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☆ Federal Reserve interest rate verdict: Central bankers meet to decide on next move
▼ + stars: | 2024-05-01 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

Washington CNN —The Federal Reserve is expected to announce Wednesday that it is keeping interest rates at a quarter-century high for the sixth-straight meeting. Other Fed officials have already introduced the possibility of a rate hike, in addition to the chance of no rate cuts this year. Williams later said that another rate hike is possible if economic data warrants it. That combination eerily resembled stagflation, which triggered a broad stocks selloff on Wall Street Thursday. The threshold for a rate hike is ‘extremely high’Another interest rate hike is back in the conversation, but at the moment, it’s still not likely the Fed will do that.

Persons: Jerome Powell, ” Powell, Powell, John Williams, Williams, Neel Kashkari, Austan Goolsbee, “, can’t, it’s, Goldman Sachs, Wall, ” Oren Klachkin Organizations: Washington CNN, Federal, Index, New York Fed, Bloomberg, Minneapolis, Chicago Fed, Commerce Department, JPMorgan, Bank of America, Nationwide, CNN Locations: New, Chicago, Wells Fargo

☆ Fed Chair Powell says there’s no rush to cut interest rates
▼ + stars: | 2024-03-06 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

Washington, DC CNN —The Federal Reserve is in no rush to cut interest rates, according to Fed Chair Jerome Powell’s written testimony submitted to congressional lawmakers, released Wednesday. Recent economic data showed that price pressures persisted in January, leading investors to recalibrate their expectations for rate cuts this year. Still, the timing and pace of rate cuts remains up in the air. Too soon to cut rates? In a recent interview with CNBC, Richmond Fed President Thomas Barkin said “we’ll see” if the Fed cuts rates in 2024.

Persons: Jerome Powell’s, Powell’s, inflation’s, ”, José Torres, “ Young, there’s, Raphael Bostic, Thomas Barkin, “, “ I’m, Austan Goolsbee, we’re, Adriana Kugler Organizations: DC CNN, Federal, Fed, Financial, “, Interactive Brokers, CNN, Atlanta Fed, CNBC, Richmond Fed, Congress, Chicago Fed, ”, Stanford University Locations: Washington

☆ Inflation Fight Has Come Down to Housing, Chicago Fed’s Goolsbee Says
▼ + stars: | 2023-12-02 | by ( Bob Fernandez | ) www.wsj.com time to read: 1 min

“The key thing we have to watch is housing,” Chicago Fed President Austan Goolsbee said Friday. He is shown above at The Wall Street Journal Global Food Forum in Chicago in June. Photo: Kevin Sikorski for The Wall Street JournalInflation seems on track toward the Federal Reserve’s 2% target and now the big question is what will happen with housing in 2024, a top Fed official said Friday. “It was absolutely where we wanted it to be,” Chicago Fed President Austan Goolsbee said of the government’s latest inflation data.

Persons: Austan Goolsbee, Kevin Sikorski Organizations: Chicago Fed, Wall Street, Food Forum, The Wall, Federal, Fed Locations: Chicago

The cities say they buy tickets only for migrants who want to travel and they do not coerce people to leave. The vast majority were bus tickets, but Denver also purchased about 340 tickets for flights and 200 for train rides. Ewing gave a similar message regarding El Paso’s busing of migrants to Denver, saying the two cities have been in communication. New York City and Chicago also are limiting migrants' shelter stays. “We have other Democratic cities, Denver, California, L.A., sending their people to Chicago, New York.

Persons: Mario Russell, ” Russell, Staff Mary Krinock, we’re, ” Jon Ewing, ”, Yoli Casas, “ There’s, We’re, Russell, Jared Polis, Lori Lightfoot, Eric Adams, Polis, “, Joe Biden, Chicago Mayor Brandon Johnson, Ewing, El, ” Ewing, ” El, Greg Abbott, Abbott, Andrew Mahaleris, Ron DeSantis, Maura Healey, ’ ” Alderman Anthony Beale, Sophia Tareen, ___ Organizations: DENVER, Democratic, Center for Migration Studies of New, Catholic Charities, Archdiocese of, Staff, Denver Human Service, Vive Wellness, Denver, Center for Migration Studies, Colorado Democratic Gov, Chicago, New York City, Washington , D.C, Chicago Mayor, Democrat, Texas Gov, Democratic Gov, Chicago City, Associated Press, America Statehouse News Initiative, America Locations: Denver, U.S, Mexico, El Paso , Texas, New York, Illinois, Texas, Florida, Center for Migration Studies of New York, Chicago, Venezuela, Archdiocese of Chicago, . Texas, New, Cities, Denver , New York, Houston, Los Angeles, Washington ,, ” El Paso's, Philadelphia, San Antonio, Massachusetts, New York City, Denver , California, L.A, Chicago , New York

