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Federal Reserve Chair Jerome Powell is set to address the Economic Club of Washington, D.C., on Monday as traders look for hints about when the central bank will cut interest rates. Powell will partake in a discussion with David Rubenstein, chairman of the Economic Club and co-founder of The Carlyle Group. These will be Powell's first remarks since Thursday's consumer price index report, which showed that prices went down in June on a monthly basis. He also said the central bank did not need to wait for inflation to actually reach its 2% target before cutting rates. The Federal Reserve has a policy meeting at the end of July, but a rate cut is seen unlikely at that time.
Persons: Jerome Powell, Powell, David Rubenstein Organizations: Economic, of Washington, of Washington , D.C, Economic Club, The, Group, Capitol, Fed, Federal, Traders Locations: of Washington ,
Read previewPolitical leaders like Rep. Marjorie Taylor Greene and Rep. Lauren Boebert have created an environment in the US where violence is normalized, a political violence expert said in the wake of former President Donald Trump's attempted assassination. Rachel Kleinfeld, an expert on political violence, told Politico she thinks it's "political leaders like Marjorie Taylor Greene or Lauren Boebert or so on" who've been "amplifying the extremes" in the country. After the shooting, Greene blamed the incident on the Democratic Party. On Sunday — less than a day after the Trump rally shooting — senior lawmakers like House Speaker Mike Johnson asked people to cool it with the heated rhetoric. Representatives for Trump, Greene and Boebert did not immediately respond to requests for comment from Business Insider sent outside regular business hours.
Persons: , Marjorie Taylor Greene, Lauren Boebert, Donald Trump's, Rachel Kleinfeld, it's, Kleinfeld, Trump, Greene, , FKQ4SWzs5s — Marjorie Taylor Greene 🇺🇸 ( Organizations: Service, Politico, Business, Carnegie Endowment, International, Democratic Party, Democrat, Democrats Locations: Butler , Pennsylvania
"Mr. Biden may not be the ideal candidate, but he will be the candidate and should be the candidate," Sanders wrote. "And with an effective campaign that speaks to the needs of working families, he will not only defeat Mr. Trump but beat him badly." But "I will do all that I can to see that President Biden is re-elected," Sanders wrote. I know: Mr. Biden is old, is prone to gaffes, walks stiffly and had a disastrous debate with Mr. Trump. "Supporters of Mr. Biden can speak proudly about a good and decent Democratic president with a record of real accomplishment," he wrote.
Persons: Bernie Sanders, Joe Biden, Sen, Donald Trump, Sanders, Mr, Biden, Trump, Iowa Republican Chuck Grassley, Peter Welch —, Nancy Pelosi, Hakeem Jeffries, Jim Clyburn, Donald Trump —, stiffly, Organizations: Capitol Hill, New York Times, Iowa Republican, Trump, NBC, Democratic, Biden, Hamas, Affordable, Mr Locations: Washington, Vermont, California, New York, South Carolina, U.S
Former US President and Republican presidential candidate Donald Trump speaks during a rally in Doral, Florida, on July 9, 2024. Various Trump megadonors are also on the RNC lineup including venture capitalist David Sacks and investors Steve and Zach Witkoff. In total, the RNC will have over 80 speakers rallying support around Trump before the convention culminates in officially designating him the Republican presidential nominee. Notably missing from the RNC speaker list is former First Lady Melania Trump, as well as Trump's daughter and former White House advisor Ivanka Trump. Melania has so far been conspicuously absent from the Trump campaign trail, drawing mockery from President Joe Biden.
Persons: Donald Trump, Trump, frontrunners, frontrunners — Sens, JD Vance, Marco Rubio, Doug Burgum —, Sen, Tim Scott, Vivek Ramaswamy, David Sacks, Steve, Zach Witkoff, Mike Johnson, Tucker Carlson, Amber Rose, Melania Trump, White, Ivanka Trump, Melania, Joe Biden, Eric Trump, Lara Trump Organizations: Republican, Republican National Convention, Capitol Hill, frontrunners —, North Dakota Gov, GOP, RNC, Trump, Senate, Conservative, Republican Party Locations: Doral , Florida, R, Ohio, Savannah, Milwaukee
Donald Trump is on a winning streak, which is all the more remarkable because he's barely played the game. He's in the strongest position any Republican presidential hopeful has been in July since George W. Bush in 2000. AdvertisementSince the debate, Biden has faced almost daily onslaught of Democrats calling him to step aside. Even as he's refrained from rallies, he's still ranting on social media. Trump also handed Biden's campaign a major gift by offering one of his signature "I don't know them" denials about Project 2025.
