Update 899 — Shutdown in Stalemate;Trump Resorts to Partisan Scare Tactics The government funding stalemate for the fiscal year starting October 1 resulted in a shutdown this week with no end in sight. Meanwhile, the Trump administration took a partisan turn, canceling infrastructure funding in blue cities/states and using agency web pages and email autoreplies …
Update 894 – Fed Cuts Rates 25 BPs; Only Dissent: Trump-Nominated Miran The Federal Reserve cut interest rates by 25 basis points, as expected, at the conclusion of its September FOMC meeting this afternoon. Fed Governor Stephen Miran, who has not resigned from his position at the White House, dissented, voting instead for a 50 basis …
Update 893 – Macro Muddle Faces Fed; Democrats’ Shutdown Strategy Emerges The nation’s macroeconomic picture got murkier this week, with CPI showing August prices rising by the most since January, even as jobless claims jumped by the most in four years this week and unemployment edged up last month — “a curious kind of balance,” …
Update 891 – Aug. Job Gains’ Slowdown;SBC Miran Fed Hearing Raises Concerns The August jobs report released this morning showed a much lower-than-expected 22,000 jobs added to the economy last month and a net 13,000 job loss in June, with Trump’s tariffs noticeably softening the labor market. The soft jobs data comes as the Trump …
Update 886 – Trump Levies to Hit Aug. 7Stock Trade Ban Gains; Big Jobs Retreat New tariff rates are set to go into effect in seven days following an Executive Order signed by Donald Trump yesterday. The new rates range from 10-41 percent, way above the historical average, but countries still have one week to …
Update 878 – OBBB’s Parable of the Cave: GOP Moderates, Hawks Chicken Out on Bill Moments ago, the House passed Trump’s signature domestic economic legislation, the “One Big Beautiful Bill Act,” sending it to Trump’s desk in time for July 4. Trump achieves much of his domestic policy agenda, with his TCJA tax cuts extended, …
Update 872– The Trump-Musk Meltdown:Elon Attacks OBBB… But to Any Effect? Yesterday, President Trump and Elon Musk’s disagreement over the projected deficit impact of Trump’s reconciliation package erupted into public view on social media. While the dust seems to have settled somewhat as of today, this split raises questions about Musk’s political influence going forward. …
Update 864 – GDP Contracts by 0.3%;Trump Skins FY26 Domestic Spending Three key pieces of economic data were released this week. The Fed’s preferred measure of inflation ticked down to 2.3 percent in March, nearing the Fed’s two percent target, while a strong 177,000 jobs were added to the economy and unemployment remained unchanged at …
Update 842 — Constitution under Attack;Administration’s Assault on Law Expands This week saw new and continued attacks by the Trump administration on federal law and constitutional norms via dismantled programs, dismissed civil service workers, and personal data breaches, with more to come threatened. The emerging constitutional crises, accommodated by the GOP, are being challenged in …
Update 835 – 256K Jobs Added in Dec. Too Much of a Good Thing for the Fed? This morning’s Bureau of Labor Statistics jobs report that the U.S. added 256,000 jobs and unemployment ticked back down to 4.1 percent in December shows the American economy closing 2024 on a surprisingly strong note. The report — …
