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☆ A flurry of new rules from the Biden administration attempt to ban noncompetes, boost overtime pay, and increase refunds for delayed flights
▼ + stars: | 2024-04-27 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +6 min

Read previewThe Biden administration this week pushed out a slate of rules it says are meant to boost competitiveness and put more money into workers' pockets. There are already challenges to at least one of the rules — but together they could land overtime pay for millions more workers, ban noncompetes that prevent workers from moving into jobs in similar industries, and help people get automatic refunds for delayed or canceled flights. More workers eligible for overtime payUnder the Department of Labor's new rule, many workers who make under $43,888 will be eligible for overtime pay effective July 1. A ban on noncompetes that keep workers from taking new jobsPerhaps the most sweeping action for workers came from the Federal Trade Commission, which finalized a rule to ban noncompetes in most cases. Will a ban on noncompetes, new overtime thresholds, or airline refunds affect your life?

Persons: —, Biden, Lael Brainard, That's, it's, Judy Conti, Pete Buttigieg, Brainard, Aaron, Ryan, John Smith, Suzanne Clark, Jeremy Merkelson, Davis Wright Tremaine, Merkelson, Elizabeth Wilkins, Wilkins Organizations: Service, Business, National Economic Council, Department of, National Employment Law, of Transportation, Federal Trade Commission, . Upjohn Institute, Employment Research, of Commerce, Texas Association of Business, Federal Trade, Chamber of Commerce, FTC

☆ White House will 'make sure gas prices remain affordable' heading into summer, Biden advisor says
▼ + stars: | 2024-04-18 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

President Joe Biden's top economic advisor said Thursday that the White House will "make sure gas prices remain affordable" when asked whether the administration would consider tapping the Strategic Petroleum Reserve. We'll continue to monitor closely and want to make sure that those gas prices remain in current ranges," Brainard said. U.S. crude oil hit a high of $87.67 per barrel this year before pulling back to around $83 a barrel. The White House is keeping a close eye on "geostrategic risk" in the Middle East, Brainard said. Daniel Yergin, vice chairman of S&P Global, said oil prices above $90 presents a problem for the broader market.

Persons: Lael Brainard, Joe Biden's, Brainard, Biden, Lloyd Austin, John Podesta, Tuesday Biden, –, Daniel Yergin, It's, Yergin, CNBC's Organizations: AAA, Summit, Strategic Petroleum Reserve, JPMorgan, Brent, P Global Locations: East, Eastern Europe, Israel, Ukraine, Iran

☆ Biden wants to triple China tariffs on steel, aluminum imports
▼ + stars: | 2024-04-17 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

President Joe Biden is calling on the U.S. Trade Representative to triple the China tariff rate on steel and aluminum imports as he makes the rounds in the key battleground state of Pennsylvania. Biden's demand to raise the current 7.5% average tariff on steel and aluminum is an effort to make clear that his administration's recent warnings about China's trade practices are not empty threats. In an interview with CNBC's Sara Eisen, Yellen said that tariffs were not off the table if those overcapacity qualms went unaddressed. As China shrugs off the overcapacity concerns, the Biden administration is doubling down on what it perceives as the threat to global trade. "China's policy-driven overcapacity poses a serious risk to the future of the American steel and aluminum industry," National Economic Council Director Lael Brainard said on a call with reporters on Tuesday.

Persons: Joe Biden, Xi Jinping, Janet Yellen, CNBC's Sara Eisen, Yellen, China shrugs, Biden, Lael Brainard Organizations: Economic Cooperation, U.S . Trade, United Steelworkers, Economic Locations: Asia, San Francisco, China, Pennsylvania, Pittsburgh

☆ Election Updates: Biden campaigns again in Pennsylvania, a swing state crucial to his re-election hopes.
▼ + stars: | 2024-04-17 | by ( Chris Cameron | ) www.nytimes.com time to read: +5 min

The tariffs Mr. Biden will propose raising on Wednesday were initially imposed by Mr. Trump when he was president. Mr. Biden’s stop in Pittsburgh is part of a three-day swing through Pennsylvania, a crucial battleground state that he narrowly won in 2020 and has visited more than any other. The president’s campaign is hoping to mobilize support from organized labor, a traditionally Democratic constituency from which Mr. Trump has pulled some support. On Tuesday, Mr. Biden spoke at the local union of the United Brotherhood of Carpenters and Joiners in Scranton, Pa., his hometown. “Donald Trump looks at the world differently than you and me,” Mr. Biden said in a speech that signaled his campaign’s intention to make the 2024 election a referendum on Mr. Trump.

