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1. OECD says US tariffs will slow global economy
The Organization for Economic Cooperation and Development's latest quarterly report found higher U.S. tariffs on imports will slow global economic growth, the Wall Street Journal reports. The research organization downgraded its growth forecasts for most of the largest economies this year, including the U.S., Canada and Mexico.
The OECD expects Mexico's economy to contract by 1.3% this year and 0.6% in 2026, down from projections of growth of 1.2% and 2.8%, according to the article. Canada's economy is expected to grow by 0.7% both this year and next, down from previous forecasts of 2%. It expects the U.S. economy to grow by 2.2% this year and 1.6% in 2026, down from projections of 2.4% and 2.1%.
“We’re already seeing high trade uncertainty and economic policy uncertainty,” OECD Chief Economist Alvaro Pereira said. “This is already having an impact on confidence. We have downgraded almost every single country.”
2. Storms, tornadoes kill 42 across US
Storms that swept across the Midwest and South killed at least 42 people in the U.S. over the weekend, NBC News reports. The storms produced multiple tornadoes of varying strength.
PowerOutage.US reports more than 120,000 customers across several states were without power as of Monday morning, NBC News reports.
Along with the strong storms, wildfires in Texas and Oklahoma killed at least four. A dust storm in Kansas led to a highway pile-up that killed at least eight.
3. Warmer temperatures draw travelers to Poland's Baltic Coast
Travelers' interest in Poland's Baltic Coast has pushed the country's hotel industry back to near pre-pandemic levels, writes HNN contributor Vladislav Vorotnikov. While not quite to Mediterranean levels, the warmer temperatures along the coast are a major draw.
While climate change is a factor, Katarzyna Smierzchalska, marketing manager at the Hotel Nadmorski in Gdynia, said positive targeted marketing also has helped grow tourism demand.
“We look at this growth more broadly,” she said. “This involves the comfort of the stay, good and healthy food and interesting places nearby, both those in the field of culture and art and in typical entertainment."
4. Federal Reserve faces 'stagflation' concerns
The Federal Reserve's Federal Open Market Committee will meet this week to discuss interest rates with inflation above its target rate of 2% and new tariffs on imports that could drive prices higher for consumers, among other factors, the Associated Press reports. These factors have the potential to combine into "stagflation," or a stagnant economy.
“That’s the tangled web they’re in,” said Esther George, former president of the Federal Reserve’s Kansas City branch. “You have inflation stickiness on the one hand. At the same time, you’re trying to look at what impact could this have on the job market, if growth begins to pull back. So it is a tough scenario for them for sure.”
5. US retail sales rose slightly in February
The U.S. Department of Commerce reports that consumer spending rose 0.2% in February, a slight rebound from the 1.2% drop in January, according to ABC News. The monthly report found sales grew at grocery stores, home and garden stores, and online retailers while they fell at auto dealers, restaurants and electronic stores.
A monthly survey conducted by the University of Michigan found consumer sentiment fell for the third straight month and is now down more than 20% since December, according to the article. Respondents cited policy uncertainty as the main reason for their lowered confidence.