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☆ Powell: Fed pandemic policies 'will stand up well in history'
▼ + stars: | 2024-07-15 | 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 EmailPowell: Fed pandemic policies 'will stand up well in history'Fed Chair Jerome Powell speaks at the Economic Club of Washington D.C.

Persons: Powell, Jerome Powell Organizations: Economic, of Washington D.C

☆ Watch Fed Chair Jerome Powell's remarks on interest rate policy and the economy
▼ + stars: | 2024-07-15 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

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 ,

☆ Powell on inflation: Fed 'overestimated how quickly the economy would return to normal'
▼ + stars: | 2024-07-15 | 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 EmailPowell on inflation: Fed 'overestimated how quickly the economy would return to normal'Fed Chair Jerome Powell speaks at the Economic Club of Washington D.C.

Persons: Powell, Jerome Powell Organizations: Economic, of Washington D.C

☆ JPMorgan Chase is set to report second-quarter earnings – here's what the Street expects
▼ + stars: | 2024-07-12 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

Jamie Dimon, chairman and chief executive officer of JPMorgan Chase & Co., speaks during an Economic Club of New York (ECNY) event in New York, US, on Tuesday, April 23, 2024. JPMorgan Chase is scheduled to report second-quarter earnings before the opening bell Friday. Here's what Wall Street expects:Earnings: $4.19 a share, according to LSEGRevenue: $49.9 billion, according to LSEGNet interest income: $22.8 billion, according to StreetAccountTrading Revenue: Fixed income of $4.82 billion; Equities of $2.77 billion, according to StreetAccountWill cracks in the economy begin to reveal themselves in JPMorgan Chase results? While JPMorgan has passed numerous stress tests lately — actual and hypothetical — it's possible the bank's consumers could begin showing more strain from higher interest rates. Wells Fargo and Citigroup are scheduled to post results later Friday, while Goldman Sachs , Bank of America and Morgan Stanley report next week.

Persons: Jamie Dimon, JPMorgan Chase, Wells, Goldman Sachs, Morgan Stanley Organizations: JPMorgan Chase &, Economic, of New, JPMorgan, LSEG Revenue, Trading, JPMorgan Chase, Citigroup, Bank of America Locations: of New York, New York, Wells Fargo

☆ Treasury Secretary Yellen says U.S. debt load is in 'reasonable place' if it remains at this level
▼ + stars: | 2024-06-13 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Treasury Secretary Janet Yellen on Thursday said the swelling national debt is manageable as long as it stays around where it is relative to the rest of the economy. In a CNBC interview, Yellen also noted that high interest rates are adding to the burden as the U.S. manages its massive $34.7 trillion debt load. "The way I look at it is that we should be looking at the real interest cost of the debt. The public share of the national debt as a share of GDP is running at about 97% but is expected to soon top 100% at current spending rates. "Americans are clearly very concerned about the cost of living, and dressing the high cost of living remains a top economic priority for the president," Yellen said at a luncheon with the Economic Club of New York.

Persons: Janet Yellen, Yellen, CNBC's Andrew Ross Sorkin, That's, Joe Biden's Organizations: CNBC, Congressional, Federal Reserve, Economic, of New Locations: U.S, of New York

☆ Yellen: More Ukraine aid can be backed by frozen Russian assets after initial $50 billion loan
▼ + stars: | 2024-06-13 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

U.S. Treasury Secretary Janet Yellen said Thursday that the $50 billion loan to Ukraine that President Joe Biden and other leaders of Group of Seven highly developed nations have agreed to could be the first of multiple loans backed by frozen Russian assets. The $50 billion loan will be backed with at least $260 billion worth of frozen Russian central bank assets as collateral. "While we're trying to move quickly on this, I can't give any type of timeline as to when money would actually start flowing to Ukraine," Yellen said. If necessary, the U.S. will commit the entire $50 billion, a senior administration official told reporters Thursday on a press call. "I think it's important for Putin to realize that we remain completely united in support of Ukraine," Yellen said.

Persons: Janet Yellen, Joe Biden, Yellen, We're, Biden, Putin Organizations: Treasury, Economic, of New, Union, Washington, Russia Locations: of New York, New York City, U.S, Ukraine

☆ Jamie Dimon probably isn't too happy about how the Indian election went
▼ + stars: | 2024-06-05 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +1 min

Indian's Prime Minister Narendra Modi lost his absolute majority in parliament on Tuesday. That is probably gonna be a bummer for JPMorgan boss Jamie Dimon who has been a big fan of Modi. Dimon was effusive in his praise for Modi, saying that he "has done an unbelievable job in India." AdvertisementJPMorgan chief Jamie Dimon probably isn't too happy that India's Prime Minister Narendra Modi lost his absolute majority in parliament on Tuesday. In April, Dimon effusively praised the Indian leader during an event at The Economic Club of New York.

