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We just got another sign inflation is cooling
  + stars: | 2024-07-31 | by ( Kelly Cloonan | ) www.businessinsider.com   time to read: +2 min
The data is a welcome sign that inflation is easing, and could add to the Fed's confidence that inflation has slowed enough to allow for rate cuts. AdvertisementIn the past few weeks, Fed officials have consistently said they need more data on cooling inflation and a soft labor market before deciding when (and if) to cut interest rates. In a Wednesday press release ahead of the FOMC meeting, the Fed said inflation is "somewhat elevated," showing inflation has eased closer toward the Fed's 2% target. Related stories"The Committee judges that the risks to achieving its employment and inflation goals continue to move into better balance," the statement said. That language marks a shift in the Fed's focus away from focusing wholly on inflation and toward ensuring both inflation and the labor market continue to cool before cutting rates.
Persons: , Jerome Powell Organizations: Service, New Labor Department, Bloomberg, Business, Fed, Bank of America Locations: Bank
Fed holds rates steady and notes progress on inflation
  + stars: | 2024-07-31 | by ( Jeff Cox | ) www.cnbc.com   time to read: +4 min
watch nowWASHINGTON – Federal Reserve officials on Wednesday held short-term interest rates steady but indicated that inflation is getting closer to its target, which could open the door for future interest rate cuts. They also preserved a declaration that more progress is needed before rate reductions can happen. "In recent months, there has been some further progress toward the Committee's 2 percent inflation objective." Price pressures off 2022 peakEconomic data of late has indicated that price pressures are well off the boil from their peak in mid-2022, when inflation hit its highest level since the early 1980s. The Fed's preferred measure, the personal consumption expenditures price index, shows inflation around 2.5% annually, though other gauges indicate slightly higher readings.
Persons: Jerome Powell, Powell, Stocks, Price Organizations: WASHINGTON – Federal, Gross
Recent economic data has pointed toward inflation data falling back toward the central bank's 2% target, while the unemployment rates has crept up above 4%. Powell said Wednesday that central bankers would be "data dependent, but not data-point dependent" in determining when to cut rates. "I don't know think of the labor market in its current state as a likely source of significant inflationary pressures. So I would not like to see material further cooling in the labor market," Powell said. Powell said Wednesday a potential 50-basis point rate cut is "not something we're thinking about right now."
Persons: Jerome Powell, Powell Organizations: Federal, Fed
Read previewThe nation's central bank didn't give interest rate relief to Americans — yet. On Wednesday, the Federal Open Market Committee announced it would be leaving interest rates unchanged, continuing the pause that began last fall. And with the labor market slowing down while avoiding a recession, the Fed might have the evidence it needs to cut interest rates at its next meeting in September. However, predictions point to a rate cut — CME FedWatch, which estimates probabilities of interest rate changes based on the markets, showed markets think it's far more likely than not that rates will ease. Related storiesThe high interest rates have meant it's more expensive for Americans to borrow money for things like mortgages, credit cards, and auto loans.
Persons: , Jerome Powell, Powell, Michele Raneri, Donald Trump —, Trump, Elizabeth Warren, John Hickenlooper, Sheldon Whitehouse Organizations: Service, Federal, Market Committee, Business, Fed, TransUnion, Fox News, Democratic Locations: May's, Sens
The state minimum car insurance is the minimum amount of car insurance you must carry in your state to legally drive a vehicle. Get Car Insurance Quotes Compare affordable car insurance quotes online in minutes. Top Providers for State Minimum Car InsuranceThese are the top providers for minimum car insurance based on our round-up on the best car insurance companies. Minimum Car Insurance FAQWhat happens if I don't have the state minimum car insurance? If you drive without the state minimum car insurance, you may face serious penalties such as fines, license suspension, and even vehicle impoundment.
