As the government shutdown deadline approaches, Congress is exploring ways to kick the can down the road. With a week to go until the government shutdown deadline on Nov. 17, the House has passed seven appropriations bills, while the Senate has passed three. House Republicans hold the chamber by a narrow five-vote margin.
The latest from Washington, D.C., impacting the insurance and financial services industries.
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Less than two months since the US federal government narrowly avoided running out of funding, the deeply divided Congress once again faces a tight deadline to approve a new budget– just one week. McCarthy's unprecedented removal left the lower chamber paralyzed for almost three weeks while Republicans struggled to find a new leader, even as global events such…
The US Federal Reserve is prepared, if needed, to hike interest rates further in order to bring inflation down to its long-term two percent target, Fed Chair Jerome Powell said Thursday. "We know that ongoing progress toward our two percent goal is not assured: Inflation has given us a few head fakes," Powell told a conference in Washington. The Fed chair's comments…
Every Federal Reserve Board meeting is second-guessed by the markets— and the latest is no exception. The laws of supply and demand will eventually set the market price on Treasury borrowings. The Fed can distort the markets, but not forever.
McDonald's Corp. calls them "strategic menu price increases," and their impact is visible on menu boards across the chain, where a Big Mac, medium fries and soft drink now sells for as much as $18. So it goes across much of the economy, which has shown surprising strength despite the U.S. Federal Reserve's historic effort to tamp it down. The Fed has succeeded in sending…
Over two months ago, as supporters of President Biden's Inflation Reduction Act celebrated the one-year anniversary of the passage of the historic legislation, the U.S. Chamber of Commerce, Pharmaceutical Research and Manufacturers of America, along with drugmakers filed multiple lawsuits to block the IRA's drug price negotiation provisions.
Last week, the Federal Reserve did the right thing by leaving well enough alone, keeping the benchmark interest rate at about 5.4%. With the acute pressure that the board and Chair Jay Powell in particular have faced in the past several months, we're glad they've had the wisdom to know when to step back. These critics pointed to the 1970 s and the reign of Paul Volcker.
The governor did not mention that the rebate mechanism was not his idea, but instead was the alternative the Democratic-controlled Senate advocated to $1 billion in ongoing tax cuts for corporations and high earners that it said would have prevented larger investments in public education, health care and other priorities. They trust Virginia Republicans…
—The Federal Reserve is poised to leave its key interest rate unchanged Wednesday at a time when the Fed faces an economy that has proved resilient but is nevertheless under pressure from surging interest rates, overseas turmoil and anxious investors. U.S. economic growth surged in the July-September quarter on the back of robust consumer spending, and…
—A flow of recent data from the U.S. government has made one thing strikingly clear: A surge in consumer spending is fueling strong growth, demonstrating a resilience that has confounded economists, Federal Reserve officials and even the sour sentiments that Americans themselves have expressed in opinion polls. Spending by consumers rose by a brisk 0.4% in…
What the Medicare Section 111 civil monetary penalties final rule means to payers
The civil monetary penalties final rule simplifies, clarifies risk to payers.
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…