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☆ 'Bidenomics' is being used to tout the country's economic progress — but Americans are still waiting for key Democratic priorities like a higher minimum wage and paid leave
▼ + stars: | 2023-06-29 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

President Biden on Wednesday delivered an address about his economic plan, which has been termed "Bidenomics." The remarks touted the US's strong economic data, and the fact that there's more to be done. But with all the talk on the president's accomplishments, it's hard not to notice key items still on Democrats' to-do list. Still, Biden promised he would enact free community college before he leaves the White House. "And if I don't, I'll be sleeping alone for a long time," he said, likely referring to his wife, Dr. Jill Biden, who is a community college teacher.

Persons: Biden, —, Joe Biden, Lael Brainard, FDR, it's, Joe Manchin, Still, Anderson Cooper, Jill Biden, That's, they've Organizations: GOP, Service, Wednesday, US, Economic, Gallup, Republicans, Democrats, Democratic, American, CNN Locations: Chicago

Chicago CNN —President Joe Biden’s top economic advisers believe the worst effects of inflation are in the rear-view mirror. “I didn’t come up with a name,” he said, crediting the news media for inventing the term Bidenomics. The debt ceiling impasse also needed to be resolved and Biden’s key economic legislation needed to begin to be implemented. Now, officials see Bidenomics as an opportunity to tie together the president’s economic accomplishments, the vision behind those policies and a growing economy under one term. But it’s working.”But when faced with the question of whether “Bidenomics” can be the answer to changing public perception of the president’s record, White House press secretary Karine Jean-Pierre offered a frank reply: “We’re going to try.

Persons: Joe Biden’s, There’s, “, Bidenomics ”, ” Biden, ”, Biden, he’d, he’s, Anita Dunn, Mike Donilon, Dunn, Donilon, Lael Brainard, ” Brainard, It’s, “ It’s, ” Dunn, we’re, Richard Nixon, it’s, Ronald Reagan, Bidenomics, ’ ”, Karine Jean, Pierre Organizations: Chicago CNN, Old, Old Chicago Main Post, CNN, SSRS, “, MSNBC, British, Wall Street, White Locations: Chicago, Old Chicago, America, Ukraine, Philadelphia

☆ Biden tries to flip skeptical Americans on his economic plan
▼ + stars: | 2023-06-28 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +3 min

The U.S. president will attempt to re-introduce his vision of middle-class American prosperity during a speech in Chicago. The philosophy includes taxing the wealthy to invest in areas critical to national security, including semiconductors; educating workers; and improving economic competition, according to aides who previewed the speech for reporters. Trump has made inflation a key element of his attacks on Biden in the early months of the race. "Americans are worse off under Biden," said Republican National Committee chairwoman Ronna McDaniel in a statement. Biden, 80, is also expected to attend a fundraising event while he is in the Chicago area ahead of a deadline for federal fundraising records.

Persons: Joe Biden, Biden, Ronald Reagan, Lael Brainard, Donald Trump, Trump, Ronna McDaniel, Trevor Hunnicutt, Jamie Freed Organizations: U.S, Reuters, Biden, Federal Reserve, Democratic, Republican, Biden's, Economic, Nielsen, Republican National, Thomson Locations: Chicago, U.S

☆ Why the Fed paused its rate hikes: It’s tired of playing a giant guessing game
▼ + stars: | 2023-06-16 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Following the policy announcement, Fed Chair Jerome Powell noted that rate hikes typically filter through the economy with “uncertain lags.” In other words, the Fed has been playing an (educated) guessing game, taking action before it understands the results. What’s happening: As much as Federal Reserve officials wish they could, they can’t just wave a wand and lower inflation rates. Here’s how the system works: First, the Fed raises interest rates for overnight loans between financial institutions. Less demand for goods reduces incentives to raise prices and inflation rates will fall. That means they’re able to draw their own conclusions about the trajectory of inflation rates.

