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☆ You might have just missed Earth-shattering economic news
▼ + stars: | 2024-07-12 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

Instead, the single best economic news of the past decade is but a murmur of chit-chat, barely audible against a clamor of politicos shouting about President Joe Biden’s age. Bidenomics worked and no one caresFor the past three years, President Biden’s biggest political liabilities have been painfully obvious: his age and inflation. Still, Thursday should have been a day for the White House to spike the football and double down on a message that has, historically, fallen flat — that Bidenomics is working. Rather than doing a victory lap, Biden on Thursday was preparing for a high-stakes news conference in front of a ravenous White House press corps that focused their questions almost entirely on his fitness to lead. The White House can finally cross out “inflation” on its list of presidential liabilities.

Persons: CNN Business ’, New York CNN —, it’s, Aaron Sojourner, Jay Powell, Joe Biden’s, Bidenomics, Biden’s, doesn’t, that’s, whoever’s, aren’t, Alicia Wallace, Biden, Donald Trump, it’ll, sipping Champagne Organizations: CNN Business, New York CNN, econ, Biden, Consumers, Labor Department, White, House, Democratic Locations: New York, America

☆ Strike over: Kaiser Permanente unionized health care workers end their strike without reaching a deal
▼ + stars: | 2023-10-07 | by ( Samantha Delouya | ) edition.cnn.com time to read: +9 min

CNN —More than 75,000 unionized Kaiser Permanente employees are returning to work after a historic three-day strike. This week’s temporary work stoppage — the largest health care strike in US history — concluded at 6 am PT on Saturday without a deal. Kaiser Permanente healthcare workers rally outside Kaiser Permanente Los Angeles Medical Center in Los Angeles on Wednesday, October 4, 2023. Some issues affect the entire health care industryTo be sure, staffing issues do not only affect Kaiser Permanente. ECRI, an independent health care research firm, ranks the industry’s staffing shortage as the most significant risk to American patients.

Persons: —, Damian Dovarganes, ” Georgette Bradford, Julie Su, Su “, Joe Biden, Biden, Kaiser, hasn’t, ” Kaiser Permanente, Rocio Chacon, ” Chacon, Kaiser Permanente, Ryan Sun, James Bell, Christina Campbell, “, ” Campbell, Larriesha Malbrough, John Rudoff, ”, ‘, John August, Sal Rosselli, ” Rosselli, ECRI, Gerald Kominski Organizations: CNN, Kaiser Permanente, Kaiser Permanente Los Angeles Medical Center, Kaiser, “, Labor, Labor Department, United Auto Workers, ”, Employees International Union, United Healthcare Workers West, SEIU, Kaiser Permanent, AP, Service Employees International Union, Permanente, Coalition, Kaiser Permanente Unions, Kaiser Permanente . Nursing, National Union of Healthcare Workers, UCLA Center for Health Policy Research Locations: Los Angeles, Sacramento , California, California, Michigan, Washington, United States, Kaiser, California , Colorado, Washington and Oregon, Virginia, Baldwin Park , California, Portland , Oregon

☆ Deaths haunt Corporate America via labor strikes
▼ + stars: | 2023-09-15 | by ( Ben Winck | ) www.reuters.com time to read: +5 min

United Auto Workers union President Shawn Fain joins UAW members who are on a strike, on the picket line at the Ford Michigan Assembly Plant in Wayne, Michigan, U.S., September 15, 2023. Manufacturing plants in Wentzville, Missouri, Wayne, Michigan and Toledo, Ohio will be empty as Ford Motor (F.N), General Motors (GM.N), and Stellantis (STLAM.MI) try to reach an agreement with the United Auto Workers collective bargaining committee. Deaths among the demographic that make up the workforce in the transportation sector are partly putting pressure on the problem. Follow @BenWinck on XCONTEXT NEWSThe United Auto Workers union started simultaneous strikes at Ford, General Motors and Stellantis on Sept. 15 after last-minute labor negotiations failed to result in a deal. Pilots organized with the Air Line Pilots Association rejected a tentative labor deal with Fedex on July 24.

Persons: Shawn Fain, Rebecca Cook, they’re, Alan Krueger, walkouts, it’s, “, Darren Hawkins, Sean O’Brien, Lauren Silva Laughlin, Sharon Lam Organizations: United Auto Workers, Ford Michigan Assembly Plant, REUTERS, Rights, Reuters, Ford, General Motors, Bureau of Labor Statistics, White, Richmond Federal Reserve, Reuters Graphics Reuters, United Airlines, Sensible, Pilots, Air Line Pilots Association, Fedex, Delta Air Lines, International Brotherhood of Teamsters, of Labor Statistics, Thomson Locations: Wayne , Michigan, U.S, Wentzville , Missouri, Toledo , Ohio

ABUJA, Nigeria (AP) — Some employees in government offices in Nigeria walked off their jobs Tuesday in protest of the growing cost of living due to the removal of gas subsidies, threatening to “shut down” Africa’s largest economy if their demands for improved welfare are not met. Made up of hundreds of thousands of members, the Nigeria Labor Congress workers association began a two-day “warning strike," their second in over a month. Last-minute efforts to avert the strike failed on Monday evening after labor unions' leaders shunned a meeting called by the Labor Ministry. After he ended the yearslong subsidies for gas on his first day in office, the price of petrol more than doubled, resulting in a similar hike in the price of other commodities. But workers have said such steps are not enough with their wages still the same.

