza (Consul-General of Uruguay to Hong Kong), Commissioner Cui Jianchun (Commissioner of the Ministry of Foreign Affairs of the People’s Republic of China in the Hong Kong Special Administrative Region), distinguished guests, ladies and gentlemen, 

         Good afternoon. It is a great pleasure to be here on this important occasion – the establishment and opening, in Hong Kong, of the Consulate-General of the Oriental Republic of Uruguay.

         The opening of the Consulate-General is testament to the long-standing, and growing, ties between China and Uruguay, and it is important to note that the two countries have now enjoyed diplomatic relations for 37 years, with their relations elevated to comprehensive strategic partnership status in 2023.

         In March, President Xi Jinping’s special envoy, the Minister of Agriculture and Rural Affairs, Mr Han Jun, attended the inauguration ceremony of the President of Uruguay. Minister Han conveyed China’s wish to deepen the comprehensive strategic partnership between the two countries, and boost bilateral trade in goods and services. 

         Hong Kong and Uruguay also maintain good relations in trade. In 2024, our bilateral merchandise trade rose 8.8 per cent over the previous year, to more than US$120 million. You probably note that the number eight is considered a lucky number for Chinese people. So the double eights here in this 8.8 per cent growth are music of double luckiness to my ears.

         Our increased trade, and the opening, today of the Uruguay’s Consulate-General, underlines the long-term promise of our economic prospects and people-to-people ties.

         Uruguay, after all, is a high-income economy built on free market policies in Latin America, with a large middle class which is strong and growing. It’s also a founding member of Mercosur, or the Southern Common Market, which has a population nearing 300 million. Uruguay, I’m pleased to add, is a participant in our country’s Belt and Road Initiative.

         Under the “one country, two systems” principle, Hong Kong enjoys our country’s strong support, and maintains unparalleled connectivity with the world. I thank Commissioner Cui for telling so much about the ingredients and success factors of Hong Kong under “one country, two systems”. Hong Kong maintains unparalleled connectivity with the world that includes our pivotal roles in such national strategies as the Belt and Road Initiative and the Guangdong-Hong Kong-Macao Greater Bay Area. The Greater Bay Area is a cluster city that counts Hong Kong, Macao and nine prosperous cities in Southern China. 

         The Greater Bay Area boasts a collective population exceeding 87 million and a combined GDP rivalling the world’s 10th largest economy. It gives Hong Kong a high-end consumer market more than 10 times larger than what our city’s alone can offer.

         We are Asia’s largest financial centre and the world’s third largest, behind only New York and London. Not surprisingly, Hong Kong also ranked fourth and fifth, globally, in foreign direct investment inflows and outflows. 

         As the world’s largest offshore Renminbi service centre, Hong Kong is a critical investment hub linking investment sources and destinations between Mainland China, Southeast Asian markets, and the world. 

         Like Uruguay and our country, Hong Kong is committed to free trade and the multilateral trading system. Goods, capital, people and information flow freely here – and it always will. In spite of challenges posed by emerging protectionism and geopolitical tensions, we strongly believe that free and open trade is key to our pursuit of high-quality development, together with a world of investors and economies.

         Hong Kong’s commitment to the rule of law and a judiciary that exercises its powers independently, to our common law system, and to protecting the rights of our people and businesses, is no less fundamental to our economy, our community and our future. 

         Hong Kong, in brief, is the ideal gateway for Uruguayan companies, and investors, looking to tap into the far-reaching promise of Mainland China and the rest of Asia.

         Beyond business, arts and culture – including the art and culture of eating and drinking well – is as central to life in Hong Kong as I know in Uruguay. Hong Kong, after all, is the rising East-meets-West arts and cultural centre; it is also a hub for international exchange.

         Ladies and gentlemen, the formal establishment and opening, today, of the Consulate-General of Uruguay in Hong Kong marks an auspicious new stage in the growing relations between our two economies, and our two peoples. 

         The Hong Kong SAR Government, and the businesses and people of Hong Kong, welcome you, and look forward to working with you. Thank you.

    MIL OSI Asia Pacific News –

  • MIL-OSI Security: Former Colombian Port Official Sentenced to Over Twelve Years in Prison for Money Laundering

    Source: United States Attorneys General 12

    A Colombian national was sentenced yesterday to 12 years and seven months in prison for conspiring to launder proceeds of bribes. The defendant was also ordered to forfeit a 2017 Lamborghini Huracan Spyder and a 2017 Porsche Cayenne that were involved in the money laundering scheme.

    According to court documents, Omar Ambuila, 64, of Cali, Colombia, pleaded guilty on Jan. 28 to a single count of conspiracy to launder money. As part of his plea, Ambuila admitted that while he was a port official in Colombia, he accepted at least $1,000,000 in illegal bribes that he and co-conspirators laundered to the United States from Colombia. As part of the scheme, Ambuila and his co-conspirators laundered the funds for Ambuila’s benefit and used the funds to purchase luxury vehicles and pay rent on waterfront property, among other things.

    “Criminals who exploit our financial system to launder their illegal gains threaten the security of the United States,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “When you try to abuse the financial system hard working Americans rely upon, we will find you and prosecute you to the fullest extent of the law.”

    “HSI special agents, in close coordination with all their law enforcement partners, will always work diligently to pursue those individuals and those networks of bad actors who exploit the legitimate financial system to support criminal activity,” said Special Agent in Charge John Condon of Homeland Security Investigation Tampa. “This is just another great example of this work.”

    “Let this sentencing serve as a powerful reminder: the United States will not be a sanctuary for those seeking to launder the proceeds of crime,” said Special Agent in Charge Ron Loecker of the IRS Criminal Investigation (IRS-CI) Tampa Field Office. “We are relentless in our pursuit of criminals who attempt to exploit our financial systems, and we will use every tool at our disposal to ensure that they face justice. This case underscores our commitment to dismantling transnational criminal operations and holding those responsible accountable, no matter where they try to hide.”

    “This investigation exemplifies the FBI’s commitment to our federal law enforcement partnerships and the unified effort in identifying, investigating, and prosecuting money laundering schemes,” said Special Agent in Charge Matthew Fodor of the FBI Tampa Division.

    The case was investigated by HSI, IRS-CI, and the FBI.

    Trial Attorneys Ariana Lazzaroni and Adrienne Rosen and Deputy Chief Joseph Palazzo of the Criminal Division’s Money Laundering and Asset Recovery Section prosecuted the case. The Justice Department’s Office of International Affairs, the Narcotic and Dangerous Drug Section’s Judicial Attaché’s Office in Bogotá, the HSI Attaché’s Office in Bogotá, and the U.S. Marshals Service provided substantial assistance in securing the defendant’s extradition from Colombia.

    MIL Security OSI –