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☆ The Fed gives the US its first jumbo interest-rate cut in 4 years
▼ + stars: | 2024-09-18 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

It's the first time the Federal Reserve has cut rates since March 2020. The unemployment rate also ticked down in August, giving the Fed the data it needed to cut rates. AdvertisementAccording to CME FedWatch, which estimates interest-rate changes based on market predictions, a rate cut was all but certain; the question was how big of a cut the Fed would implement. Additionally, some economists and Democratic lawmakers had for months been calling for a rate cut of at least 50 basis points. "They're going to cut rates this week," Bharat Ramamurti, a senior advisor for economic strategy at the American Economic Liberties Project, told reporters during a Monday briefing.

Persons: —, Jerome Powell's, Skanda Amarnath, Democratic Sens, Elizabeth Warren, John Hickenlooper, Sheldon Whitehouse, Powell, delinquencies, Bharat Ramamurti Organizations: Service, Federal, Market Committee, Federal Reserve, Business, CME FedWatch, Democratic, Fed, American Economic Liberties Locations: Jackson Hole , Wyoming, America

☆ Kamala Harris Has Shed Biden's Economic Record, Could Beat Out Trump
▼ + stars: | 2024-08-14 | by ( Emily Stewart | ) www.businessinsider.com time to read: +12 min

When people say they're concerned about "the economy," it can mean a lot of things — grocery prices, gas prices, housing prices, healthcare. For one thing, it's not clear that voters think Harris, as vice president, has had much involvement in Biden's economic policies. People remember the Trump economy as a better time — interest rates were lower, prices were lower, houses seemed more affordable. AdvertisementThe task for Harris now is to lay out an economic identity and agenda before others beat her to it. The Trump campaign and the GOP are trying to tie her to the negative feelings around the Biden economy, to affordability and inflation.

Persons: Kamala Harris, Joe Biden's, Harris, Kamala, Donald Trump, Bill Clinton's, Jim Carville, —, it's, Biden, Trump, Harris — Trump, Evan Roth Smith, Smith, Eli Yokley, Mark Zandi, Tim Walz, Minnesota, Yokley, Whit Ayres, Donald Trump's, she's, He's, Bharat Ramamurti, Emily Stewart Organizations: Democratic, Republican, Financial Times, University of Michigan's Ross School of Business, Trump, Biden, Lake Research Partners, Democrat, Voters, Morning, Federal, Moody's, House, Democrats, National Economic, GOP, Business Locations: China, California, Las Vegas

☆ Recent student loan debt forgiveness is making good on previous legislation: Bharat Ramamurti
▼ + stars: | 2024-02-28 | 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 EmailRecent student loan debt forgiveness is making good on previous legislation: Bharat RamamurtiHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC.

Persons: Bharat Ramamurti, Brian Sullivan, “ Organizations: CNBC

And while the economy usually comes out on top as the issue for most voters, there are doubts over whether even a good economy is enough for Joe Biden to win a second term. Certainly, the improving economy – and most importantly an inflation rate that is trending back to the Federal Reserve’s desired 2% annual target – should be an asset for Biden. “Obviously perceptions of Biden and Trump are largely baked in and have been for a long time” says Lee Miringoff, director of the Marist Institute for Public Opinion. “We’re playing at the margins at best.”For Democrats, running on a good economy will present its own challenges. The wing nuts have disproportionate power.”Ramamurti still believes that Biden should emphasize the economy, saying, “I’m of the view that good news is good news.

Persons: Joe Biden, ”, Jose Torres, ” Powell, “, Biden, Al Capone, Alejandro Mayorkas, Bharat Ramamurti, Trump, Lee Miringoff, David Walker, Walker, “ There’s, ” Ramamurti, Ramamurti, Gregory Daco, Pollsters, Mark Zandi Organizations: Federal, Biden, Fed, Interactive, Republicans, Democrats, CBS, Trump, GOP, Homeland, National Economic Council, Marist, ”, Marist Institute, Public, Biden Administration, Republican, Democratic Party, Democrat, Dow Jones, Moody's Locations: Pennsylvania

“It’s an ongoing effort,” said White House chief of staff Jeff Zients. “Under his leadership, we’ve attacked inflation from every angle.”The question is whether voters are feeling the improvement and will reward Biden. Or will they penalize him because inflation became a problem on his watch as the U.S. emerged from pandemic shutdowns? Past and current Biden administration officials say the decline in inflation since then was a result of a set of choices. Much of the public saw inflation through the lens of their grocery stores, strip malls and gas stations, but the White House considered it a worldwide issue.