Persons: Biden, Katherine Tai, Mr, ” Lael Brainard, Janet L, Yellen, ”, Lloyd J, Austin III, Biden’s, Donald J, ” Mr, Trump, “ Donald Trump, ” Alan Rappeport, Michael D, Shear Organizations: United Steelworkers Union, U.S, Economic Council, International Monetary Fund, Trump, CNBC, Mr, Democratic, United Brotherhood of Carpenters Locations: China, Pittsburgh, U.S, Mexico, America, Beijing, United States, Biden’s, Japan, Philippines, South China, Pennsylvania, Joiners, Scranton, Pa, Mar

☆ Biden calls for a tripling of tariffs on Chinese steel as he makes economic pitch in Pittsburgh
▼ + stars: | 2024-04-17 | by ( Betsy Klein | Michael Williams | ) edition.cnn.com time to read: +6 min

CNN —President Joe Biden called on his administration to ratchet up pressure on the Chinese steel industry as he brings his economic competition pitch to Pittsburgh, the heart of the American steel industry, on Wednesday, part of a three-day campaign trail swing through battleground Pennsylvania. The trip comes after Biden last month publicly opposed a controversial $14 billion deal for Japan’s Nippon Steel to purchase US Steel. President Biden will not impose ineffective, across-the-board tariffs that would increase costs and harm hundreds of thousands of jobs,” the official said. The United Steelworkers, a key union representing workers in the steel industry, endorsed Biden’s reelection campaign last month. Trump made tariffs against China a central feature of his global economic strategy, and Biden has largely maintained them, despite external criticism.

Persons: Joe Biden, ” Biden, Biden, Donald Trump, Katherine Tai, “, Tai, Lael Brainard, ” Brainard, “ They’re, ” , ”, Biden’s, he’s, Trump, Xi Jinping, Lloyd Austin, CNN’s Chris Isidore, Arlette Saenz, Kevin Liptak Organizations: CNN, United Steelworkers, United States Trade, National Economic, of, Japan’s Nippon Steel, US Steel . US Steel, Justice Department, Foreign Investment, US Steel, ”, American, steelworkers, Biden, Trump Locations: Pittsburgh, Pennsylvania, China, America, Scranton, Philadelphia, New York City, United States, American

☆ Biden administration agrees to provide $6.4 billion to Samsung for making computer chips in Texas
▼ + stars: | 2024-04-15 | by ( ) www.cnbc.com time to read: +2 min

The Biden administration has reached an agreement to provide up to $6.4 billion in direct funding for Samsung Electronics to develop a computer chip manufacturing and research cluster in Texas. The government support comes from the CHIPS and Science Act, which President Joe Biden signed into law in 2022 with the goal of reviving the production of advanced computer chips domestically. Samsung's cluster in Taylor, Texas, would include two factories that would make four- and two-nanometer chips. In addition to the $6.4 billion, Samsung has indicated it also will claim an investment tax credit from the U.S. Treasury Department. The government has previously announced terms to support other chipmakers including Intel and Taiwan Semiconductor Manufacturing Co. in projects spread across the country.

Persons: Biden, Joe Biden, Gina Raimondo, Raimondo, Lael Brainard Organizations: Samsung Electronics, Commerce Department, Texas, Samsung, White, National Economic Council, Defense Department, U.S, U.S . Treasury Department, Intel, Taiwan Semiconductor Manufacturing Locations: Texas, United States, Taylor , Texas, Austin , Texas, Austin, China

☆ NEC Director Lael Brainard: Anticipate continued steady progress on inflation in the coming months
▼ + stars: | 2024-04-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNEC Director Lael Brainard: Anticipate continued steady progress on inflation in the coming monthsLael Brainard, National Economic Council Director, joins 'Squawk Box' to discuss the Biden administration's $6.6 billion grant to TSMC under the U.S. CHIPS and Science Act, state of the economy, inflation outlook, and more.

