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FCC ends affordable internet program due to lack of funds
  + stars: | 2024-05-31 | by ( Brian Fung | ) edition.cnn.com   time to read: +3 min
Washington CNN —The Affordable Connectivity Program, which helped low-income Americans get online, is no more. The program’s lapse threatens to throw nearly 60 million Americans into financial distress, CNN has reported. The program officially ends on June 1, said the Federal Communications Commission, which administered the Affordable Connectivity Program (ACP) to approximately 1 in 5 households across the country and on tribal reservations. “The Affordable Connectivity Program filled an important gap that provider low-income programs, state and local affordability programs, and the Lifeline program cannot fully address,” said FCC Chairwoman Jessica Rosenworcel in a statement, referring to the name of another, similar FCC program that subsidizes wireless and home internet service. He also announced a series of voluntary commitments by a handful of internet providers to offer — or continue offering — their own proprietary low-income internet plans.
Persons: , Jessica Rosenworcel, Joe Biden, Mike Johnson didn’t, Biden, Kathryn de Wit, Wit, Organizations: Washington CNN, Program, Republicans, Democratic, CNN, Federal Communications Commission, Lifeline, FCC, Republican, Comcast, Cox, Verizon, ACP, Congress, Pew
In New York, where Trump was convicted, there are “collateral consequences” of being convicted of a felony. In Florida, felons lose civil rights, including the ability to hold public office and serve on a jury. Trump is a Florida resident, and Florida defers to New York law on the question of felons voting. In New York, convicted felons cannot obtain a permit to possess a firearm. That’s not at issue in this New York case, and it’s not going to happen when Republicans control the House as they currently do.
Persons: CNN — Donald Trump’s, Trump, Kathy Hochul, Will Trump, Juan Merchan, Merchan, Anthony Guglielmi, , That’s, it’s, Michael Cohen, Fani Willis, Cy Vance Jr, Manhattan DA Alvin Bragg Organizations: CNN, New, Trump, Republican National Convention, Secret Service, United States Secret Service, Supreme, Security, Sunshine State, Senate, Fulton, National Archives, Manhattan DA Locations: New York, Florida, Milwaukee, United, Canada, Mexico, Australia, China, South Africa, Georgia, Fulton County, Washington , DC
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed is feeling peer pressure, but Powell doesn't want to see inflation climb again: Peter BoockvarPeter Boockvar, Bleakley Financial Group, joins 'Fast Money' to talk the state of the economy and what's next for the Federal Reserve.
Persons: Powell, Peter Boockvar Peter Boockvar Organizations: Bleakley Financial, Federal Reserve
Excluding the more volatile categories of food and energy, the core PCE price index slowed for the month, rising 0.2% as compared to a 0.3% gain in March. On an annual basis, the core PCE price index held steady at 2.8%. Forecasts called for the monthly and annual increases in the overall and core index to be unchanged from March, according to FactSet consensus estimates. While the overall PCE price index is technically used as the Fed’s target rate, the core index has received more attention from Fed officials because it provides a clearer lens into how underlying inflation is behaving. Consumer spending also cooled for the month, rising just 0.2% as compared to the 0.7% increase recorded for March.
Organizations: CNN, Inflation, Federal Reserve, Fed, Commerce Department
Interest rate cuts are also more likely, after the first-quarter GDP figures were revised lower. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The lack of surprises in the Personal Consumption Expenditures index was welcomed by investors, as it reinforced the odds of an interest rate cut this year. Earlier this week, first quarter GDP data was revised down on softer consumer spending, adding more reason for why the Fed may eventually have to cut interest rates down. Futures markets indicate at least one rate cut to occur as soon as September.