Persons: Narendra Modi, Jamie Dimon, Modi, Dimon, —, hasn't, Dimon effusively, He's Organizations: Indian's, JPMorgan, Service, Wall Street, Modi, Economic, of New, Business Locations: India, of New York

☆ Sen. Joe Manchin leaves the Democratic Party and registers as independent
▼ + stars: | 2024-05-31 | by ( Scott Wong | Kate Santaliz | ) www.cnbc.com time to read: +2 min

Senator Joe Manchin, a Democrat from West Virginia, speaks during an interview at an Economic Club of Washington event in Washington, D.C., U.S., on Tuesday, Oct. 26, 2021. Manchin's move was first reported by longtime West Virginia radio host Hoppy Kercheval. The deadline for an independent to register to run for office in West Virginia this year is Aug. 1, according to the secretary of state's office. Manchin won a full Senate term in 2012 and a second term in 2018. In 2020, Trump captured nearly 70% of the vote in West Virginia.

Persons: Joe Manchin, West Virginia Sen, Manchin, Manchin's, Robert Byrd, Patrick Morrisey, Donald Trump's, Trump, Jim Justice, —, Morrisey, Huntington Mayor Steve Williams Organizations: Democrat, Economic, of Washington, Washington , D.C, West, longtime West, Republican, Trump, Senate, GOP, Democratic, Huntington Mayor Locations: West Virginia, Washington ,, longtime West Virginia

☆ Fed's Williams says inflation is too high but will start coming down soon
▼ + stars: | 2024-05-30 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

NEW YORK — New York Federal Reserve President John Williams on Thursday said inflation is still too high but he is confident it will start decelerating later this year. With markets on edge over the direction of monetary policy, Williams offered no clear signs on where he is leaning as far as possible interest rate cuts go. Williams called policy "well-positioned" and "restrictive" and said it is helping the Fed achieve its goals. But higher than expected inflation readings have altered that landscape dramatically, and current pricing is pointing to just one decrease, probably in November. Williams said he expects PCE inflation to drift down to 2.5% this year on its way back to 2% in 2026.

Persons: John Williams, Williams, CNBC's Sara Eisen, Dow Jones Organizations: Federal Reserve Bank of New, York Federal, Economic, of New, Fed, Commerce Department Locations: Federal Reserve Bank of New York, New York, York, of New York

☆ GM CEO Mary Barra says she has no plans to retire soon as automaker's transformation continues
▼ + stars: | 2024-05-23 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – General Motors CEO and Chair Mary Barra on Thursday said she has no plans to retire any time soon as she tries to ensure the company's transformation is on "a good path." Barra, who is the longest tenured CEO outside of the company's founder, has been asked about retirement for several years. "I'm having a lot of fun, and I want to make sure we have our transformation on a good path," she said during a fireside chat at a Detroit Economic Club meeting. Barra reiterated she serves at the pleasure of the GM board and that she continues to have "fun." Cruise and EVs, along with software-defined vehicles and services, have been among the largest potential growth areas under Barra, who became CEO in January 2014.

Persons: Mary Barra, Barra, I've, Cruise Organizations: Economic, Washington, DETROIT – General, GM, Detroit Locations: Washington , U.S, DETROIT, San Francisco, Barra

☆ Tech titans love Modi's economic powerhouse India — despite mass unemployment and abject poverty
▼ + stars: | 2024-05-04 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +13 min

Youth unemployment, income inequality, regional disparities, and Russian oil remain big problems. But the work starts there, as he'll have to navigate thorny issues such as youth unemployment, income inequality, and reliance on sanctioned Russian oil. "The other key economic policy was JAM — the trinity of bank accounts for the poor, mobile numbers and a biometric card. Indian demand for Russian oil has cooled in recent months as new sanctions have made it more expensive, but the buying remains controversial. Alexandr Demyanchuk/AFP/Getty ImagesIndia the IT hubUnder Modi, India has made big strides in modernizing its economy, combating bureaucracy, and appealing to foreign investors.

