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☆ 5 things to consider buying before new tariffs take effect
▼ + stars: | 2024-11-28 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +6 min

Such tariffs have the potential to significantly increase the prices consumers pay on nearly everything that isn’t made entirely in the US, of which there are very few goods. And as we witnessed during the pandemic, “stockpiling by consumers can actually lead to higher prices in and of themselves and empty store shelves,” he said. That said, here are five items that are likely to get more expensive with any new tariffs Trump imposes that may make sense to purchase before he takes office. But if you need a new one – or will soon – now’s a good time to consider buying. E-bikesOne item that tops the list of things that could get spendier under Trump’s tariffs is e-bikes, Lincicome told CNN.

Persons: Donald Trump’s, Trump, he’s, isn’t, Scott Lincicome, –, ” Lincicome, Ed Brzytwa, Gary Shapiro, “, Corie Barry, Lincicome, “ It’s, Donald Trump Organizations: New, New York CNN, Peterson Institute for International Economics, Cato Institute, Trump, National Retail Federation, Consumer Technology Association, CTA, CNN, “ Locations: New York, Mexico, Canada, China, US

☆ FTC opens wide-ranging antitrust probe into Microsoft
▼ + stars: | 2024-11-27 | by ( Elisabeth Buchwald | Clare Duffy | ) edition.cnn.com time to read: +2 min

The FTC, in a letter sent to Microsoft, demanded that it hand over information to assist in the agency’s investigation, a source familiar with the matter told CNN. The FTC and Microsoft declined to comment. Microsoft also battled FTC resistance to its $69 billion acquisition of video game publisher Activision Blizzard, which closed in October 2023. The agency had argued the merger would give Microsoft a monopoly in video game publishing, which the company denied. Trump’s reelection has raised questions about how his administration will handle ongoing antitrust cases against tech giants, including Apple and Amazon.

Persons: Microsoft’s, Donald Trump, Trump, Lina Khan, Khan, hasn’t Organizations: New, New York CNN, Microsoft, Federal Trade Commission, FTC, CNN, Bloomberg, Activision Blizzard, Apple, Google, Justice Department Locations: New York, OpenAI

☆ What could get more expensive if Trump launches a new trade war with Mexico and Canada
▼ + stars: | 2024-11-26 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

While leaders of the two nations continue to butt heads, US consumers have paid the price, shelling out more money on goods imported from China. Now Trump is focusing his attention on America’s largest and third-largest trading partners: Mexico and Canada. The 25% tariff Trump floated would have “huge impacts” on gas prices, amounting to an increase between 25 cents to 75 cents per gallon, he said. Said differently, your guac and avocado toast could skyrocket if 25% tariffs are levied on Mexico. Bottom line: It’s going to hurtThe new round of tariffs Trump is prepared to impose comes as the US has grown increasingly reliant on imports from Mexico and Canada.

Persons: Donald Trump’s, Trump, Joe Biden, Brace, Todd Korol, ” Patrick De Haan, Ulises Ruiz, Said, Maurico Palos, tariffs Trump, That’s Organizations: New, New York CNN, Trump, Gas, US Energy Information Administration, Rockies, Produce, Commerce Department, AFP, Getty, United, United Nations ’, General Motors, Ford, General Motors Co, Silao, Bloomberg Locations: New York, America, China, Mexico, Canada, West Coast, Kindersley , Saskatchewan, Great Lakes, Midwest, United States, Cerritos, Ciudad Guzman, Jalisco, Silao, Guanajuato

CNN —President-elect Donald Trump’s Treasury secretary pick stands in stark contrast to some of the more controversial and questionable Cabinet picks he’s announced so far. In many respects, the Treasury secretary is the quarterback of the economy. Wall Street was unfazed by the selection. One of the Treasury secretary’s jobs is to help keep Wall Street calm and confident during times of economic or market turmoil. The Treasury secretary works closely with both the central bank and the White House.