Persons: you'll, Asis Alani Asis, Forbes, She’s, Read Organizations: UM, State, Insurance Information Institute, New, state's Department of Motor Vehicles, Florida Hawaii Kansas Kentucky Massachusetts, Florida Hawaii Kansas Kentucky Massachusetts Michigan Minnesota New Jersey New, Amica, Farm, Farmers Insurance, Liberty Mutual, Arizona, Illinois, Indiana, Iowa, Maryland, Montana, Nebraska, Hampshire, York, North Carolina, North Dakota, Oklahoma, Rhode, South Carolina, South Dakota, Tennessee, Virginia, Washington, West Virginia, Insurance, Providers Insurance, DMV, Business, AARP, CNN, Fortune, U.S . News, Finance, University of Hawaii Locations: Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, Jersey, Mexico, York, Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Wisconsin, Wyoming, Florida Hawaii Kansas Kentucky, Florida Hawaii Kansas Kentucky Massachusetts Michigan Minnesota New Jersey, Florida Hawaii Kansas Kentucky Massachusetts Michigan Minnesota New Jersey New York North Dakota Pennsylvania Utah Kentucky , New Jersey, North Carolina, Alabama, Chevron, U.S, Manoa
CNN —The director of Project 2025, the conservative blueprint for a potential second Donald Trump term, has stepped down amid intense criticism including from the former president. In addition to stepping down from Project 2025, Dans is also leaving the Heritage Foundation. “Project 2025 is on the ballot because Donald Trump is on the ballot,” Harris campaign manager Julie Chavez Rodriguez said. But Project 2025 has lately become a lightning rod for other ideas Trump hasn’t explicitly backed. He has also assured Trump’s supporters that Project 2025 would become a reality if the former president returned to 1600 Pennsylvania Avenue.
Persons: Donald Trump, Paul Dans, Trump’s, Trump, Chris LaCivita, Kevin Roberts, ” Roberts, ” LaCivita, Susie Wiles, , , President Trump, Kamala Harris ’, Harris, Joe Biden, ” Harris, Julie Chavez Rodriguez, Steve Bannon’s, ” “, ” Dans, Em Steck Organizations: CNN, Trump, Heritage Foundation, Heritage, , Leadership, Affordable, National Weather Service, Mandate, Management, White Locations: Nashville
Instead, a series of negotiations led to an eventual compromise decision limiting the Idaho law and temporarily forestalling further limits on abortion access from the high court. This exclusive series on the Supreme Court is based on CNN sources inside and outside the court with knowledge of the deliberations. The Idaho law had exemptions only to prevent death of the pregnant woman and in instances of rape or incest. It issued formal guidance saying the Emergency Medical Treatment and Labor Act (EMTALA), which requires stabilizing treatment regardless of a patient’s ability to pay, would preempt any state abortion ban in situations when an emergency termination was needed. Idaho lost in an initial proceeding in a US district court, as a judge issued a temporary injunction against the abortion ban.
Persons: Roe, Wade, Biden, John Roberts, SCOTUS, Elizabeth Prelogar, Idaho’s, Amy Coney Barrett, , Roberts, Brett Kavanaugh, Barrett, “ improvidently, ” Barrett, Kavanaugh, , Elena Kagan, , – Samuel Alito, Clarence Thomas, Neil Gorsuch, Alito, Thomas, Sonia Sotomayor, Kagan, Jackson, Sotomayor, Ketanji Brown Jackson, , ” Alito, ” Jackson Organizations: CNN, Supreme, Republican, Democratic, Labor, Justice Department, Idaho, United, Jackson, Health Locations: Idaho, EMTALA . Idaho, SCOTUS Idaho, Sacramento, Dobbs v, Moyle v, United States
There’s a story going around Wall Street that the Treasury Department is trying to help Democratic candidates in November by how it issues debt. I don’t buy it. Scott Bessent, a hedge fund manager who has raised money for Donald Trump’s campaign, told me last week that he thinks Janet Yellen, the current Treasury secretary, is an “apparatchik” for the White House whose behavior is “appalling.”Nouriel Roubini, a well-known economist who describes himself as a lifelong Democrat, isn’t as harsh as Bessent, but he told me he thinks the Treasury Department is inappropriately engaging in a kind of monetary policy, which is the purview of the Federal Reserve. “The Fed is in charge of managing the business cycle,” he said. “Treasury doesn’t have that mandate.”I’ll explain why I think Bessent, Roubini and others are barking up the wrong tree, but first I’ll lay out their argument.
