The Federal Reserve left interest rates steady Wednesday in what was almost certainly Jerome Powell’s final meeting as its leader, but there were the most internal dissents at a Fed meeting in 34 years. The big picture: The surprising dissents show that Kevin Warsh, whose confirmation to lead the Fed is pending in the Senate, will face significant internal resistance to delivering…
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If the United States gets into the business of providing dollar liquidity to the United Arab Emirates and other Persian Gulf states battered by the Strait of Hormuz’s closure, it will amount to a novel use of an old power. The big picture: The Federal Reserve used swap lines with foreign central banks as a key tool to calm global financial disruptions in periods of stress, starting…
The Department of Justice said Friday it will drop a criminal probe into Federal Reserve chair Jerome Powell, a sharp pivot in an unprecedented investigation into the nation’s top central banker. Why it matters: It opens the path for President Trump’s pick to lead the Fed, Kevin Warsh, to be confirmed to the post after a standoff with Sen. Thom Tillis (R-N.C.), who blocked…
Data: Federal Reserve Bank of New York; Chart: Courtenay Brown/Axios The uncomfortable new normal for the U.S. economy: spending growth concentrated at the top of the income ladder, a split largely explained by wealth gains from financial assets. Why it matters: The K-shaped economy is real, though it is not particularly new. That’s the conclusion of research out Friday morning…
When Kevin Warsh takes over as Federal Reserve chair, he will face vocal internal opposition to any attempts to cut rates prematurely. His predecessor will also still be roaming the halls. Why it matters: Taken together, Wednesday’s news out of the William McChesney Martin Jr. Building means that Warsh will face serious constraints if he wants to rapidly steer the Fed in ways that…
Federal Reserve chair Jerome Powell said on Wednesday that he will remain a central bank governor "for a period of time to be determined," citing attempted political interference. Why it matters: It extends Powell’s influence over monetary policy beyond the conclusion of his term as Fed chair on May 15. His term as one of seven Fed governors extends through January 2028. It denies…
This is shaping up to be a momentous week for the Federal Reserve. What comes next for the Fed’s leadership has come into clearer focus in the last three days, but one big question hangs over the institution. The big picture: On Wednesday, the Senate Banking Committee is set to advance Kevin Warsh’s nomination to lead the Fed, after Sen. Thom Tillis (R-N.C.) indicated his…
Prediction markets started as niche platforms for betting on elections. They are now processing real-time forecasts on inflation, Federal Reserve policy, recession probabilities, and geopolitical conflict, and in several cases outperforming the polling organisations and institutional analysts that traditional finance depends on for authority. Washington has noticed. The regulatory…
A bank is owed nearly $1 million on Gabriel House's mortgage. It wants to take it from funds frozen for victims, but there may be other options.
A bank is owed nearly $1 million on Gabriel House's mortgage. It wants to take it from funds frozen for victims, but there may be other options.
The San Francisco Chronicle won the Pulitzer Prize for explanatory journalism on Monday for its investigation into how major home insurance companies leave California homeowners unable to rebuild after catastrophic wildfires, even when they have what they thought was full coverage. "Burned," written by reporters Megan Fan Munce, Susie Neilson and Sara…
The Iran war is trapping the world’s central banks with an energy shock that simultaneously undermines growth and stokes inflation, with no good policy response to either. Each of the world’s most important central banks faces that dilemma in policy meetings this week. Why it matters: From Tokyo to Washington, central banks that were on track to normalize policy are now paralyzed,…
Comprehending taxation dates is vital for managing your financial responsibilities effectively. Key deadlines, like submitting W-2 and 1099 forms by January 31, can greatly impact your tax obligations. Missing these dates might lead to penalties or complications when filing. For individuals and businesses alike, staying informed about these important timelines is key. So, what…
UnitedHealthcare said it will cut prior approval requirements for 30% of health care services amid complaints of delayed, denied care.
Pennsylvania’s Affordable Care Act marketplace has seen health insurance cancellations skyrocket so far this year. The big picture: Spiking insurance premiums, driven in part by recently expired federal subsidies, are pushing enrollment down, as higher costs for energy, gas and food strain household budgets. State of play: Roughly 45,000 Pennsylvanians have dropped coverage through…
The state offers free insurance to companies that hire people with criminal records as a protection against fraud or theft. Wisconsin Watch wanted to know: Why do so few businesses take the offer? The post ‘Second chance’ bonds show promise. Few Wisconsin businesses use them appeared first on Open Campus.
President Donald Trump was in town, and The Villages– a retirement mecca in central Florida– was abuzz. Trump and his party are in perilous political waters as polls show large majorities of voters dissatisfied with his handling of the economy and the Iran war. His trip to The Villages– in an area where Republicans vastly outnumber Democrats– offered an…
Forward Industries (NASDAQ: FWDI) announced a strategic investment in onchain reinsurance company OnRe as part of its $5 million Series A round, alongside plans to deploy up to $25 million into OnRe’s yield-bearing token ONyc on Solana, expanding its treasury strategy into tokenized real-world assets and diversified income streams. To view the full press release, visit…
FTSE 100 down 179 points to 10,185 UK bond prices rise to decade highs HSBC falls on profits miss Vodafone takes full ownership of UK mobile JV 3.38pm: Gilt-y feelings Some thoughts on the new 27-year high in UK government borrowing costs. "Gilt yields are rising because markets are starting to price in a more fragile UK outlook than headline data suggests," says Lale Akoner,…