Persons: Joe Biden, he's, Biden, ”, Jeff Zients, we’ve, Jason Smith of Missouri, Donald Trump, ” Trump, “ We're, Bharat Ramamurti, shutdowns, “, Jared Bernstein, White, Ben Harris Organizations: WASHINGTON, White, Bureau of Labor Statistics, Biden, Federal Reserve, House, National Economic Council, Congressional, Medicare, Factories, Shipping, White House Council, Economic Advisers, White House, U.S, Republican, Treasury Department, Associated Press, NORC, for Public Affairs Locations: “, U.S, Los Angeles, Long Beach , California, Russia, Ukraine, Israel, Red

☆ We're looking at 'slow at best' growth in 2024, says former OMB Director Douglas Holtz-Eakin
▼ + stars: | 2023-11-30 | 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 EmailWe're looking at 'slow at best' growth in 2024, says former OMB Director Douglas Holtz-EakinBharat Ramamurti, former White House National Economic Council deputy director, and Douglas Holtz-Eakin, American Action Forum president and former Office of Management and Budget director, join 'Squawk Box' to discuss October's PCE inflation data, the state of the U.S. economy, and more.

Persons: Douglas Holtz, Bharat Ramamurti Organizations: White, National Economic Council, Action, of Management Locations: U.S

☆ Price hikes and spending cooled last month, Fed’s preferred inflation gauge shows
▼ + stars: | 2023-11-30 | by ( Alicia Wallace | ) edition.cnn.com time to read: +4 min

The core PCE price index is at its lowest annual rate since April 2021, marking another step toward the Fed’s target of 2% inflation. When including gas and food prices, the overall PCE index was unchanged last month. Consumer expenditures increased 0.2% last month, a marked pullback from the 0.7% jump seen in September. When taking out inflation, however, the 0.2% real spending in October was down only slightly from September’s 0.3% gain. Holiday uncertaintyThe spending patterns last month align with the ongoing trend of people spending their money more on experiences.

Persons: Bharat Ramamurti, Kayla Bruun, Jill Renslow, Bruun, ” Ramamurti, ” Organizations: Minneapolis CNN, The Commerce Department, Federal Reserve, PCE, National Economic Council, CNN, Consumers, Morning, of, National Retail Federation Locations: Minneapolis, of America, Bloomington , Minnesota

☆ Stock futures are little changed after the S&P 500's best week of 2023: Live updates
▼ + stars: | 2023-11-05 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

U.S. equity futures were flat on Sunday evening after the major averages capped their best week so far this year. S&P 500 futures ticked higher by 0.03% and Nasdaq 100 futures hovered below the flat line at 0.01%. November is the best-performing month for the S&P 500, according to the Stock Traders' Almanac. The S&P 500 has generated an average return of 7% from November through April since then, he said. Several other Fed officials are making public remarks later in the week as well, including New York Federal Reserve President and CEO John Williams, Atlanta Federal Reserve President Raphael Bostic, Richmond Federal Reserve President Thomas Barkin and Dallas Fed President Lorie Logan.

Persons: Dow, LPL, Adam Turnquist, Turnquist, Walt Disney, Wynn, Jerome Powell, Bharat Ramamurti, CNBC's, Lisa D, Cook, John Williams, Raphael Bostic, Thomas Barkin, Lorie Logan Organizations: Dow Jones, Nasdaq, Stock Traders, MGM Resorts, Occidental Petroleum, National Economic Council, New York Federal Reserve, Atlanta Federal Reserve, Richmond Federal, Dallas Fed Locations: Horton, Atlanta, Richmond

☆ October jobs report may signal top of the Fed's hiking cycle: Fmr. NEC Deputy Director Ramamurti
▼ + stars: | 2023-11-03 | 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 EmailOctober jobs report may signal top of the Fed's hiking cycle: Fmr. NEC Deputy Director RamamurtiBharat Ramamurti, Former NEC Deputy Director, joins 'Closing Bell Overtime' to talk the October jobs report.