Persons: Donald Trump’s, he’s, Scott Bessent, “ Scott Bessent, ”, Glock, “, Trump, Matt Gaetz, Robert F, Kennedy, Jr, MAGA, ” Glock, Bessent, Elon Musk, Cantor Fitzgerald, Howard Lutnick, Musk, Lutnick, –, Isaac Boltansky, “ Scott, I’ve, Kyle Bass, Xi Jinping, Jerome Powell Organizations: CNN, Manhattan Institute, Trump loyalists, Treasury, Soros Fund Management, Fox News, Trump, Commerce, Street, Hayman Capital Management, Dow Jones, White Locations: Bessent, China, Argentina

CNN —President-elect Donald Trump named billionaire Scott Bessent as his pick to serve as the next secretary of the Department of the Treasury. A key Cabinet player, the US Treasury secretary advises the president on economic and fiscal matters, including spending and taxes. Bessent would be the first out gay Treasury secretary, as well as the first LGBTQ Senate-confirmed Cabinet member in a Republican administration, according to The Associated Press. Compared to Lutnick’s more aggressive campaign for the role, Bessent led a more understated quest for the position. All of the names Trump put out Friday night had been decided by the afternoon, the sources said, but he wanted to name his Treasury secretary first before publicly releasing his other decisions.

Persons: Donald Trump, Scott Bessent, “ Scott, ” Trump, Scott, ” Bessent, Trump, George Soros, Bessent’s, Bessent, Pete Buttigieg, ”, Howard Lutnick –, Lutnick, Cantor Fitzgerald, fides, MAGA, Elon, Steven Mnuchin, Mnuchin, Kayla Tausche, Matt Egan Organizations: CNN, Department of, Treasury, of Innovation, Capital, U.S, Reserve, Square Capital Management, Soros Fund Management, Democratic, Senate, Republican, Associated Press, Biden, Wall Street, Trump, ”, Financial Times, CNBC, Soros, United, Republicans, Treasury Department Locations: United States, United States of America, China

☆ Howard Lutnick: Trump expected to nominate Cantor Fitzgerald CEO as Commerce secretary
▼ + stars: | 2024-11-19 | by ( Kristen Holmes | Elisabeth Buchwald | ) edition.cnn.com time to read: +2 min

CNN —President-elect Donald Trump is expected to nominate Cantor Fitzgerald CEO Howard Lutnick as secretary of Commerce, a source familiar with the process told CNN. Lutnick had been in a battle with hedge fund manager Scott Bessent over the role of Treasury secretary after throwing his own name into the mix. Lutnick, the CEO of Cantor Fitzgerald, a financial services firm, was tapped by Trump to serve as co-chair of his presidential transition team in August. As a candidate, Trump pledged to impose 60% tariffs on goods from China, as well as 10% tariffs on goods from other countries. Trump announced Kennedy as his pick to serve as Health and Human Service secretary last week.

Persons: Donald Trump, Cantor Fitzgerald, Howard Lutnick, Lutnick, Scott Bessent, he’s, Trump, “, ”, CNN’s Kaitlan Collins, Robert F, Kennedy Jr, Kennedy Organizations: CNN, Commerce, Trump, Human Service, World Trade, Museum Locations: Trump’s, America, China

We had no income tax, and all we had was tariffs.”That’s why some Wall Street titans are trying to push for Bessent. Kyle Bass, a billionaire hedge fund investor at Hayman Capital Management, said Lutnick doesn’t have the composition to lead the Treasury. “Scott Bessent is eminently more qualified than Howard Lutnick to run the U.S. Treasury,” Bass posted on X Wednesday. A full week after appearing to decide on nominating Bessent, Trump interviewed him again at Mar-a-Lago. A key Cabinet player, the Treasury secretary advises the president on economic and fiscal matters, including spending and taxes.

Persons: Donald Trump, Elon Musk, Trump, Howard Lutnick, Cantor Fitzgerald, Scott Bessent, ” Musk, —, Bessent, ”, Kyle Bass, Lutnick doesn’t, “ Scott Bessent, ” Bass, “ Scott, I’ve, Bass, Dan Loeb, Scott Lincicome, Lutnick, “, Cheney, Lutnick —, Dick Cheney’s, George W, Tennessee Sen, Bill Hagerty, Larry Kudlow, Kudlow, Steven Mnuchin, Mnuchin Organizations: CNN, Trump, “, Wall, Fox News, titans, Hayman Capital Management, Treasury, U.S . Treasury, Cato Institute, Federal Reserve, Peterson Institute for International Economics, National Economic Council, America, Policy Institute, Fox Business, Bessent, Mar, Republicans, Treasury Department Locations: America, United States

☆ High grocery prices got droves of Americans to vote for Trump but they shouldn’t expect to pay less over the next four years
▼ + stars: | 2024-11-14 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +7 min

With some of these pressure points softening, food prices have cooled to rates comparable to before the pandemic. “Grocery prices have skyrocketed,” he said. “Until we can — if we can — fix climate change, there’s no way that food prices can come down,” he told CNN. In the past, grocery prices have come down primarily when “the economy is under duress” and people don’t have enough money to pay for groceries. Absent these kinds of scenarios, Trump is unlikely to get the actual food prices we pay back to where they were during his first term.