Persons: Bola Tinubu, Joe Ajaero, Tinubu’s, Tinubu, Ajaero, Simon Lalong Organizations: Nigeria Labor Congress, Local, Labor Ministry, ” Labor Locations: ABUJA, Nigeria

Both theory and past practice suggest that higher interest rates weigh on investment and consumption, crimping companies’ profit and forcing them to reduce hiring or lay off staff. It could also be that higher interest rates weigh on prices by pushing up borrowing costs and weakening financial markets, without requiring widespread layoffs. But economic forecasters have wrongly anticipated layoffs and higher unemployment for much of the past year. Until disinflation becomes less immaculate, the central bank has the unholy problem of choosing between lessons from history and those of the last 12 months. The U.S. unemployment rate dipped to 3.6% in June, the BLS announced on July 7.

Persons: Jerome Powell, Donald Trump, Joe Biden, Powell, There’s, Ben Winck, Francesco Guerrera, Peter Thal Larsen, Sharon Lam, Streisand Neto Organizations: Reuters, Federal Reserve, Wall, U.S, Fed, UBS –, Bank of International, Workers, United, Refinitiv, Consumer, of Labor Statistics, BLS, Thomson Locations: U.S, United States, payrolls, Washington, London

☆ Britain is facing a mortgage crisis. There are no easy answers
▼ + stars: | 2023-06-23 | by ( Anna Cooban | ) edition.cnn.com time to read: +6 min

Mortgage painThe announcement comes a day after the Bank of England raised interest rates by half a percentage point to help bring down stubborn inflation. More than 2 million UK mortgage holders paying a fixed interest rate are facing an increase of hundreds of pounds in monthly repayments when they are forced to refinance this year and next. Many borrowers bought their homes when mortgage rates were closer to 1% or 2%. That sets the country apart from other major economies, including the United States, where on both measures inflation has started to ease. After the latest rise in interest rates Thursday, Hunt said the government would “stick to [its] guns” on keeping rates high to tame high prices.

Persons: Rishi Sunak, Jeremy Hunt, Sarah Coles, Hargreaves Lansdown, ”, Matt Hammerstein, David Duffy, Debbie Crosby, James Manning, ” Max Mosley, Jake Berry, Sunak, Liz Truss, Brexit, Mark Carney, Charlie Bean, Hunt, ” — Hanna Ziady Organizations: London CNN, UK Treasury, HSBC, Lloyds Banking Group, Barclays, BCS, CNN, Bank of England, National Institute of Economic, Social Research, Virgin Money, Conservative Party, Institute for Fiscal Studies, European Union, Bank of, Daily Telegraph, BBC Radio Locations: United Kingdom, United States, Britain

☆ Fed's Williams: Inflation still 'too high,' Fed will act to lower it
▼ + stars: | 2023-04-19 | by ( Michael S. Derby | ) www.reuters.com time to read: +2 min

“Inflation is still too high, and we will use our monetary policy tools to restore price stability,” Williams said in prepared remarks for delivery before a gathering held by the Money Marketeers of New York University. Williams, who also serves as vice-chairman of the rate setting Federal Open Market Committee, did not comment on his personal view of what’s next for monetary policy, but he did note that central bank forecasts released recently flagged the prospect of more monetary policy tightening to help lower inflation. In his remarks, Williams said that the banking sector stress that started last month and has resulted in extensive Fed emergency lending to banks seems to be cooling off. “Conditions in the banking sector have stabilized, and the banking system is sound and resilient,” Williams said. The central banker noted in his speech that while inflation is high it has been cooling.

☆ What’s changed since Powell last headed to Capitol Hill
▼ + stars: | 2023-03-07 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

It’s his first appearance before the committee since June last year, when inflation was on its way to 9%. Inflation has slowed in recent months, measuring 6.4% in January after hitting a 40-year high of 9.1% in June. Faced with a strong labor market, uncertain geopolitical developments and surging inflation, Powell told members of Congress then that he’d likely propose a quarter-point rate hike at the central bank’s forthcoming meeting. It’s now March 2023, and the central bank is faced with an “extraordinarily strong” labor market, ongoing geopolitical uncertainty and stubborn inflation. One month ago, the probability for a half-point increase was 3.3%, according to the CME FedWatch Tool.

☆ Fed could hike rates by 25 or 50 basis points on Feb. 1, Daly tells WSJ
▼ + stars: | 2023-01-09 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

Slideshow ( 2 images )(Reuters) - San Francisco Federal Reserve President Mary Daly on Monday said a half-percentage-point interest rate hike, or a quarter-percentage-point increase, are both possibilities for the U.S. central bank’s Jan. 31-Feb. 1 meeting. “I can give you arguments for either side,” Daly said in a webcast interview with the Wall Street Journal. The Fed should try to bring inflation down “as gently as we can,” but it also “absolutely” needs to make sure high inflation does not become embedded. Daly said she thinks the policy rate, now in a 4.25%-4.50% range, will ultimately need to go to 5.00%-5.25% and stay there to bring inflation back down to the Fed’s 2% target, but exactly how far it will need to rise will depend on the data. Getting inflation down faster than that would require “enormous” labor market pain that Daly said she is not willing to inflict.

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