Persons: Scott Bessent, Donald Trump’s, Janet Yellen, , Nouriel, isn’t Organizations: Treasury Department, Democratic, White, Department, Federal Reserve, Treasury Locations: Roubini
Richard Behar Courtesy: Lizzie CohenYou probably haven't heard Bernie Madoff's name in awhile, but that doesn't mean the infamous fraudster's story is over, or the pain he inflicted. Irving Picard, an 83-old court-appointed trustee, still spends his days trying to claw back money from the those who benefitted from Madoff's Ponzi scheme, and to reduce the staggering losses of others. 'Prison was a great relief for him'AN: How did Madoff say life in prison changed him? In prison, he'd typically wake up in his cell at around 4 a.m., make coffee in bed with an instant hot water machine, then read, or listen to NPR until breakfast. RB: Bernie said he was under constant stress over the Ponzi, and would talk out loud to himself sometimes in the office, because of the pressure.
Persons: Richard Behar, Lizzie Cohen, Bernie Madoff's, Irving Picard, Madoff, Elie Wiesel, Ruth, he's, Behar, Richard Behar's, Mark, MADOFF, BERNARD L, he'd, Annie Nova, I've, I'm, scammers, , Bernard Madoff, Stephen Chernin, I'd, Bernie, Chris Hondros, wasn't, Picard, John Moscow, Irving, Picard isn't, It's Organizations: CNBC, Behar's, Forbes, Manhattan Federal, Getty, NPR, SEC, Manhattan Locations: North Carolina, New York City
Some states are particularly vulnerable to climate risks, but these ten states are most ready for what Mother Nature has in store. 2024 Infrastructure Score: 276 out of 425 points (Top States Grade: A+) Climate Extremes Index: 14.9% Properties at risk: 96% Renewable energy: 24% 8. 2024 Infrastructure Score: 189 out of 425 points (Top States Grade: C-) Climate Extremes Index: 22.12% Properties at risk: 34% Renewable Energy: 77% 2. While a large percentage of Idaho properties are susceptible to climate risk, the danger of flooding is relatively minimal. 2024 Infrastructure Score: 195 out of 425 points (Top States Grade: C) Climate Extremes Index: 16.54% Properties at Risk: 90% Renewable Energy: 78% 1.
Persons: Jeremy Porter, Pete Buttigieg, Maria Lehman, Nature, Marli Miller, Justin Sullivan, Wolfgang Kaehler, Matt McClain, Randy Olson, Forester John Erixson, Kirby Lee, Jared Polis, Mario Tama, Rushmore, Idaho Neil Lincoln, Brownlee, Robert Gauthier, William, Marcia Lee, David Becker Organizations: First Street Foundation, Infrastructure Law, Transportation, CNBC, American Society of Civil Engineers, First, Atmospheric Administration, U.S . Department of Energy, Oregon Solar, UCG, Getty, Oregon Department of Energy, Washington, Cedar, Bio Energy Washington, Lightrocket, Washington Department of Commerce, Clean Energy Fund, New, Washington Post, Energy, Nebraska, Nebraska Forest, Colorado, University of Colorado, California, Energy Department, Dakota, Idaho Power, Los Angeles Times, Idaho Locations: Louisiana, States, Oregon, Valley , Oregon, Arizona, Phoenix , Arizona, Maricopa County, Phoenix, King, King County , Washington, United States, New Mexico, Mora , NM, Nebraska, Loup, Taylor , Nebraska, Boulder , Colorado, Palm Springs , California, California, Texas, South Dakota, Cavan, Iowa, Idaho, Nevada, Las Vegas
Over the years, whenever the United States Secret Service’s lack of resources has been an issue, agents invoke a tongue-in-cheek motto: We do more with less. It’s a sentiment that might no longer apply. An assassination attempt on former President Donald J. Trump at a campaign rally on July 13 in Butler, Pa., has exposed weaknesses in the Secret Service’s make-do approach to security for the country’s highest elected officials, their families, and visiting foreign leaders. Kimberly A. Cheatle, the then-Secret Service director, told a congressional committee on Monday that the shooting — which left the former president’s ear bloodied and injured three other spectators, one fatally — “is the most significant operational failure at the Secret Service in decades.” She resigned the day after the hearing. The agency’s security lapses in Butler have spurred numerous investigations and prompted debate as to whether the Secret Service, which is operating with its largest-ever budget, has adequate resources to fulfill its critical mandate and is using its funds in the most effective manner.