Persons: Lael Brainard Organizations: NEC, National Economic, Biden Locations: U.S

☆ NEC Director on jobs report: Economy can continue expanding with the labor market in a balanced way
▼ + stars: | 2024-04-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNEC Director on jobs report: Economy can continue expanding with the labor market in a balanced wayLael Brainard, National Economic Council Director, joins 'Squawk on the Street' to discuss the March jobs report, the strong labor market, state of the U.S. economy, the Fed's interest rate decision, and more.

Persons: Lael Brainard Organizations: NEC, National Economic Locations: U.S

☆ In swing state Arizona, an $8.5 billion CHIPS grant spells ‘jobs’ more than geopolitics
▼ + stars: | 2024-03-21 | by ( Christine Romans | Emily Pandise | ) www.cnbc.com time to read: +3 min

US President Joe Biden gives a speech at Intel Ocotillo Campus on March 20, 2024 in Chandler, Arizona. Biden announced $8.5 billion in federal funding from the CHIPS Act for Intel Corp. to manufacture semiconductors in Arizona. "The CHIPS and Science Act is a huge jobs creator," National Economic Council Director Lael Brainard told NBC News, adding that the impact would go beyond Intel's own workforce. "The CHIPS and Science Act is a huge jobs creator," National Economic Council Director Lael Brainard told NBC News, adding that the impact would go beyond Intel's own workforce. "That also leads to all kinds of nearby restaurants' having business, nearby service small businesses' starting up and hiring workers of their own."

Persons: Joe Biden, Biden, CHANDLER, Ariz, Alfred Garza, Garza, It's, Chandler, Lael Brainard, Pat Gelsinger Organizations: Intel Ocotillo, Intel Corp, China, Intel, Chandler, Economic, NBC News Locations: Chandler , Arizona, Arizona, —, Phoenix, Washington, Chandler, Ohio, New Mexico, Oregon, America, Asia, U.S

In an AP-NORC poll conducted in February, 38% of U.S. adults approved of how Biden was handling his job. Black adults are more likely than white and Hispanic adults to approve of Biden, but that approval has dropped in the three years since Biden took office. This is stuff that requires work,” Quentin Fulks, principal deputy campaign manager for the Biden campaign, said in an interview. Still, the Biden campaign and the broader Democratic Party are confronting their own struggles, despite their cash and organizational advantages. And in Nevada, Biden will continue promoting a new housing proposal that would offer a mortgage relief credit for first-time homebuyers and a seller's tax credit to encourage homeowners to offload their starter homes.

Persons: Joe Biden, Harris, Biden, Donald Trump, They're, Trump, Jill Biden, ” Quentin Fulks, “, ”, Maria Cardona, White, Lael Brainard, Sen, Catherine Cortez Masto, —, ” Cortez Masto, Linley Sanders, biden Organizations: WASHINGTON, Democratic, Biden, Asian American, Bilingual, GOP, Republican National, Trump, RNC, Trump's, Democratic Party, AP VoteCast, ”, White, National Economic Council, Republican, Associated Press Locations: Nevada , Arizona, Texas, Reno , Nevada, Washoe County, Las Vegas, Phoenix, U.S, Arizona, Maryvale, Nevada and Arizona, Biden's State, Biden’s, Nevada , Pennsylvania, North Carolina, Wisconsin, In Arizona, Nevada, Dallas, Houston

☆ Biden says it’s ‘vital’ US Steel remain American owned and operated
▼ + stars: | 2024-03-14 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

CNN —President Joe Biden on Thursday said he believes it’s “vital” that US Steel remain American owned and operated, dealing a blow to the iconic company’s planned sale to Japan’s Nippon Steel. “It is important that we maintain strong American steel companies powered by American steel workers. I told our steel workers I have their backs, and I meant it,” Biden said in a statement. “US Steel has been an iconic American steel company for more than a century, and it is vital for it to remain an American steel company that is domestically owned and operated.”The Biden administration is concerned about some of Nippon’s assets in China, a person familiar with the administration’s thinking told CNN. After the Biden statement, the US Chamber of Commerce warned against politicizing the US Steel deal and said the transaction should proceed if the CFIUS review reveals no national security concerns.