☆ Missing evidence has turned up in the James Brown case. A lawyer is asking the FBI to investigate
▼ + stars: | 2023-10-25 | by ( Thomas Lake | ) edition.cnn.com time to read: +6 min

And a lawyer for the woman who turned in the evidence says he’s asked the FBI to look into the matter. When Hollander asked the DA’s office to return the green plastic bin and the items therein, she got a mysterious response. Early this year, Hollander sued the DA’s office, seeking answers about the missing items. “You can tell that no one ever, ever even looked at this evidence,” Hollander said. After the green plastic bin turned up again, he requested an appointment with the FBI regarding Brown’s death and the conduct of the DA’s office.

Persons: CNN — James Brown, Brown, he’s, Jacque Hollander, Paul Howard, Hollander, Howard, Fani Willis, William Chris Clark, “, James Brown, Michael Iasparro, ” Hollander, Michael Sprinkel, Iasparro, ” Iasparro, ” Jacque Hollander, Carson, Melissa Golden, Siobhan Johnson, Daryl, Frank Copsidas, Brown “, ”, Sandy Monroe, Marvin Crawford, Brown’s, Deanna, Andre White, Jacque Hollander’s Organizations: CNN, Attorney’s, FBI, Georgia, Records, Hinshaw, Barnes Circus, Public, “ Department of Locations: Fulton County, Atlanta, Rockford , Illinois, Culbertson, Princeton , Minnesota, ” Chicago

☆ Chicago-area stabbing: 6-year-old Palestinian-American boy who authorities say was fatally stabbed by his landlord will be buried today
▼ + stars: | 2023-10-16 | by ( Chris Boyette Keith Allen Lauren Mascarenhas | Chris Boyette | Keith Allen | ) edition.cnn.com time to read: +7 min

CNN —A funeral and burial will be held Monday for the 6-year-old boy who was fatally stabbed when his Chicago-area landlord allegedly attacked him and his mother because the family is Muslim. The attack, which also left Wadea’s mother seriously injured, is being investigated by the Department of Justice as a hate crime. Czuba was taken to the Will County Adult Detention Facility and is awaiting his initial court appearance, according to the sheriff’s office. “He was a 6-year-old boy, he loved everything,” Rehab said of the child, recalling how Wadea’s father had described his son. In response, Israel has pounded Gaza with airstrikes that have killed more than 2,750 people, according to the Palestinian health ministry.

Persons: Al Fayoume, Joseph M, Carole Cheney, Czuba, “, General Merrick Garland, ” Garland, Will, Wadea, Hanaan Shahin, ”, Ahmed Rehab, Shahin, ‘, Chicago Mayor Brandon Johnson, JB Pritzker, –, Wadea Al, Joe Biden, Jill Biden, Rehab, Wadea’s, ’ Organizations: CNN, Islamic Relations, Department of Justice, The, Department, Justice, ”, ” CAIR, Chicago, Czuba, Chicago Mayor, CAIR, West Bank, Twitter, CAIR National, Hamas, Israel Defense Forces, Palestinian Foreign Ministry, Palestinian Locations: Chicago, Will, Joliet , Illinois, Plainfield Township, Illinois, America, United States, Gaza, Israel, York City

☆ The problem with labor data in understanding inflation
▼ + stars: | 2023-09-10 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

The central bank will continue to pay close attention to the state of the labor market, specifically on wages, as it focuses on defeating inflation, but there’s only so much that labor data can reveal about price increases. Mainly, it’s that wage figures are great at gauging inflation’s progress, but they’re lousy at forecasting its future. Financial markets have shifted back to a “bad news is good news” way of perceiving economic data and will continue to react to labor data, but ultimately, it’s the actual inflation data that matter most to the Fed. The issue of labor figures in forecasting inflation lies with productivity data. The Federal Reserve releases August data on industrial production.