Persons: Narendra Modi, Elon Musk, Jamie Dimon, Tim Cook, —, Modi, Goldman Sachs, JPMorgan's Dimon, He's, Musk, Apple's Cook, Joe Biden, Sundar Pichai, Anna Moneymaker, Jensen Huang, Satya Nadella, Alphabet's Sundar Pichai, Richard Rossow, Demonetisation, Kunal Sen, Sen, Tim Graham, Rossow, tycoons Mukesh Ambani, Gautam Adani, Mukesh Ambani, Isha Piramal, Rihanna, Shloka Mehta Ambani, Akash Ambani, Radhika Merchant, Anant, Radhika, Ambani, they'd, Neelima Jain, Vladimir Putin, Alexandr Demyanchuk, Sanjay Shetty, Shetty Organizations: Service, titans, Monetary Fund, Gross, World Bank, Economic, of New, Google, Apple, Nvidia, Microsoft, India, Studies, Center for Strategic & International Studies, United Nations, United Nations University World Institute for Development Economics, University of Manchester, International Labor Organization, Oxfam, Bloomberg, Reliance Industries, Adani, CSIS, Indian, Shanghai Cooperation Organisation, Getty, Modi, Big Tech, Randstad, Economic Times Locations: India, Britain, Japan, Germany, China, of New York, Nimaj, Rajasthan, North Korea, Bihar, Uttar Pradesh, Russia, Ukraine, Europe, Moscow, Western, Samarkand, AFP, Randstad India

☆ Putin is using 'nuclear blackmail' — and Russia defeating Ukraine could spark global chaos and economic disaster, Jamie Dimon warns
▼ + stars: | 2024-04-27 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Russia defeating Ukraine could spark chaos and slam the global economy, Jamie Dimon said. The JPMorgan CEO said a Putin victory could fuel a nuclear arms race and trigger more battles. AdvertisementA Russian victory in Ukraine could throw the world into disarray, transform the global economy, and trigger nuclear proliferation and further conflicts, Jamie Dimon warned. Dimon emphasized that Russia has invaded a free, democratic nation and threatened nuclear war to deter resistance. Advertisement"The geopolitical situation is probably the most complicated and dangerous since World War II," he told the Economic Club of New York this week, adding that the world order is being "challenged."

Persons: Jamie Dimon, Putin, Dimon, —, We've Organizations: JPMorgan, Service, Wall, Russia, Economic, of New Locations: Russia, Ukraine, China, Europe, of New York

☆ Dow sinks nearly 700 points after GDP report, heading toward its largest drop of the year
▼ + stars: | 2024-04-25 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +2 min

New York CNN —US stocks sank Thursday morning after the latest GDP report showed that US economic growth slowed to 1.6% in the first quarter of the year, a much weaker pace than expected. “This report was the worst of both worlds: economic growth is slowing and inflationary pressures are persisting,” wrote Chris Zaccarelli, chief investment officer at Independent Advisor Alliance, in a note Thursday morning. Economic growth appears to be floating back down to earth after notching a very strong second half of 2023. GDP grew by 4.9% and 3.4% in the third and fourth quarters of last year. Those sticky inflation rates have pushed investors to slash their expectations for interest rate cuts by the Fed.

Persons: Dow, ”, Chris Zaccarelli, They’re, It’s, stagflation, Jamie Dimon, “ Stagflation, “, we’ve, Ben Carlson Organizations: New, New York CNN, Nasdaq, Federal Reserve, Independent, Alliance, Fed, Economic, of New, JPMorgan, Ritholtz Wealth Management, Tech, Meta, Microsoft, Amazon Locations: New York, of New York

☆ Fears about stagflation are mounting in the US. It’s every central banker’s worst nightmare
▼ + stars: | 2024-04-25 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

And economists are forecasting new inflation data due Friday will paint a similar picture. The GDP report gave another preview of what could come. Slowing economic growth combined with rising inflation is known as stagflation. To be fair, one GDP report isn’t necessarily indicative of a trend. He repeated that message in a Wall Street Journal interview published Thursday before the GDP report was released.