Persons: Joe Biden, it’s, ” Biden, ”, Biden, Lael Brainard, Fumio, ” John Murphy, ” Michael Leiter, Skadden, Arps, ” Leiter, isn’t Organizations: CNN, US Steel, Japan’s Nippon Steel, Steel, Nippon, National Economic Council, Washington Post, Foreign Investment, Treasury, US Chamber of Commerce Locations: American, China, Pittsburgh, Washington, United States

☆ Why are prices still so high? Corporate greed, some say.
▼ + stars: | 2024-03-11 | by ( Tami Luhby | ) edition.cnn.com time to read: +7 min

While supply chain problems and high demand may have helped spur inflation early in the pandemic, Rosolino believes there’s another key reason why prices have soared and remained high: Corporate greed. It’s corporate greed.”Nick Rosolino feels businesses won't lower their prices as long as consumers keep spending. “Too many corporations raise prices to pad their profits, charging more and more for less and less,” Biden said. Companies are typically slower to reduce their prices when costs decline than they are to raise prices when their expenses jump. Corporate profits have contributed to inflation, though experts differ on the extent.

Persons: Nick Rosolino, Rosolino, there’s, ”, “ It’s, Nick Rosolino Reluctantly, Joe Biden, “, ” Biden, Cookie Monster, Lael Brainard, Goldman Sachs, Neil Bradley, Heather Vargas, ” Vargas, ” Heather Vargas, Heather Vargas Vargas, –, Kellogg, Gary Pilnick’s, Companies haven’t, Aaron Hackman, McKinley Conner, Aaron Hackman “, Hackman Organizations: CNN, America, White, Economic Council, Federal Reserve, Companies, Federal Reserve Bank of Kansas City, US Chamber of Commerce, of Labor Statistics, “ Locations: Maine, New Gloucester , Maine, Portland, Heights , California, Fort Lauderdale , Florida

☆ Biden to launch joint FTC-DOJ task force to crack down on 'unfair and illegal pricing'
▼ + stars: | 2024-03-05 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

Federal Trade Commission Chair Lina Khan testifies before a House Judiciary Committee hearing on Oversight of the Federal Trade Commission, on Capitol Hill in Washington, D.C., July 13, 2023. Kevin Wurm | ReutersPresident Joe Biden on Tuesday will launch a new task force to take on "unfair and illegal" corporate pricing, which Biden sees as a major reason why consumers are not yet feeling the impact of cooling inflation rates and a strong economy. The task force will be jointly led by the Federal Trade Commission and the Department of Justice, two agencies at the forefront of the Biden administration's aggressive regulatory agenda over the past three years. The announcements and the meeting are part of Biden's ongoing crusade against corporate pricing practices that he claims are unfair. Lael Brainard, vice chair of the US Federal Reserve, speaks during an interview in Washington, DC, on Monday, Nov. 14, 2022.

Persons: Lina Khan, Kevin Wurm, Joe Biden, Biden, Antitrust Jonathan Kanter, Khan, Kanter, Jonathan Kanter, Kevin Dietsch, Lael Brainard, inhalers, Brainard, Andrew Harrer Organizations: Federal Trade, Federal Trade Commission, Capitol, Washington , D.C, Department of Justice, Biden, Force, Antitrust, Justice Department, White, Competition Council, Economic, Consumer Financial, Agriculture Department, US Federal Reserve, Bloomberg, Getty Locations: Washington ,, Washington , DC, U.S

☆ The American Dream is under siege
▼ + stars: | 2024-03-02 | by ( Matt Egan | ) edition.cnn.com time to read: +15 min

Parents of young children are making difficult choices to afford child care — or they’re opting to evade it by dropping out of the workforce altogether. Even as the inflation rate has cooled across the US economy, child care remains a sore spot for many families. The weekly price of day care for a toddler surged 9% in 2023, according to Care.com, a marketplace for child care. Of course, Allison is hardly alone in feeling like the American Dream has been more difficult — and expensive — to attain than imagined. “The American dream is being taken away from the younger generation by the housing affordability challenges,” said Lawrence Yun, chief economist at the National Association of Realtors.