Persons: Donald J, Trump, Kimberly A, , , Butler Organizations: Service Locations: United States, Butler, Pa
But experts and think tanks have long said this is a policy change that an aging China desperately needs. It's currently running a lopsided policy of letting women retire up to 10 years earlier despite them living significantly longer on average than men. The pension problemKey to the retirement overhaul are China's pension funds. AdvertisementMost Chinese workers receive a state pension, which can be boosted by retirement funds from employers and personal contributions. Experts say that either way, Beijing will need more than a simple policy change to fix its crisis.
Persons: , Sabrina Luk, Shaun Rein, Luk, It's, Gu Qingyang, CASS, it's, Louis Vuitton, Gu, Rein Organizations: Service, Business, Nanyang Technological University, China Market Research Group, Academy of Social Sciences, National University of Singapore, Louis Locations: Beijing, France, China, Xiaohongshu, Weibo, Singapore, Shanghai, Asia, East Asia
The Oklahoma state superintendent vowed on Wednesday to force public schools to comply with his mandate that they teach the Bible and issued striking guidance for teachers, amid pushback from critics who say the move infringes on students’ religious freedom. The guidance comes about a month after Mr. Walters, a conservative Christian and former high school history teacher, directed all state K-12 schools to teach the Bible. The directive was met with swift criticism from school district officials and others who said it infringed on students’ and teachers’ rights to religious freedom. Some school district leaders have responded with defiance, vowing to not comply with the requirement. But in a social media post announcing the guidance, Mr. Walters sought to crack down on any resistance.
Persons: Ryan Walters, Walters Organizations: Republican, United, Constitution Locations: Oklahoma, Independence, American
Republican presidential nominee and former U.S. President Donald Trump speaks as he campaigns in Charlotte, North Carolina, U.S. July 24, 2024. Donald Trump on Thursday said Elon Musk "never told me" he would pledge $45 million a month to support Trump's presidential bid, days after the Tesla and SpaceX CEO denied a report that he would do so. "Somebody told me he was going to give me 45 million [dollars] a month. I said, 'That sounds like a lot, even for Elon, that's a lot,'" the Republican presidential nominee said. But Musk "never told me he was giving [$45 million]," he said.
Persons: Donald Trump, Elon Musk, Trump, Biden, Joe Biden, Kamala Harris, Musk, Joe Lonsdale, Jordan Peterson Organizations: SpaceX, Musk, Fox News, Elon, Republican, Democratic, Trump, Street Locations: Charlotte , North Carolina, U.S
Body-camera footage released Monday showed the fatal police shooting of the 36-year-old Black woman who had called 911 for help. Here’s what you need to know about the George Floyd Justice in Policing Act, what happened to it and its chances of passing. The measure seeks to ban racial and religious profiling by law enforcement at the federal, state and local level. It would mandate an overhaul of a legal doctrine known as qualified immunity that critics claim shields law enforcement from accountability. But policing reforms have not been a priority in a Congress where House Republicans are in the majority.
Persons: Sonya Massey, George Floyd, White, Sean Grayson, Derek Chauvin, Floyd, Chauvin, Kamala Harris, it’s, , Maria Ponomarenko, Joe Biden, Harris, ” Harris, Biden, Sheila Jackson Lee –, , ” Ponomarenko, Massey, Grayson, , Jesus, ” Grayson, Craig Futterman, ” Futterman Organizations: CNN, George, George Floyd Justice, University of Texas, Austin, Democratic, Senate, Democrats, Texas Democratic, House Republicans, Republicans, , Illinois State Police, University of Chicago, Civil Rights, Clinic Locations: Illinois, Sangamon County, Springfield
Read previewLike many tech startups, Posh, an events marketplace platform, was born in a college dorm room. "We pivoted from an event company into a software company," as a result, CEO Price told Business Insider. Last month, the app had over 5,000 events listed on the app, Price said. Advertisement"A big thesis of ours is actually that we can create a new revenue stream for creators by congregating their top 1% of fans IRL," Price added. AdvertisementRead the 12-page pitch deck Posh used to raise its $22 million Series A:Note: The company updated and redacted some figures in the deck.
