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☆ High inflation is largely not Biden's or Trump's fault, economists say
▼ + stars: | 2024-07-11 | by ( Greg Iacurci | ) www.cnbc.com time to read: +7 min

The Federal Reserve, which acts independently from the Oval Office, was slow to act to contain hot inflation, for example. That Biden is seen as stoking high inflation is due somewhat to optics: he took office in early 2021, around the time inflation spiked notably, economists said. "In my view, neither Trump nor Biden is to blame for the high inflation," said Mark Zandi, chief economist at Moody's Analytics. At a high level, hot inflation is largely an issue of mismatched supply and demand. For example, Trump imposed tariffs on imported steel, aluminum and several goods from China, which Biden largely kept intact.

Persons: Joe Biden, Donald Trump, Justin Sullivan, Trump, Biden, David Wessel, Mark Zandi, Wu Shaoyang, Wessel, Zandi, Stephen Brown, Eric Baradat, —, Michael Strain, Strain, Jerome Powell, Olivier Douliery Organizations: CNN, Getty, Federal Reserve, Biden, Trump, Hutchins, Brookings Institution, Moody's, Qingdao Port, International Monetary Fund, North, Capital Economics, American, Afp, American Enterprise Institute, Federal, . Federal Locations: Atlanta, U.S, Ukraine, Qingdao, Shandong Province, China, North America, Washington, It's

☆ Is inflation Biden's or Trump's fault? The answer isn't so simple, economists say
▼ + stars: | 2024-07-03 | by ( Greg Iacurci | ) www.cnbc.com time to read: +8 min

"He caused the inflation," Trump said of Biden during the June 27 debate. "He decimated the economy, absolutely decimated the economy," Biden said. 'Neither Trump nor Biden is to blame'Global events beyond Trump's or Biden's control wreaked havoc on supply-and-demand dynamics in the U.S. economy, fueling higher prices, economists said. "In my view, neither Trump nor Biden is to blame for the high inflation," said Mark Zandi, chief economist at Moody's Analytics. For example, Trump imposed tariffs on imported steel, aluminum and several goods from China, which Biden largely kept intact.

Persons: Donald Trump, Joe Biden, Andrew Harnik, Trump, Biden, David Wessel, Mark Zandi, Mario Tama, Wessel, Zandi, Stephen Brown, —, Michael Strain, Strain Organizations: Getty, Federal Reserve, Biden, Trump, Hutchins, Brookings Institution, Finance, Social Security, Medicare, Moody's, Port, International Monetary Fund, North, Capital Economics, American, American Enterprise Institute, Federal, U.S Locations: Atlanta, U.S, Ukraine, China, Port of Los Angeles, San Pedro , California, North America, It's

☆ PIMCO's Jerome Schneider explains why now's the 'perfect condition' to be in fixed income
▼ + stars: | 2023-08-24 | 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 EmailPIMCO's Jerome Schneider explains why now's the 'perfect condition' to be in fixed incomeLouise Sheiner, Brookings Institution senior fellow and policy director for The Hutchins Center on Fiscal and Monetary Policy, and Jerome Schneider, PIMCO managing director, join 'Squawk Box' to discuss the state of the economy, latest market trends, what investors should expect from Fed Chair Jay Powell in Jackson Hole tomorrow, and more.

Persons: PIMCO's Jerome Schneider, Louise Sheiner, Jerome Schneider, PIMCO, Jay Powell Organizations: Brookings Institution, The Hutchins, Monetary Locations: Jackson

☆ I'm not ready to declare victory on a soft landing yet, says Brookings Institution's Louise Sheiner
▼ + stars: | 2023-08-01 | 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 EmailI'm not ready to declare victory on a soft landing yet, says Brookings Institution's Louise SheinerLouise Sheiner, Brookings Institution senior fellow and policy director of the Hutchins Center on Fiscal and Monetary Policy, joins 'Squawk Box' to discuss the Fed's inflation fight, why it's still too soon to declare victory on a soft landing, and more.

Persons: Brookings, Louise Sheiner Louise Sheiner, it's Organizations: Brookings Institution, Hutchins, Monetary

The Federal Reserve enacts monetary policies to stabilize prices and maximize employment in the U.S. economy. These dueling goals are known as the dual mandate. For example, if prices are too hot, the Fed may vote to raise interest rates to influence a decrease in borrowing. Other experts argue that the dual mandate remains key to keeping the U.S. economy safe and stable. Watch this video to see how the Fed tries to strike a near-impossible balance to promote both parts of the dual mandate.

Persons: Danielle DiMartino Booth, Thomas Hoenig, David Wessel Organizations: QI Research, CNBC, International Monetary Fund, Federal Reserve Bank of Kansas City, Hutchins, Brookings Institution Locations: U.S

Since 1977, the Federal Reserve has focused on creating maximum employment and maintaining stable prices, commonly known as the dual mandate. "[Maximum employment is] this more sort of amorphous thing," Rucha Vankudre, a senior economist at labor market analytics firm Lightcast, told CNBC. However, at the Federal Open Market Committee news conference in January 2022, Federal Reserve Chairman Jerome Powell announced that "labor market conditions are consistent with maximum employment." Maximum employment is also difficult to quantify because existing measures of employment, such as the unemployment rate or the labor force participation rate, often do not account for certain groups of people. Watch the video above to learn more about what maximum employment really means and how inflation impacts employment.