Persons: there’s, JPMorgan Chase, Jamie Dimon, we’ve, ”, —, ” Dimon, Mike Reynolds Organizations: New, New York CNN, Federal Reserve, JPMorgan, Economic, of New Locations: New York, Germany, Israel, of New York

☆ CNBC's Inside India newsletter: A $270 billion gamble on green?
▼ + stars: | 2024-04-25 | by ( Ganesh Rao | ) www.cnbc.com time to read: +8 min

Solar panels stand at the Welspun Energy solar power plant in Neemuch, Madhya Pradesh, India. One sector in particular — electrical power transmission — will see $270 billion in financial benefits, according to Goldman Sachs. While utilities like the Power Grid Corporation of India may be perceived as unsexy, compared to growth stocks like Tesla, India plans to promote renewable energy without the taxpayer spending a single rupee. The country has added about 70 gigawatts of solar power capacity over the past decade without piling on further costs by simply maximizing the grid's usage. Currently, state governments in India levy surcharges and taxes on every unit of carbon-intensive energy transmitted through the grid.

Persons: Vivek Prakash, Elon Musk, Narendra Modi, Goldman Sachs, It's, Vinay Dwivedi, India Anna Dravida, Vinay, Modi, Mohamed Muizzu's, Jamie Dimon, Modi's Organizations: Bloomberg, Getty, U.S, Power Grid Corporation of India, Goldman, Companies, Reliance Industries, Adani Enterprises, Tamil Nadu —, Dravida Munnetra Kazhagam, India Anna Dravida Munnetra Kazhagam, CNBC, Modi's Bharatiya Janata Party, Vodafone Idea, Vodafone, West, Economic, of New, JPMorgan, CNBC Pro, we'll Locations: Neemuch, Madhya Pradesh, India, Tamil Nadu, Dravida, New Delhi, Maldives, China, Beijing, West Indies, Pakistan, U.S, of New York

☆ The US economy may be barrelling towards stagflation, an outcome worse than recession
▼ + stars: | 2024-04-25 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

The provides the backdrop for stagflation, which can't be combated with rate cuts. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . With additional help from high government spending and the dollar's de-coupling from gold, inflation surged into double digits, while the economy tumbled. The period was so tumultuous that it undid long-standing macroeconomic theories, and required the Fed to step up its role in the economy.

Persons: —, David Donabedian, It's, listlessness, stagflation, Paul Volcker, Jamie Dimon, we've, Pooja Sriram, Powell Organizations: Service, CIBC Private Wealth, OPEC, Economic, of New, Barclays Locations: of New York

☆ Jamie Dimon warns the world order is being challenged — and bashes crypto once more
▼ + stars: | 2024-04-24 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewMost people are financially healthy, but economic and geopolitical threats could spoil the party, Jamie Dimon warned on Tuesday. People are also benefiting from strong economic growth and near-record employment, but they won't be immune if disaster strikes, Dimon said. "Even if we go into recession, the consumer's in good shape," he said in a clip of the interview posted by Bloomberg. He added that the world order is being "challenged" and could descend into a "little bit of chaos" as it realigns.

Persons: —, Jamie Dimon, Dimon, Dimon's, JPMorgan's, we've Organizations: Service, Consumers, Economic, of New, Business, Bloomberg, Wall Locations: of New York, China, Russia, Ukraine, Middle

☆ Jamie Dimon fears for the future of the free world and US debt
▼ + stars: | 2024-04-24 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

New York CNN —JPMorgan Chase CEO Jamie Dimon is worried about the future of the free world. “The geopolitical situation is probably the most complicated and dangerous since World War II,” Dimon said during a talk at the Economic Club of New York on Tuesday. “The world order that formed after WWII, Bretton Woods, WTO [the World Trade Organization], and the UN is kind of being challenged,” he said. This is not the first time Dimon has warned that the world is on the brink of a massive realignment. The country’s national debt is now over $34.5 trillion, or about $103,000 for every American.

Persons: Jamie Dimon, ” Dimon, Dimon, Bretton, ”, That’s, “, Jerome Powell, Niall Ferguson, Chris Isidore, Tesla, Elon Musk, Jeanne Sahadi, Joe Biden, “ won’t Organizations: CNN Business, Bell, New York CNN, JPMorgan, Economic, of New, World Trade Organization, UN, AAA, NATO, Atlantic Treaty Organization, Federal, Federal Trade Commission, FTC, of Commerce Locations: New York, of New York, Ukraine, NATO, Israel, US, China, Bretton Woods, WTO, Russia

☆ Ex-JetBlue CEO Robin Hayes to run Airbus North America
▼ + stars: | 2024-04-22 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

Robin Hayes, chief executive officer of JetBlue Airways Corp., speaks during an Economic Club of New York event in New York, US, on Wednesday, March 29, 2023. Former JetBlue Airways CEO Robin Hayes will run Airbus' North America arm, replacing Jeffrey Knittel, the airplane maker said Monday. Hayes, a longtime airline executive who has also held senior leadership roles at British Airways, will start in June. He will be managing Airbus' business in the region, where it has expanded production of narrow-body jets in Mobile, Alabama. It has customers including Delta Air Lines , his former employer JetBlue and the carrier's acquisition target Spirit.