Persons: Ramamurti Bharat Ramamurti Organizations: NEC

☆ There's 'absolutely still a chance' student-loan borrowers will get broad debt cancellation, AOC says — but 'you can thank a Republican' for payments restarting next month
▼ + stars: | 2023-09-19 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Rep. Alexandria Ocasio-Cortez told borrowers that student-debt relief "is not a done deal." She said there's still a chance for relief under the Higher Education Act. On Monday night, Ocasio-Cortez took to her Instagram story to answer questions about the current state of affairs in Congress — particularly a government shutdown — and what's next for student-loan borrowers. AdvertisementAdvertisement"There is absolutely still a chance of cancellation," she said on her Instagram story on Monday. Regardless of the hurdles the broad relief could face, a group of Democratic lawmakers want borrowers to see a reduction to their balances as soon as possible.

Persons: Alexandria Ocasio, Cortez, there's, —, what's, Joe Biden's, Biden, Bharat Ramamurti, Biden's Organizations: Higher, Service, Education Department, GOP, National Economic Council, Democratic Locations: Alexandria, Wall, Silicon

☆ Explaining Bidenomics
▼ + stars: | 2023-09-06 | by ( David Leonhardt | More About David Leonhardt | ) www.nytimes.com time to read: +2 min

They want the government to spend more money on highways, technological development and other policies that could create good-paying jobs. The experts, in short, believe that they had been too accepting of the more laissez-faire economic agenda often known as neoliberalism. This turnabout is the central explanation for President Biden’s economic agenda, which White House aides call Bidenomics and will be core to his re-election campaign. Foer tells the story partly through Jake Sullivan, who helped design Biden’s domestic agenda during the campaign and then became national security adviser. That’s why several Warren protégés, like Bharat Ramamurti, work in senior White House roles today.

Persons: Bidenomics, ”, Biden’s, Franklin Foer, Foer, Jake Sullivan, Sullivan, Hillary Clinton, Biden, Donald Trump’s, Democratic wonks, ” Foer, Bernie Sanders, Elizabeth Warren, Alexandria Ocasio, Cortez, Warren protégés, Bharat Ramamurti Organizations: Democratic, Rhodes, Yale, White Locations: Alexandria

☆ Where student-loan forgiveness now stands for millions of borrowers one year after Biden announced his broad debt relief plan
▼ + stars: | 2023-08-24 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

Since then, it faced legal hurdles, and the Supreme Court struck the relief down in June. Since he took office, his administration was weighing its options to get relief to borrowers, and Biden himself even questioned his authority to enact broad debt relief. About a month after the debt relief announcement, applications opened for federal borrowers to apply for an up to $20,000 reduction to their balances. It did go all the way to the Supreme Court and was deemed ineligible. Even with the Supreme Court ruling, Biden's administration has started implementing other reforms for borrowers, along with a new process for broad student-loan forgiveness using a different law.

Persons: Biden, Joe Biden's, Miguel Cardona, Harris, Biden's, it's, Joe Biden, Demetrius Freeman, Bharat Ramamurti, Chuck Schumer Organizations: Service, Biden, Social, Education Department, Republican, Supreme, Here's, White, Washington, Getty, Higher, National Economic Council Locations: Wall, Silicon

☆ NEC deputy director on IRA: A win-win for emissions reduction and jobs creation
▼ + stars: | 2023-08-16 | 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 EmailNEC deputy director on IRA: A win-win for emissions reduction and jobs creationBharat Ramamurti, NEC deputy director, joins 'Squawk on the Street' to discuss the impact of the Inflation Reduction Act bill, the public's knowledge of the bill, and what the White House would like to call the bill if they had another opportunity.