Persons: Stocks, , Chris Zaccarelli Organizations: Federal Reserve, Service, Federal, Treasury, Independent
An offshore oil platform is seen at sunset near Huntington Beach, California, on Feb. 9, 2024. U.S. crude oil was on pace Friday for its worst month of the year, ahead of an OPEC+ meeting this weekend during which the cartel will review its production levels. Here are today's energy prices:OPEC+ members on Sunday are expected to review voluntary output cuts of 2.2 million barrels per day. Oil market analysts generally agree that the group will likely keep those cuts in place. Chinese refiners' output has also slumped, and European refiners have been slow to return from spring maintenance, which has also pressured demand, according to the investment bank.
Persons: Helima Croft Organizations: Brent, Sunday, RBC Capital Markets, JPMorgan Locations: Huntington Beach , California, U.S
East West Bancorp shares have eked out a small gain in 2024, up 2%. Despite the heightened scrutiny around regional banks, little-known East West Bancorp has been able to pull ahead thanks to a key customer base: Asian Americans. American dream = home ownershipPart of what's helping East West succeed with Asian Americans goes all the way back to its origins. East West Bancorp was founded in 1973 as a federal savings and loan in the Los Angeles area to service the Chinese American and immigrant community struggling to obtain mortgages and business loans. East West also drives cross-border activity between the U.S. and other Asian countries, such as Thailand and Vietnam.
Persons: Alexander Yokum, Wells, Timur Braziler, Fannie Mae, Freddie Mac, , Braziler, Christopher Del Moral, Niles, it's, Del, Steven Leung, Leung, CFRA's Yokum, Yokum, Dominic Ng, that's Organizations: East West Bancorp, Regional Banking, Bancorp, West Bancorp, CFRA, Federal Housing Finance Agency, East, East West, U.S, Bancorp's Locations: Southern California, U.S, United States, East, Los Angeles, Asia, FactSet, East West, New York, Beijing, China, Shanghai, Thailand, Vietnam, Washington
One basis point equal 0.01%. The benchmark 10-year Treasury yield fell more than 3 basis points to 4.518%. The 2-year Treasury yield was down more than 1 basis point to 4.912%. U.S. Treasury yields were slightly lower on Friday after the Federal Reserve's preferred inflation data came in mostly in line with economist expectations. Fed officials have repeatedly indicated that they are looking for more data evidence that inflation is easing before moving to cut rates, and that patience would be required.
Persons: Dow Jones Organizations: Treasury, U.S, Federal, PCE, Fed
CNN —The Texas Supreme Court said a medical exemption in the state’s abortion ban applies only when a person is at risk of death or serious physical impairment, ruling Friday against women who sued the state with claims that the ban had put their health at risk. “Because the trial court’s order opens the door to permit abortion to address any pregnancy risk, it is not a faithful interpretation of the law,” the state Supreme Court said. The Texas Supreme Court said the challengers did not prove the abortion ban, with its narrow medical emergency exemption, violated the state constitution. “Today, the Supreme Court of Texas unanimously upheld the Human Life Protection Act, one of our state’s pro-life laws,” said Paxton, a Republican. The ruling called on the Texas Medical Board to issue more guidance to clear up confusion around when the exemption applies.
Persons: Ken Paxton, , Paxton, , Nancy Northup, ” Northup, Jane Bland, Amanda Zurawski, Marjorie Dannenfelser, Susan B, Anthony Pro, Marc Hearron, CNN’s Elizabeth Cohen, John Bonifield Organizations: CNN, The, The Texas Supreme, Texas Supreme, Republican, Reproductive Rights, Texas Medical Board, Texas Medical, Center for Reproductive Rights Locations: The Texas, Texas
Long before people develop dementia, they often begin falling behind on mortgage payments, credit card bills and other financial obligations, new research shows. What they found was striking: Credit scores among people who later develop dementia begin falling sharply long before their disease is formally identified. The issues start even earlier: The study finds evidence of people falling behind on their debts five years before diagnosis. “The results are striking in both their clarity and their consistency,” said Carole Roan Gresenz, a Georgetown University economist who was one of the study’s authors. Credit scores and delinquencies, she said, “consistently worsen over time as diagnosis approaches, and so it literally mirrors the changes in cognitive decline that we’re observing.”
