Fashion
US Fed cuts rate by 25 bps; economic outlook uncertainty high: FOMC
This is the second rate cut in a row, aimed at safeguarding against rising uncertainties in the job market amid evident disagreements within the committee.
The US Fed’s Federal Open Market Committee (FOMC) has cut the key benchmark rate by 25 basis points to the 3.75- 4-per cent range—the second rate cut in a row, aimed at safeguarding against rising uncertainties in the job market.
“Uncertainty about the economic outlook remains elevated,” FOMC said.
Indicators suggest economic activity has been moderately expanding, Fed chairman Jerome Powell noted.
“Uncertainty about the economic outlook remains elevated,” the FOMC statement said.
“Available indicators suggest that economic activity has been expanding at a moderate pace. Job gains have slowed this year, and the unemployment rate has edged up but remained low through August; more recent indicators are consistent with these developments. Inflation has moved up since earlier in the year and remains somewhat elevated,” it observed.
“In considering additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee decided to conclude the reduction of its aggregate securities holdings on December 1,” it said.
“The Committee is strongly committed to supporting maximum employment and returning inflation to its 2-per cent objective,” the statement added.
Committee members voted 10-2 to reduce the central bank’s primary lending rate. Fed governor Stephen Miran dissented, advocating for a larger 0.5-percentage point reduction, whilst Kansas City Fed president Jeff Schmid “preferred no change to the target range for the federal funds rate at this meeting,” according to the Fed statement.
Fed chairman Jerome Powell said though some key federal government data have been delayed due to the government shutdown, available public and private sector data suggest the outlook for employment and inflation has not changed much since the Fed meeting in September.
Available indicators suggest economic activity has been expanding at a moderate pace. GDP rose at 1.6 per cent in the first half this year, down from 2.4 per cent last year. Tariffs are pushing up prices in some categories of goods resulting in higher overall inflation. A further reduction in the policy rate at the December meeting is not a foregone conclusion, Powell added.
While the Fed has indicated potential additional rate reductions in December, the current lack of economic data creates additional uncertainty regarding their forthcoming decisions.
Fibre2Fashion News Desk (DS)
The country’s growth rose to 5.7 per cent in 2024 on strong public consumption and investment but moderated to 5.4 per cent in the first half of 2025 amid strong imports and an election-related public spending ban.
Potential growth is estimated to be around 6 per cent over the medium term, the IMF said after concluding its 2025 Article IV consultation with the country recently.
Growth in the Philippines is expected to slow to 5.1 per cent this year as increasing tariffs weigh on exports and investment, before picking up moderately to 5.6 per cent in 2026, according to the IMF.
Potential growth is estimated to be around 6 per cent over the medium term.
Inflation is projected to average 1.7 per cent in 2025, and then pick up to 2.8 per cent in 2026 as negative base effects recede.
Inflation declined amid a restrictive monetary policy stance and concerted efforts by the government to reduce food prices. Inflation is projected to average 1.7 per cent in 2025, and then pick up to 2.8 per cent in 2026 as negative base effects recede, the IMF said.
Headline and core inflation averaged 1.7 and 2.4 per cent year on year (YoY) respectively in 2025 as of October.
Gradual fiscal consolidation over the medium term will help reinforce fiscal space. Accelerated implementation of structural and governance reforms would support investor confidence and raise fiscal multipliers and potential growth, the IMF noted.
The risks to the near-term growth outlook are tilted to the downside. The main external risks stem from prolonged global trade policy uncertainty, geopolitical tensions and disruptive financial market corrections. On the domestic front, more frequent and intense climate shocks would cause notable macroeconomic losses.
Fibre2Fashion News Desk (DS)
Published
December 17, 2025
So now we know what the intriguing holding page was all about for Matches. The defunct online luxury retailer and its Raey own-brand have been acquired by a brand new luxury group.
Two years after it went into administration and was bought by Frasers Group, Joe Wilkinson and Mario Maher have acquired it.