Persons: Bharat Ramamurti Organizations: NEC

☆ Student-loan borrowers can tell Biden what they want from his new debt relief plan. Here's how.
▼ + stars: | 2023-07-17 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Student-loan borrowers have a few days left to submit comments on Biden's new debt relief plan. Biden is beginning a new process for relief after the Supreme Court struck down his first plan. On June 30, the Supreme Court struck down Biden's plan to cancel up to $20,000 in student debt for federal borrowers. Anyone can submit a comment on the federal register through July 20 regarding anything they want the department to consider related to its new debt relief plan. Along with the opportunity to submit public comments, the Education Department is holding the first public hearing on the new debt relief plan on Tuesday.

Persons: Biden, didn't, Joe Biden's, —, Bharat Ramamurti, Education James Kvaal Organizations: Service, Education Department, Higher, National Economic Council, Education Locations: Wall, Silicon

☆ Meet a first-generation Gen-Zer with $60,000 in student debt who says it's 'hard to be excited' about Biden's new plans for relief: 'There's just no clear messaging'
▼ + stars: | 2023-07-15 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

Olivia Bissanti, 23, has $60,000 in federal and private student debt. As a first-generation college student, Bissanti was the first in her family to achieve a higher education and navigate the financial system that comes along with it. Six months after graduating from college in 2021, Bissanti started making payments on her private student loans. Olivia Bissanti (right), 23, has $60,000 in private and federal student debt. At the end of June, the Supreme Court struck down President Joe Biden's plan to cancel up to $20,000 in student debt for federal borrowers.

Persons: Olivia Bissanti, she's, hasn't, Bissanti, I've, Joe Biden's, overreached, —, Biden, Biden's, it's, There's, Bharat Ramamurti, that's Organizations: Service, Education Department, —, Supreme, Higher, National Economic Council Locations: Wall, Silicon

☆ Student-loan borrowers who qualified for the first debt relief plan are not yet guaranteed relief under Biden's new route
▼ + stars: | 2023-07-03 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Biden is planning to cancel student debt under a new law after the Supreme Court struck down his first plan. He'll use the Higher Education Act, which requires hearings and public comment. The Higher Education Act states that the Education Department can "enforce, pay, compromise, waive, or release any right, title, claim, lien, or demand" related to federal student debt. Given the new standards surrounding the Higher Education Act, it's not yet guaranteed that the same borrowers who benefitted from Biden's first proposal will qualify for the president's new plan. "However, the Secretary has directed his staff to explore policy options for debt relief that will help as many people as possible."

Persons: Biden, —, Joe Biden's, It's, Miguel Cardona, it's, Bharat Ramamurti, Cardona, Alexandria Ocasio, Cortez, Ro Khanna, SCOTUS, Khanna Organizations: Service, Higher, Education Department, Education, National Economic Council, New York Rep, CNN, Twitter Locations: Biden's, Alexandria

☆ Why Biden's new plan to cancel student debt is going to take a lot longer than his first proposal
▼ + stars: | 2023-07-03 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

After the Supreme Court struck down Biden's first student-debt relief plan, he announced he'll be trying again. He started the process to use the Higher Education Act of 1965, but it will take longer this time. On Friday, the high court struck down Biden's first plan to cancel up to $20,000 in student debt for federal borrowers using the HEROES Act of 2003. While Republican lawmakers lauded the Supreme Court decision, Democratic lawmakers celebrated Biden's effort to try again under the Higher Education Act. The President has the clear legal authority to cancel student debt under the Higher Education Act.

Persons: he'll, Biden, —, Joe Biden, Miguel Cardona, they'll, Cardona, Bharat Ramamurti, Ramamurti, they're, Warren Organizations: Service, Friday's, Supreme Court, Education, Higher, National Economic Council, Republican, Democratic, Twitter

☆ Debt ceiling deal is 'good and fair,' says White House advisor Bharat Ramamurti
▼ + stars: | 2023-05-30 | 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 EmailDebt ceiling deal is 'good and fair,' says White House advisor Bharat RamamurtiBharat Ramamurti, White House National Economic Council deputy director, joins 'Squawk on the Street' to discuss the status of the debt ceiling deal, if the debt ceiling bill will impact the economy and much more.