Persons: Donald Trump, he's, Joe Biden's, Trump, Biden, George W, Bush, Doug Sosnik, Kevin Dietsch, Jen O'Malley Dillon, Julie Chavez Rodriguez, Matt Gaetz, Marjorie Taylor Greene, He's, George Clooney, a5OhK8tKYL — David Weigel, Amber Rose, Kanye, Dana White, Mike Pence Organizations: Service, CNN, Trump, Republican, Electoral College, The New York Times, NATO, The Associated Press, Business, Democratic, Republicans, National Weather Service, Supreme Court, Capitol, New, GOP, Republican National Convention, Wall Street Journal, UFC Locations: Trump, New York, Milwaukee, New Hampshire, Minnesota, Virginia, New Mexico, Florida, Georgia
Ahead of those meetings, defections in Biden’s Democratic coalition in Congress continued. More than a dozen Democratic House members and at least one Democratic senator have publicly called on Biden to withdraw from his reelection campaign. Speaking with reporters on Friday, Biden campaign communications director Michael Tyler acknowledged “anxiety” from Capitol Hill, but insisted Biden will continue outreach to lawmakers to shore up his support. Biden, for his part, came off as chastened during the news conference and was less defiant than in previous appearances. Biden’s campaign, meanwhile, has bluntly acknowledged the challenges it has faced since his debate performance two weeks ago.
Persons: Joe Biden, Hakeem Jeffries, Jeffries “, Jeffries, Biden, Mike Levin of, It’s, he’ll, Chuck Schumer, Jeffries –, Nancy Pelosi –, , Michael Tyler, , , he’s, we’ve, presser, Volodymyr Zelensky, Putin, Donald Trump’s, Kamala Harris, Democratic doubters, ABC’s George Stephanopoulos, Harris, ” Biden, Jen O’Malley Dillon, O’Malley Dillon, Axios Organizations: Washington CNN, Democratic, New York Democrat, CNN, Congressional Asian Pacific American Caucus, Congressional Hispanic Caucus, New Democrat Coalition, Congressional Progressive Caucus, Biden’s Democratic, Democrats, Democratic House, Rep, Senate, Congress, Biden, NATO, Trump Locations: Mike Levin of California, Congress –, Capitol, Israel, Russia, China, United States
A majority of economists surveyed by The Wall Street Journal said former President Donald Trump's policies would be more likely to reignite inflation than President Joe Biden's would. Eight of the economists in the WSJ survey said inflation would be worse under Biden than Trump. Meanwhile, the several economists who saw Biden as the bigger inflation threat cited large spending packages. Still, 51% of economists in the WSJ survey estimate that federal deficits will rise more under Trump, who has proposed making his first-term tax cuts permanent. Meanwhile, 22% of economists think the same for Biden, in part citing Democrats' historically higher support for government spending.
Persons: Donald Trump's, Joe Biden's, Trump, Biden, Biden's, Harris, Sarafina Chitika Organizations: Wall Street Journal, Biden, Republican, Trump, Wall Street, Democratic, Capitol, Federal Reserve Locations: China, U.S, Trump
ET, the yield on the 10-year Treasury was up by nearly one basis point to 4.2880%. The 2-year Treasury yield was nearly flat at 4.6304%. U.S. Treasury yields were little changed on Thursday as investors looked ahead to fresh inflation data and considered remarks from Federal Reserve Chairman Jerome Powell. Investors awaited fresh inflation insights that could provide hints about the path ahead for interest rates. The central bank has said it would not cut interest rates until data shows that inflation is sustainably easing toward this target.
Persons: Jerome Powell, Dow Jones, Powell Organizations: Treasury, U.S, Federal, Investors, CPI, Financial
President Biden will hold his first solo news conference in eight months on Thursday when he faces reporters at the conclusion of a NATO summit in Washington, a critical test after his halting debate performance that seeded doubts about his re-election campaign. Here’s what to know about the news conference:What time is the news conference on Thursday? The president will take questions at the Walter E. Washington Convention Center, site of this week’s NATO summit. The news conference will wrap up a packed day for Mr. Biden, whose schedule also includes two NATO working sessions and a meeting with President Volodymyr Zelensky of Ukraine. The New York Times will stream the news conference, alongside real-time commentary and analysis from reporters.