Persons: Long, , Carole Roan Gresenz, Organizations: Federal Reserve Bank of New, Georgetown University Locations: Federal Reserve Bank of New York, Equifax
Mortgage rates have been holding relatively steady this month, though 30-year mortgage rates inched up slightly this week. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 6.36% this week, according to Freddie Mac data, which is a 12-basis-point increase from the previous week. Now that the Fed has paused hiking rates, mortgage rates have come down a bit. Once the Fed starts cutting rates, which is likely to happen this year, mortgage rates should fall even further.
Persons: Lawrence Yun, Freddie Mac Organizations: National Association of Realtors, NAR, Zillow, Federal Reserve, Fed Locations: Chevron
Instead, Trump delivered a rambling monologue that was filled with false claims on subjects ranging from the Manhattan trial to immigration to tax policy. He said this time that “you have violent crime all over this city at levels that nobody’s ever seen before.”Facts First: Trump’s claim is not even close to true. Michael Cohen’s crimesCriticizing key prosecution witness Michael Cohen, Trump repeated a claim he made during the trial in April. Facts First: There is no basis for Trump’s claim. It was dead.”Facts First: Trump’s claim is false.
Persons: Donald Trump, Trump, New York City Trump, Michael Cohen’s, Michael Cohen, Cohen, , Robert Mueller, Trump’s, ” Cohen, , ” Trump, Biden, Joe Biden, Alvin Bragg’s, , Bragg, Matthew Colangelo, Colangelo, Judge Juan Merchan, Merchan, Bradley Smith, Rather, Smith, Congo ’ Trump, Africa –, Patrick Muyaya Katembwe, ” Serge Mombouli Organizations: Washington CNN, New York City, New, Trump, Republican, Intelligence, Biden, DOJ, of Justice, federal, Department, Democrat, Justice Department, Congo, Democratic, CNN, PAC, Nord Locations: Manhattan, New York, , New York City, New York City, , Russia, Moscow, York’s, Congo, Democratic Republic of Congo, Republic of Congo, Africa, United States of America, Republic of, Germany, Russian, Trump’s, Ukraine
CNBC's Jim Cramer on Friday told investors what to pay attention to next week on Wall Street, highlighting the nonfarm payroll report and earnings from GitlLab and CrowdStrike . Cramer said he's waiting to see how the company will perform because some in the enterprise software sector see issues with sales. Tuesday brings quarterly results from CrowdStrike, and Cramer said this cybersecurity company has been doing better than many of its peers. Friday brings perhaps the most important event of the week, according to Cramer, the Labor Department's nonfarm payroll report. Cramer said the Federal Reserve won't be inclined to cut rates until the unemployment rate reaches 4%.
Persons: CNBC's Jim Cramer, Cramer, he's, Hewlett Packard, Ferguson, PVH, Calvin Klein, Tommy Hilfiger, Ralph Lauren, Campbell Soup, Jack Daniels, Brown, Forman, Lululemon, JM Smucker, Smucker Organizations: Dell, athleisure, Labor
political memoThe outcome of Donald Trump’s Manhattan trial on Thursday had seemed almost unthinkable to the Trump team as recently as last summer. Guilty.”When Mr. Trump got up to leave court, his face looked as if he’d been punched in the solar plexus. Mr. Trump and his allies on Capitol Hill and in conservative media assiduously prepared their audiences to be outraged, whatever the outcome. “There’s a sense of personal resentment,” added the senator, who is on a shortlist to be Mr. Trump’s running mate. He got MAGA’d yesterday,” Mr. Trump said in the hallway outside the courtroom.
