Powell pushes back on suggestion Fed got behind in rate cuts
The Federal Reserve cut interest rates by half a percentage point on Wednesday and is expected to cut them by another half a percentage point at its two remaining meetings this year, signaling a faster pace of monetary stimulus than analysts had expected over the summer. The Fed now sees interbank lending rates falling to […]
Teamsters leader says Harris, Trump wouldn't 'commit'
Teamsters President Sean O'Brien told The Hill that the union did not endorse Vice President Harris or former President Trump because “neither candidate addressed the core issues that need to be addressed on behalf of our members.” It was the third time since 1960 that the union has not endorsed a presidential candidate, and it […]
House GOP torpedoes Speaker Johnson’s funding bill
A diverse House Republican caucus on Wednesday rejected Speaker Mike Johnson's (R-Louisiana) budget plan, dealing an embarrassing blow to GOP leadership and undermining a strategy to avert a government shutdown at the end of the month. Fourteen Republicans joined nearly all Democrats in voting against the spending plan, which combined a six-month stopgap measure with […]
Congress races to patch $3 billion Veterans Affairs shortfall
Lawmakers are rushing to pass emergency legislation to plug a roughly $3 billion shortfall facing the Department of Veterans Affairs, with officials warning that benefits for veterans and their families are at risk if Congress doesn't act in the coming days. The House passed the bill with bipartisan support Wednesday night, and lawmakers from both […]
Trump weighs in on Fed rate cut during stop at Manhattan bitcoin bar
Former President Trump said Wednesday that the Federal Reserve's decision to cut interest rates is a sign that the economy is in trouble or that the central bank is playing “political games.” Ahead of a planned rally on Long Island, President Trump stopped by a self-described Bitcoin bar called Pub Key in New York City. […]
In Norway, EVs now outnumber gas-powered vehicles
In Norway, electric vehicles (EVs) have outnumbered gasoline-powered cars, according to the latest vehicle registrations. data The Norwegian Road Federation announced this on Tuesday. In Norway, a major global oil exporter, there are currently 754,303 EVs registered, slightly more than the 753,905 petrol cars. The Scandinavian country has 2.8 million registered passenger cars, including diesels. […]
Trump leads Harris in poll of Teamsters members
As Teamsters leadership considers the endorsement, a poll of members showed that more than half of Teamsters members support former President Trump over Vice President Harris in the next presidential election. The Teamsters, one of the largest labor unions in the country, Members' vote A poll conducted by Lake Research Partners after last week's debate […]
Senate Democrats aim to bolster tenant organizing in new housing bill
The new bill from Senate Democrats would expand organizing and advocacy protections for low-income tenants and is one of a growing number of proposed bills aimed at addressing the national housing shortage ahead of next year's legislative session. The bill, introduced by Sens. John Fetterman (D-PA), Ron Wyden (D-Ore.) and Bernie Sanders (I-VT), would expand […]
Fed rate cut on collision course with 2024 election politics
The Federal Reserve is set to cut interest rates by at least a quarter of a percentage point on Wednesday, putting the politically independent institution in the crosshairs of a bitter election in which inflation and economic pain are central issues. Fed Chairman Jerome Powell has faced criticism from both parties for months. Some Democrats, […]
5 ways the Fed’s rate cuts will affect workers and consumers
The Federal Reserve is widely expected to begin cutting interest rates this week, a turning point for the economy. The move is expected to affect lending rates and working and employment conditions across a range of consumer sectors. It's unclear how fast future rate cuts will occur or what the final rate will be, but […]