Federal Reserve Chair Jerome Powell says rate cuts ‘will take longer than previously expected’ after interest rate meeting
Federal Reserve Chairman Jerome Powell acknowledged Wednesday that the central bank is delaying plans to cut interest rates because inflation has plateaued well above the central bank’s target. The Federal Open Market Committee (FOMC), the central bank committee tasked with setting monetary policy, voted on Wednesday to keep the federal funds rate in the range […]
No rate cuts after ‘lack of further progress’ on inflation
With inflation rising modestly and the labor market remaining strong, the Fed has decided to keep interest rates at their highest levels in 23 years, likely pushing the possibility of rate cuts into the year. Interest rates will remain in the range of 5.25% to 5.5% since last July, the Federal Open Market Committee (FOMC) […]
Fed holds rates steady as inflation casts doubt on future cuts
Nick Timiraos, chief economics correspondent for the Wall Street Journal, said it would take either a spike in inflation or a rise in oil prices for the Fed to raise rates again. of federal reserve On Wednesday, the governor kept interest rates unchanged for the sixth straight time as high inflation diminished the chances of […]
Companies Are Slashing Away At Debt As Surging Inflation Casts Shadow Over Interest Rate Cuts
The Wall Street Journal reported Wednesday that recent reports of high inflation have dimmed prospects for central bank interest rate cuts, making borrowing more expensive and causing many Companies are reportedly considering reducing debt. Even companies with already strong credit prospects are deleveraging to improve their ratings from top agencies and reduce borrowing costs, which […]
Hotel workers plan May Day rally to demand pay hikes after pandemic cuts
Thousands of unionized hotel workers plan to hold rallies in nearly 20 cities on May 1 to demand big pay increases ahead of contract negotiations with major chains. The talks with hotel operators Marriott International, Hilton Worldwide and Hyatt Hotels involve about 40,000 employees seeking new contracts for the first time since the pandemic. Workers […]
There Are No Fed Cuts Ahead This Year
Inflation is progressing faster than expected The continued underestimation of inflation by professional economists during the Biden administration will one day become a major topic for economic historians to study. The Bureau of Economic Analysis released its economic growth forecast for March on Friday. Personal Consumption Expenditures (PCE) Price Index. Both the composite index and […]
President Biden, former President Trump and Republican lawmakers battle over Trump tax cuts
Ahead of the 2024 election, rhetoric is intensifying about competing visions for taxes from Democrats and Republicans. The elections will determine whether individual provisions of the 2017 Trump tax cuts are extended, amended or thrown into Congress’ trash can. President Biden, members of key tax writing committees, and tax advocates from across the ideological spectrum […]
Southwest Cuts Jobs, Quits Four Airports Due to Boeing Woes
Southwest Airlines plans to cut jobs and suspend operations at four airports while cutting flights at other airports to cut costs amid continued turmoil at Boeing Co. Southwest Airlines said on Thursday that delays in deliveries from Boeing Co. (which uses Boeing 737s) led to cost-cutting measures, with a “first-quarter loss of $231 million, ahead […]
Mayor Adams calls library funding cuts part of ‘negotiation’
New York City Mayor Eric Adams on Thursday sought to reassure critics of cuts to the city’s public library system, saying they are still in the “negotiation phase” of a new budget and that the final result “will satisfy everyone.” I will,” he claimed. Hizner blasted the decision not to include $58 million in library […]
Trump cuts deal to keep $175M civil fraud bond — as attorney roasts judge, DA for having ‘no idea’ about finance
Donald Trump’s lawyers on Monday struck a deal with state prosecutors to secure a high $175 million civil fraud bond as he appeals the verdict in the case. This was despite his ongoing criminal trial. State Attorney General Letitia James said the former commander-in-chief is fighting to overturn a massive $454 million judgment handed down […]