Taming inflation could drive unemployment up to 6%, Wall Street bank says
CBSN
Taming inflation could lead to much higher U.S. unemployment than what the Federal Reserve is expecting, Deutsche Bank analysts said on Monday.
The Fed's battle against inflation is already proving painful for many Americans, who are grappling with a jump in borrowing costs due to the Federal Reserve's ongoing rate hikes as well as the fiercest inflation in 40 years. But getting prices under control will require "a lot higher unemployment rate" than the Fed's forecast of 4.4% next year, Deutsche Bank said in a note to clients.
Washington — Secretary of State Antony Blinken is set to testify Wednesday before the Republican-led House Foreign Affairs Committee, which has long sought to question him over the deadly evacuation from Afghanistan.
A federal judge on Tuesday night rejected the sale of the conspiracy platform Infowars to The Onion satirical news outlet after Alex Jones claimed that a recent bankruptcy auction was fraught with illegal collusion.
A group of House Democrats Tuesday called for action from the Bureau of Alcohol, Tobacco, Firearms and Explosives, days after CBS News published an investigation which found dozens of law enforcement officials illegally sold firearms, even weapons of war, across 23 states, Puerto Rico and Washington, D.C.
President-elect Donald Trump made another flurry of job announcements on Tuesday, selecting Andrew Ferguson as the next chair of the Federal Trade Commission, Ronald Johnson was nominated to be ambassador to Mexico, and Kimberly Guilfoyle to be ambassador to Greece.
President-elect Donald Trump announced Monday he is nominating Kimberly Guilfoyle to be U.S. ambassador to Greece. Guilfoyle, a former Fox News host-turned-political fundraiser, was dating Trump's eldest son, Donald Trump Jr.
A federal judge on Tuesday blocked Kroger's $24.6 billion acquisition of Albertsons, ruling that the proposed union would lessen competition for grocery shoppers.
Washington — The House task force investigating the assassination attempts against President-elect Donald Trump released a final report on its probe on Tuesday, presenting a series of recommendations to combat future security failures.
A second infant has died in an 8-state listeria outbreak related to recalled Yu Shang Food ready-to-eat meat and poultry products, according to federal health officials. The products were sold online and at retail locations nationwide, according to federal health officials.
The Justice Department failed to follow department policy and ignored some established protections when seeking records from members of Congress, dozens of congressional staffers and members of the media during the first Trump administration, an internal watchdog found.