Elizabeth Warren calls for emergency-like Fed rate cut ASAP
CNN
The American economy appears to be just hours away from a major milestone: The first interest rate cut from the Federal Reserve since Covid. Yet there remains an unusual amount of drama over the magnitude of that rate cut, with some in Washington calling for a supersized move.
The American economy appears to be just hours away from a major milestone: The first interest rate cut from the Federal Reserve since Covid. Yet there remains an unusual amount of drama over the magnitude of that rate cut, with some in Washington calling for a supersized move. Massachusetts Democratic Sen. Elizabeth Warren wants the Fed to slash interest rates at a pace rarely seen outside of a full-blown crisis. In a letter to Fed Chair Jerome Powell on Monday, Warren and two Senate colleagues urged the US central bank to dramatically lower interest rates by three-quarters of a point at this week’s monetary policy meeting. “Given the Fed’s confidence in inflation moving towards its target of 2 percent and data indicating slower job growth, now is the time to swiftly move forward with rate cuts,” Warren wrote in the letter, which was also signed by Sens. Sheldon Whitehouse and John Hickenlooper. Wall Street investors are pricing in virtually no chance of a rate cut of this magnitude, nor have any major Fed officials voiced support for a move like this. Yet Warren, a fierce critic of Powell, warns that the Fed is unnecessarily damaging the job market by holding rates at two-decade highs for so long.
Over the past two decades, the free-to-use online encyclopedia has carried on with its mission, expanding its global community of volunteer editors, known as Wikipedians, and ultimately resisting the kinds of platform decay that have claimed other 2000s-era internet phenoms.
The bond market can be so intimidating that in the 1980s, economist Ed Yardeni dubbed these outraged investors the “bond vigilantes” for their role in preserving law and order in capital markets if government officials won’t.
Martin Johnson and his fiancé, Caleigh Chapman, had spent several years restoring and renovating their home in Altadena by hand. It took only hours to lose the home and everything in it last week.
As Supreme Court justices ponder the future of TikTok in the United States, a growing number of American social media users have responded by moving to an unlikely alternative: Xiaohongshu, a hugely popular social media app in China.
The proposal, if approved by Apple shareholders, would require the company to considering removing its DEI programs.
Southern California Edison, the electrical utility for Los Angeles, has been sued for its alleged role in starting one of the raging Los Angeles fires that have collectively killed at least 24 people and displaced tens of thousands of people from their homes.
Opposition is quickly forming against the Biden administration’s rule to ban medical debt from appearing on consumers’ credit reports, threatening the viability of what could be a popular regulation.
Rachel Maddow is returning to the anchor chair five nights a week.
Walmart is giving its logo the first facelift in nearly two decades, rolling out a new identity that is a subtle nod to its past.
Japan Prime Minister Shigeru Ishiba asked U.S. President Joe Biden to allay concerns in the Japanese and U.S. business communities over the status of Nippon Steel’s 5401.T planned acquisition of U.S. Steel
Facebook is full of AI slop. X is full of “free thinkers” peddling conspiracies. Google’s search results are telling us to eat rocks. More and more, it feels like the internet has gone bad.
Veteran opinion columnist Jennifer Rubin is becoming the latest in a long list of Washington Post figures to leave the troubled institution.
Just hours after Meta chief Mark Zuckerberg announced last Tuesday that the social media giant would eliminate its US-based fact-checkers, the iconic hills above Los Angeles began to smolder.
Kohl’s is closing 27 stores across more than a dozen states as the struggling retailer looks to improve profitability.
The Biden administration has issued new restrictions on the export of US-developed computer chips that power artificial intelligence (AI) systems, in a final effort to prevent rivals like China from accessing the advanced technology, just a week before leaving office.
China’s exports gained momentum in December, with imports also showing recovery, though strength at the year-end was in part fueled by factories rushing inventory overseas as they braced for heightened trade risks under a Trump presidency.
The company’s oversight co-chair said he would have liked to have seen changes made during “less contentious and partisan times so that they would be considered on the merits.”
Tens of thousands of California residents will be forced to decide whether to permanently relocate or face construction bills after a wildfire crisis that’s weakened California’s insurance.