Persons: Joe Biden, Donald Trump, Trump, ”, “, ” Trump, “ That’s, That’s, Phil Lempert, Vance, Lempert, Leo Feler, Feler, it’s “ Organizations: New, New York CNN, AP VoteCast, New York Economic Club, ”, Trump, CNN, University of California Locations: New York, Ukraine, Russia, Brazil, Mexico, Florida, California, China, Los Angeles

☆ Elon Musk wants to radically reshape who controls America’s money supply
▼ + stars: | 2024-11-12 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

“The Federal Reserve is one of many examples of how we’ve deviated from the Constitution in that regard,” Lee added. Challenging the Fed’s independence“The American people re-elected President Trump by a resounding margin giving him a mandate to implement the promises he made on the campaign trail. That’s empowered Fed officials to make interest rate decisions that aren’t necessarily popular but could help the nation’s economy in the long run. But on the campaign trail, Trump floated requiring Fed officials to consult with him on interest rate decisions. That could lead to pressure on Fed officials to keep rates lower to satisfy Trump’s wishes, which in turn could reignite inflation.

Persons: Donald Trump’s, it’ll, Elon Musk, Republican Sen, Mike Lee, ” Lee, Jerome Powell, Trump, ”, Vance, Karoline Leavitt, Ron Paul, Thomas Massie of, Lee, ” Leavitt, it’s, That’s, Powell, “, briskly, hasn’t Organizations: New, New York CNN, Federal Reserve, Trump, Republican, Fed, Federal, CNN, Treasury Department, National Association of Black Journalists, Republicans, Consumer Financial, Product Safety, Fed’s, of Governors, Consumer, Safety Locations: New York, Thomas Massie of Kentucky

☆ Powell to Trump: Go ahead, make my day
▼ + stars: | 2024-11-08 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

That’s essentially what Federal Reserve Chair Jerome Powell is experiencing with President-elect Donald Trump’s return to the White House. When a reporter asked the Fed chair if he’d resign if Trump asked him to, Powell didn’t miss a beat. Removing a Fed chair isn’t so simpleIf Trump, or any president for that matter, were to try to remove a Fed chair, they would encounter a steep uphill battle. Ultimately, the Supreme Court could have the final say on what merits a “for cause” firing of a Fed chair. Trump has tried testing the limits anywayNevertheless, Trump threatened to fire Powell on several occasions when he was first president.

Persons: That’s, Jerome Powell, Donald Trump’s, Trump, he’d, Powell didn’t, “, ”, curtly, ” Powell, Powell, won’t, Powell doesn’t, Joe Biden, ” Trump Organizations: New, New York CNN, Federal, Trump, Republican, Bloomberg, Economic, of Chicago Locations: New York

A statue of an eagle is seen on the Federal Reserve building on September 17 in Washington, DC. One of those meetings takes place in November and, coincidentally, kicked off the Wednesday directly right after Election Day. As Fed Chair Jerome Powell has previously vowed, officials don’t take the political calendar into consideration when they make interest rate decisions. Still, this meeting’s proximity to Election Day has put the Fed in an uncomfortable position — whether Powell and his colleagues want to admit it or not. Already, officials have been scrutinized for their decision to begin lowering rates at its last meeting before the election, which took place in September.

Persons: Anna Moneymaker, Jerome Powell, don’t, Powell’s, Powell Organizations: Federal Reserve, Reserve Locations: Washington , DC

☆ The Federal Reserve as we know it could soon be turned on its head
▼ + stars: | 2024-11-06 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

When officials meet to decide where interest rates should be, they don’t consult the president and other elected officials — and for good reason. That’s because, as one former Federal Reserve chair famously said, central bankers’ job is to remove the punchbowl right when the party is just getting started. I feel that strongly,” Trump said at a press conference in August, referring to the Fed’s interest rate decisions. Lowering interest rates too soon could’ve risked reigniting inflation, which is currently just a tenth of a percentage point higher than the Fed’s 2% target. That’s why countries with independent central banks generally have lower inflation, Fed Chair Jerome Powell told reporters in September after central bankers lowered rates by a half point.