Persons: Biden, Walter E, Volodymyr Zelensky Organizations: NATO, Capitol, Washington Convention Center, Mr, New York Times, Associated Press Locations: Washington, Ukraine, apnews.com
Internal Revenue Service Commissioner Danny Werfel testifies before the House Appropriations Committee on Capitol Hill in Washington, May 7, 2024. The U.S. Department of the Treasury and the IRS on Thursday announced what they called a "major milestone" of collecting more than $1 billion in tax debt from high-income individuals over the past year. "The IRS has collected $1 billion from millionaires and shown that it can successfully launch strategic new initiatives and achieve the greatest return on investment," Treasury Secretary Janet Yellen told reporters during a press call. The infusion of IRS funding, enacted via the Inflation Reduction Act in 2022, still has its critics, however, particularly among congressional Republicans. "During the past decade, the IRS didn't have the resources or staffing to pursue high-income earners who our compliance team knew owed taxes," IRS Commissioner Danny Werfel said during the press call.
Persons: Danny Werfel, Janet Yellen, Biden Organizations: Revenue, Capitol, U.S . Department of, Treasury, IRS, Finance Locations: Washington
"The consensus is that President Biden's our nominee," Khanna said. One day they're like, '100 percent, he's in.' Now, Democrats in Congress — by suggesting that Biden hasn't made his decision after all — sure look like they're returning the favor. After a lull at the beginning of this week, the calls for Biden to step aside from Democratic lawmakers are growing once more. "House Democrats are engaged in conversations with House Democrats at this moment in time.
Persons: Joe Biden's, Ro Khanna, , Biden's, Khanna, he's, Biden, Nancy Pelosi, Joe, — Pelosi, Pelosi, Donald Trump, Biden hasn't, Hakeem Jeffries, Jeffries, It's, gaslighting Biden, they're, Trump, Jim Clyburn, I'm Organizations: Service, Democrats, Congressional, Caucus, California Democrat, White, Democratic, Rep, Biden, South California Democrat Locations: California
Read previewPresident Joe Biden may have to convince some of his own White House officials that he's still their best hope of defeating former President Donald Trump. The White House strongly denied the report. "Unequivocally, this is not true," White House spokesperson Andrew Bates told The Times, a statement he reiterated to Business Insider. Earlier this week, it looked like the White House had successfully frozen most of Capitol Hill not to pressure the president. Biden is set to speak to White House reporters at length Thursday night in his first extensive news conference in months.
Persons: , Joe Biden, he's, Donald Trump, Biden, Andrew Bates, Biden's, Nancy Pelosi, Sen, Peter Welch of, Jen O'Malley Dillon, Julie Chavez Rodriguez, we've Organizations: Service, White, The New York Times, Times, Business, The Times, Democratic Party, House, Capitol, Democrats, Peter Welch of Vermont, NBC News, Trump, Biden, NBC, White House, The Associated Press, BI, Electoral, Nebraska, Congressional District Locations: Pennsylvania, Wisconsin, Michigan, Nevada , Georgia, Arizona, Omaha
Read previewRep. Ilhan Omar, along with other members of the progressive "Squad," has been a staunch critic of President Joe Biden's policies on Israel. She's unhesitant in defending that approach, arguing that former President Donald Trump would be worse. We will continue to push for that," Omar told Business Insider on Wednesday. I'm fully behind him," Rep. Jamaal Bowman of New York, who recently lost his primary to a moderate Democrat in large part due to his criticism of Israel, told BI this week. Advertisement"There is not going to be a situation where the President is being removed from being the nominee," said Omar.
Persons: , Ilhan Omar, Joe Biden's, Omar's, Biden, Omar, She's unhesitant, Donald Trump, Trump, Alexandria Ocasio, Cortez, Kamala Harris, I'm, Jamaal Bowman, Israel, Harris, Omar wouldn't Organizations: Service, Minnesota congresswoman, Business, Capitol, Trump Locations: Israel, Minnesota, Gaza, Alexandria, Cortez of New York, Congress, New York
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed Chair Powell: Want to be more confident that inflation is moving sustainably lower to 2%Federal Reserve Chair Jerome Powell testifies on Capitol Hill before the U.S. House Financial Services Committee on Wednesday.
Persons: Powell, Jerome Powell Organizations: . House Financial
One by one, Democratic members of Congress began to stream out of the Democratic National Committee's headquarters on Tuesday morning. House Democrats had convened to discuss Biden's future. The number of Democratic lawmakers publicly calling for Biden to withdraw remains in the single digits. Rep. Summer Lee wears headphones as she departs House Democrats' meeting at the DNC on Tuesday. On Tuesday afternoon, hours after House Democrats' DNC meeting, Rep. Mikie Sherill of New Jersey became the seventh to call for Biden to step down.