Persons: , Eli Taylor, Avante Price, Posh, Price, Sam Altman, " Altman, Logan Bartlett, Ariana Nathani Organizations: Service, New York University, Business, Goodwater Locations: Miami, New York
High-yield savings accounts and standard savings accounts are both federally regulated and liquid. But a high-yield savings account will likely be a stronger choice for storing your money than a traditional savings account. Savings accounts similaritiesHigh-yield savings accounts are essentially the same as any other savings account. Compare savings ratesSavings accounts differencesHigh-yield savings accounts are designed to make your money work in a way typical savings can't. The main difference between the typical savings account and a high-yield savings account is how much more your account will grow.
Persons: they're, you'd Organizations: Federal Reserve Locations: U.S
In order for people in prison to use phone or video calls to chat with family, the person on the other line must pay. As of 2021, according to research by the Prison Policy Initiative, they've paid an average of $3 for a 15-minute phone call. The new rules will force a business model change for correctional telecommunications companies as they contend with an estimated $500 million loss in revenue, according to Worth Rises. Only five states have passed legislation to make jail phone calls free, according to Prison Legal News. Wanda Bertram, a communications strategist for the Prison Policy Initiative, said prisons tend to negotiate better contracts with telecommunications companies and, therefore, tend to have better rates for prisoners.
Persons: , they've, Peter Wagner, Viapath, ICSolutions, , Bianca Tylek, Wanda Bertram, Paul Wright Organizations: Service, Federal Communications Commission, Business, FCC, Correctional, Worth, Connect, PBS, Companies, Human Rights Defense Center Locations: ICSolutions, New York , Ohio, Rhode
Understanding the Federal Reserve's role in mortgage ratesThe Federal Reserve's actions are a big influencer in where mortgage rates head. In the time since the Fed began raising rates, mortgage rates have climbed steadily. The Fed's impact on mortgage rates FAQsHow does the Federal Reserve affect mortgage rates? The Federal Reserve influences mortgage rates by setting the federal funds rate, which impacts borrowing costs, investor activity, and market conditions. When the Fed raises interest rates, mortgage rates often increase as well, making borrowing more expensive.
Persons: Michael Gifford, Fannie Mae's Organizations: Federal, Federal Reserve, Fed, Treasury, it's, Mortgage Bankers Association, Reserve, Chevron Locations: lockstep
Insider Today: A historic outage
  + stars: | 2024-07-21 | by ( Matt Turner | ) www.businessinsider.com   time to read: +5 min
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Since then:This story is available exclusively to Business Insider subscribers. You can get the latest on what the political turmoil might mean for businesses, the economy, and markets right here or by downloading the Business Insider app. This week's dispatchMaster/Getty, Yevgeniy Sambulov/Getty, Tyler Le/BIA historic outageComputers at Australian retailer Woolworths froze with the blue screen of death. An update gone wrong from a single company many hadn't heard of before Friday morning brought retailers, banks, hospitals, production lines, and airlines to a halt.
Persons: , It's, Donald Trump, Yevgeniy Sambulov, Tyler Le, Cash, Tesla, Crowdstrike, Jenny Chang, Rodriguez, Slack, de Haro, Gen Z, Rebecca Zisser, Mickey Mouse, Lizzie McGuire, Hannah Montana Organizations: Service, Business, Woolworths, Airline, Microsoft, Getty, Workers, BI Tech, Big Tech, Disney, YouTube Locations: Japan, Alaska
Read previewDuring a rally in Michigan on Saturday, Donald Trump had high praise for Elon Musk, calling the Tesla CEO a "great" and "brilliant guy." Musk came out with an endorsement of Trump on July 13, the day of the assassination attempt. "I read — I didn't even know this, he didn't even tell me about it, but he gives me $45 million a month," Trump said. Related storiesDuring the Saturday rally, Trump said he thinks electric cars are "incredible, but they're not for everybody." It will only help Tesla," Musk said on X on July 16.