Persons: —, Said, Donald Trump, “, ” Trump, ”, Trump, could’ve, Jerome Powell Organizations: New, New York CNN, Federal Reserve, Federal, Bloomberg, Fed Locations: New York

☆ These stocks are soaring off the Trump victory
▼ + stars: | 2024-11-06 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

That would mark a reversal from the Biden administration, which allowed migrants seeking asylum to legally work in the country while awaiting trial. A Trump administration is expected to approve Capital One's proposed merger with Discover Financial Services. Andrew Caballero-Reynolds/AFP/Getty ImagesGenerally, a Trump administration is expected to be more supportive of mergers and acquisitions compared to the Biden administration, which has sought to block many. Retail and green energy stocks falterWednesday wasn’t all good news for stocks, though. Trump is widely expected to repeal tax credits and other incentives President Joe Biden pushed for in the Inflation Reduction Act.

Persons: Donald Trump’s, Biden, It’s, Trump, Tesla Elon, Tesla, Donald Trump's, Elon Musk, Trump . Thibaut Durand, Hans Lucas, JPMorgan Chase, Jamie Dimon, Michael Barr, Goldman Sachs, Andrew Caballero, Reynolds, bitcoin, Joe Biden Organizations: New, New York CNN, Prisons, GEO Group, SpaceX, Trump ., Getty, Bank, JPMorgan, Federal, Citigroup, Discover Financial Services, Capital, Republican, JetBlue, Spirit Airlines, Trump, Mattel, Hasbro Locations: New York, AFP

☆ Friday’s jobs report just might disprove right-wing conspiracy theories
▼ + stars: | 2024-10-31 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +7 min

But they may ditch their argument Friday morning, when the October jobs report is set to be released — just days before Election Day. Groshen disagreed, saying that initial estimates of the monthly change in hiring are “noisier than they used to be” because of the lower response. However, that gets smoothed out in later revisions as response rates improve with the additional time. That exacerbates the funding shortfall at the BLS, where inflation-adjusted funding has steadily declined over the past decade, she said. That would help improve, for instance, Federal Reserve officials’ ability to make interest rate decisions that hinge on the latest labor market data, Groshen told CNN.

Persons: Donald Trump, Hurricanes Helene, Milton, Republican Sen, Marco Rubio, ”, Harris, ” Rubio, Rubio, Erica Groshen, Trump, Karoline Leavitt, Kamala Harris “, Laura Kelter, Groshen, “ Organizations: New, New York CNN, Bureau of Labor Statistics, BLS, Hurricanes, Republican, Biden, Trump, Cornell University School of Industrial and Labor Relations, Department of Labor, Census Bureau, Management, CNN, Biden Administration, Employment, Federal Locations: New York, Florida, America

☆ People who allegedly withdrew thousands of dollars from Chase ATMs in viral check fraud scheme may soon have to pay up
▼ + stars: | 2024-10-28 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +2 min

Customers who allegedly withdrew money fraudulently from Chase Bank ATMs using an illegal scheme that blew up on TikTok over the summer could soon have to cut hefty checks back to the bank. These people were able to withdraw funds by writing checks to themselves and immediately withdrawing funds before the checks bounced. Normally, the bank follows the industry standard of making a portion of any check available to customers before the funds clear. However, a temporary glitch allowed customers to withdraw more substantial amounts than typically allowed before a check clears. One case in Houston involves a “masked man” who allegedly deposited a $335,000 check to a defendant’s account.

Persons: ”, Chase, ” Drew Pusateri, “ We’re, they’re, ” Pusateri, JPMorgan Chase Organizations: New, New York CNN, Chase Bank, JPMorgan, Chase, CNN Locations: New York, Houston, Texas, Florida, California

☆ More families making over $150,000 are living paycheck to paycheck
▼ + stars: | 2024-10-27 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

CNN —When considering who is living paycheck to paycheck, households with an income of six-figures or more likely aren’t the first to come to mind. But, as it turns out, about a fifth of US households that earn more than $150,000 a year are in that situation. Across all income levels, households that earn less than $50,000 a year saw the highest proportion, around 35%, of people living paycheck to paycheck so far this year. But at higher income levels, the portion of households living paycheck to paycheck falls slowly. For instance, the share of households living paycheck to paycheck and earning between $50,000 and $75,000 is only a few percentage points higher than households earning more than $150,000.

