Update 689 — Fed Again Lifts Rates 25 BPs;Rate Hikes Amid Simmering Bank Crisis The Fed’s tenth consecutive interest rate hike comes today despite favorable data: jobs added to the economy have fallen each month since January and inflation has also declined — for nine straight months now – down from 9.1 percent in June …
Update 688: Capitol Hill Econ. Week’s RoundupMcCarthy Muscles Through Debt Bill; Biden to Run This week saw the release of GDP and inflation data that will largely guide the Federal Open Market Committee in its monetary policy meeting early next week. The meeting comes amidst renewed concern over the stability of First Republic Bank, whose fate …
Update 687: Fed Review of its SVB OversightWhat to Look, Hope for in Friday’s Report Much of Washington is standing by for a vote planned later today on Speaker McCarthy’s “Limit, Save, Grow” bill to extend the debt limit for less than a year in exchange for innumerable and devastating fiscal concessions by the Democrats. …
Update 686: Economic Policy Week in ReviewDebt Limit; Gensler on the Hill; STOCK Bill Congress returned this week from a two-week recess and with that came a jam-packed legislative agenda. The leading developments of the week included: See more details on the Congressional hearings and related legislative developments below. Good weekends all… Dana __________________ McCarthy …
Update 685: This Year’s Tax Day Haul:Assisted by $80 billion SOS for the IRS Today is the deadline for most American taxpayers to file individual tax returns. Taxpayers might notice that this year’s IRS is faster, more responsive and easier to reach, thanks in large part to the $80 billion dollars the agency received in …
Update 680 — Regulatory Response to SVB:Feds Saw Problems but Hands Tied by Regs To hear some (the GOP, the WSJ) tell the story, the collapse of Silicon Valley Bank was caused by the Fed’s interest rate policy and regulators asleep at the wheel. But as today’s House Finance Services and yesterday’s Senate Banking Committee …
Update 679 — The GOP’s Fiscal Ransom Note:“Big Spending Cuts or Else… We Will Default” The joke among Democrats in Washington on House GOP plans for the debt limit: The GOP is willing to hold the American economy hostage, threatening, or indifferent to, default. It just hasn’t finished agreeing on a ransom note. The ransom …
Update 678 — Inflation vs. Banking Crisis:Fed Announces 25 bp Interest Rate Hike Fed chair Jerome Powell is earning his salary this week, leading the Fed to a decision today unlike one he and the Fed have ever faced. It was only two weeks ago that Powell floated a 50 bp interest hike, testifying in …
Update 676 — Run Halted, SVB Dust SettlesImplications for Regulation and US Economy The sudden collapse and seizure of the Silicon Valley Bank Financial Group (SVB) and Signature Bank over the weekend triggered memories of the fear, anxiety, and economic turmoil that followed the bank failures of the 2008 financial crisis. The Biden administration, the …
Update 675 — Powell: More Hikes to ComeFed Course Reinforced by Strong Jobs Report The ongoing narrative of a strong and resilient U.S. economy was reaffirmed once again by this morning’s jobs report. During February, the U.S. added 311,000 jobs though unemployment rose from 3.4 to 3.6 percent. Indeed, job gains far exceeded economists’ expectations, …