Persons: Donald Trump’s Manhattan, Donald J, Trump’s, Trump, Mr, Eric, Eric Trump’s, Steve Witkoff, ” Mr, Witkoff, Adam Gray, Jack Smith, Washington, Tanya Chutkan, Manhattan, Mark Pomerantz, Alvin L, Bragg, Michael D, Cohen, , President Biden, Stephen K, Bannon, Alvin Bragg, Emil Salman, Biden, ” Neil Newhouse, Republican pollster, , Newhouse, , J.D, Vance, MAGA, Robert De Niro, De Niro, ” Ruth Igielnik Organizations: Trump, Republican National Convention, Credit, The New York Times, Democratic, Capitol, Republican, Senate, Republicans, Trump . Credit, Mr, New York Times, Quinnipiac University, “ Voters, Fox, stoke, Biden Locations: Manhattan, Florida, Georgia, New York, U.S, Trump ., Siena, Ohio, Lower Manhattan
One kilogram gold bullion at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023. Gold prices were set for a fourth straight monthly gain, even as the market struggled for momentum on Friday ahead of a key U.S. inflation reading that could provide more indications on how the Federal Reserve might proceed with rate cuts later this year. Bullion prices are up 0.3% so far this week and 2.5% so far in the month. Spot silver fell 0.8% to $30.95 per ounce, but was set for its biggest monthly gain since July 2020. Platinum was down 0.2% at $1,021.94 and palladium lost 0.2% to $945.56.
Persons: Kyle Rodda, Yeap Jun Rong Organizations: Co, Federal Reserve Locations: Bangkok, Thailand, U.S
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInflation looks on track to get back to the Fed's target by end of year, says Moody's Mark ZandiMark Zandi, Moody’s Analytics Chief Economist, joins 'Closing Bell Overtime' to talk what's ahead for the Federal Reserve, the recent inflation read, if we will see a rate cut this year and more.
Persons: Mark Zandi Mark Zandi Organizations: Federal Reserve
Borrowers of the popular “buy now, pay later” installment loans should find it easier to dispute charges and get refunds under a new rule announced by the federal government last week. The Consumer Financial Protection Bureau, which has been scrutinizing the alternative loans for more than two years, ruled that “buy now, pay later” lenders were credit card providers and had to offer borrowers some of the same safeguards that conventional credit cards provided. The bureau issued its findings as an “interpretive” rule, meaning it stated its own interpretation of existing law. Shoppers can get a quick approval for the loan at checkout, often with a minimal credit check, and pay zero interest. Some lenders charge late fees for missed payments, while others simply cut off borrowers from new loans until they pay.
Persons: ” Rohit Chopra, they’re Organizations: Consumer Financial Protection Bureau
A slew of big-box retailers have lowered prices on items in recent weeks, citing moderating inflation and frugal customers. Recent economic data has also suggested that inflation is cooling, after data earlier this year spurred fears that progress had stalled. Yet Americans don’t seem convinced that inflation is moderating or that the economy is as healthy as indicators suggest. Mortgage rates have declined in recent weeks but remain near 7%. Target announced plans to cut prices on thousands of consumer basics as inflation cuts into household budgets.
Persons: aren’t, Charles Schwab’s, , James Kostulias, Charles Schwab, Joe Raedle, Jerome Powell, Powell, Neel Kashkari, “ I’m, Schumer, Chuck Schumer, General Merrick Garland, , Elizabeth Warren, Amy Klobuchar, Bernie Sanders, Dick Durbin, Scott Sheffield, Read, Matt Egan, Mat Ishbia, homebuyers, refinances Organizations: CNN Business, Bell, New York CNN, Walmart, Target, Ikea, Aldi, CPI, “ Traders, Minneapolis Federal, CNBC, Democrats, Justice Department, Oil, Big Oil, DOJ, Big, Federal Trade Commission, United Wholesale Mortgage, Phoenix Suns NBA Locations: New York, Miami , Florida, Minneapolis, Texas, Sens
US indices rallied after a promising PCE report. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . As projected, core PCE rose 0.2% in April. ""The equity market wants to see a slowdown in economic growth and today's PCE data provided a soft-landing report," David Donabedian said, chief investment officer of CIBC Private Wealth US. Here's where US indexes stood at the 4:00 p.m. closing bell on Friday:AdvertisementHere's what else happened today:In commodities, bonds, and crypto:
Persons: , Friday's, David Donabedian, Eric Sterner Organizations: Dow, Nasdaq, Service, Dow Jones, Nvidia, Microsoft, PCE, CIBC Private Wealth, Federal Reserve, Apollon Wealth Management
Inflation remained essentially flat in April while showing signs of progress, the Commerce Department reported Friday, in a closely watched measure that will guide the Federal Reserve in any decision to loosen interest rates in the coming months. The Personal Consumption Expenditures price index rose 2.7 percent from a year earlier, the same level as in March. After stripping out volatile food and fuel prices for a clearer reading of price trends — called the core index — inflation remained steady at 2.8 percent on an annual basis. On a monthly basis, inflation also remained flat, with prices rising 0.3 percent in April. That “core” index showed a slight moderation, rising 0.2 percent from the previous month, compared with 0.3 percent in March.