Persons: Robin Hayes, Jeffrey Knittel, Hayes Organizations: JetBlue Airways Corp, Economic, of New, Former JetBlue Airways, Airbus, JetBlue, Spirit Airlines, Justice Department, British Airways, Delta Air Lines Locations: of New York, New York, North America, Mobile , Alabama

☆ Dollar firm after Fed comments; yen under close watch
▼ + stars: | 2024-03-28 | by ( ) www.cnbc.com time to read: +3 min

"There is no rush to cut the policy rate" right now, Waller said in a speech prepared for delivery before an Economic Club of New York gathering. The dollar index , a measure of the greenback against major peer currencies, ticked up in the wake of Waller's comments and last held mostly unchanged at 104.41. Traders await key U.S. core inflation figures due on Friday, following a bigger-than-expected jump in U.S. durable goods orders on Tuesday that has already boosted the dollar against the yen. The greenback reached 151.975 yen on Wednesday, its strongest against the yen since mid-1990. Japan intervened in the currency market three times in 2022, selling the dollar to buy yen, first in September and again in October as the yen slid towards a 32-year low of 152 to the dollar.

Persons: Christopher Waller, Waller, It's, Kyle Rodda, Rodda, Masato Kanda, Shunichi Suzuki, That's, Ray Attrill, Sterling, bitcoin Organizations: U.S, Federal Reserve, Federal, Economic, of New, Traders, Finance, National Australia Bank, Bank of Japan's Locations: of New York, Japan

☆ Don't sweat the prospect of no Fed rate cuts, economist says — markets will still march higher
▼ + stars: | 2024-03-28 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +4 min

Federal Reserve Bank Chair Jerome Powell speaks during a news conference at the bank's William McChesney Martin building on March 20, 2024 in Washington, DC. His comments come as investors await the release of further U.S. economic data and closely monitor clues from Fed officials about the expected number of interest rate cuts in 2024. Asked on Thursday about the likelihood of one or no Fed interest rate cuts this year, Blitz said that it's "getting pretty good. Blitz said markets will likely continue to march higher, even if the Fed decides not to impose any interest rate cuts this year — a prospect that U.S. asset manager Vanguard named as their base-case scenario. Christopher Waller, governor of the US Federal Reserve, during a Fed Listens event in Washington, DC, US, on Friday, March 22, 2024.

Persons: Jerome Powell, William McChesney Martin, Chip Somodevilla, Steven Blitz, Blitz, They're, CNBC's, it's, Christopher Waller, Waller, Raphael Bostic, Jerome, Powell Organizations: Bank, Getty, Federal Reserve, TS Lombard, Traders, Fed, Vanguard, Economic, of New, Atlanta Federal Reserve, US Federal Reserve, Bloomberg Locations: Washington ,, U.S, of New York, Atlanta, Washington , DC

☆ Trump turns to his 'old cast' to raise millions for 2024 and the PAC paying his legal bills
▼ + stars: | 2024-03-25 | by ( Brian Schwartz | ) www.cnbc.com time to read: +5 min

The hedge fund founder is hosting a splashy fundraising dinner for Trump April 6 at his house in Palm Beach, Florida. But Paulson is not the only GOP kingmaker who is privately gearing up to help Trump. "It's the old cast coming back together to take it across the finish line," said an advisor to one of Trump's bundlers. Many of these "old cast" members are business leaders who have been close to Trump for years. As for the money going to pay Trump's legal bills, at least some of the people attending the Paulson event don't seem to care.

Persons: Donald Trump, John Paulson, Mike Segar, Trump, Paulson, Republican megadonor Rebekah Mercer, Robert Mercer, Rebekah, Oliver Contreras, Rebekah Mercer, Todd Ricketts, Wilbur Ross, Small Business Administration Linda McMahon, Woody Johnson, Meredith O'Rourke, Susan Necheles, Brendan Mcdermid Organizations: Economic, of New, Reuters Veteran, CNBC, Trump, GOP, Republican, New York, The Heartland Institute, Washington Post, Chicago Cubs, Trump Commerce, Small Business Administration, Trump's, New York Jets, NBC News, Save America PAC, Republican National Committee, America, Former U.S, Reuters Trump Locations: of New York, Manhattan , New York, U.S, Palm Beach , Florida, Palm Beach, Trump, Washington ,, Trump's U.S, United Kingdom, Former, New York City