Persons: Steve Cohen, Tennessee, We're, Summer Lee, Mike Quigley of, Biden, Adam Schiff of, Joe Biden's, Mike Quigley, Bryan Metzger, he's, John McDonnell, He's, , Greg Landsman, Ohio, Landsman, Dean Phillips, Phillips, Mike Mansfield, Lyndon B, they're, it's, Chuck Schumer, Patty Murray, Maria Cantwell, Schumer, Alex Wong, Rachel Scott, Scott, I've, Joe, CNN's Manu Raju, Murray, Jon Tester, Sherrod Brown of, Michael Bennet of, Bennet, Sen, Amy Klobuchar, Tom Williams, Kamala Harris, Mikie, Democrats aren't, Nancy Pelosi, It's, Tim Kaine, Virginia, Kaine, I'm Organizations: Service, Democratic, Democratic National, Democrats, DNC, Capitol, Capitol ., Democrat, Congressional Black Caucus, AP, House Democrat, Biden, White, NATO, Trump, Montana, Civil, Republican, CNN, Getty, Democratic Party, Monday, MSNBC Locations: Pennsylvania, Mike Quigley of Illinois, Adam Schiff of California, Washington ,, Minnesota, Ohio, Sens, Washington, Sherrod Brown of Ohio, Michael Bennet of Colorado, New Jersey, Richmond
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRep. Patrick McHenry on Powell testimony, crypto regulation and 2024 raceHouse Financial Services Committee chairman Rep. Patrick McHenry (R-N.C.) joins 'Squawk Box' to discuss day two of Fed Chair Powell's testimony on Capitol Hill, what he hopes to hear from Powell, state of the crypto regulation, 2024 election, and more.
Persons: Patrick McHenry, Powell Organizations: Financial Services, Capitol Locations: Powell
Biden Has Failed to Quiet His Democratic Doubters
  + stars: | 2024-07-10 | by ( Matthew Cullen | ) www.nytimes.com   time to read: +1 min
President Biden has repeatedly rejected suggestions that he end his campaign, and the vast majority of Democratic lawmakers have declined to break with him. But today he faced fresh pressure, from Capitol Hill to Hollywood. Nancy Pelosi, the former House speaker and longtime ally of Biden, gave the strongest public signal yet that Democrats remain divided, suggesting in a television interview that the president still could reconsider his decision. “Time is running short,” she said, noting that she would support him “whatever he decides.”Pelosi’s comments were “emblematic of the game of chicken that a lot of Democrats are playing,” Catie Edmondson, our congressional correspondent, told me. “They have concerns about the president’s fitness to run, but they don’t want to be the ones to say Mr. President, please step aside.”Catie told me that she has continued to hear many Democrats “privately express real fears about the extent to which Biden could not only lose the White House but could drag down Democrats running in House and Senate races.”
Persons: Biden, Nancy Pelosi, , ” Catie Edmondson, ” Catie, Organizations: Democratic, Capitol Locations: Hollywood, House
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed Chair Powell: 'We won't go back to that era' of very low pandemic ratesFederal Reserve Chair Jerome Powell testifies on Capitol Hill before the U.S. House Financial Services Committee on Wednesday.
Persons: Powell, Jerome Powell Organizations: . House Financial
A bipartisan group of senators on Wednesday launched a renewed effort to ban members of Congress from trading stock. "There is no reason why members of Congress ought to be profiting off of the information that only they get." Wednesday's amendment to an existing stock trading ban bill would immediately forbid members of Congress, the president and the vice president from purchasing stocks and other covered investments. The effort to bar members of Congress from trading stocks has been an uphill battle since at least the start of the Biden administration. The then-Speaker had previously written off the trading ban as a misguided effort to prevent lawmakers from participating in the "free market economy."
Persons: Jeff Merkley, Sen, Josh Hawley, Hawley, Jon Ossoff, Gary Peters, Biden, Ossoff, Nancy Pelosi, Paul Pelosi Organizations: U.S . Senate Banking, Housing, Urban Affairs Committee, Holdings, Congressional, U.S, Capitol, Washington , D.C, Wednesday, , Homeland Security, Governmental, FBI, Democratic Locations: Washington ,, Sens, U.S
The GOP-led House Oversight Committee issued subpoenas Wednesday for three White House aides, requesting depositions to discuss President Joe Biden's cognitive state. The subpoenas, first reported by Axios, are for first lady Jill Biden's senior adviser Anthony Bernal, White House deputy chief of staff Annie Tomasini and White House senior adviser Ashley Williams. "President Biden is clearly unfit for office, yet his staff are trying to hide the truth from the American people," he added. When reached for comment, White House spokesperson Ian Sams criticized Comer and called the subpoenas a "baseless political stunt intended for him to get media attention instead of engage in legitimate oversight." The three aides were previously asked to appear before the committee as part of the Biden classified documents investigation, but the committee says the White House blocked their appearances.