Persons: , , Bill Adams Organizations: Commerce Department, Federal Reserve, Comerica Bank Locations: U.S
Read previewUS efforts to counterbalance Chinese imports could instead create unsteadiness in the country's fight against inflation, S&P Global Intelligence wrote. Advertisement"Yet economists say the new duties, and tariffs more broadly, may carry an unwelcome consequence: higher prices and a heightened probability of higher-for-longer interest rates," S&P wrote. Of the 14 categories under scrutiny, the top five accounted for just 3% of Chinese imports into the US in 2022, S&P cited. But for domestic manufacturers, tariffs can ease the pressure to lower prices, as Chinese competitors lose their low-cost advantage. In this sense, protectionism can boost economic growth in the long run, but not before fueling market inefficiencies and complicating inflation.
Persons: , Donald Trump, hasn't shied, Biden, he's, Ben Herzon Organizations: Service, P Global Intelligence, Federal Reserve, Business, P's Locations: China
Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. New investors may consider buying Best Buy if shares fall another $1, Jim Cramer said, as the stock was trading around $80 apiece. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Jim Cramer, Jim, Jim Cramer's Organizations: CNBC, Nasdaq, Chicago PMI, Club, Costco Wholesale, Costco Locations: Chicago, U.S
CNN —Tesla is recalling 125,227 vehicles in the United States due to a malfunction in its seat belt warning system that can increase the risk of injury in a collision, the National Highway Traffic Safety Administration said on Friday. The regulator said the vehicles failed to comply with the federal safety requirements as their seat belt warning light and audible chime may not get activated when the driver is unbelted. The recall affects certain 2012-2024 Model S, 2015-2024 Model X, 2017-2023 Model 3 and 2020-2023 Model Y vehicles. The remedy will remove dependency on the driver seat occupancy sensor from the software and only rely on driver seat belt buckle and ignition status to activate the seat belt reminder signals, the NHTSA said. Tesla had recalled 200,000 Model S, X, and Y vehicles in the US in January due to a software malfunction that could obstruct drivers’ visibility while reversing.
Persons: Tesla Organizations: CNN, Traffic Safety Administration, NHTSA Locations: United States
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed policy at restrictive levels but economy hasn't made enough progress to cut, says former KC Fed presidentEsther George, former Kansas City Fed president, joins 'Squawk on the Street' to discuss if the Federal Reserve's policy is restrictive enough, if the Fed could lower rates in September, and signs that demand is weakening.
Persons: hasn't, Esther George Organizations: KC, Kansas City Fed, Federal Locations: Kansas
A little over 40% of Americans would consider themselves financially successful if they were able to clear their debt, according to a recent Bankrate survey. That number includes mortgage debt, car loans, student loan debt and credit card debt. "Not all debt needs to be paid off as soon as possible," she tells CNBC Make It. For each debt, include the name of your lender, your outstanding balance, the minimum payment, any due dates and the interest rate. And the interest rate for federal student loans ranges from 5.5% to 8.05%, per the Department of Education.
Persons: isn't, Avani Ramnani, Francis, Ramnani, Matt Schulz, Louis Organizations: New York Federal Reserve, Francis Financial, CNBC, Federal Reserve Bank of St, of Education
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