The Federal Reserve signaled Wednesday that it may start raising its benchmark interest rate sometime next year, earlier than it envisioned three months ago and a sign that it’s concerned that high inflation pressures may persist.
The Associated Press
Democrats Seek Corporate, Wealthy Tax Hikes For $3.5T Plan
The proposed top tax rate would revert to 39.6% on individuals earning more than $400,000, or $450,000 for couples, and there would be a 3% tax on wealthier Americans with adjusted income beyond $5 million a year.
Revolving Credit Balances Reach Pre-Pandemic Levels
The last time revolving credit balances were over $1 trillion was in April 2020, before the COVID-19 pandemic slowed consumer spending.
Prosecutors: Georgia Insurance Commissioner Ran $2M Scam
Prosecutors allege that suspended Georgia Insurance Commissioner Jim Beck was running a $2 million scam to bilk money from the property insurer he led before being elected.
Warren Buffett: Pandemic’s Impact Still Hard To Predict
Billionaire Warren Buffett says the one constant throughout the coronavirus pandemic has been that it has been difficult to predict how it would affect the economy, but clearly it has devastated many small businesses and individuals.
Kobe Bryant’s Widow Settles Lawsuit Against Pilot, Helicopter Company
Vanessa Bryant, her children and relatives of other victims filed a settlement agreement notice Tuesday with a federal judge in Los Angeles but terms of the confidential deal weren’t disclosed.
4th Stimulus Check: Biden Team ‘Happy To Listen,’ But Focused On Jobs
The Biden Administration is stopping short of shooting down hopes of a fourth stimulus check, but signaled that the president is focused on “putting people back to work” rather than short-term relief.
US Adds 559K Jobs As Firms Still Struggle To Add Positions
U.S. employers added a modest 559,000 jobs in May, an improvement from April’s sluggish gain but still evidence that many companies are struggling to find enough workers as the economy rapidly recovers from the pandemic recession.
JP Morgan To Finance Controversial Breakaway Soccer League
The 12 European clubs planning to start a breakaway Super League have told the leaders of FIFA and UEFA that they have begun legal action aimed at fending off threats to block the competition.
Financier And Con Man Bernie Madoff Dead At 82
Madoff died at the Federal Medical Center in Butner, North Carolina, apparently from natural causes, the person said. The person was not authorized to speak publicly and spoke to the AP on the condition of anonymity.
Vaccine Reluctance Is Waning, But Still Significant, New Poll Finds
The race is on to vaccinate as many people as possible, but a significant number of Americans are reluctant to get the shots, even in places where they are plentiful. Twenty-five percent of Americans say they probably or definitely will not get vaccinated, according to a poll from The Associated Press-NORC Center for Public Affairs Research.
Powell: Recovery Uneven, High Inflation Unlikely
Federal Reserve Chair Jerome Powell underscored the U.S. economy’s ongoing weakness Tuesday in remarks that suggested that the Fed sees no need to alter its ultra-low interest rate policies anytime soon. “The economic recovery remains uneven and far from complete, and the path ahead is highly uncertain,” Powell said.
Senate Confirms Janet Yellen As First Female Treasury Secretary
The Senate on Monday approved President Joe Biden’s nomination of Janet Yellen to be the nation’s 78th treasury secretary, making her the first woman to hold the job in the department’s 232-year history.
Federal authorities said ex-Rep. Robin Hayes participated in a scheme while GOP state chairman in which wealthy insurance company exec Greg Lindberg attempted to bribe the state insurance commissioner with $1.5 million in campaign funds in exchange for removing a top department regulator.
Biden Win Confirmed After Pro-Trump Mob Storms US Capitol
Congress confirmed Democrat Joe Biden as the presidential election winner early Thursday after a violent mob loyal to President Donald Trump stormed the U.S. Capitol in a stunning attempt to overturn America’s presidential election, undercut the nation’s democracy and keep Trump in the White House.