Persons: Jerome Powell, ”, Jack McIntyre, McIntyre, ” Powell, Powell, Yung, Yu Ma, Ma, Biden, Joe Biden, Sam Fossum, you’re, ” Biden, Lael Brainard, Greg Wallace, Sen, John Thune of, Republican Sen, Jerry Moran Organizations: New, New York CNN, Federal Reserve, Brandywine Global, BMO Wealth Management, Ticketmaster, “, Economic, Federal Aviation Administration, FAA, Republican Locations: New York, “, John Thune of South Dakota, Kansas

☆ Biden to announce Live Nation and Ticketmaster will allow consumers to see all fees up front
▼ + stars: | 2023-06-15 | by ( Sam Fossum | ) edition.cnn.com time to read: +3 min

“President Biden has been working to lower costs for hardworking families by bringing down inflation, capping insulin prices for seniors, and eliminating hidden junk fees,” said National Economic Council Director Lael Brainard in a written statement. These include Live Nation, SeatGeek, xBk, Airbnb, the Pablo Center at the Confluence, TickPick, DICE, and the Newport Festivals Foundation. Ticketmaster has also promised to add a feature to allow customers to see the full price upfront for all other tickets sold on its platform. Live Nation and Ticketmaster merged to form Live Nation Entertainment in 2010. It is also just a first step towards addressing junk fees in the economy,” a White House fact sheet states.

Persons: Joe Biden, “, Biden, ”, Lael Brainard, ” Biden Organizations: CNN, Ticketmaster, Economic, White, Pablo Center, Newport Festivals Foundation, House, Entertainment, Biden’s Transportation Department, Competition Locations: SeatGeek, Iowa

☆ Ticketmaster parent Live Nation, others agree to show 'junk fees' after Biden pressure
▼ + stars: | 2023-06-15 | by ( Emma Kinery | ) www.cnbc.com time to read: +2 min

WASHINGTON — Several large companies, including Ticketmaster parent Live Nation , are vowing to end surprise "junk fees" following a pressure campaign from the Biden administration. "Junk fees" are extra costs tacked on at the end of purchases, often for concert tickets, resorts and rentals. President Joe Biden has made ending the practice a priority and invited representatives from Live Nation, Airbnb , SeatGeek and others to meet with him Thursday. Both Live Nation and SeatGeek agreed in advance of the meeting to commit to show all fees up front for ticket purchases, the White House said. "It is also just a first step towards addressing junk fees in the economy."

Persons: Joe Biden, Jens Stoltenberg, Biden, SeatGeek, Lael Brainard Organizations: NATO, White, WASHINGTON, Ticketmaster, Live, xBk, Economic Locations: Washington ,, SeatGeek, . Iowa

☆ White House hails the end of the supply chain nightmare
▼ + stars: | 2023-06-08 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —White House officials on Thursday hailed the unclogging of supply chains and suggested that further easing of bottlenecks will help cool inflation. “Critical supply chains are significantly more fluid and resilient than they were when the President took office,” White House officials wrote in a supply chain scorecard shared first with CNN. The traffic jam of vessels backed up ports, once a symbol of the supply chain crisis, has all but disappeared. The White House economists said it is a “positive development for consumers” and struck a hopeful tone it will continue. The blog post said there is a high correlation between producer prices and supply chain pressures, suggesting the easing in supply chain pressure may continue to cool inflation.

Persons: ”, Biden, Biden’s, ” Lael Brainard, ” Torsten Slok, “ Organizations: New, New York CNN, White, CNN, National Economic Council, Consumers, IRI, Shipping, New York Federal, Apollo Global Management, Defense, EV, White House Council, Economic Advisers, Institute of Supply, Federal Reserve Locations: New York, Ukraine

☆ Biden’s Debt Deal Strategy: Win in the Fine Print
▼ + stars: | 2023-06-03 | by ( Jim Tankersley | ) www.nytimes.com time to read: +2 min

Mr. Biden had insisted for months that he would not negotiate over raising the borrowing limit. But privately, many aides had been planning on talks all along — though they refused to admit those talks were linked to the debt limit. The Biden team reasoned that it would have to negotiate fiscal issues this year anyway, both on appropriations bills and on programs like food stamps that are included in a regularly reauthorized farm bill. It featured work requirements and measures to speed fossil fuel projects, and it raised the debt limit for one year. Mr. Biden, under fire from business groups and others who feared the standoff could result in the United States running out of money before the debt limit was raised, soon agreed to designate a team of negotiators.

