The Federal Reserve should resist pressure from Trump and defend its independence, experts say
CBSN
President Trump had a message last week for the Federal Reserve while at the annual World Economic Forum gathering in Davos, Switzerland: He plans to "demand that interest rates drop immediately."
Mr. Trump may be in for disappointment. The Federal Reserve widely expected to keep its benchmark rate steady when it announces its latest interest rate decision today at 2 p.m. Eastern Time. Economists aren't penciling in a 2025 reduction until at least May, according to economists polled by financial data service FactSet.
Federal Reserve Chair Jerome Powell has over the years steadfastly defended the central bank's independence. Most recently, he underlined at a New York Times event in December that insulating the Fed from political influence is "for the benefit of all Americans," allowing it to make decisions based on economic data rather than at the behest of elected officials. The Fed's independence allows it to pursue its dual mandate — to keep inflation low and the labor market at full employment — without political pressure, economists concur.
At least eight people died after more than 55 vehicles were involved in a crash due to a dust storm in Kansas, authorities said Saturday.
President Trump on Saturday invoked the Alien Enemies Act of 1798 to order the swift detention and deportation of all Venezuelan migrants suspected of being members of the Tren de Aragua prison gang, treating them like wartime enemies of the U.S. government.
The U.S. launched strikes Saturday in Yemen as President Trump said the U.S. would use "overwhelming lethal force" until Houthis cease shipping attacks.
President Donald Trump's administration on Saturday began making deep cuts to Voice of America and other government-run, pro-democracy programming as the president continued his campaign to restructure government without congressional approval.
The audio of a 911 call made on the day four University of Idaho students were stabbed to death reveals confusion as the callers realized at least one of the students was not waking up.
The sibling ex-leaders of Mexico's violent Zetas cartel were arraigned on Friday in the United States on charges including drug trafficking, firearm possession and money laundering, the U.S. Department of Justice said.
The threat of tornadoes moved east into the Mississippi Valley and Deep South on Saturday, a day after a massive storm system moving across the country unleashed winds that damaged buildings, whipped up dust storms that caused deadly crashes and fanned more than 100 wildfires in several central states. Fatalities were reported in Missouri and Texas.
The head of the Islamic State in Iraq and Syria has been killed in Iraq in an operation by members of the Iraqi national intelligence service along with U.S.-led coalition forces, U.S. Central Command and the Iraqi prime minister announced Friday.
An appeals court on Friday lifted a block on executive orders seeking to end government support for diversity, equity and inclusion programs, handing the Trump administration a win after a string of setbacks defending President Trump's agenda from dozens of lawsuits.
LONDON — British police said Friday the Russian captain of a cargo ship that collided with a U.S. tanker has been charged over the death of a crew member, who is missing and presumed dead.
New video shows the arrest of Columbia University pro-Palestinian activist Mahmoud Khalil by Immigrations and Custom Enforcement agents.
A Canadian woman who had appeared in an "American Pie" movie was detained for several days by U.S. immigration officials while attempting to cross the border from Mexico to the U.S. to renew her work visa, according to her mother. The woman's father expects his daughter to be able to return to Canada as early as Friday.
When the Environmental Protection Agency was formed in 1970, its mission was to protect the environment and human health. Since then, scientists, health experts and advocates have worked to implement regulations aimed at protecting and cleaning the air we breathe and the water we drink. Many of these regulations, which were aimed at cleaning up the air, also helped reduce carbon emissions, which can contribute to climate change – so it was a win for our bodies and the planet.