Persons: ” David Tinsley, Tinsley Organizations: CNN, Bank of America, Bank of America Institute, Labor Department

☆ US businesses are suffering from election uncertainty — and it could be hurting the economy
▼ + stars: | 2024-10-24 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

That’s helped push uncertainty among small business owners to an all-time high since the nearly 40-year inception of a monthly survey the National Federation of Independent Business conducts to gauge small business sentiment. The scale of firms whose investment plans are impacted by election uncertainty is “pretty remarkable” compared to prior elections, said Daniel Weitz, survey director at the Atlanta Fed. The Fed’s Beige Book, a quarterly collection of survey responses from businesses compiled by the 12 regional Fed banks published Wednesday, highlighted a wide range of businesses that are suffering because of election uncertainty. But the blowback that businesses are facing from the election uncertainty should subside once the policy path ahead becomes more clear, at which point we could start to see a rebound in hiring and capital investment businesses make, Meyer told CNN. The combination of these three major unknowns is shaping small business owners’ uncertain outlooks, said Holly Wade, executive director of the NFIB Research Center.

Persons: Kamala Harris, Donald Trump, That’s, ” “, Duke, Daniel Weitz, ”, hesitancy, Brent Meyer, Harris, Meyer, that’s, They’re, Holly Wade, “ We’re, Wade Organizations: New, New York CNN, National Federation of Independent Business, Reserve, Atlanta and Richmond Federal, Duke University’s Fuqua School of Business, Fortune, Atlanta Fed, Cleveland Fed, Fed, Richmond Fed, Dallas Fed, Trump, CNN, Federal Reserve, NFIB Research Locations: New York, ’

☆ Your favorite food brands may be done playing mind games with you — for now
▼ + stars: | 2024-10-18 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

New York CNN —These past few years, it seems like food companies have been playing some serious mind games with us. As food companies have seen their costs rise substantially over the past few years, many have used two sneaky strategies, dubbed shrinkflation and skimpflation, to avoid having to raise the prices of their goods. Yet when companies simply pass along price increases to consumers, there’s also no shortage of backlash — just ask McDonald’s. So the days of shrinkflation, at least when it comes to food, could be numbered. “I would expect (food companies) to shift their strategy and find a different mind game to play that maybe people are not quite looking out for yet,” Hydock said.

Persons: CNN Business ’, you’ve, there’s, we’re, Burger King, skimpflation, That’s, Berry, Nathaniel Meyersohn, ”, Chris Hydock, PepsiCo could’ve, Hydock, Robert Moskow, Cowen, Meyersohn, ” Hydock Organizations: CNN Business, New York CNN, Foods, PepsiCo, Tulane University’s Freeman School of Business, CNN Locations: New York

☆ A full economic recovery in Asheville and Tampa ravaged by Milton and Helene may happen faster than you think
▼ + stars: | 2024-10-17 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

New York CNN —The economic successes of Asheville, North Carolina and Tampa, Florida, have been the envy of many cities across the United States. Will the economies in hard-hit areas like Asheville and Tampa ever fully recover from the hurricanes? Economic activity plunged in the immediate months following Hurricane Katrina in New Orleans, Hurricane Harvey in Houston and Hurricane Irma in Columbia, South Carolina. But within one year after those hurricanes, among the costliest in the US in the last 20 years, economic activity rebounded to levels similar to or greater than before the hurricanes. People could similarly leave parts of Florida if home and flood insurance rates, which have gone up significantly in recent years, continue to jump post Helene and Milton, Kamins told CNN.

