Truck drivers seek shelter as powerful typhoon hits Shanghai

Truck drivers and their cargoes sought refuge in a Shanghai activity hub as Typhoon Bebinca, the strongest typhoon to hit the city in decades, made landfall on Monday morning, unleashing heavy rains and winds exceeding 160 kilometers per hour.

In the Pudong District, situated on the southeastern tip of Shanghai, the impact of Typhoon Bebinca was stark, with trees and road signs uprooted, construction sites disrupted, and bicycles scattered across the ground.

Shanghai is not prone to strong typhoons, but local authorities have made emergency plans.

In Lingang Special Area, an activity hub was transformed into a temporary shelter for over 130 truck drivers and their cargoes.

"With such strong winds, it's not safe to park my truck on the street. Trees could fall. Parking here is a safer choice. The service is good here. It's clean, and it also provides food. We can take a shower here," said Wang Shaodong, a truck driver from east China's Anhui Province.

"The Donghai Bridge has been closed, as the typhoon is approaching. That's why we came here. They provide us with bedding, and air conditioners were turned on. So we are staying here. There are also meals downstairs," said Gong Xiangge, a hazardous cargo driver from east China's Shandong Province.

"We call these truck drivers 'men living on wheels.' The 13th typhoon [of this year] brought gales, with maximum wind speed reaching 36.9 meters per second, so danger may come at any time. So staying on the side of the street is unsafe for both trucks and drivers," said Fan Jianrong, deputy director of Lingang Special Area Investment Holding Group.

Although traffic resumed on all roads and bridges across Shanghai starting from 20:00 on Monday, precautions are still in place as Typhoon Pulasan, the 14th of the year, has formed in the northeastern Pacific and could follow a similar path to Typhoon Bebinca.

The director of the center said that the shelter remains open to those in need, ensuring that assistance is readily available for individuals affected by the poor weather.

Truck drivers seek shelter as powerful typhoon hits Shanghai

The U.S. Federal Reserve on Wednesday slashed interest rates by 50 basis points amid cooling inflation and a weakening labor market, marking the first rate cut in over four years.

"The Committee has gained greater confidence that inflation is moving sustainably toward 2 percent, and judges that the risks to achieving its employment and inflation goals are roughly in balance," the Federal Open Market Committee (FOMC), the central bank's policy-setting body, said in a statement.

"In light of the progress on inflation and the balance of risks, the Committee decided to lower the target range for the federal funds rate by 1/2 percentage point to 4-3/4 to 5 percent," the FOMC said.

This signals the start of an easing cycle. Starting from March 2022, the Fed had raised rates consecutively for 11 times to combat inflation not seen in forty years, pushing the target range for the federal funds rate up to between 5.25 percent and 5.5 percent, the highest level in over two decades.

After maintaining rates at the high level for over a year, the Fed's tight monetary policy faced pressure to pivot due to the easing of inflationary pressures, signs of weakening in the job market, and slowing economic growth.

U.S. Fed slashes rates by 50 basis points, first rate cut in four years