Persons: Austan Goolsbee, Raphael Bostic, ”, Quincy Krosby, ” Agron Nicaj, it’s, Anna Cooban, ” James Athey Organizations: CNN Business, Bell, DC CNN, Federal Reserve, Fed, Chicago Fed, Bloomberg, Atlanta Fed, Financial, LPL Financial, CNN, Oracle, National Federation of Independent Business, National Statistics, US Labor Department, Adobe, European Central Bank, US Commerce Department, China’s National Bureau of Statistics, Lennar Homes, The University of Michigan Locations: Washington, Saudi Arabia

These are tough times for the housing market. Meanwhile on Wednesday, the Mortgage Bankers Association said mortgage applications have plunged 28% since last year and are now at the lowest level since late 1996. After two years of a pandemic-fueled housing market frenzy and another year of rising rates and tight inventory, consumers are weary. During the pandemic, as the Federal Reserve moved to lower interest rates, mortgage rates fell to 3% and below, prompting a wave of refinancings. “Mortgage applications declined to the lowest level since December 1996, despite a drop in mortgage rates,” said Joel Kan, deputy chief economist at the Mortgage Bankers Association.

Persons: Freddie Mac’s, ”, Lisa Sturtevant, ” Sturtevant, Joel Kan, Redfin, Niko Voutsinas Organizations: Mortgage Bankers Association, National Association of Home Builders, Housing, Bright MLS, “, Federal Reserve, Mortgage, Association Locations: Washington, Chicago

☆ Business conditions are expected to improve as inflation slows
▼ + stars: | 2023-07-24 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —American businesses are expected to fare better in the coming months, according to a survey of economists and analysts released Monday. A survey from the National Association for Business Economics released Monday showed that businesses have rejoiced in better economic conditions. Meanwhile, a majority of respondents reported that wages at their firms were unchanged — the first time more economists reported no wage gains than rising wages since 2021. The Fed doesn’t necessarily need a recession to do that, but some research suggests the labor market must cool further. The labor market is closely watched by Fed officials since higher labor costs feed into inflation.

Persons: haven’t, ”, Julia Coronado, Austan Goolsbee, cooldown, Brian Moynihan, bode Organizations: DC CNN, Federal Reserve, University of Michigan’s, Consumers, National Association for Business, Employers, Chicago Fed, Bank of America, Bureau of Labor Statistics, National Federation of Independent, Fed Locations: Washington

☆ Americans continue to feel confident about the economy and inflation
▼ + stars: | 2023-07-14 | by ( Bryan Mena | ) edition.cnn.com time to read: +1 min

Washington, DC CNN —Inflation’s steady slowdown in recent months has kept Americans feeling optimistic about the future. Consumer sentiment tracked by the University of Michigan rose 13% in July, the second straight month of improvement, according to a preliminary reading released Friday morning. Meanwhile, the report showed that consumers’ expectations for inflation rates remained at their lowest levels since early 2021. Consumers see inflation rates of 3.4% in the year ahead, and while that’s well below last year’s 5.4% peak, it’s slightly higher than the previous reading. “I feel like we are on a golden path of avoiding recession,” Chicago Fed President Austan Goolsbee told CNBC last week.

Persons: ”, Joanne Hsu, “, Austan Goolsbee Organizations: DC CNN, University of Michigan, Consumers, Chicago Fed, CNBC Locations: Washington

☆ Hannah Gadsby’s Picasso Show Was Meant to Ignite Debate. And It Did.
▼ + stars: | 2023-06-09 | by ( Robin Pogrebin | ) www.nytimes.com time to read: +1 min

The Gadsby show was developed in response to an invitation extended to several institutions by the Musée Picasso to mark the 50th anniversary of Picasso’s death in part by considering what the artist and his work mean today. “It seemed necessary to think about that question in terms of the culture shift brought about by feminism over the 50 years since his death,” Small said. “We wanted to foster dialogues about the myths and tropes of the male-dominated Modernist canon that Picasso exemplifies,” the curator added. Thomas and Minter declined to be interviewed. “I celebrate and congratulate the Brooklyn Museum for trying to begin that conversation.”