Persons: Hurricanes Helene, Milton, Hurricane Harvey, Hurricane Irma, Harvey, Irma, Eric Gay, Helene, Adam Kamins, ” Kamins, Kamins, he’s Organizations: New, New York CNN, Labor Department, Hurricanes, Office, National Guard, Hurricane, ” Local, Moody’s, CNN Locations: New York, Asheville , North Carolina, Tampa , Florida, United States, Will, Asheville, Tampa, New Orleans, Hurricane, Houston, Columbia , South Carolina, Sandy, New Orleans , Louisiana, Texas, ”, ” Local Louisiana, Orleans, Florida, North Carolina

☆ Considering getting flood insurance after Milton and Helene? Here’s what to expect
▼ + stars: | 2024-10-15 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

Still, “lack of flood insurance is the largest insurance coverage gap we see across the United States,” he said. Here’s what you’re likely to encounter if you’re shopping around for flood insurance policies. Flood insurance 101Homeowners with mortgages are almost always required to have home insurance by their lenders. Most flood insurance is offered through the federally backed National Flood Insurance Program, a part of the Federal Emergency Management Agency. The NFIP estimates that more than 40% of NFIP flood insurance claims come from outside high-risk flood zones.

Persons: Helene, Mark Friedlander, ”, Rebecca Blackwell, policyholders, Melissa Sue Gerrits, Friedlander, Andy Neal, Milton, Neal, Scott Hawkins, ” Hawkins Organizations: New, New York CNN, Insurance Information Institute, CNN, Flood Insurance, Federal Emergency Management Agency, AP, FEMA Locations: New York, North Carolina, United States, Gulf, Mexico, Hurricane Milton, Englewood , Florida, Swannanoa , North Carolina

☆ Florida’s home insurer of last resort is in serious trouble. Will Milton put it over the edge?
▼ + stars: | 2024-10-11 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +13 min

Flood waters inundated a neighborhood after Hurricane Milton came ashore on October 10 in Punta Gorda, Florida. Andrew West/The News-Press/USA Today Network/Imagn Images A vehicle drives though a flooded street after Hurricane Milton in Siesta Key on Thursday. Rebecca Blackwell/AP The roof of Tropicana Field, destroyed by Hurricane Milton, is seen in St. Petersburg on Thursday. Chris O'Meara/AP David Jalving throws outdoor furniture into his father's pool in Fort Myers to prepare for Hurricane Milton. Marta Lavandier/AP A man in Progreso boards up an apartment building to protect it from Hurricane Milton on Monday.

Persons: Hurricane Helene, Hurricane Milton, Ron DeSantis, Joe Raedle, Milton, Helene, ” Mark Friedlander, ”, ’, Hurricane Ian, Giorgio Viera, Rebecca Blackwell, Ricardo Arduengo, Liz Kelly, Matt, Andrew West, Chandan Khanna, Nadia Zomorodian, Julio Cortez, Austin, Sean Rayford, Marta Lavandier, Jefferee Woo, Cristobal Herrera, Bryan R, Smith, Chris Urso, Marco Bello, Brandon Marlow, Marie Cook, Bill Ingram, Reuters Stephen Lundgren, Doug Engle, Ron Rook, Paul Hennessy, Saul Martinez, Payton Wyse, Andrew Goncharsky, Christian Burke, Lee, Connor Ferran, Fort Myers, Nicolette Mariano, Kaila Jones, Damon Higgins, Ted Carlson, McKenzie, Evan Purcell, Purcell's, Anna Maria Island, Carlson, Yamil Lage, Matthew Dominick, NASA Aurelio Ortiz, Lorenzo Hernandez, Mike Carlson, Jose Luis Gonzalez, Reuters John Fedor, Chris O'Meara, David Jalving, Pete, Octavio Jones, Tristan Wheelock, Gerald, Martin Zetina, Gregg Newton, Floridians ’, Denise Rappmund, Rappmund, Bobby Atwood, Atwood, won’t, isn’t Organizations: New, New York CNN, Property Insurance Corp, Citizens, Dade, “, Insurance Information Institute, CNN, DeSantis, Republican, CNBC, Hurricane, Getty, AP, USA, Daytona, Network, Reuters, Bradenton, Tropicana, Major League, Tampa Bay Rays, Celtic Ray Public, Tampa Bay Times, NOAA, Vanguard, School, Ocala, Orlando International Airport, Anadolu, Disney, Fort, Palm Beach Daily, Florida Army National Guard, Tampa General Hospital, NASA, International, Milton, Tampa International Airport, Bloomberg, AP Contractors, New Port Richey, AP Tropicana, Moody’s Investors Service Locations: New York, Florida, Miami, Monroe, Hurricane, Punta Gorda , Florida, Central Florida, Lakewood Park , Florida, Siesta Key, North Fort Myers , Florida, Siesta, Volusia, South Daytona , Florida, Bradenton Beach, St . Petersburg, Punta Gorda, Odessa , Florida, Venice , Florida, Matlacha , Florida, Palmetto Beach, Tampa, Bradenton , Florida, Venice, St . Petersburg , Florida, Clearwater, AFP, Sarasota , Florida, Segundo, Davis, Fort Myers , Florida, Wellington , Florida, Palm, Ocala , Florida, County, Wellington, Orlando, Gulfport , Florida, Lee County, Fort Myers, Sebastian , Florida, Palm Beach , Florida, Palm Beach, Havana, Cuba, Celestún, Mexico, Port Richey , Florida, Tampa Bay, Treasure Island , Florida, St, Pete Beach , Florida, Treasure, Fort Myers Beach, Progreso, New Port, Kissimmee , Florida, Milton