They’re the founders of members-only shopping app Mile (formerly known as Heat), which is backed by LVMH. Matches, along with Mile, will be part of their new luxury group Hulcan.
Matches and Raey will be relaunched in 2026 with “will relaunch in 2026 with a new business model focused on redefining luxury retail through innovation, community and profitability”.
It looks like Raey will be a bigger part of the launch as it’s listed along with Mile and Matches as a separate brand on the Hulcan website.
The company has funding (reportedly $150 million) backed by Frasers Group, Palm Angels founder Francesco Ragazzi, PagsGroup, and Mile investors including Antler, LVMH Luxury Ventures, the Hermès family, Stefano Rosso and Carmen Busquets.
There has been a deluge of speculation about whether Matches would return after the much-loved business was closed by Frasers Group just a few months after it acquired it. And with the consolidation that’s been seen since in the luxury sector there could be a place for the revived business. The new owners certainly have some heavyweight players believing in them but we’ll just have to wait and see.
For now, Joe Wilkinson said: “This is a big moment for us. We’re bringing brands, media, and technology together into one ecosystem built for the future of luxury. We’re not just building places to shop…We want to shape how people discover, experience, and connect with brands. Over the past six years, we’ve built everything from the ground up, proving we can innovate, scale responsibly, and create real value for both brands and customers. With the backing of our investors and partners, we’re stepping into this next chapter with real momentum.”
Mario Maher, the other co-founder, added: “This strategic decision directs our focus on building deeper collaborative ties with our brand partners, while accelerating the growth of Mile and the evolution of Matches into a modern, highly curated omnichannel experience. We are committed to preserving the unique heritage of Matches, while driving its digital transformation and developing the distinctive voice of Raey into the next chapter within our offering. This framework is the foundation for the modern, connected luxury group we are building.”
And what of Frasers? Its CEO Michael Murray said: “At Frasers Group, we’re committed to investing in the future of luxury – a core pillar of our Elevation Strategy. The success of Mile under Joe and Mario’s leadership reflects their nuanced understanding of today’s luxury consumer and Hulcan will build on this momentum, engaging the next generation of digital natives. We’re proud to support their vision, offering strategic guidance and global retail expertise as they relaunch Matches and Raey to unlock its full potential.”
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Key chapters like goods, services, investment, rules of origin, and technical barriers to trade were discussed, along with the EU carbon border adjustment mechanism (CBAM). Under CBAM, Indian exports of steel, aluminium, and cement to the EU could face tariffs of 20-35 per cent.
Negotiations between India and the EU for an FTA have entered the ‘most difficult’ phase, with both sides engaged in bridging the gaps and closing the talks soon, a top Indian official said.
Ruling out dropping any chapter now, he said the negotiation process will not stop if internal time lines are not met.
The 16th round of negotiations concluded earlier this month in New Delhi.
The 16th round of negotiations concluded earlier this month in New Delhi.
“We are narrowing down the differences…we are working tirelessly to close the talks,” Agrawal was quoted as saying by Indian media outlets.
“I do not think we are dropping (any chapter) as of now. Whatever is on the table is on the table. But in case, in the interest of agreement at some point in time, we feel that there are certain issues or areas that need to be dropped, may be (dropped). That call will be taken at the level of either chief negotiators or my ministers or my level, but that is not the stage we are at,” he said.
Regarding the December deadline for conclusion of the talks, he said the negotiation process will not stop if internal time lines are not met.
In June 2022, India and the EU bloc resumed negotiations for a comprehensive FTA, an investment protection agreement and a pact on geographical indications after a gap of over eight years. It was stalled in 2013 due to differences on the level of opening up markets.
The negotiations cover 23 policy areas or chapters, including trade in goods, services, investment, trade remedies, rules of origin, customs and trade facilitation, competition, government procurement, dispute settlement, intellectual property rights, geographical indications and sustainable development.
Fibre2Fashion News Desk (DS)
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