Author: Martin Crutsinger
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GDP fell at 5.0% rate in Q1; worse is likely on the way
WASHINGTON • The U.S. economy shrank at a 5.0% rate in the first quarter and a vastly worse performance is expected in the current three-month period, when the coronavirus pandemic began to spread across the U.S. The Commerce Department reported Thursday that the decline in the gross domestic product, the total output of goods and…
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Trump to nominate Stephen Moore for Federal Reserve board
WASHINGTON (AP) — President Donald Trump says he will nominate Stephen Moore, a prominent conservative economist, to fill a vacancy on the Federal Reserve’s seven-member board. Moore served as an economic adviser to Donald Trump during the 2016 presidential campaign, helping to draft Trump’s tax cut plan. There are currently two vacancies on the Fed…
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Treasury lifts sanctions against 3 Russian companies
WASHINGTON • The Treasury Department on Sunday announced it was lifting sanctions on three companies connected to Russian oligarch Oleg Deripaska. The move comes despite an effort in Congress to block the action with many lawmakers concerned that the Trump administration is not being tough enough on Russian President Vladimir Putin and his allies. Treasury…
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5 things to watch for from Fed meeting
WASHINGTON • The Federal Reserve is poised Wednesday to raise its key interest rate for the fourth time this year. But beyond that, the Fed’s plans are shrouded in uncertainty. What analysts do expect from the Fed is the message that it plans to become more flexible in its rate decisions starting next year. It…
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Fed likely to keep rates on hold and sketch a bright outlook
WASHINGTON • With the economy strong, wages rising and unemployment at a near-five-decade low, the Federal Reserve remains on track to keep raising interest rates — just not this week. After the Fed’s latest policy meeting, it’s expected to signal a healthy outlook for the economy but to hold off on any further credit tightening,…
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Fed minutes suggest further rate hikes coming ‘soon’
WASHINGTON • Federal Reserve officials earlier this month said that a strengthening economy meant that it would “likely soon be appropriate” to boost their benchmark interest rate, a strong signal that rates will be going up in September. But minutes of their discussions released Wednesday also revealed deepening concerns that escalating trade wars could hurt…
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Fed raises key rate and sees possible acceleration in hikes
Facebook Twitter WhatsApp SMS Email Print Copy article link Save Facebook Twitter WhatsApp SMS Email Print Copy article link Save WASHINGTON — The Federal Reserve took note of a resilient U.S. economy Wednesday by raising its benchmark interest rate for the second time this year and signaling that it may step up its pace of…
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Treasury Secretary Steven Mnuchin says US and China putting trade war on hold
WASHINGTON — Treasury Secretary Steven Mnuchin said Sunday that the United States and China are stepping back from a possible trade war after two days of talks that produced “meaningful progress.” Despite not getting China to agree to trim its overall trade surplus with America by a specific amount, Mnuchin said the U.S. team did…
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Trump budget keeps pledges: Cuts for poor, more for military
WASHINGTON — President Donald Trump fulfilled a major campaign promise Tuesday, proposing a $4.1 trillion budget plan that would upend Washington in a big way. But he drew rebukes, even from some Republican allies, for the plan’s jarring, politically unrealistic cuts to the social safety net for the poor and a broad swath of other…
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Trump’s $4.1T budget relies on deep domestic cuts
WASHINGTON — President Donald Trump’s proposed $4.1 trillion budget slashes safety net programs for the poor, targeting food stamps and Medicaid, while relying on rosy projections about the nation’s economic growth to balance the budget within 10 years. The cuts are part of a budget blueprint for the upcoming fiscal year that amount to a…