Tag: CPI

…meanwhile…

“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

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COMMENTS: editors@thehustings.news
WEDNESDAY 9/17/24

…meanwhile…

CPI Falls to 4.0% -- The Consumer Price Index fell to an annual rate of 4.0% in May, down from 4.9% in April, the Labor Department reported Tuesday. Prices were up 0.1% on a monthly basis, with highest increase for shelter, followed by used cars and trucks, according to the department’s Bureau of Labor Statistics.

Food prices were up 6.7% on an annual level, offset in part by an 11.7% drop in energy prices. The CPI for all items less food and energy was +5.3% in May.

Most economists believe the Federal Reserve, which holds its latest regular meeting Tuesday through Thursday will forego an interest rate increase for the first time in about two years. 

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Truce for McCarthy and Freedom Caucus – Last week’s disagreement between Speaker Kevin McCarthy (R-CA) and “conservatives” dominated by the Freedom Caucus, which clogged up legislation in the House is over for now, Roll Call reports. “Members of the rebel bloc made it clear” Monday “it may not be the end of trouble” for McCarthy. 

There were even whispers last week of the possibility of a motion to vacate, in which one representative can call for a vote that would recall the speaker. The brouhaha stemmed from Freedom Caucus members who objected to what they saw as a debt ceiling deal favoring President Biden. Last week, the hard-right bloc blocked votes on bills otherwise favorable to them, including one that would prevent regulation or banning of gas stoves. 

Trouble ahead: The MAGA/Freedom Caucus bloc reopened the House floor to action this week in exchange for renegotiating the “power-sharing” agreement they worked out with McCarthy to give him the speaker’s gavel, Rep. Matt Gaetz (R-FL) told reporters Monday. Short of unspecified “progress” Gaetz said, “perhaps we’ll be back here next week.”

Why the quote marks?: We put “conservatives” in quotes, above, because we presume most, if not all, 222 House Republicans consider themselves leaning right. The Freedom Caucus currently counts 46 members, a bit more than one-tenth the size of the House membership.

--Compiled and edited by Todd Lassa

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COMMENTS: editors@thehustings.news

Downgrade Imminent?

Fitch Ratings placed U.S. credit on a negative watch Wednesday, in case the White House and Republican lawmakers fail to reach a deal on the debt ceiling, The Hill reports.

Become a citizen pundit and help us advance our quest for civil discussion over real news stories. Hit the Comment section below, or in the right column if more appropriate for your politics or email us at editors@thehustings.news.

Among debate issues; 

• Sen. Tom Carper (D-DE), a close ally of President Biden (who was senior senator from Delaware when his first term began in 2001) has announced he will not seek a fifth term next year. Carper is the fourth incumbent Democratic senator choosing not to run in 2024, after Diane Feinstein of California, Debbie Stabenow of Michigan and Ben Cardin of Maryland.

•Will debt-ceiling discussions put the kibosh on President Biden’s agenda, and on his legacy as well?

•Should Sen. Diane Feinstein (D-CA) resign early and potentially hand the 2024 Democratic primary for her seat to Rep. Barbara Lee (D-CA)?

•The Consumer Price Index was up 4.9% in April, still too high for the Federal Reserve, but reflecting a slow and continuing improvement over last year. Meanwhile, the Labor Department reported a week earlier that the U.S. economy added 253,000 jobs in April, higher than most economists had predicted. This comes after the Fed indicated its latest quarter-point interest rate hike might be its last for a while. All these high numbers could be fond memories of our 2023 economy if Congress fails to pass a debt ceiling increase in coming weeks.

•A Manhattan court awarded E. Jean Carroll $5 million in her sexual abuse and defamation case against Donald J. Trump, who of course, will appeal.

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Inflation Eases Slightly to 7.7%

The Consumer Price Index dropped to 7.7% in October compared to an 8.2% annual rate in September, the Labor Department announced Thursday. The October rate was slightly better than the 7.9% level Marketplace reported economists had expected. 

Used car and truck prices have eased to a CPI of 2%, while new vehicles are up 8.4% year-over-year. CPI for shelter is 6.9%, with food up 10.9% and food at home up 12.4%. 

The month-over-month CPI rate was 0.4%.

--Todd Lassa

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COMMENTS: editors@thehustings.news

Trump Loses, Again

By Todd Lassa

As expected, on The Day After, the U.S. Senate is still up for grabs. With Democrat John Fetterman (pictured) beating Trump-backed Dr. Mehmet Oz and picking up the Pennsylvania Senate seat made open by the retirement of never-Trumper Republican John Toomey, Republicans must win at least two of three undecided races currently held by Democrats, among Nevada, Georgia and Arizona. The Georgia race between Democratic Sen. Raphael Warnock and Trump-backed challenger Herschel Walker is likely to go to a December 6 runoff.

Donald J. Trump’s Senate victories Tuesday came in Ohio, where J.D. Vance beat U.S. Democratic Rep. Tim Ryan for the seat of another retiring moderate Republican, Rob Portman, and in Wisconsin, where incumbent Sen. Ron Johnson held off Democratic challenger Mandela Barnes.