Persons: Biden, Lael Brainard, Janet L, McCarthy, Young, Michael Linden, Louisa Terrell, Ricchetti Organizations: Biden, National Economic Council, Social Security, White House Locations: United States

☆ Watch Fed Chairman Jerome Powell speak live on monetary policy
▼ + stars: | 2023-05-19 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

Federal Reserve Chairman Jerome Powell speaks Friday at the "Perspectives on Monetary Policy" panel at the Thomas Laubach Research Conference the central bank is hosting in Washington, D.C. The remarks come with markets suddenly divided on where the Fed goes from here. Market pricing Friday morning indicated about a 35% probability the Fed might approve another interest rate hike when it meets in June, according to the CME Group. The Fed next week will release minutes from its meeting earlier in May at which it approved its 10th interest rate hike since March 2022. Read more:Dallas Fed President Logan says current data doesn't justify pausing rate hikes yetFed Governor Philip Jefferson named as new vice chair to succeed Lael BrainardFed increases rates a quarter point and signals a potential end to hikes

WASHINGTON, May 18 (Reuters) - Vice President Kamala Harris and top White House economic adviser Lael Brainard said on Thursday that a default on the U.S. debt of $31.4 trillion would throw the American economy into a recession. In a conference call for Democratic activists, Harris and Brainard urged them to contact lawmakers to express opposition to a debt default that could be less than two weeks away. "A debt default could trigger a recession," she said. Negotiators for the White House and congressional Republicans met again on Capitol Hill to discuss their search for common ground on lifting the $31.4 trillion debt ceiling, and plan to meet again on Friday, a White House official said. Brainard said the administration's goal, in its talks with House Speaker Kevin McCarthy's team, is to work toward a reasonable, bipartisan budget agreement.

U.S. West Texas Intermediate (WTI) crude fell 97 cents, or 1.3%, to settle at $71.86. A stronger dollar can weigh on oil demand by making the fuel more expensive for holders of other currencies. High interest rates boost borrowing costs, which can slow the economy and reduce oil demand. The strength of April U.S. economic data in addition to optimism about the debt ceiling negotiations have strengthened market expectations of a further hike, ANZ Research said in a note on Thursday. Another factor that could reduce oil demand was a fire in Mexico at the Salina Cruz refinery owned by Mexican state oil company Pemex.

The White House has not ruled out the annual spending caps that Republicans say must accompany any increase in the nation's $31.4 trillion debt limit. Republicans, who control the House, have said they will not vote to raise the debt ceiling unless Democrats agree to sharp spending cuts. BUDGET TALKSBiden has insisted that Congress must increase the country's borrowing capacity without conditions, but the White House says it is also willing to discuss budget matters with House Republicans. House Republicans passed legislation in April that pairs a $1.5 trillion debt-ceiling hike with $4.8 trillion in spending cuts, largely achieved by cutting annual discretionary spending by 8% next year and capping growth in the years to come. The White House and Republicans may agree to ease permitting requirements for pipelines and other energy infrastructure - though that would require time to draft into legislation, said Brian Riedl, a fellow at the conservative Manhattan Institute.

The White House has not ruled out the annual spending caps that Republicans say must accompany any increase in the nation's $31.4 trillion debt limit. Republicans, who control the House, for their part, are not insisting on other conditions that the White House has deemed off limits, such as a repeal of the green-energy incentives in Biden's Inflation Reduction Act of 2022. Biden told reporters on Sunday that he thought both sides wanted to reach a deal. "I still think we're far apart," McCarthy told reporters. BUDGET TALKSBiden has insisted that Congress must increase the country's borrowing capacity without conditions, but the White House says it is also willing to discuss budget matters with House Republicans.

