A package of reforms passed by the state Legislature should help property insurers in Louisiana to stay afloat during future hurricane seasons and provide greater peace of mind to policyholders, the state’s insurance commissioner said. Commissioner Jim Donelon said the Catastrophe Reform Package of 2022 will strengthen the health of the property insurance market in the wake of…
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Two of the Federal Reserve's most hawkish policymakers backed raising interest rates another 75 basis points this month to curb inflation, while downplaying fears that the U.S. economy was headed for a recession. Governor Christopher Waller and James Bullard, president of the St. Both are voting members of this year's Federal Open Market Committee.
Concerns that the U.S. economy will suffer a recession after a sharp rise in interest rates are "overblown," a Federal Reserve official said Thursday. This triggered forecasts that the U.S. economy would collapse. The U.S. is facing the biggest price h ikes in more than 40 years, particularly in food, fuel and housing, and the situation has been worsened by the war in…
Stocks in New York rose today for the fourth consecutive day, after Federal Reserve officials tried to provide reassurance regarding the medium term, in relation to the adjustments in the reference interest rate, although they assured that at the next meeting at the end of July, the increase would again be of 75 basis points. Two of the Fed's governors backed…
Many times since the financial crisis 14 years ago, experts have sounded the alarm about the coming inflation, but it failed to materialize. The Consumer Price Index has increased from 1% to 8.6% in the past two years. The Federal Reserve is fighting to keep a lid on consumer's long-term expectations for inflation.
–Taxpayers paid $4 for every $1 in wages and benefits received by workers in jobs saved by the federal government’ s pandemic Paycheck Protection Program, according to a new study by the Federal Reserve Bank of St. Louis. The Fed study also found PPP didn’ t support jobs at risk of disappearing, and money flowed disproportionately to wealthier households.
The U.S. Federal Reserve does not rule out higher interest rate hikes than those approved at its last meetings to contain inflation, because it admits that an "even more restrictive" monetary policy may be necessary. The Fed has already made it clear that fighting inflation is its main objective even at the risk of a slowdown in the economy, and the markets' biggest…
WASHINGTON, Jul 7- The number of Americans filing new claims for jobless benefits unexpectedly rose last week and demand for labor is slowing, with layoffs rising to a 16- month high in June, as the Federal Reserve's aggressive tightening of monetary policy stokes fears of a recession. Initial claims for state unemployment benefits rose by 4,000 to a seasonally…
Since the onset of the COVID-19 pandemic, where and how adults in the United States seek and receive health care has evolved. Conducted by Zocdoc, a digital health care marketplace where people can find and book in-person or virtual health care appointments across more than 200 specialties and 12,000 insurance plans, the report also uncovered these trends:.
Perhaps the most heart-rending story coming out of the July 4 massacre in Highland Park, Ill., is that of Aidan McCarthy, the 2- year-old boy found at the scene of the tragedy looking for his parents. Only one such law has been passed thus far— by the city of San Jose, which was the scene of a mass shooting at a regional rail yard in May 2021 in which 10 people died, including…
For the first time since the devastating U.S. hurricanes of 2004 and 2005, property-catastrophe capacity contracted during the June/July reinsurance renewal period, Aon said in a recently released report. While the reinsurance market remained stable on the casualty side, property reinsurance capacity constraints were exacerbated by insurers' rising…
The heads of the US Federal Reserve agreed last month that the benchmark interest rate may have to keep rising for a while longer if inflation persists, even if it slows the economy. This is one of the main conclusions of the minutes of the latest Fed meeting, which took place on June 14 and 15 and culminated with the announcement of a 75 basis point increase in the…
Via the Associated Press: On this day in 1865, the U.S. Secret Service was founded. Key parts of the legacies of President Obama and President Trump could combine next year in a Supreme Court ruling that may dramatically reshape America's electoral landscape to Republican advantage while potentially empowering minority rule in many states.
President Joe Biden said Wednesday during a Cleveland stop touting a Democratic-backed fix to multiemployer pension funds that social security, Medicare and Medicaid could be in jeopardy if Republicans take back control of Congress and the White House. During an afternoon appearance at Max S. Hayes High School on the West Side, Biden trumpeted provisions to…
A pharmacist retrieves medication in Miami. (Photo by Joe Raedle / Getty Images) WASHINGTON — U.S. Senate Democrats have reached a tentative agreement to negotiate the cost of prescription drugs in the Medicare program, the first step in passing a long-stalled package that’s expected to include tax and climate change provisions as well. The deal, brokered between Senate…
The Centers for Medicare& Medicaid Services is responding to the chaos of the covid-19 pandemic by proposing to hide from the public a rating that lets consumers compare hospitals’ safety records and to waive approximately $350 million in financial penalties for roughly 750 hospitals with the worst patient-safety track records. CMS wants to keep“ patients,…
Joe Manchin decided to oppose Biden’ s $1.9 trillion Build Back Better bill, which also included provisions allowing for Medicare drug negotiations. The bill revealed Wednesday would do both, as well as limit annual out-of-pocket drug costs for Medicare beneficiaries to $2,000, make vaccines free for people on Medicare, and provide additional help for…
In Atlanta, investors last year bought 32.7% of all homes for sale–the highest share in any major city–followed by 32.1% in Charlotte, North Carolina, and 29.8% in Jacksonville, Florida. And investors purchased more than 27% of homes for sale in Las Vegas, Phoenix and Miami. Officials in the Atlanta suburb of College Park, where 75% of its approximately 14,000…
CLERMONT– Here, where the Florida Citrus Tower offers panoramic views of big-box retailers and backyard pool cages built atop the former orange groves, the 19- year-old college student vexing the world's richest man chose to meet at a Panera Bread. His suburban hometown's best quality, he said with no irony skipping right over the nearby wax museum featuring…