Persons: James Comer, Joe Biden, Hunter, Joe Biden's, Jill Biden's, Anthony Bernal, White, Annie Tomasini, Ashley Williams, Biden, Ian Sams, Comer, Sams Organizations: Capitol, GOP, White, Axios, White House, Republican, Republicans, Biden Locations: Washington, Ky
Aides to the president told CNN that not only are they no longer interested in discussing Biden’s on-stage fiasco last month, and there are simply no outstanding questions about the president’s political future to debate. “We’re done talking about the debate and focused on a singular mission: Defeating Donald Trump in November,” one Biden aide told CNN. Tuesday’s White House press briefing was once again dominated by questions about Biden’s health, mental fitness and the political fallout of the debate. “Jill and Valerie won’t let him go down in flames,” this adviser told CNN, referencing the president’s wife and sister by their first names. Michael Bennet of Colorado, Sherrod Brown of Ohio and Jon Tester of Montana all said they thought Biden cannot win the election, a source familiar told CNN.
Persons: Joe Biden’s, Biden, Donald Trump, , , Trump, It’s, Jill, Valerie won’t, Hakeem Jeffries, Jeffries, Jim Clyburn, Michael Bennet of Colorado, Sherrod Brown of, Jon Tester, Chuck Schumer, Karine Jean, Pierre, Jean, ” CNN’s Nikki Carvajal, Annie Grayer, Dana Bash, Ted Barrett, Michael Williams Organizations: Washington CNN, CNN, Diplomats, NATO, Biden, Capitol, Democratic, Monday, Democratic Convention, Trump, Democrat, Capitol Hill, Democrats ’, Democratic Rep, Sens, Locations: Biden’s, Tuesday’s, Washington, Sherrod Brown of Ohio, Montana
Powell’s balancing actThe S&P 500 is on a six-day winning streak and closed at another record on Tuesday, as investors grow more confident that the Fed could cut interest rates soon. The market rally came after Jay Powell, the Fed chair, made encouraging comments about inflation and the labor market in his first of two days of testimony on Capitol Hill. Lowering rates prematurely could risk reigniting inflation, and doing so too slowly could undermine growth. “We’re very much balancing those two risks, and that’s really the essence of what we’re thinking about these days,” Powell told the Senate Banking Committee on Tuesday. In something of a rarity in recent months, financial services stocks led the way on Tuesday.
Persons: Jay Powell, that’s, ” Powell, Powell Organizations: Capitol, Senate, Wall
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed Chair Powell: This inflation results from a combination of strong demand and constrained supplyFederal Reserve Chair Jerome Powell testifies on Capitol Hill before the U.S. House Financial Services Committee on Wednesday.
Persons: Powell, Jerome Powell Organizations: . House Financial
President Biden faced a fresh wave of pressure on Wednesday to end his campaign or rethink his decision to run for re-election, as Democrats from Hollywood to Capitol Hill aired grave concerns that he would lose to former President Donald J. Trump in November and drag his party’s chance of controlling Congress down with him. Representative Nancy Pelosi of California, the former House speaker and a longtime Biden ally, gave the strongest public signal yet that Democrats were still divided on Mr. Biden’s candidacy, saying that “time is running short” for him to make a decision. Speaking on MSNBC’s “Morning Joe,” Ms. Pelosi, 84, said that she would back Mr. Biden, “whatever he decides.”Mr. Biden, 81, has said his mind is made up about continuing his campaign and called on Democrats to come together behind him. But lawmakers are still agonizing over his decision and hoping to at least keep alive a conversation about an alternative path, as many feared the president would lead their party to an electoral rout from which it could take years to recover.
Persons: Biden, Donald J, Trump, Nancy Pelosi, Biden’s, ” Ms, Pelosi, Mr Organizations: Capitol Locations: Hollywood, California
Fed Chair Powell: 'It's on the central bank' to tame inflation
  + stars: | 2024-07-10 | 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 EmailFed Chair Powell: 'It's on the central bank' to tame inflationFederal Reserve Chair Jerome Powell testifies on Capitol Hill before the U.S. House Financial Services Committee on Wednesday.
Persons: Powell, Jerome Powell Organizations: . House Financial
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