Washington Wire

U.S. economic growth continued to power higher over the three months ending in September, official data indicated Thursday, as consumer spending and a resilient job market pushed recession risks further into 2024.. The Commerce Department estimated third quarter GDP grew at an annual pace of 4.9%, surging higher from the final 2.1% pace recorded over the…

The U.S. economy likely expanded in the third quarter at the fastest clip in nearly two years, a surprising acceleration primarily powered by a consumer reaping the benefits of resilient job growth, rising wealth and easing inflation. "The U.S. consumer has been surprising most predictions, including the Federal Reserve predictions, which is almost looking for…

National Association of Benefits and Insurance Professionals CEO Jessica Brooks-Woods issued this statement following the Senate Finance Committee hearing on Medicare Advantage Annual Enrollment: Cracking Down on Deceptive Practices and Improving Senior Experiences.

A decade ago, the U.S. was deep into a misguided elite-driven freakout about the federal budget deficit. Inflation has moderated considerably but remains above the Federal Reserve's 2 percent target. Paul Krugman, for example, who despite his reputation as a deficit enthusiast is in fact true to his Keynesian convictions, wrote last week that "now would be a good…

The Commerce Department will publish its monthly estimate of U.S. retail sales Tuesday as investors look for a health-check on the biggest driver of U.S. economic growth and possibly another sign that inflation pressures are building into the autumn months. Energy Department data shows the national average rose by just 0.04 cents, to $3.958 per gallon, a…

The Investing in America tour is expected to take him to Pueblo, which is in Colorado's 3rd Congressional District, to tour CS Wind, the largest wind turbine tower manufacturing plant in the world. In Pueblo, CS Wind made a $250 million investment to expand its facility, spurred by the Inflation Reduction Act. While all of Colorado's Democratic members of Congress…

On average, Social Security retirement benefits will increase by more than $50 per month starting in January.

WASHINGTON— Federal Reserve officials regarded the U.S. economy's outlook as particularly uncertain last month, according to minutes released Wednesday, and said they would "proceed carefully" in deciding whether to further raise their benchmark interest rate. Such cautious views are generally seen as evidence the Fed isn't necessarily inclined to raise…

The Federal Reserve has indicated it will keep interest rates higher for longer. Related: JPMorgan's Jamie Dimon says U.S. not prepared for worst-case scenario for interest rates. The Fed has pushed up the federal funds rate 5.25 percentage points since March 2022 to the current target range of 5.25%-5.5%.

These are the for-profit health-insurance companies, pharmacies, drug distributors and pharmacy-benefit managers, which The Economist dubs " Big Health. Big Health accounts for eight of the top 25 companies by revenue in the S&P 500 index of America's leading stocks, compared with four for Big Tech and none for Big Pharma. " The largest private health insurer,…

As California Democrats head into the 2024 election, several things seem to be going their way. Republicans in Congress, despite their current disarray, continue to ponder further limits or a ban on abortion— another Democratic motivator. But California Republicans may have at least one ace in the hole: a potentially compelling anti-tax argument.

The ongoing partisan battles in Congress over a government shutdown are making daily headlines. Over the weekend, at the eleventh hour, Congress and the White House passed a continuing resolution to postpone a government shutdown until Nov. 14. Since then, a handful of radical right Republicans in the House, led by Matt Gaetz, a Republican Congress- man from…

Private payrolls rose 89,000 last month after climbing 180,000 in August, according to figures published Wednesday by the ADP Research Institute in collaboration with Stanford Digital Economy Lab. Stock futures rose and Treasury yields sank after the report as the odds of another Federal Reserve interest-rate hike by yearend declined.

Federal Reserve Chairman Jerome Powell is trying to thread a needle— tame inflation that peaked at 9.1% in June 2022 while avoiding an economic slowdown. He’ s getting support from doves like Chicago Fed President Austan Goolsbee, who blocks and tackles for the Biden administration. Higher interest rates are breaking auto purchases, and restarting student…

The Federal Reserve's policy-setting meeting in late September brought the expected news on interest rates: no change for now, but a possible increase before 2024 as the Fed feels its way toward the vaunted "soft landing" that cools inflation without driving the economy into recession. But before making any further decisions on rates, the Fed should consider…

WASHINGTON— The U.S. economy grew at a 2.1% annual pace from April through June, extending its sturdy performance in the face of higher interest rates, the government said Thursday, leaving its previous estimate unchanged. The economy and job market showed surprising resilience as the Federal Reserve dramatically raised interest rates to combat inflation,…

This measure, along with others, would reduce the number of Americans collecting Social Security benefits, cut costs, and help balance the budget by freeing up "cash" in the system. The Old Age and Survivors Trust Fund, which helps fund Social Security, could run out of money in the next 10 years or so. If that happens, Social Security will be solely financed by payroll…