“In light of the progress on inflation and the balance of risks, at today’s meeting the committee decided to lower the target range for the federal funds rate by ½ percentage point, to 4-¾ % to 5%,” Fed Chair Jerome Powell said Wednesday.
Haitian Leader; 'We Can Do Better' – These words by Haitian community leader Viles Dorsainvil about the made-up stories by Donald J. Trump and JD Vance about neighbors' pets in Springfield, Ohio, to Leila Fadel on NPR’s Morning Edition Thursday bear repeating …
“I would say to them that they think that they are leaders. Leaders have to have the behavior of a leader. Through the rhetoric that they are putting out … please, before they say anything, try to check the veracity of it. … Stop dividing a community or a nation. Stop dividing the country that all of us love. We can do better. We can keep moving forward together with words of unity and encouragement. We are here to work. We are here to contribute to boost up the economy. Words matter.”
Trump and Vance have put people “in a very difficult situation in the past week,” he added.
At a rally in Raleigh, North Carolina Wednesday, vice presidential candidate and senator from Ohio JD Vance said that Vice President Harris’ “blanket immunity” giving Haitian refugees temporary legal status in the US is not legal, and suggested that Trump will deport them if he wins in November.
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Not Truckin’ for Harris – The International Brotherhood of Teamsters, known for a long time as the union for long-haul truck drivers but now including an Amazon Division, has declined to endorse Democratic presidential candidate Kamala Harris (per Newsweek). The Teamsters have declined to endorse Republican presidential candidate Donald J. Trump as well, though it has released internal poll results from July 24 to September 15 that show Trump leads Harris 59.6% to 34% among its rank & file. Its April 19-July 3 poll showed President Biden leading Trump, 44.3% to 36.3%.
“The Teamsters carry a lot of weight,” Trump told Fox News Wednesday. “The Democrats cannot believe … it was always automatic that Democrats get the Teamsters, and they said we won’t endorse the Democrats this year, so that was an honor for me.”
For the record, the last Republican candidate the Teamsters endorsed was George H.W. Bush in 1988. The union backed Bill Clinton in 1992, did not endorse anyone in 1996 then backed every Democratic candidate – including Hilary Clinton in 2016 and Biden in 2020 – until now.
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Johnson’s CR Fails – Slings and arrows for Speaker Mike Johnson (R-LA) from both sides of the House aisle after his continuing resolution to fund the government six months past September 30 was defeated, as was widely predicted, 220-202 Wednesday.
Johnson “succeeded in spending a week dividing his party and leveraging his already miniscule leverage with the Senate,” said Punchbowl News. The House and the Senate have targeted Friday, September 27 as the deadline to leave for home, which means they no doubt will have to work that weekend to prevent a federal government partial shutdown on the following Monday.
Three Democrats voted for the bill, which contained the redundant SAVE Act rider that would require voters in federal elections to be US citizens, but 14 Republicans voted against it, Roll Call reports.
No matter which party takes the House majority after the November 5 election, it’s a good bet that Johnson will not be speaker for the 119th Congress next January.
--TL
Fed Lowers Interest Rate by ½%
WEDNESDAY 9/18/24
UPDATE -- The Federal Reserve's Open Market Committee (FOMC) has cut its target interest rate by ½% to the 4¾% to 5% range, while reiterating it continues to seek a 2% Consumer Price Index "over the long run." The August CPI was 2.5%, fueled by lower energy prices.
"The Committee has gained greater confidence that inflation is moving sustainably toward 2%, and judges that the risks to achieving its employment and inflation goals are roughly in balance," the FOMC said in its press release. It said it also "will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities."
It’s Rate Cut Day! – The Federal Reserve will announce an interest rate cut by late this afternoon. The question everyone has been waiting to have answered is “by how much?” A quarter point or a half point?
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No Question – Speaker Mike Johnson’s (R-LA) short-term funding bill, with SAVE Act attached will not pass the House when introduced Wednesday. The SAVE Act would redundantly require proof of US citizenship for voter registration.
The question now is, what will Johnson do next? Punchbowl News reports; the Speaker has been so cagey about his plans that even his Republican allies have no idea. The hope of Republicans and Democrats is, the next continuing resolution, which must pass both chambers before the end of September to avoid a federal government shutdown, will extend funding until after next January 20th’s presidential inauguration.
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Florida Charges – Gov. Ron DeSantis has launched a state investigation into an apparent assassination attempt on ex-President Trump at his Florida golf course near Mar-a-Lago. DeSantis, who you might remember challenged Trump for the Republican presidential nomination early this year, raised the possibility the state of Florida could charge suspect Ryan Routh with attempted murder, according to Politico.
Routh faces Justice Department charges of possession of a firearm by a convicted felon, and possession of a firearm with an obliterated serial number, though the DOJ is expected to issue further charges against him.
--Compiled and edited by Todd Lassa