Senate Approves Christopher Waller For Fed Board Seat
The vote in favor of Waller’s appointment was 48-47. Waller, research director for the St. Louis Federal Reserve Bank, taught economics for nearly 25 years before joining the St. Louis Fed in 2009. He has endured far less scrutiny than Judy Shelton, the controversial nominee he was paired with and who was voted down in the Senate last month.
McConnell: Senate Will Vote To Add Christopher Waller To Fed Board
Senate Majority Leader Mitch McConnell signaled Monday that he plans to hold a Senate vote this week on the long-delayed nomination of Christopher Waller to the Federal Reserve Board. Waller was first named by Trump on Twitter in July 2019, but the nomination wasn’t formally announced until January.
Biden Taps Janet Yellen For Treasury Secretary: Report
President-elect Joe Biden has chosen former Federal Reserve Chair Janet Yellen to serve as treasury secretary, a pivotal role in which she would help shape and direct his economic policies.
Judy Shelton Nomination To Federal Reserve Seat Fails Senate Vote
Sen. Kamala Harris, D-Calif., needed a police escort to make it to the Senate floor in time to cast the key vote against the Judy Shelton nomination to the Fed board. Senate Majority Leader Mitch McConnell, R-Kent., voted No, which allows him to return the nomination to the floor.
Fed: Buy A Home, Save The Economy
The central bank just revised the goals of its monetary policy. The laymen’s translation? If you didn’t think rates were going to be low for a long-time, you were not listening. Cheap money is not a fad, people. Mortgage-rate cuts, for example, gave house hunters 25% more buying power in less than two years. That’s not ending soon.
Powell Edges Toward Loosening The Fed’s Stance On Inflation
Chairman Jerome Powell may be on the verge of sending a wholly different message this week: That the Fed plans to leave its key rate pinned near zero even after inflation has surpassed the central bank’s target level – at least for a while.
AP-NORC Poll: Many Americans Shoring Up Finances
A new poll from The Associated Press-NORC Center for Public Affairs Research finds that 45% of Americans say they’re setting aside more money than usual. Twenty-six percent are paying down debt faster than they were before the coronavirus pandemic.
How Can Wall Street Be So Healthy When Main Street Isn’t?
The U.S. and global economies have shown some improvements since the spring, when business lockdowns were widespread, but they are nowhere close to fully healed. The Federal Reserve and the U.S. government get a lot of the credit for the rally after pouring trillions of dollars into the economy.
Ex-Fed Chair Janet Yellen Advises Biden On Virus Economic Fallout
Former Federal Reserve Chair Janet Yellen was among a team of advisers who briefed Joe Biden on Thursday about the economic fallout from the coronavirus. Kamala Harris, participated in the briefing from separate, socially distanced tables at a hotel in Wilmington, Delaware.
Progress Slow On Virus Relief Bill As Negotiations Continue
Negotiators on a huge coronavirus relief bill reported slight progress after talks resumed Monday afternoon in the Capitol, with issues like food for the poor and aid to schools struggling to reopen safely assuming a higher profile in the talks. Multiple obstacles remain, including an impasse so far on extending a $600-per-week pandemic jobless benefit.
Senate Panel Approves Trump’s Controversial Fed Nominee
The Senate Banking Committee on Tuesday approved President Donald Trump’s choice of Judy Shelton for the Federal Reserve board of governors on a party-line vote, overcoming widespread questions about her qualifications for the Fed.
—Small businesses can still get help from the government’ s coronavirus relief plan after Congress extended the Paycheck Protection Program until Aug. 8. The PPP is part of a $2 trillion coronavirus aid package passed by Congress in March. On Monday, the Small Business Administration, which oversees the program, disclosed the names of companies that received…
Fed To Keep Providing Aid And Sees No Rate Hike Through 2022
The Fed has cut its benchmark short-term rate to near zero. Keeping its rate ultra-low for more than two more years could make it easier for consumers and businesses to borrow and spend enough to sustain an economy depressed by still-widespread business shutdowns from the coronavirus.