Persons: ” Small, “, Picasso, Mickalene Thomas, Judy Chicago, Marilyn Minter, Thomas, Minter, Chicago, Gadsby, “ Nanette, ” Organizations: Party, Brooklyn Museum Locations: Chicago

☆ Federal Reserve officials are growing skeptical over suspending rate hikes
▼ + stars: | 2023-05-19 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Some officials are concerned inflation isn’t cooling fast enough, which could prompt an 11th consecutive rate hike when policymakers meet in June. Federal Reserve Board Chair Jerome Powell and former Federal Reserve Board Chair Ben Bernanke (R) participate in a discussion at the Federal Reserve Board building in Washington, DC, May 19, 2023. Saul Loeb/AFP/Getty ImagesEarlier this month, Fed officials voted unanimously to raise the benchmark lending rate by a quarter point to a range of 5-5.25%, while signaling a possible pause ahead. Of course, Fed officials’ thinking on monetary policy could drastically change if the United States defaults on its debt, which could happen as soon as June 1. Fed officials always mention that their views on interest rates largely depend on what economic indicators show, resisting taking an absolute stance on how they will vote.

That surge is now driving debate inside the U.S. Federal Reserve about how much weight to give ongoing wage increases as policymakers assess the path of inflation. Reuters GraphicsThe Fed will also receive updated data on the personal consumption expenditures price index, the measure it uses to set its 2% price target. Reuters Graphics“The one thing that I think we’re spending too much time looking at is wage growth as an indicator of prices,” Chicago Fed President Austan Goolsbee told CNBC this month, citing recent research by Chicago Fed staff. He said he views rising wages as the result of that still- strong demand, something that should ease alongside price pressures once the money is gone. Reporting by Howard Schneider; Editing by Dan Burns and Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

☆ Chicago’s Sanctuary City Awakening
▼ + stars: | 2023-04-26 | by ( The Editorial Board | ) www.wsj.com time to read: +1 min

Images: AP/Shutterstock/Reuters Composite: Mark KellyPosturing as a “sanctuary city” used to be fun when it meant resisting Donald Trump, but now the migrant crisis is everywhere. “We simply have no more shelters, spaces, or resources,” Chicago Mayor Lori Lightfoot says in a letter Sunday to Texas Gov. “Though I am sympathetic to the significant challenges that border cities face, this situation is completely untenable.”And the scales fall. That’s nothing next to El Paso, which this week declared a state of emergency, as it braces for the end of Title 42 pandemic expulsions. The El Paso Times cites estimates of about “10,000 to 12,000 migrants in Juárez,” waiting to cross into the U.S.

☆ Why Walmart is closing half its stores in Chicago
▼ + stars: | 2023-04-12 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +8 min

Walmart announced Tuesday that next week it will close four poor-performing stores out of the eight it operates in Chicago. Now, it's closing four Chicago stores. Walmart said its remaining four Chicago stores “continue to face the same business difficulties,” but it believes closing these four will give the others the best chance of staying open. There were fears that Walmart and other businesses would leave Chicago, but Walmart pledged to stay and invest in the city. Some retailers have also cited higher levels of theft and other crime in their city stores.

☆ Chicago principal suspended after student in German military costume goose steps at high school Halloween contest
▼ + stars: | 2022-11-07 | by ( Marlene Lenthang | Marlene Lenthang Is A Breaking News Reporter For Nbc News Digital. | ) www.nbcnews.com time to read: +3 min

The principal of a prominent Chicago high school has been removed from his duties over the handling of a student's German military officer costume on Halloween. A student donned the outfit for a costume contest on Halloween at Jones College Prep high school — an act “widely recognized by many students, staff” as “antisemitic,” Chicago Public Schools CEO Pedro Martinez said in a statement Friday. “This incident caused harm to many students and staff, and it is completely inconsistent with our values as a school district. NBC News has reached out to Powers and the high school for comment. This isn’t Powers' first controversy at the elite selective enrollment high school near the city’s downtown.

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