Persons: , Donald Trump, Elon Musk, Musk, Trump, Elon, DJT, they're, Biden, Tesla Organizations: Service, Trump, Street, Business, Environmental Protection Agency, Twitter Locations: Michigan
More from Personal Finance:Lower capital gains tax, SNAP cuts: What Project 2025 could mean for your walletMany Americans think they're insulated from climate change. On a website dedicated to Project 2025, the Biden campaign describes the plan as a "blueprint for Trump." However, several former Trump officials have been directly affiliated with Project 2025 and Trump praised the Heritage Foundation in April 2022 in a recently resurfaced video. "As President Trump said, he has nothing to do with Project 2025," said Steven Cheung, a spokesman for the Trump campaign. Earlier this month, the group told CNBC: "As we've been saying for more than two years now, Project 2025 does not speak for any candidate or campaign.
Persons: Donald Trump applauds, Donald Trump, Joe Biden, Biden, Trump, Steven Cheung, we've Organizations: Republican National Convention, Heritage Foundation, Finance, Lower, SNAP, Federal, Trump, GOP, CNBC Locations: Milwaukee , Wisconsin, U.S
The Republican convention, which provided a portfolio of memorable (or at least memeable) images, was borne on a typhoon of words. But politics doesn’t speak only the language of policy and platitude. AgainWhen the MAGA movement was born during the 2016 campaign, it was possible to wonder about the specific meaning of the last word. When had America been great, or not been great or stopped being great? On the last night, the original formula was tweaked to “Make America Great Once Again,” which doesn’t yield an easily pronounceable acronym (MAGOA?)
Persons: , ” “, , Trump, MAGA, Donald Trump Organizations: Republican Locations: American, Milwaukee
In 2007, The Guardian reported that Iran ranked second only to Thailand in the number of gender-affirming surgeries performed. Related stories"They told me I had two options," she told BI. Molkara, who died in 2012, was instrumental in securing the fatwa that legalized gender-affirming surgeries in Iran. Related stories"The questions were so graphic that my mom, at some point, left the room," she told BI. Homosexuality as a sinJavad Sadidi, a Mashhad surgeon who specializes in gender-affirming surgeries, told BI that the process takes a minimum of two years.
Persons: Varamini, He'd, Becca Kia, I'm, Ajoudani, she's, Vahid, Ruhollah Khomeini, Khomeini's, Maryam Khatoon Molkara, Molkara, Khomeini, Kaveh Kazemi, Legal Medicine Organization —, Pooya, Eugene Gologursky, it's, Sadidi, Mahmoud Ahmadinejad, SPENCER PLATT, Elina, Shadi Sadr, who's, Soheil, he's Organizations: Business, Guardian, Eleos, Islamic Revolutionary Guard Corps, Revolutionary Guard Corps, State Welfare Organization of, Australia's Department of Foreign Affairs, Trade, Legal Medicine Organization, BI, Columbia University, Justice, Tristar Media, United, Lancet, Global Surgery, State Welfare Organization of Iran, Mahtaa Institute Locations: Tehran, Shayan, Iran, Thailand, Tehran's, Islamic Republic, Iraq, London, State Welfare Organization of Iran, Iranian American, Mashhad, Shadi, Iranian, Shadi Sadr, United Nations, Karaj, Canada
They've used the extra income to pay off student debt, save for retirement, and afford expensive vacations and weight-loss drugs. Related storiesIn addition to exploring other income streams, Adam said he's trying to take advantage of his extra income while he still can. The best advice he has for anyone who's still overemployed is not to become too dependent on the extra income. "From the start, I made it a point not to integrate the second job income into our bills," he said. Are you secretly working multiple remote jobs at the same time and willing to discuss details about your pay and schedule?
Persons: , Charles, slowdowns, Charles said he's, I've, They've, overemployment, jugglers, they've, Adam, he's, He'd, Tomas, Charles couldn't, he'd, I'd, Joseph, — Joseph, Luke, who's Organizations: Service, Business, LinkedIn, Bureau, Labor Locations: an Arizona, Georgia, Texas,
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