[1/2] Alec Baldwin arrives at the 2nd Annual NFL Honors in New Orleans, Louisiana, February 2, 2013. REUTERS/Lucy NicholsonJan 23 (Reuters) - Western movie "Rust" will continue filming with Alec Baldwin in the lead role, a lawyer for the production said Monday, days after prosecutors said they would charge the actor in the fatal shooting of the movie's cinematographer Halyna Hutchins. Baldwin will continue to play grandfather Harland Rust while Joel Souza will return as "Rust" director following his wounding in the October 2021 shooting, said Melina Spadone, an attorney for Rust Movie Productions. Baldwin in October reached a settlement of a wrongful-death lawsuit filed by the Hutchins family under which Hutchins would take a production role in "Rust" and filming would resume this month. Baldwin has denied responsibility for the shooting, saying live ammunition should never have been allowed on set and weapons handlers were responsible for firearm safety.

☆ Here’s what will happen to the economy as the debt ceiling drama deepens
▼ + stars: | 2023-01-22 | by ( Alicia Wallace | ) edition.cnn.com time to read: +8 min

Minneapolis CNN —After the United States hit its debt ceiling on Thursday, the Treasury Department is now undertaking “extraordinary measures” to keep paying the government’s bills. And Americans — many people — would lose their jobs and certainly their borrowing costs would rise.”Dire warnings of debt ceiling trouble aren’t new. “2011 was the first time in a long time that we came close to a debt ceiling breach,” he said. “I think you would be hard pressed to say [the debt ceiling debacle] was a positive thing,” he said. Considering the potential consequences in the United States and abroad, Sheiner believes the debt ceiling will be lifted or suspended — eventually.

CNN Business —The Federal Reserve could pull back on the pace of its aggressive rate hikes as soon as December, Fed Chairman Jerome Powell said Wednesday at an economic forum. The most recent Job Openings and Labor Turnover Survey showed Wednesday that there were almost 1.7 jobs available for every job seeker in October. The decline in job openings is a positive development, Powell said Wednesday. And the rate hikes could be doing more harm than good. Since rate hikes can take months, even years, to flow through the economy, the Fed now appears to be adopting a “lower and slower” model of smaller rate hikes over a longer period.

☆ Stock futures are flat after major averages slide on Covid unrest in China
▼ + stars: | 2022-11-28 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange (NYSE), September 6, 2022. U.S. stock futures were flat on Monday night after the major averages came under pressure from Covid protests in China, and as investors anticipated more economic data and commentary from Federal Reserve leaders this week. Growing frustration in mainland China over the country's zero-Covid policy weighed on markets around the world. On Monday, West Texas Intermediate crude futures briefly fell to their lowest point since last December. Fed Chair Jerome Powell is scheduled to speak at the Hutchins Center on Fiscal and Monetary Policy at Brookings on Wednesday.

Alec Baldwin settled a lawsuit filed by loved ones of cinematographer Halyna Hutchins, who was killed on the set of his movie "Rust" last year, representatives from both sides of the civil action said Wednesday. Other parties still face civil, criminal penaltiesThe movie set's armorer, Hannah Gutierrez-Reed, was also named as a defendant in the estate's lawsuit. "She is too traumatized to return to that set, because Mamie was standing next to Halyna Hutchins when Halyna was shot and killed," Mitchell's lawyer Gloria Allred said in a statement. She is very happy that Halyna's son and family have reached a settlement that they believe is fair to them. However, Mamie will continue her pursuit of justice in her civil case, and she will also be willing to testify in a criminal case if one is filed."

☆ Premarket stocks: Ronald Reagan's tax lesson for Britain
▼ + stars: | 2022-09-27 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Citibank analysts called the decision a “huge, unfunded gamble for the UK economy.” Markets dropped precipitously on the news. But much like Truss, Reagan argued that massive tax cuts and deregulation would stimulate productivity and he championed a sweeping tax cut that was passed by Congress that year. According to US Treasury estimates, Reagan’s tax cuts reduced federal revenues by about 9% in the first couple of years. A lesson from history: “When tax cuts are really too big to be sustainable, they’re often followed by tax increases,” wrote David Wessel, director of The Hutchins Center on Fiscal and Monetary Policy. The US dollar appreciated during the Reagan tax cuts because it benefits from global reserve currency status.

☆ 'Opportunity zones' meant to boost poor communities did little more than give the rich another tax loophole — proof that trickle-down economics doesn't work
▼ + stars: | 2022-01-01 | by ( Paul Constant | ) www.businessinsider.com time to read: +6 min

He recently spoke with economist David Wessel about "opportunity zones" in the 2017 tax plan. Trump's tax cuts represented the purest form of trickle-down that had ever passed in Washington, DC. The Trump tax cuts didn't increase investments in American business — in fact, the wealth created for the richest Americans from those tax cuts likely wound up overseas. Instead, the Congressional Budget Office found that corporate tax revenue fell by over 30% the year after the tax cuts passed. We're still unraveling all the harm that the 2017 Trump tax bill has done to the economy.

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