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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

☆ Why do people keep uninsured money in banks?
▼ + stars: | 2024-02-12 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +10 min

Somehow, the same issue plaguing last year’s failed banks is back in focus at the latest bank in crisis: massive loads of uninsured deposits. To be sure, the risk isn’t anywhere close to that of the banks that failed last year: About 94% of domestic deposits at Silicon Valley Bank were uninsured and 90% of Signature Bank’s deposits were uninsured, according to the Federal Reserve. The money is guaranteed by the Federal Deposit Insurance Corporation, which is funded by fees paid by major US banks. About 40% of all money in the US, or $8 trillion, sitting in banks is uninsured, said Lawrence White, a professor at New York University’s Stern School of Business. “It also risks violating the FDIC’s statutory requirement to resolve failed banks and protect insured depositors in the least expensive way possible.”Sometimes, he said, rescuing those uninsured depositors may be the cheapest way to protect insured depositors at banks.

Persons: NYCB, Brian Snyder, James Lee, David Wessel, Lawrence White, University’s, Banks, Ting Shen, ”, Kori Suzuki, JPMorgan Chase, Michael Ohlrogge, Maxine Waters, Elizabeth Warren, “ Organizations: New, New York CNN, New York Community Bancorp, Investors, Silicon Valley Bank, Federal Reserve, Bank, Xinhua, Federal Deposit Insurance Corporation, FDIC, Reuters, Brookings Institution, International Monetary Fund, University’s Stern School of Business, US Treasury, Bloomberg, Getty, Securities and Exchange Commission, Valley Bank, Signature Bank, JPMorgan, Bank of America, Citigroup, First Republic Bank, New York University’s School of Law, Financial Services, Banking Committee, CBS, Bank Coalition of America Locations: New York, Silicon, United States, New, ”, Washington , DC, San Francisco , California, Sen

☆ Watch CNBC’s full interview with David Wessel, Sarat Sethi and Ron Insana
▼ + stars: | 2023-08-25 | 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 EmailWatch CNBC’s full interview with David Wessel, Sarat Sethi and Ron InsanaBrookings’ David Wessel, DCLA’s Sarat Sethi and Dynasty Financial’s Ron Insana join 'Power Lunch' to discuss their takeaways from Fed Chair Powell's Jackson Hole speech.

Persons: David Wessel, Sarat Sethi, Ron Insana Brookings, DCLA’s Sarat Sethi, Ron Insana, Jackson

☆ Dynasty Financial’s Ron Insana expects the Fed is close to done with rate hikes
▼ + stars: | 2023-08-25 | 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 EmailDynasty Financial’s Ron Insana expects the Fed is close to done with rate hikesBrookings’ David Wessel, DCLA’s Sarat Sethi and Dynasty Financial’s Ron Insana, joins 'Power Lunch' to discuss takeaways from Fed Chair Powell's Jackson Hole speech.

Persons: Ron Insana, David Wessel, DCLA’s Sarat Sethi, Jackson Organizations: Brookings

☆ How Russia's war has reshaped Ukraine's economy
▼ + stars: | 2023-07-28 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

Ukraine's economy faces difficulties ranging from inflation to trade struggles due to war with Russia. Central bank data cited by The Brookings Institution show how Ukraine's trade deficit has expanded since the war started. Meanwhile, war-time government spending has far outpaced revenue, which has hamstrung Ukraine's ability to fund its economy. Ukraine inflation is easing amid war. “Consumer Price Indices,” National Bank of Ukraine, Brookings.

Persons: Vladimir Putin, It's, David Wessel, " Wessel, Wessel, Yuriy Heletiy, Sergiy Nikolaychuk, Putin Organizations: Service, Brookings Institution, National Bank of, Brookings, National Bank of Ukraine, The, Brookings . U.S, Ukraine Brookings, Kiel Institute, ” National Bank of Ukraine, Bloomberg, Ukrainian Locations: Russia, Central, Ukraine, Wall, Silicon, Brookings, National Bank of Ukraine, Odesa, Europe, United Kingdom, Ukrainian

☆ Fed signal for two more rate hikes will have depressing effect on markets, says Brookings' David Wessel
▼ + stars: | 2023-06-14 | 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 signal for two more rate hikes will have depressing effect on markets, says Brookings' David WesselDavid Wessel, Brookings Institution senior fellow, joins 'Power Lunch' to discuss the Fed reaction and the division among the Fed on where rate hikes go from here.

Persons: Brookings, David Wessel David Wessel Organizations: Brookings Institution

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

☆ It's 'pretty clear' the Fed will skip rate hike at June meeting, says Brookings’ David Wessel
▼ + stars: | 2023-06-02 | 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 EmailIt's 'pretty clear' the Fed will skip rate hike at June meeting, says Brookings’ David WesselDavid Wessel, Director of the Brookings Hutchins Center on Fiscal and Monetary Policy, joins 'Squawk Box' to discuss the Fed's rate hike campaign, and why the

Persons: Brookings, David Wessel David Wessel Organizations: Brookings Hutchins, Monetary

☆ How Fed rates hikes impact consumers
▼ + stars: | 2023-05-03 | 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 EmailHow Fed rates hikes impact consumersDavid Wessel, senior fellow in Economic Studies at Brookings Institutions, and Greg McBride, chief financial analyst at Bankrate.com, join 'The Exchange' to discuss rising interest rates' impact on consumer loans and the economy.

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.

☆ Watch CNBC's full interview with David Wessel and Ron Insana
▼ + stars: | 2023-01-20 | 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 EmailWatch CNBC's full interview with David Wessel and Ron InsanaDavid Wessel, senior fellow in Economic Studies at Brookings Institutions, and Ron Insana, CNBC senior analyst, join 'Power Lunch' to discuss the Fed's battle to tame inflation and their expectations for February's meeting and solution to the tight labor market.

☆ The Fed's next move: Expectations for next rate hike decision
▼ + stars: | 2023-01-20 | 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 EmailThe Fed's next move: Expectations for next rate hike decisionDavid Wessel, senior fellow in Economic Studies at Brookings Institutions, and Ron Insana, CNBC senior analyst, join 'Power Lunch' to discuss the Fed's battle to tame inflation and their expectations for February's meeting and solution to the tight labor market.

☆ Inflation will come down because supply-side issues are resolving, says Brooking's Wessel
▼ + stars: | 2023-01-03 | 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 EmailInflation will come down because supply-side issues are resolving, says Brooking's WesselDavid Wessel, Brooking Institution Hutchins Center director and Joel Griffith, The Heritage Foundation, joins 'Squawk Box' to discuss how persistent inflation will be, how Griffith grades the Federal Reserve and more.

☆ Inflation will remain above 2% for years, says Brookings' David Wessel
▼ + stars: | 2022-12-23 | 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 EmailInflation will remain above 2% for years, says Brookings' David WesselDavid Wessel, director at the Brookings Institute, joins CNBC's 'Squawk Box' to discuss his expectations for inflation, future interest rate hikes from the Federal Reserve and more.

☆ Q3 GDP did suggest the Fed's rate hikes are having the desired effect, says Brookings Institute's Wessel
▼ + stars: | 2022-10-28 | 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 EmailQ3 GDP did suggest the Fed's rate hikes are having the desired effect, says Brookings Institute's WesselDavid Wessel, Brookings Institution senior fellow in economic studies, joins 'The Exchange' to discuss if the Federal Reserve is starting to get results, if there's anxiety about what lies ahead for the economy and more.

☆ 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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