Persons: White, Bharat Ramamurti Bharat Ramamurti Organizations: White, National Economic Council

Bill Clark | CQ-Roll Call, Inc. | Getty Images"Speaker McCarthy should pull this bad bill down. Roy and Bishop weren't the only far-right conservatives who implicitly threatened to unseat McCarthy as House speaker if the debt limit bill passed. Under new rules this year, a single Republican lawmaker can bring a no-confidence vote on McCarthy to the floor. But progressive leaders in the House stopped short of urging their like-minded members to oppose the bill. The message from the White House was similarly low-key, with an emphasis on the GOP asks that were not in the bill.

☆ Republicans should raise debt ceiling without conditions, says White House economist Ramamurti
▼ + stars: | 2023-05-10 | 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 EmailRepublicans should raise debt ceiling without conditions, says White House economist RamamurtiBharat Ramamurti, deputy director at the White House's National Economic Council, joins 'Squawk on the Street' to discuss if the economy is near the end of the inflation pressures, the White House's estimates for shelter prices and what the Deputy Director expects from the economy.

☆ Millions of student-loan borrowers could find out in the next 2 months if they will get Biden's debt relief. Here's what's at stake — beyond a reduction to balances.
▼ + stars: | 2023-05-01 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +8 min

The Supreme Court is expected to issue a decision on Biden's student-debt relief by the end of June. They could have debt relief right now if it weren't for these lawsuits." And it looks like the Education Department is planning for those payments to resume with or without relief. The implementation of targeted debt relief reformsThe Education Department has some other things in the works, aside from broad student-debt relief. Share your student debt story with this reporter at asheffey@insider.com.

☆ White House is monitoring credit availability, says NEC's Bharat Ramamurti
▼ + stars: | 2023-04-12 | 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 EmailWhite House is monitoring credit availability, says NEC's Bharat RamamurtiBharat Ramamurti, National Economic Council deputy director, joins 'Squawk on the Street' to discuss how much progress the deputy director sees from the recent CPI report, the White House's ability to refill the SPR and more.

☆ White House's Bharat Ramamurti breaks down President Biden's $6.8 trillion budget
▼ + stars: | 2023-03-10 | 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 EmailWhite House's Bharat Ramamurti breaks down President Biden's $6.8 trillion budgetBharat Ramamurti, deputy director at the National Economic Council, joins CNBC's 'Squawk Box' to discuss whether Biden’s $6.8 trillion budget proposal is dead-on-arrival.

☆ Warren Buffett lashed out against critics of stock buybacks. The White House says it isn't anti-repurchases, it just wants to encourage smart spending.
▼ + stars: | 2023-03-02 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +3 min

Warren Buffett slammed critics of stock buybacks as economically "illiterate" in his annual letter. But a White House official said Biden isn't anti-repurchases, he just wants to encourage smart spending. The 92-year-old billionaire investor — who has touted the value of stock buybacks for decades — slammed opponents of stock buybacks in his annual letter to Berkshire Hathaway shareholders. But Biden isn't an opponent of share repurchases — he just wants to encourage smart spending, a National Economic Council official told MarketWatch. Berkshire has been one of the US's leaders in stock buybacks, spending nearly $8 billion on its own shares in 2022.

☆ AOC says there's still hope for Biden's student-loan forgiveness plan if the Supreme Court rules against it
▼ + stars: | 2023-03-02 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

AOC said Biden "should be prepared to respond" to whatever the Supreme Court rules on student-debt relief. The White House has maintained it does not have a backup plan and is confident Biden's relief will prevail. Some other Democratic lawmakers have also said the focus right now should be on voicing the legality of Biden's current debt relief plan. Still, the White House has previously said that it is not deliberating a backup plan right now if the Supreme Court strikes down the relief. And there is no current backup plan, or anything like that.

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