Biden told reporters on Sunday that he thought both sides wanted to reach a deal. Staff from the two camps met through the weekend for talks that White House officials described as constructive. Republicans say there is plenty of time. Biden has insisted that Congress must increase the country's borrowing capacity without conditions, but the White House says it is also willing to discuss budget matters with Republicans who control the House of Representatives. The longer the two sides take to reach a deal, the smaller it is likely to be, he said.

☆ Fed Governor Philip Jefferson named as new vice chair to succeed Lael Brainard
▼ + stars: | 2023-05-12 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Federal Reserve Governor Philip Jefferson will be nominated by President Joe Biden to be vice chairman of the central bank's board, the White House announced Friday. As vice chair, he takes a position last occupied by Lael Brainard, who is now Biden's director of the National Economic Council. Before coming to the Fed, Jefferson was a professor of economics as well as vice president for academic affairs and dean of faculty at Davidson College. The nomination was not unexpected; multiple media outlets had reported that Jefferson was Biden's likely choice as vice chair. If confirmed, Jefferson would be the second Black person to hold the vice chair position.

If confirmed, Kugler, a Colombian-American, would be the first Latino to serve on the Fed board, marking the latest effort by Biden to improve the central bank’s diversity. Kugler, who is currently on leave from Georgetown University, previously worked in the Obama administration as the Labor Department’s chief economist. Getty Images/AlamyJefferson, who joined the Fed as a governor a year ago, has been tapped by Biden to the influential role of vice chair, serving as the No. He joined the Fed board in May 2022, after winning broad bipartisan support during his congressional confirmation process. He taught economics at Swarthmore College, Columbia University and the University of Virginia, and served as a high-ranking administrator at Davidson College.

Leading AI developers, including Anthropic, Google, Hugging Face, NVIDIA Corp (NVDA.O), OpenAI, and Stability AI, will participate in a public evaluation of their AI systems. Shortly after Biden announced his reelection bid, the Republican National Committee produced a video featuring a dystopian future during a second Biden term, which was built entirely with AI imagery. Such political ads are expected to become more common as AI technology proliferates. In February, Biden signed an executive order directing federal agencies to eliminate bias in their AI use. The Biden administration has also released an AI Bill of Rights and a risk management framework.

☆ White House to meet Microsoft, Google CEOs on AI dangers
▼ + stars: | 2023-05-04 | by ( Nandita Bose | ) www.reuters.com time to read: +4 min

REUTERS/Dado Ruvic/IllustrationWASHINGTON, May 4 (Reuters) - The White House will host CEOs of top artificial intelligence companies, including Alphabet Inc's Google (GOOGL.O) and Microsoft (MSFT.O), on Thursday to discuss risks and safeguards as the technology catches the attention of governments and lawmakers globally. Leading AI developers, including Anthropic, Google, Hugging Face, NVIDIA, OpenAI, and Stability AI, will participate in a public evaluation of their AI systems at the AI Village at DEFCON 31 - one of the largest hacker conventions in the world - and run on a platform created by Scale AI and Microsoft. Such political ads are expected to become more common as AI technology proliferates. In February, Biden signed an executive order directing federal agencies to eliminate bias in their use of AI. The Biden administration has also released an AI Bill of Rights and a risk management framework.

[1/3] U.S. President Joe Biden delivers remarks during an event marking National Small Business Week, in the Rose Garden of the White House in Washington, U.S., May 1, 2023. REUTERS/Leah Millis/File PhotoWASHINGTON, May 2 (Reuters) - The chief executives of Alphabet Inc's Google (GOOGL.O), Microsoft (MSFT.O), OpenAI and Anthropic will meet with Vice President Kamala Harris and top White House officials to discuss key artificial intelligence (AI) issues on Thursday, said a White House official on Tuesday. Concerns about fast-growing AI technology include privacy violations, bias and worries it could proliferate scams and misinformation. In April, the Biden administration said it was seeking public comments on proposed accountability measures for AI systems, as concerns grow about its impact on national security and education. The meeting will emphasize the importance of driving innovation "with safeguards that mitigate risks and potential harms," the official said.