Persons: Hana Husković, Price, Hana, Michelle, they'll, ” Hana, “, It’s, they’ll, ’ Allison Powell, Liam Kelly, ” Allison, Allison Powell, Corinne ., ”, Allison, I’ll, homebuyers, Lotfi Karoui, Goldman Sachs, Lawrence Yun, Yun, Priscilla Almodovar, Fannie Mae, ” Almodovar, that’s, Almodovar, they’d, Homebuilding, Mark Zandi, Biden, ” Lael Brainard, Brainard, ” Brainard, ‘, Rachael Gambino, Garrett Mazzeo, Rachael, Deborah Brunswick, John General, ” Rachael, won’t, they’ve, – Organizations: New, New York CNN, Bureau of Labor Statistics, Wall, CNN, Federal, Intercontinental Exchange, ICE, Bloomberg, Getty, Rust Belt, National Association of Realtors, North, NAR, That’s, Baby Boomers, Homeowners, Federal Reserve, Moody’s Analytics, White, National Economic Council, American, Target, Starbucks, Facebook Locations: New York, United States, Atlanta, Peachtree Corners , Georgia, Decatur, Decatur , Georgia, Carolina, Yugoslavia, Italy, Mexico, Oakland , California, Livermore, San Francisco, California, Los Angeles, San Diego, Francisco, Miami, Honolulu, Rust, Des Moines , Iowa, Dayton , Ohio, Cleveland , Ohio, Scranton , Pennsylvania, Los Angeles , California, North America, America, States, Lansdale , Pennsylvania, Philadelphia

☆ The Ukraine aid that House Republican leaders are blocking might actually be good for the US economy
▼ + stars: | 2024-02-18 | by ( John L. Dorman | ) www.businessinsider.com time to read: +2 min

House Speaker Mike Johnson is blocking a $95 billion emergency foreign aid bill, saying he's in "no rush" to take up the legislation the Senate overwhelmingly approved last week. While supporters of the legislation say it's needed urgently to help Ukraine, The Wall Street Journal also points out that the bill would benefit the US economy. Lael Brainard, the director of the White House National Economic Council, told the Journal in a recent interview that the impact on the US economy would be significant. AdvertisementIt remains unclear when or if the House will take up the Senate bill. Trump in recent weeks also helped tank a bipartisan bill that would have tightened the US asylum system, among other measures.

Persons: Mike Johnson, —, Russia's, Joe Biden's, Lael Brainard, Donald Trump, Trump Organizations: Business, Street, Pentagon, White, National Economic Council, The Locations: Mexico, Ukraine, Israel, Gaza, Taiwan

☆ NEC Director Lael Brainard: Overall economic picture still looks good despite the hot CPI print
▼ + stars: | 2024-02-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNEC Director Lael Brainard: Overall economic picture still looks good despite the hot CPI printLael Brainard, National Economic Council Director and former Federal Reserve vice chair, joins 'Money Movers' to discuss the latest CPI data, what could be problematic for the economy, and getting through the 'last mile' of inflation.

Persons: Lael Brainard Organizations: NEC, National Economic, Federal Reserve

☆ Biden is calling out corporations because 'his administration is underwater with independents,' Andrew Yang says
▼ + stars: | 2024-02-13 | by ( Taylor Craig | In | ) www.cnbc.com time to read: +1 min

Biden was sitting beside common snacks like Oreos, Doritos and Goldfish during the 48-second clip, posted to X. Shrinkflation happens when consumer products get smaller in weight, size or quantity while their prices stay the same or even increase. "That's a message that the average consumer will nod their heads and say 'sure, I hate it when that happens,'" former presidential candidate Andrew Yang said. "They're gonna have to keep making this case around the country because the Biden administration is underwater with independents who are going to decide this November's election," Yang, now the co-chair of the Forward Party said. "They're going to be trying anything they can to say, at least, 'we're on your side.'"