☆ Voters think America’s economy stinks. There’s nothing that will change that before the election
▼ + stars: | 2024-10-09 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

In reality, the data — no matter how bad or good — probably won’t make an ounce of difference for most voters. Most voters likely don’t even follow the overall economic trends, let alone one month’s data, he said. Instead, their views on the economy are shaped by how far their dollars are stretching today compared to recent times. That’s a higher share compared to when voters were asked the same question in 2022. But the average American does not wait for news to come out to form an opinion on how the economy is functioning, she said.

Persons: Kamala Harris, Donald Trump, Harris, “, ”, Micah Roberts, Republican pollster, Roberts, That’s, don’t, Joanne Hsu Organizations: New, New York CNN, Harvard Center, American Political Studies, Republican, NBC News, CNN, University of Michigan, Consumers Locations: New York

Federal Reserve Chair Jerome Powell speaks during a news conference on September 18 in Washington, DC. Anna Moneymaker/Getty ImagesThe Federal Reserve’s recent half-point cut will take some time to work through the system, Noah Yosif, chief economist and head of research at the American Staffing Association, told CNN. “Just because the Federal Reserve votes to decrease interest rates in September does not mean that employers are going to see lower costs in October,” he said, adding that it could take three to six months to filter through to businesses. More rate cuts are expected for later this year, but the extent will depend on the health of the labor market, and that outlook could be quite murky due to impact from the strikes and Hurricane Helene. Fed officials, who are scheduled to make the central bank’s next interest rate decision just days after the October jobs report lands, will do their best to look through the noise and what are likely idiosyncratic factors, said Ryan Sweet at Oxford Economics.

Persons: Jerome Powell, Anna Moneymaker, Noah Yosif, “, ”, Helene, Ryan Sweet, Ejindu Ume Organizations: American Staffing Association, CNN, Federal Reserve, Oxford Economics, Miami University in Locations: Washington , DC, Miami University in Ohio

☆ A $28 trillion problem is about to get much worse. Harris and Trump are ignoring it
▼ + stars: | 2024-09-27 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +8 min

But now, as the dangers of a widening deficit and mounting debt grow, former President Donald Trump and Vice President Kamala Harris are making little effort to address it. A budget deficit occurs when a country’s spending exceeds what it collects in revenue, primarily through taxes. The deficit is expected to widen under the status quo and could get even worse under proposals by both Harris and Trump, if enacted. During the Trump-Harris presidential debate earlier this month, the budget deficit was mentioned just twice, when Harris jabbed Trump for his proposals, which are expected to add considerably more to the deficit than hers. In the 2021 fiscal year, during which Trump left office, the country ran a $2.8 trillion deficit.

Persons: Donald Trump, Kamala Harris, Harris, Trump, Jerome Powell, “ It’s, ” Powell, Harris jabbed Trump, ”, Maya MacGuineas, “, Barack Obama, we’ve, I’ve, Obama, Mitt Romney, ” Obama, Romney, Hillary Clinton, Powell, MacGuineas, There’s, Kent Smetters, aren’t Trump, Smetters, aren’t Organizations: New, New York CNN, White, Trump, Republican, Democratic, Congressional, CNN, University of Pennsylvania’s Wharton School, Penn Wharton Budget, ”, Republicans, Democrats, “ Locations: New York, China, Japan

☆ A dual win for consumers: Inflation cooled last month, paving way for borrowing costs to come down more
▼ + stars: | 2024-09-27 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: 1 min

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