After hitting the $31.4 trillion borrowing cap on Jan. 19, Treasury Secretary Janet Yellen previously told Congress Treasury would keep up payments on debt, federal benefits and make other outlays at using cash receipts and extraordinary cash management measures. The Republican bill would implement $4.5 trillion in spending cuts - or about 22% - in exchange for a $1.5 trillion increase in the U.S. debt limit. It has no chance of passing the Democrat-controlled Senate and the White House has said President Joe Biden would veto the legislation. The White House has asked Congress to raise the debt limit without conditions; administration officials are already making plans to negotiate with Republicans over the president's 2024 budget plan. What we can’t see is that the debt limit be used by a part of Congress to hold an entire agenda of unrelated items hostage to this threat of default," she said.

☆ US may run short of cash after June 1 without debt limit hike, Treasury says
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +3 min

The debt ceiling could become binding by June 1, she said. In 2011, a similar debt ceiling fight took the country to the brink of default and prompted a downgrade of the country's top-notch credit rating. The Republican bill would implement $4.5 trillion in spending cuts - or about 22% - in exchange for a $1.5 trillion increase in the U.S. debt limit. It has no chance of passing the Democrat-controlled Senate and the White House has said President Joe Biden would veto the legislation. What we can’t see is that the debt limit be used by a part of Congress to hold an entire agenda of unrelated items hostage to this threat of default," she said.

☆ White House Considers Two Key Nominations at the Fed
▼ + stars: | 2023-05-01 | by ( Jeanna Smialek | Jim Tankersley | ) www.nytimes.com time to read: +1 min

WASHINGTON — President Biden is closing in on two nominations for the Federal Reserve’s Board of Governors that would give the Fed its first Latina board member and its second ever Black vice chair, according to several people familiar with the process. Mr. Biden is close to nominating Adriana Kugler, an economist with Colombian heritage who is the U.S. executive director of the World Bank, to the Fed’s only remaining open governor position. In a corresponding move, he is likely to elevate Philip Jefferson, an economist who was confirmed overwhelmingly to the board when Mr. Biden nominated him to an open governor position, to be the board’s vice chair. A White House spokesman declined to comment on Monday. If confirmed by the Senate, Ms. Kugler would fill a governor position recently vacated by Lael Brainard, who became director of the White House National Economic Council in February.

WASHINGTON—As a top Federal Reserve official, Lael Brainard sounded an alarm four years ago that rolling back rules on midsize banks could sow the seeds of a future crisis. Last month, after two regional lenders failed, Ms. Brainard found herself on a video call with President Biden explaining how to clean up the very mess she had warned about.

☆ Fed Governor Bowman casts doubt on the need for a U.S. digital dollar
▼ + stars: | 2023-04-18 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Federal Reserve Governor Michelle Bowman expressed skepticism over the possibility of a digital U.S. dollar, noting Tuesday the multiple risks such a system could impose. For the past few years, Fed officials have been studying whether to join a handful of other central banks to implement its own type of cryptocurrency. However, she said an interest-bearing Fed digital dollar could provide harmful competition for banks, limiting their ability to lend. Like other Fed officials, Bowman said the looming implementation of the FedNow payments system also will address many of the needs cited by central bank digital currency promoters. Perhaps the CBDC's biggest Fed advocate has since left the central bank: Former Governor Lael Brainard is now director of the National Economic Council.

☆ Premarket stocks: Inflation just reached an inflection point
▼ + stars: | 2023-04-13 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +5 min

According to some experts, inflation rates have reached an inflection point and painful interest rate hikes could soon ease. Some economists believe that this level — around 5% — is the point at which inflation is no longer considered an emergency issue. That means the Federal Reserve could feel less pressure to quickly stabilize prices through aggressive, economically painful interest rate hikes. “The Fed … will insist that their job is done when inflation hits 2%,” Ball told Before the Bell on Wednesday. The US Treasury, Federal Reserve and Federal Deposit Insurance Corporation all intervened to ensure bank customers could access all their money and to attempt to stave off future bank runs.

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