Persons: Joe Biden, Biden, I've, Andrew Yang, that's, Lael Brainard, Yang Organizations: Super, Sunday, National Economic, Forward Party

☆ Lael Brainard slams food companies for ‘shrinkflation' as White House attacks price gouging
▼ + stars: | 2024-02-13 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

Director of the National Economic Council Lael Brainard speaks during the daily press briefing at the White House January 11, 2024 in Washington, DC. National Economic Council Director Lael Brainard on Tuesday blamed higher consumer prices on "shrinkflation," doubling down on the latest battlefront of President Joe Biden's corporate pressure campaign. Shrinkflation, the practice of reducing product sizes while keeping prices the same, is Biden's latest line of attack against corporations, which he debuted on Super Bowl Sunday. Both the White House and Biden's 2024 reelection campaign have touted inflation recovery as a key accomplishment of his economic agenda, dubbed Bidenomics. "The president is going to continue emphasizing that input costs have come down, supply chains have healed," Brainard said.

Persons: Lael Brainard, Brainard, Joe, Biden Organizations: National Economic, Economic, Cola, PepsiCo, Procter, Gamble, Super, Sunday, White Locations: Washington , DC

WASHINGTON (AP) — The Biden administration on Wednesday plans to name a top White House aide as the director of the newly established safety institute for artificial intelligence, according to an administration official who insisted on anonymity to discuss the position. Elizabeth Kelly will lead the AI Safety Institute at the National Institute for Standards and Technology, which is part of the Commerce Department. Currently an economic policy adviser for President Joe Biden, Kelly played an integral role in drafting the executive order signed at the end of October that established the institute, the administration official said. The administration considers the safety tests as necessary to unlock the benefits of the rapidly moving technology, creating a level of trust that will allow for wider adoption of AI. But so far, those tests lack the universal set of standards that the institute plans to finalize this summer.

Persons: —, Biden, Elizabeth Kelly, Joe Biden, Kelly, Lael Brainard, Kelly “, it's, Obama Organizations: WASHINGTON, White, AI, National Institute for Standards, Technology, Commerce Department, The Associated Press, National Economic Council, Yale Law School, Obama White

The Congressional Budget Office in 2022 estimated that the tens of billions of new IRS funding provided by the IRA would increase revenues by $180.4 billion from 2022 to 2031. The IRS now says that if IRA funding is restored, renewed and diversified, estimated revenues could reach as much as $851 billion from 2024 to 2034. However, House Republicans built a $1.4 billion reduction to the IRS into the debt ceiling and budget cuts package passed by Congress last summer. IRA funding "is enabling the IRS to reverse this trend,” Leiserson said. The tax gap — which is the difference between taxes owed and taxes paid — has grown to more than $600 billion annually, according to the IRS.

Persons: Joe Biden's, Lael Brainard, Brainard, Greg Leiserson, Leiserson, — Organizations: WASHINGTON, IRS, Treasury Department, Democrats, Congressional, Office, Republicans, Congress

A new poll from The Associated Press-NORC Center for Public Affairs Research finds that 35% of U.S. adults call the national economy good. That's an uptick from 30% who said so late last year and up from 24% who said so a year ago. While 65% still call the economy poor, that’s also an improvement from a year ago, when 76% called it poor. The evidence of a stronger economy has yet to spill over into greater support for Biden. “He has a lot on his plate right now and he’s doing quite well,” she said.

Persons: —, that’s, Joe Biden, Biden, Donald Trump, Trump, Molly Kapsner, “ He’s, ” David Veksler, Jo Jorgenson, he's, ” Veksler, “ I’m, ” Harry Broadnax, ”, Broadnax, I’m, doesn't, Lael Brainard, Deborah Shields, she's, Shields, “, ” Richard Tunnell, “ He's, ” Tunnell, they’ll Organizations: WASHINGTON, Associated Press, NORC, for Public Affairs Research, Voters, Republican, Biden, Denver, Trump, White, National Economic Council, Republicans, Democratic, Air Force Locations: U.S, Wisconsin, “, North Carolina, Orlando , Florida, Huntsville , Texas

