Washington Wire

The Federal Reserve's rapid interest rate hikes over the last year have caused credit to become more expensive for consumers and businesses. Because of runaway spending by Congress and the White House, the federal deficit has exploded. Consequently, the Treasury borrowed $2.8 trillion and $1.4 trillion in fiscal years 2021 and 2022, respectively.

Markets are still reeling from Federal Reserve Chairman Jerome Powell's comments last week when he said that the Fed is "prepared to raise rates further if appropriate, and we intend to hold policy at a restrictive level until we are confident that inflation is moving down sustainably toward our objective." JP Morgan Chase- Get Free Report CEO Jamie Dimon is…

Millions of Americans braced Monday for pay and welfare checks to stop within days as Congress careened toward a damaging government shutdown, with Republican right wingers blocking attempts to pass a budget. "Funding the government is one of the of the most basic, fundamental responsibilities of the Congress," the Democrat told reporters at the White House.

Grim forecasts from economists had predicted that as the Federal Reserve jacked up its benchmark rate ever higher, consumers and businesses would curb spending, companies would slash jobs and unemployment would spike as high as 7% or more— twice its level when the Fed began tightening credit. The Fed chair at the time, Paul Volcker, attacked inflation by…

Applications for U.S. unemployment benefits fell to the lowest level since January last week, indicating a healthy labor market that continues to support the economy. Initial jobless claims dropped by 20,000 to 201,000 in the week ending Sept. 16, returning to within striking distance of the lowest level in more than five decades, according to Labor Department…

The Fed's decision to keep its key lending rate between 5.25 and 5.50 percent gives policymakers more time to assess the health of the US economy amid signs of robust economic growth and a strong labor market. Through updated economic forecasts, the rate-setting Federal Open Market Committee indicated it believes the economy will fare far better than…

Following the disaster declaration issued by the Federal Emergency Management Agency, individuals and households affected by Hurricane Idalia that reside or have a business in Appling, Atkinson, Bacon, Berrien, Brantley, Brooks, Bulloch, Camden, Candler, Charlton, Clinch, Coffee, Colquitt, Cook, Echols, Emanuel, Glynn, Jeff Davis, Jenkins, Lanier, Lowndes, Pierce,…

The Federal Reserve has been on a rate-hike roll in 2022 and 2023, boosting interest rates 11 times and lifting the benchmark federal funds rate from 0.25% to as much as 5.5% in the process. With the next Federal Open Market Committee meeting scheduled Sept. 19 and 20, recent inflation and consumer-sentiment numbers suggest the Fed may continue to raise rates…

So far, the recession that many economists have been predicting has not happened. That does not mean that we are completely out of the woods. Although inflation has settled down from last year's rates, it is still 50% higher than the Federal Reserve's target.

U.S. inflation-adjusted household income decreased 2.3% in 2022 from a year earlier, highlighting the toll of a higher cost of living for American families. The median income last year was $74,580 compared with $76,330 in 2021, according to the Census Bureau's annual report on income, poverty and health insurance coverage. The report also showed the U.S….

Proposed federal regulations for short-term, limited duration health plans should exclude fixed indemnity and specified disease supplemental benefits which provide consumers important financial protections against high costs associated with medical care, the American Council of Life Insurers said in comments sent to three federal agencies.

DEARBORN, MICH.- "Bidenomics" still isn't resonating with the American people. Despite ultralow unemployment, moderating inflation and no signs of a much-anticipated recession, Americans are down on the economy and President Biden's stewardship of it. Those explanations have some merit, but there's another potential reason Democrats' economic agenda hasn't…

Treasury Secretary Janet Yellen said she's increasingly confident that the U.S. will be able to contain inflation without major damage to the job market, hailing data showing a steady slowdown in inflation and a fresh influx of job seekers. "I am feeling very good about that prediction," Yellen said Sunday when asked about her previous hopes that the U.S. would…

Inflation needs to decline further before the Federal Reserve considers ending its more than yearlong string of quarterly interest-rate hikes meant to slow breakneck economic growth, the Federal Reserve Bank of Atlanta chief executive told a student gathering this week at Broward College. Although he acknowledged consumer price increases have slowed…

WASHINGTON- An inflation gauge closely tracked by the Federal Reserve remained low last month, adding to signs of cooling price increases and raising the likelihood that the Fed will leave interest rates unchanged when it next meets in late September. Thursday's report from the Commerce Department showed that prices rose just 0.2% from June to July, the third…

The Centers for Medicare & Medicaid Services sent a letter to all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands requiring them to determine whether they have an eligibility systems issue that could cause people, especially children, to be disenrolled from Medicaid or the Children’s Health Insurance Program even if they are still eligible for coverage, and requiring them to immediately act to correct the problem and reinstate coverage.

The 12- month inflation rate began to rise in early 2021 and peaked at 8.9 percent in June 2022. That's what the Federal Reserve's policymakers had in mind when they began to raise the federal funds interest rate in March 2022. The average rate on a 30- year mortgage is up from 4.2 percent in March 2022 to 7 percent now.