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☆ Inflation Inched Higher in April, Reflecting Challenge for the Fed
▼ + stars: | 2023-05-26 | by ( Madeleine Ngo | Ben Casselman | ) www.nytimes.com time to read: +1 min

Still, prices are not climbing as fast they were in February, when the index rose 5.1 percent on an annual basis. A “core” measure that tries to gauge underlying inflation trends by stripping out volatile food and energy prices rose 4.7 percent over the year through April, up slightly from 4.6 percent in March. The core measure rose 0.4 percent in April from the prior month, up from 0.3 percent in March. That was slightly faster than some analysts had expected. Core inflation had been rising at a faster pace earlier in the year, climbing 0.6 percent in January.

☆ America’s Semiconductor Boom Faces a Challenge: Not Enough Workers
▼ + stars: | 2023-05-19 | by ( Madeleine Ngo | ) www.nytimes.com time to read: +1 min

Maxon Wille, an 18-year-old in Surprise, Ariz., was driving toward Interstate 17 last year when he noticed a massive construction site: Taiwan Semiconductor Manufacturing Company at work on its new factory in Phoenix. “I can see this being the next big thing,” Mr. Wille said. Semiconductor manufacturers say they will need to attract more workers like Mr. Wille to staff the plants that are being built across the United States. America is on the cusp of a semiconductor manufacturing boom, strengthened by billions of dollars that the federal government is funneling into the sector. President Biden had said the funding will create thousands of well-paying jobs, but one question looms large: Will there be enough workers to fill them?

☆ Biden Taps Two Negotiators to Reach Debt Ceiling Deal With Republicans
▼ + stars: | 2023-05-17 | by ( Madeleine Ngo | ) www.nytimes.com time to read: +1 min

One of the biggest developments out of Tuesday’s debt ceiling meeting was President Biden’s selection of two officials to negotiate directly with aides to Speaker Kevin McCarthy: Shalanda Young, the director of the Office of Management and Budget, and Steve Ricchetti, a White House senior adviser. That decision appeared to mollify Mr. McCarthy, who noted after the meeting that “we finally have a formula that has proven to work in the past.”Ms. Young and Mr. Ricchetti bring years of experience working with lawmakers on both sides of the aisle to forge deals on critical pieces of legislation. But they will still face a difficult task in trying to reach an agreement to raise the debt ceiling ahead of a potential default as soon as June 1. They are expected to work closely with Louisa Terrell, the director of the White House Office of Legislative Affairs. Here’s a look at the two key players who will represent Mr. Biden as policymakers work to avoid what many say would be an economically devastating default.

☆ Food Prices Were Flat in April, Report Shows
▼ + stars: | 2023-05-10 | by ( Madeleine Ngo | ) www.nytimes.com time to read: +1 min

Food prices were flat for a second straight month in April, relief for many Americans who have faced higher costs at the grocery store in recent months. That is a big improvement from February, when prices rose 0.4 percent over the month. Prices for food at home fell 0.2 percent in April compared with the month before. Prices for food at restaurants continued to pick up, rising 0.4 percent over the month, a slight decline from 0.6 percent in March. Overall, food prices have climbed 7.7 percent over the last year.

☆ A Timeline of How the Banking Crisis Has Unfolded
▼ + stars: | 2023-05-01 | by ( Madeleine Ngo | ) www.nytimes.com time to read: +9 min

March 9Gregory Becker, the chief executive of Silicon Valley Bank, urged venture capital firms to remain calm on a conference call. March 10In the biggest bank failure since the 2008 financial crisis, Silicon Valley Bank collapsed after a run on deposits . Regional bank stocks plunged after the unexpected seizure of Silicon Valley Bank and Signature Bank , with shares of First Republic tumbling 60 percent. The Treasury secretary believed the actions by the private sector would help underscore confidence in the stability of the banking system. April 28The Fed released a report faulting itself for failing to “take forceful enough action” ahead of Silicon Valley Bank’s collapse.

WASHINGTON — House Republicans on Wednesday unveiled a bill that would cut billions in federal spending and roll back some of President Biden’s policy priorities in exchange for lifting the debt ceiling for one year. Mr. Biden has insisted that Republicans raise the debt limit without any conditions and said that he would not meet with them to discuss spending cuts until they passed their own fiscal plan. Speaker Kevin McCarthy said he would put the new legislation, which Republicans claim would save the nation $4.5 trillion, to a vote next week. Negotiations have so far been frozen, and time is running short: The United States, which has already hit a $31.4 trillion cap on how much money it can borrow, could run out of money to pay its bills as soon as June. That could have catastrophic effects, potentially leading to a global financial crisis and a painful recession in the United States.

☆ House G.O.P. Eyes Rescinding Unspent Covid Money as Part of Its Fiscal Plan
▼ + stars: | 2023-04-20 | by ( Catie Edmondson | Madeleine Ngo | ) www.nytimes.com time to read: +1 min

Their focus on the idea reflects how, after toiling unsuccessfully for months to unite their rank and file around a fiscal blueprint, G.O.P. leaders have become acutely aware that they have few options for doing so that could actually pass the House. On Wednesday, Speaker Kevin McCarthy highlighted the measure when he finally unveiled House Republicans’ proposal to raise the debt limit for one year in exchange for a series of spending cuts and policy changes. “The American people are tired of politicians who use Covid as an excuse for more extreme inflationary spending,” Mr. McCarthy said in a speech on the House floor. “If the money was authorized to fight the pandemic, what was not spent during the pandemic should not be spent after the pandemic is over.”

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