WASHINGTON- The Treasury Department says it has started taking "extraordinary measures" as the government has run up against its legal borrowing capacity of $31.381 trillion. New USDA rule boosts "organic" food oversight, targets fraud. The rule strengthens enforcement of the USDA's strict definitions of organic, which requires these foods to be made with…
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Democrats and the White House are adamant they won't agree to drastic spending cuts to discretionary programs, which fund the vast majority of federal agencies, or mandatory programs like Social Security, Medicare and Medicaid. White House Press Secretary Karine Jean-Pierre said Wednesday during the daily briefing that the Biden administration is "just…
WASHINGTON- Growing evidence that high inflation is finally easing shows that the Federal Reserve's sharp interest rate hikes are working as intended, says Loretta Mester, a key Fed policymaker. "We're beginning to see the kind of actions that we need to see," Mester, president of the Federal Reserve Bank of Cleveland, said in an interview with The Associated Press.
Head of largest U.S. bank sees challenges for the economy and financial regulators. Dimon, has been the CEO of JPMorgan- Get Free Report, the largest U.S. bank by assets, for almost two decades. Now he's making a bold prediction for the U.S. financial world, even as some are projecting the Federal Reserve is nearing a pause in its interest rate hikes.
WASHINGTON— Wholesale prices in the United States rose 6.2% in December from a year earlier, a sixth straight monthly slowdown and a hopeful sign that inflation pressures will continue to cool. The data reflects the prices that are charged by manufacturers, farmers and wholesalers, and it flows into an inflation gauge that the Federal Reserve closely tracks:…
But that doesn't mean Federal Reserve policymakers are ready to ease up on interest rates. Esther George, a graduate of Missouri Western State University, had a seat on the influential Federal Open Market Committee that charted a course of interest rate hikes last year in an effort to tamp down the highest level of inflation in 40 years. That suggests that the…
U.S. retail sales fell by the most in a year and business equipment production slumped, raising concerns that the economy is losing momentum under the weight of tighter Federal Reserve policy. The value of overall retail purchases broadly decreased 1.1% in December after a downwardly revised 1% drop in the prior month, Commerce Department data showed…
Republican federal lawmakers are investigating the historic wave of COVID-19 pandemic fraud that struck New York, raising allegations of Democratic leadership failures and a potential political coverup. A state audit estimated $11 billion was lost to fraud, while state Labor Department officials asserted the true total is $4 billion.
–President Joe Biden touted Americans' rising wages over the weekend, but a closer look shows there is more to the story. "Only a few months of Biden's presidency have seen wages and earnings rise faster than prices," said E.J. Antoni, an economist at the Heritage Foundation. " Over the last two years, the American people have become demonstrably worse off with the…
WESTFIELD— Pointing to ongoing needs for health care, Social Security, infrastructure and aid to Ukraine’ s defense, U.S. Rep. Treasury Secretary Janet Yellen said Friday the federal government is on track to max out on its $31.4 trillion borrowing authority as soon as this month, according to the Associated Press. “Well, there is also some room that the Treasury…
WASHINGTON- Rising U.S. consumer prices moderated again last month, bolstering hopes that inflation's grip on the economy will continue to ease this year and possibly require less drastic action by the Federal Reserve to control it. On a monthly basis, prices actually slipped 0.1% from November to December, the first such drop since May 2020.
The economy will fluctuate and recessions will occur. While most people look to the president and Congress to provide these policies, the Federal Reserve is a more important player in creating economic policy. The Fed's task is difficult.
WASHINGTON- Rising U.S. consumer prices moderated again last month, bolstering hopes that inflation's grip on the economy will continue to ease this year and possibly require less drastic action by the Federal Reserve to control it. Peltz's attempt to join Disney's board comes just months after the company brought back longtime CEO Bob Iger to lead Disney…
I've never quite understood why all Republicans do not belong to the Freedom Caucus. If the Republican Party supports low taxes, light regulations and strong national security, why is a Freedom Caucus even necessary? The federal budget devotes about half of its spending to the so-called entitlement programs: Social Security, Medicare, Medicaid and Obamacare.
House Republicans are divided over cuts to Medicare and Social Security, setting up what could be a fierce internal clash over the future of the nation's top safety net programs when Congress delves into budget fights later in the year. That could pit the GOP's staunchest deficit hawks against other conservatives who insist Medicare and Social Security will…
House Republicans don't have much of a path to get major health care changes passed with a Democratic Senate and president, with one possible exception: the debt ceiling fight. Why it matters: It's not clear which spending cuts House Republicans will push for in exchange for expanding the government's borrowing authority later this year — but at least some say health care…
U.S. inflation continued to slow in December, adding to evidence price pressures have peaked and putting the Federal Reserve on track to again slow the pace of interest-rate hikes. The overall consumer price index fell 0.1% from the prior month, with cheaper energy costs fueling the first decline in 2 1/ 2 years, according to a Labor Department report Thursday.
Mr. Powell made the comments during a speech at a Swedish conference on Tuesday amid a broader debate over the role of the Fed and major banks in addressing climate change and getting involved in environmental, social and governance. “Without explicit congressional legislation, it would be inappropriate for us to use our monetary policy or supervisory tools to…
Contact your members of both houses of Congress and insist they come up with a plan. She blames the Federal Reserve, calls it a private bank that is a group of unelected officials who literally own the entire financial system. Well, I don’ t know of any private bank that has its officers appointed by the president of the United States and confirmed by the Senate as it…
The December jobs report from the Bureau of Economic Analysis again highlights the resilience of the post-pandemic labor market, across the nation and in Houston– and suggests the Federal Reserve will continue raising interest rates in 2023.. The Houston employment outlook remains healthy as 2023 begins. Full-year data for the state and the Houston- The…