☆ Joe Biden is looking for ways to get his message to break through. He’s hoping his Cabinet can play a key role.
▼ + stars: | 2024-02-10 | by ( Betsy Klein | Camila Dechalus | ) edition.cnn.com time to read: +12 min

Nevertheless, the Biden White House and legal team has taken pains to ensure compliance – an effort to highlight its commitment to ethics and draw a sharp contrast with Trump, who skirted the rule with abandon. And the Biden White House has issued “extensive guidance to and conducts trainings for agencies” on the Hatch Act and how to avoid potential missteps, the official said. Secretary of State Mike Pompeo, for instance, delivered a speech to the Republican National Convention while on official travel in Jerusalem. “Voters of color can see themselves in leaders like Secretary Cardona, Secretary Fudge, and (EPA) Administrator (Michael) Regan. President Biden was intentional about assembling a Cabinet that reflects the diversity of America, and we continue to see how that diversity translates into real political strength,” he told CNN.

Persons: Washington CNN — Janet Yellen isn’t, Joe Biden’s, Biden, SSRS –, Donald Trump, Trump, ”, Yellen, Robert Hur’s, Pete Buttigieg, Gina Raimondo, Jennifer Granholm, Miguel Cardona, they’ve, “, Biden’s, they’re, Jeff Zients, “ Biden, ” Caitlin Legacki, Granholm, Buttigieg, Raimondo, “ We’re, ” Buttigieg, That’s, Mike Pompeo, Biden White, – you’ve, ” Legacki, Julie Su, Isabel Casillas Guzman, Marcia Fudge –, –, Marjory Stoneman, Gevin Reynolds, Kamala Harris, Secretary Cardona, Fudge, Michael, Regan, Young, Tom Vilsack Organizations: Washington CNN, CNN, Economic, of Chicago, Midwest, Treasury, White, Transportation, Democratic, GOP, Cabinet, Biden White, Republican National Convention, Coalition, SSRS, Biden, Trump, Labor, Democrats, Small, Urban, Alpha Kappa Alpha, Palmetto State’s, Education, Marjory Stoneman Douglas High School, “ Locations: Yellen, Wisconsin, New Hampshire, Michigan, Georgia, Florida, Tennessee , Louisiana , California, Delaware, New York, Jerusalem, American, Pacific Islander, Nevada, South Carolina, Iowa

The economy has been a drag on Biden's poll numbers, but there are recent signs of improving consumer sentiment. “Though some forecasters thought a recession last year was inevitable, President Biden and I did not,” Yellen said Thursday at the Chicago Economic Club. Yellen also said Trump’s Tax Cuts and Jobs Act “prioritized tax cuts for corporations, disproportionately benefited top earners and did not fix the broken international tax system that encourages companies to shift jobs and profits overseas.”Political Cartoons View All 253 ImagesYellen said the tax cuts added $2 trillion to the national deficit “while doing little to spur investment." Her visit to Wisconsin comes a day after Biden himself was visiting the state to showcase the administration's infrastructure investments. A bipartisan agreement that would revive a variety of tax breaks for businesses and enhance the child tax credit, though not to pandemic-era levels, is moving through Congress.

Persons: Janet Yellen, Trump, Joe Biden, Donald Trump, Biden, ” Yellen, Biden’s, Yellen, I’m, “ Organizations: WASHINGTON, —, Biden, Chicago Economic, Fox News Locations: Illinois, Wisconsin, Milwaukee, Chicago

☆ Watch live: Treasury chief Yellen touts GDP numbers as a boon to the middle class
▼ + stars: | 2024-01-25 | by ( Chelsey Cox | ) www.cnbc.com time to read: +1 min

WASHINGTON — Treasury Secretary Janet Yellen praised the positive economic growth numbers on Thursday as a benefit for the middle class. "Instead of contracting, the economy has continued to grow, driven by American workers and President Biden's economic strategy." Economic growth for all of 2023 also beat the Wall Street outlook at the start of the year. Consumer spending, measured by core prices for personal consumption expenditures, also rose 2% in Q4 while the headline rate was 1.7%. The rate of inflation reached record highs in 2022.

Persons: Janet Yellen, Joe, Biden, Yellen, Biden's Organizations: Economic, of Chicago, Commerce Department, Federal Reserve Locations: WASHINGTON

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