☆ Interest Rate Cuts Could Be a Boon to Biden
▼ + stars: | 2024-01-31 | by ( Jim Tankersley | More About Jim Tankersley | ) www.nytimes.com time to read: +1 min

Federal Reserve officials do not set interest rates with presidential elections in mind. Investors do not widely expect rate cuts to be announced when Fed officials conclude a two-day meeting on Wednesday. Interest rate cuts could also help to improve housing affordability, an issue for young voters that has bedeviled the president. Falling interest rates could drive down mortgage rates. White House officials are careful not to comment on Fed rate decisions; Lael Brainard, a former Fed governor who heads Mr. Biden’s National Economic Council, laughed off a reporter’s question on the topic last week.

Persons: Jerome H, Powell, Biden, Lael Brainard Organizations: Federal, White, Fed, Investors, Economic Council Locations: Biden’s

☆ White House touts highest consumer confidence in more than 2 years
▼ + stars: | 2024-01-30 | by ( Ryan Anastasio | ) www.cnbc.com time to read: +2 min

U.S. President Joe Biden delivers remarks at the St. John Baptist Church in Columbia, South Carolina, on Jan. 28, 2024. The White House cheered the Conference Board report on Tuesday showing consumer confidence rising to its highest level in more than two years. Consumer confidence reached its highest level since December 2021, and was up more than 30% since its April 2020 low of 85.7. The Conference Board's consumer confidence index rose for a third straight month to 114.8 in January, up from a revised 108 in December 2023. Despite the increasing consumer sentiment, just 33% of voters approve of Biden's handling of the economy, according to CNBC's All-America Economic Survey in December.

Persons: Joe Biden, Lael Brainard, Donald Trump, Biden's, Trump Organizations: St, John Baptist Church, Economic, Biden Administration, America Economic Survey, CNBC, Biden, Trump, CNBC PRO Locations: Columbia , South Carolina

(Both men already hold sizable amounts of Alibaba stock.) Alibaba itself bought back $9.5 billion worth of stock last year, reducing its share count by over 3 percent. The stock purchases will probably bring attention back to Ma, a former English teacher who helped start Alibaba as an e-commerce platform. Ma, who hasn’t held a management role at Alibaba or Ant in years but remains a lifetime partner in the Alibaba Partnership, now largely focuses on Bill Gates-style philanthropy. And she’s expected to take swipes at Trump’s economic record as president.

Persons: Tsai, Ma, Alibaba, Ant, hasn’t, Bill Gates, Nikki Haley, Donald Trump, Eric Rosengren, Robert Kaplan, Kaplan, Rosengren, Archer, Daniels, Vikram Luthar, Scott Stuber, Spike Lee, Martin Scorsese, Jane Campion, Stuber, Ted Sarandos, Netflix’s, Bela Bajaria, Biden’s, Janet Yellen, Lael Brainard, they’re, Biden, ” Ray Fair Organizations: Pool Management, Alibaba, Brooklyn Nets, New York Liberty, Nets, Boston Fed, Dallas Fed, Republican, Biden, Yale, Times Locations: U.S, Hong Kong, China, Ma, Beijing, ’, Paris, New Hampshire, Dixville

☆ Top Economic Aide to Biden Pitches ‘Comeback’ in Hard-Hit America
▼ + stars: | 2024-01-22 | by ( Jim Tankersley | ) www.nytimes.com time to read: +1 min

Those “place-based” policies are often directed at former industrial strongholds that were battered by automation and foreign competition. They are a cornerstone of Mr. Biden’s economic agenda across several major pieces of legislation he has signed and a big part of his re-election pitch. Whether voters perceive them as successful could affect Mr. Biden’s chances in November, particularly in industrial swing states like Pennsylvania and Wisconsin. Mr. Biden “came to office determined to invest in all of America, to leave no community behind. It is working,” Ms. Brainard plans to say, according to a copy of her prepared remarks.

Persons: Biden’s, Lael Brainard, Biden “, ” Ms, Brainard, ” Organizations: Economic Council, Brookings Institution Locations: Pennsylvania, Milwaukee, Wis, Biden’s, Washington, Wisconsin, America, “

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