The House of Representatives is still up for grabs too, with the GOP having gained just two of the five seats needed to flip the majority. NPR’s Domenico Montenaro told Morning Edition Wednesday that Republicans are likely to end up with a seven- to nine-seat gain. The resulting slim majority could pose a problem for Republican Speaker-in-Waiting Kevin McCarthy, who bent a knee for ex-President Trump shortly after the Senate voted to acquit him after his impeachment for inciting the January 6 Capitol insurrection.

McCarthy’s own vague plans for impeaching President Biden may be tougher than he had expected.

One surprising race that could flip a House seat to the Democrats: In Colorado’s 3rd Congressional District, pro-Trump Republican incumbent Lauren Boebert trails Democrat Adam Frisch in her re-election bid.

What the GOP had come to expect was this: Republicans lost 41 House seats in 2018 with Trump in the White House, and Democrats lost 63 seats in 2010 under President Barack Obama. 

It seems the same problem polling organizations had tracking Donald J. Trump v. Hillary Clinton in 2016 afflicted those organizations in 2022. Perhaps some of the intended voters who counted inflation and the economy as top concerns did not blame Biden for high inflation and the wobbly economy. 

Clearest indication that Trump is done as head of the GOP is Florida Gov. Ron DeSantis’ trouncing of Democratic candidate Charlie Crist for re-election, by nearly 20 percentage points, a day after the ex-prez warned “DeSanctimonious” he could “hurt himself very badly” if he launches a run for the 2024 Republican presidential nomination. Florida is now a deep-red state, with DeSantis having flipped formerly blue Miami-Dade Tuesday. Republican Sen. Marco Rubio also easily won re-election Tuesday.

Trump apparently still plans to make his “big announcement” next Tuesday to run again in 2024.

We have seen the GOP ready to “move on” before, from the time he lost the 2020 presidential election to the the January 6thCapitol insurrection and last August 8 when the FBI searched Mar-a-Lago for confidential government files. Is it for real this time? An article on FoxNews.com Wednesday contained the whole story in the headline, “Conservatives point finger at Trump after GOP’s underwhelming election results: ‘He’s never been weaker.’ Many conservatives say Tuesday’s election results show it’s ‘time to move on’ from Trump.”

After two years enduring Trump’s Big Lie, we may have taken a step back toward democracy.

(WED 11/9/22)

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COMMENTS: editors@thehustings.news

…meanwhile…

(MON 9/12/22)

Ukrainian Momentum: Ukrainian troops on Saturday recaptured the eastern city of Izium, a strategically important railway hub that Russian troops have held since last spring, The New York Times reported Sunday. Ukraine’s ambassador to the U.S., Oksana Markarova, confirmed on CBS News that her country has pushed fleeing Russian troops out of 1,200 square miles of the northeast region of Kharkiv in the last eight days, more than the invading forces had captured since April. 

“We have to win, and this counter-offensive shows we can win,” Marakova told CBS’ Face the Nation. She agreed with military assessments that Ukrainian forces can push Russia back to the borders before the end of the year “because of the resolve of the armed forces.”

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Better Call Saul: From Sunday’s New York Times’ story about myriad Trump lawyers who have to lawyer-up themselves after working for the former president, this “dark joke”: “MAGA actually stands for ‘making attorneys get attorneys.’”

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THIS WEEK ...

The White House: President Biden visits Boston Monday, where he will deliver remarks on Bipartisan Infrastructure already underway and “tangible results for communities and the country.” Biden announces his “Cancer Moonshot” goal of finding a cure, to be held at the John F. Kennedy Library and Museum on the 60th anniversary of President Kennedy’s announcement of his goal to put an American on the moon before the end of the 1960s.

On Tuesday Biden visits the North American International Auto Show in Detroit.

On Saturday the president and Jill Biden travel to the United Kingdom for Queen Elizabeth II's funeral, to be held next Monday.

Congress: The Senate is in session Monday, with both chambers in session Tuesday through Friday.

Inflation Rate: The Labor Department publishes the August Consumer Price Index Tuesday. Expectations are the rate will fall somewhat from the annual rate reported for July of 8.5%, which itself decreased from June's annual rate of 9.1%.

--TL

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Inflation Rate Eases to 8.5%

(WED 8/10/22)

Inflation rate is 8.5% … The Consumer Price Index was unchanged in July, after a 1.3% increase in June, the Commerce Department’s Bureau of Labor Statistics Reports. The annual rate fell slightly to 8.5% from a record 9.1% the previous month. 

Gasoline prices fell 7.7%, while all energy was down 4.6%, the BLS says. Food was up 1.1% and food at home was up 1.3%, leaving the monthly inflation rate for all items except food and energy at 0.3%.

AAA gas prices: The national average is $4.01 per gallon as of Wednesday, AAA reports, down from a record average of $5.016 per gallon on June 14.

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Tuesday’s primaries … See Left- and Right-columns for Democratic and Republican primary highlights from Wisconsin, Minnesota, Vermont and Connecticut.

--Todd Lassa

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COMMENTS: editors@thehustings.news