Update 810 — Speaker’s FY 25 Budget Punt,CPI Drop, Fed Basel III Scale-Back Lead Week House Speaker Mike Johnson on Wednesday withdrew his proposed Fiscal Year (FY) 25 Continuing Resolution (CR) to extend funding at current levels through Marchwith attached legislation redundantly barring non-citizen voting. Democratic leaders are awaiting a shorter-term CR, clean of policy …
Update 810: Speaker’s FY 25 Budget Punt, Roundup Read More »
Update 788 — View from G7 Summit;Nominations; CFPB Medical Debt Rule Leaders of the G7 nations are meeting in Italy this weekend, a time when stock can be taken of the American economy compared to its closest partners and competitors. Sadly lost on many Americans: the impressive and widening lead in growth among G7 countries …
Update 788: View from G7 Summit; Biden Nominations Read More »
Update 787 — Fed Plots One Cut in ‘24;May CPI Shows Immaculate Disinflation The Fed today predictably held interest rates steady as it has since July of last year and adjusted its interest rate outlook over the rest of 2024, projecting one cut at an unspecified meeting later this year instead of the previously forecasted …
Update 787: Fed Holds Rates; Projects One Cut in ‘24 Read More »
The Fed’s almost two year campaign of high interest rates, painful medicine to fight the worst bout of inflation in 40 years, is proving out, impelling the Fed to hold interest rates at its current 5.25-5.50 percent range. Price increases fell again in November, led by moderation in the key energy sector — where the …
Update 741 — Fed Holds Rates; CPI 3.1%: (When) Can Fed Pivot from Long Pause? Read More »
From the Middle East to Eastern Europe, Asia, and Central America, the world awaits Congressional action on the administration’s emergency supplemental request submitted two months ago. This week, an unanticipated set of GOP demands on comprehensive immigration reform and a separate one on conditions regarding aid to Israel have forced a legislative recalibration and another …
Update 740 — A Supplemental Surprise: Political Timelines vs. Actual Emergencies Read More »
Shockwaves hit the tax policy world in late June when the U.S. Supreme Court agreed to hear Moore v. U.S., a case with broad implications regarding Congress’ authority to tax unrealized income. The Court rarely grants cert. on cases brought under the 16th Amendment, which grants Congress the right to levy a federal income tax. …
Update 739 — SCOTUS Seems Moore Unsure: Re Congress’ Authority to Tax Certain Income Read More »
Despite popular perception, statistics bear out the signs that the U.S. economy is not just withstanding the shock and duration of the Fed’s campaign to combat inflation. Unemployment at the lowest levels seen in decades, this week’s revised third quarter GDP gain of 5.2 percent, as well as the October data on prices, which we …
Update 738 — Immaculate Disinflation: Felt or Not, Prices Nearer Fed’s Target Read More »
The slumping U.S. housing market wallows in a 13-year-low in existing-home sales amid record high prices due to constrained supply and mortgage rates, now at a 22-year high. The Wall Street Journal reported today that home prices hit a record level in September, pushing homeownership further out of reach for an increasing number of Americans …
Update 737 — Undersupply and Costs: Problems Besetting the Housing Market Read More »
Now that Congress has passed and the President has signed the Continuing Resolution (CR) funding the government at current levels into early 2024, the opportunity arises for Congress to take up the many issues unaddressed during the House leadership elections and CR negotiations. We will leave these for consideration here until after the Thanksgiving break. …
Update 736 — Thanksgiving Leftovers: CR Signed; Room for December Items? Read More »
A moment of comity prevailed late yesterday, on a day including physical threats in both chambers, when the House adopted Speaker Johnson’s early holiday gift of a clean, two-step laddered continuing resolution, with the Senate and President Biden expected to sign on and avert a government shutdown until January 19. Democrats provided a majority of …
Update 735 — FY24 Funding Smoke Signals: Shutdown Threat on Hold Two More Months Read More »
